Daily Snap - 20. November 2025

Author

Joachim Eeckhout
November 20, 2025

 

Good morning! Before we jump in, a quick request: Biotech Snap launched in June and has grown faster than we ever expected. Now feels like the right moment to understand who’s reading, what you value most, and how we can make it even more useful. We’ve put together a short reader survey, and your answers will help shape the next stage of Biotech Snap. It only takes a few minutes, and you’ll have a chance to win a €250 (or $250) Amazon gift card.

Enjoy today’s read!

—Joachim E.

SNIPPETS

What’s happening in biotech today?

👊 Bidding war: Alkermes has increased its offer to acquire Avadel Pharmaceuticals following a surprise bid from Lundbeck that Avadel initially deemed superior. The revised agreement values Avadel at up to $2.37 billion, including $21 per share in cash and a $1.50 per share contingent value right (CVR) tied to FDA approval of Avadel’s narcolepsy drug Lumryz for idiopathic hypersomnia by 2028. While Lundbeck’s earlier $2.4 billion offer included additional CVR payments, Avadel determined Alkermes’ revised CVR terms were more achievable. Both companies' boards have approved the new deal, which is expected to close in Q1 2026, strengthening Alkermes' position in the sleep disorder market.

 🤝 Bispecific deal: GSK has entered the emerging myeloid cell engager space by partnering with LTZ Therapeutics in a deal worth $50 million upfront, with additional milestone payments tied to the development of up to four preclinical cancer programs. Myeloid cell engagers, a novel class of bispecific antibodies targeting myeloid rather than T cells, aim to reshape the tumor microenvironment in both hematologic and solid tumors. The agreement grants GSK global rights to these assets, expanding its oncology pipeline following recent deals like its prostate cancer ADC pact with Syndivia. GSK joins peers including Pfizer, Novartis, Sanofi, and Eli Lilly in investing in this promising therapeutic modality.

🖊️ Korean pact: Celltrion has signed a licensing agreement with fellow Korean biotech TriOar, securing the option to use TriOar’s tumor-microenvironment-selective activation platform (TROCAD) for up to six therapeutic targets in a deal potentially worth over $350 million. The agreement includes an initial payment of $680,000, with up to $230.4 million in development milestones, $124.7 million in sales milestones, and tiered royalties of 2% to 3.5% if resulting drugs reach the market. This marks Celltrion’s continued expansion beyond its biosimilar roots, following a recent $740 million deal for autoimmune assets from Kaigene, signaling a broader push into innovative biologics and antibody platforms.

💵Checks for AI: Profluent has raised $106 million in a funding round co-led by Altimeter Capital and Jeff Bezos’ personal investment firm, bringing its total financing to $150 million to advance its AI-driven platform for programmable biology. The company specializes in using large-scale frontier AI models to design novel proteins, including genome editors, antibodies, and enzymes, with applications across therapeutics, agriculture, diagnostics, and biomanufacturing. Profluent has already made key breakthroughs, such as creating the first AI-designed CRISPR system and compiling the world’s largest protein database. The funding will accelerate commercialization efforts and expand Profluent’s platform capabilities, aiming to establish it as a leader in AI-powered protein design.

📉 Trial tumble: Agios Pharmaceuticals' stock plunged by about 50% after its Phase III RISE UP trial of mitapivat (Pyrukynd) in sickle cell disease produced mixed results, achieving only one of two primary endpoints. While the trial met its hemoglobin response goal (40.6% of patients on mitapivat showed significant improvement versus 2.9% on placebo), it failed to show a statistically significant reduction in the annualized rate of sickle cell pain crises. Some secondary endpoints, such as improvements in hemoglobin concentration and markers of hemolysis, were met, while others, including fatigue scores, were not. Despite this, Agios plans to seek FDA approval for expanded use and will meet with the agency in early 2026.

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