Daily Snap - 19. September 2025

Author

Joachim Eeckhout
September 19, 2025

 

Good morning! Michael Langer, son of biotech pioneer Bob Langer (yes, the same Bob behind Moderna), is now carving out his own path with the launch of T.Rx Capital. The fund has raised $77.5M to invest in 10 to 15 “techbio” startups, companies operating at the crossroads of technology and biology. Each selected venture is expected to receive between $5M and $10M, with many likely drawn from the network of more than 1,000 alumni who passed through Bob Langer’s MIT lab. With Michael’s background—both his lineage and his venture experience from founding Old Silver, a family investment vehicle—T.Rx Capital looks well positioned for success.

Enjoy today’s read!

—Joachim E.

SNIPPETS

What’s happening in biotech today?

💥Merger meltdown:  Carisma Therapeutics’ efforts to stay afloat have suffered a major blow as its planned reverse merger with Ocugen’s OrthoCellix collapsed after OrthoCellix failed to secure $25M in required funding by the September 15 deadline. As a result, Carisma terminated the agreement and is seeking a $750,000 termination fee and reimbursement for related expenses, though payment is not yet confirmed. Concurrently, Moderna has ended its partnership with Carisma, paying $4 million to exit all financial obligations. With limited time and resources, Carisma warns it may not complete an alternative deal before Nasdaq delists it, making a full wind-down increasingly likely.

💉Puncture pass: Biogen has acquired Alcyone Therapeutics for $85 million to gain full control of ThecaFlex DRx, an implantable system that facilitates drug delivery into the cerebrospinal fluid, potentially replacing repeated lumbar punctures for treatments like Spinraza. This follows a 2023 licensing deal that gave Biogen exclusive rights to the technology for spinal muscular atrophy and ALS. Now bringing Alcyone’s team in-house, Biogen plans to develop, manufacture, and commercialize the system, targeting a 2028 launch pending trial and regulatory outcomes. The acquisition excludes Alcyone’s other therapeutic assets, which will transfer to a new company, Neela Therapeutics, as Biogen focuses solely on the delivery platform.

🔄PROTAC pivot: Pfizer and Arvinas have decided to out-license commercialization rights for their estrogen receptor (ER) degrader, vepdegestrant, despite having recently submitted it to the FDA for approval. This decision follows earlier moves to scale back development after mixed clinical trial results, leading to the termination of two phase 3 studies and a narrowed focus on second-line treatment for ESR1-mutant breast cancer. The shift prompts further layoffs at Arvinas, reducing its workforce by an additional 15%, following a 33% cut in May. Arvinas now plans to concentrate on its earlier-stage PROTAC pipeline while seeking a partner to commercialize vepdegestrant.

🧪GLP-1 rival: QL Biopharm has reported promising phase 2 trial results for zovaglutide (ZT002), its once-monthly GLP-1 candidate for obesity, showing weight loss outcomes comparable to weekly treatments from Eli Lilly and Novo Nordisk. In a 24-week study involving 303 overweight or obese participants in China, patients receiving monthly doses of 160 mg lost an average of 13.8% of body weight, close to the 14.4% seen with biweekly dosing, and significantly more than the 2.4% in the placebo group. The company attributes the extended dosing interval to dual-fatty acid modifications that prolong the drug’s half-life. Safety data showed manageable gastrointestinal side effects, supporting advancement to phase 3 trials.

🧒Child-sized champ: Eli Lilly's Mounjaro (tirzepatide) demonstrated significant efficacy in treating type 2 diabetes in children aged 10-17 in the phase 3 SURPASS-PEDS trial, meeting both primary and secondary endpoints. Among 99 participants inadequately managed with standard treatments, those receiving Mounjaro experienced an average A1C reduction of 2.2% versus 0.05% with placebo, and notable BMI decreases of up to 11.2% depending on dose. Additionally, 79% of Mounjaro-treated patients achieved A1C levels below the diabetic threshold of 6.5%, compared to 28% on placebo. These improvements were sustained through 52 weeks, with a safety profile consistent with GLP-1 treatments. Lilly has submitted results to regulators for expanded approval.

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