Daily Snap - 17. November 2025

Author

Joachim Eeckhout
November 17, 2025

 

Good morning! European biotech venture capital is showing renewed strength as two of the continent’s most prominent investors announce major new funds within days of each other. Sofinnova Partners has closed its €650 million Capital XI fund—far surpassing its target and bringing its total capital raised in the past year to €1.5 billion—to double down on early-stage biotech and medtech across Europe and the US. Meanwhile, Medicxi has secured €500 million for its sixth fund, reinforcing its “asset-centric” model at a time when fresh exits and a recovering funding climate are drawing more capital back into the sector. Together, these raises signal a resurgent confidence in European life sciences innovation, even as the broader market continues to navigate volatility. When two European VCs raise over a billion in a week, you call that a rally.

Enjoy today’s read!

—Joachim E.

 

SNIPPETS

What’s happening in biotech today?

❌ Cardio miss: Bristol Myers Squibb and Johnson & Johnson have halted a Phase 3 trial of their experimental blood thinner, milvexian, after it failed to show superiority over standard treatments in preventing cardiovascular events in patients with acute coronary syndrome (ACS). The failure casts doubt on the drug’s potential in that indication and contributes to a series of recent clinical setbacks for Bristol Myers. Despite this, two other large trials testing milvexian in stroke prevention and atrial fibrillation will continue. The outcome also raises broader concerns for Factor XIa inhibitors, a drug class being developed as potentially safer alternatives to current anticoagulants.

⚔️Obesity arms race: Pfizer has finalized its $10 billion acquisition of obesity-focused biotech Metsera, ending a heated bidding war with Novo Nordisk. The deal includes $65.60 per share upfront and up to $20.65 per share in contingent value rights tied to undisclosed milestones. Initially valued at $7.3 billion in September, Pfizer raised its offer after Novo attempted to outbid it with a $6.5 billion upfront proposal. Legal and regulatory tensions followed, including Pfizer’s failed court challenge and FTC scrutiny of Novo’s approach. Metsera’s key asset, MET-097i, is nearing Phase 3 trials, with additional early-stage candidates also in development. Pfizer expects short-term earnings impact.

✅AML drug OK’d: Kura Oncology and Kyowa Kirin have received FDA approval for Komzifti (ziftomenib), the first once-daily targeted therapy for adults with relapsed or refractory acute myeloid leukemia (r/r AML) harboring NPM1 mutations. Approved based on Phase III KOMET-001 results showing a 21.4% remission rate, Komzifti enters a competitive market alongside Syndax’s Revuforj, which showed slightly higher efficacy but requires twice-daily dosing. Komzifti’s approval marks a significant milestone for a patient population with limited options and poor outcomes. Kura and Kyowa Kirin plan further development in combination and frontline settings, with projected 2031 sales reaching $793 million compared to Revuforj’s $1.1 billion forecast.

📉 Last chance: Sensei Biotherapeutics is cutting 65% of its workforce, reducing its headcount to a minimal team focused on regulatory compliance and exploring strategic options, including potential asset sales or a full shutdown. The layoffs follow previous workforce reductions and the discontinuation of its sole clinical program, the anti-VISTA antibody solnerstotug, due to funding concerns. The company also terminated its CEO, CSO, and CBO, who will remain on as consultants. With $25 million in cash remaining as of September, Sensei faces ongoing financial challenges despite going public in 2021 with a $133 million IPO and a now-defunct cancer vaccine program.

🚦FDA doubt: Applied Therapeutics faces growing skepticism from analysts over its ability to bring govorestat to market, as FDA discussions regarding its use in treating the rare disease CMT-SORD remain inconclusive. The agency raised key concerns about the drug’s scientific rationale, surrogate endpoints, trial design, and carcinogenicity testing, prompting the company to seek another Type C meeting. With only $11.9 million in cash as of September and a Phase 3 trial still not recruiting, analysts doubt Applied has the resources to move forward without additional funding or a partner. The company is also pursuing govorestat for classic galactosemia and other rare diseases.

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