Daily Snap - 2. September 2025

Author

Joachim Eeckhout
September 02, 2025

Good morning! If you haven’t noticed the trend over the last few days, the biotech world had its eyes on the European Society of Cardiology’s annual congress, which wrapped up yesterday in Madrid. As expected, the event brought a wave of cardio-focused announcements, and today’s updates follow the same theme. With so much attention on the ESC, the broader news cycle has slowed as PR teams treat non-cardiology announcements like forbidden fruit. The upside? Today’s newsletter is a bit more concise and to the point.

Enjoy today’s read!

—Joachim E.

SNIPPETS

What’s happening in biotech today?

🚦MHRA greenlight: Eli Lilly has received conditional marketing authorisation from the UK's MHRA for pirtobrutinib (Jaypirca) as a monotherapy for adults with relapsed or refractory mantle cell lymphoma (MCL) or chronic lymphocytic leukaemia (CLL) who have previously been treated with a Bruton’s tyrosine kinase (BTK) inhibitor. This decision is supported by data from the BRUIN CLL-321 phase 3 trial and the BRUIN phase 1/2 study, which demonstrated the drug’s potential to address resistance to prior BTK therapies. As a reversible BTK inhibitor, pirtobrutinib offers a new treatment option for patients with limited alternatives, though its approval remains under ongoing regulatory review.

💥Cardio flop: Bayer and Merck & Co.'s heart failure drug Verquvo (vericiguat) failed to meet the primary endpoint in the Phase III VICTOR study, aimed at evaluating its efficacy in adults with stable chronic heart failure (CHF) and reduced ejection fraction (HFrEF) without a recent worsening event. The trial, involving 6105 patients, showed no statistically significant difference between Verquvo and placebo in the combined risk of cardiovascular death or heart failure hospitalization, with event rates of 18% and 19.1% respectively (hazard ratio 0.93). Secondary outcomes showed slight numerical improvements but did not establish Verquvo's efficacy in this broader patient population.

🏦Equity coup: Generic drug giant Stada Arzneimittel is set to be acquired by private equity firm CapVest Partners, which will take a majority stake from current owners Bain Capital and Cinven in a deal reportedly valuing the company at around €10 billion ($11.7 billion). Bain and Cinven, who acquired Stada for €5.3 billion in 2017, had explored various exit options since 2023, including negotiations with multiple suitors and a postponed IPO. Despite earlier stalled talks over valuation and legal concerns, CapVest re-entered discussions as IPO plans resumed. The deal is expected to close in early 2026, with Bain and Cinven retaining minority stakes.

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