Daily Snap - 21. November 2025

Author

Joachim Eeckhout
November 21, 2025

 

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Good morning! A major new alliance is taking shape between Saudi Arabia’s King Abdullah International Medical Research Center (KAIMRC) and the U.S. early-stage VC Flagship Pioneering. The two partners have signed a deal to bring early-phase clinical trials for cutting-edge genetic medicines to Saudi Arabia, leveraging the country’s rapidly expanding clinical research infrastructure. Announced during the U.S.–Saudi Investment Forum, the collaboration pairs Flagship’s pipeline of next-generation therapeutics with KAIMRC’s state-of-the-art facilities and patient networks, backed by an initial $70 million investment from Saudi investors. Flagship has been very busy this week pushing its startups towards partners, with two more deals announced with Merck and GSK. Just scroll down to the “Snippets” to learn more. 

Enjoy today’s read!

—Joachim E.

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SNIPPETS

What’s happening in biotech today?

🔬Flagship’s been busy: GSK has selected ProFound Therapeutics and Quotient Therapeutics as its first partners in a potential $7 billion collaboration with Flagship Pioneering, focusing on the discovery of new treatments for respiratory and liver diseases. Under separate feasibility agreements, ProFound will apply its protein detection platform to identify novel proteins related to COPD and idiopathic pulmonary fibrosis, while Quotient will use its somatic genomics platform to uncover genetic disease targets, including those tied to metabolic dysfunction-associated steatohepatitis. These agreements follow a $150 million investment from GSK and Flagship in July 2024, aiming to develop up to 10 new medicines from Flagship’s 40-plus portfolio biotechs.

 đź§  And more Flagship deals: Merck KGaA has partnered with Flagship Pioneering’s Valo Health in a deal worth over $3 billion in potential milestone payments to discover new therapeutic targets for Parkinson’s disease. Using Valo’s AI-enabled discovery platform and extensive human biology data, the collaboration aims to accelerate the development of preclinical candidates addressing high unmet needs in neurology. Valo will receive R&D funding, upfront payments, and potential royalties on product sales. This partnership follows a strategic pivot by Valo after setbacks in its internal pipeline, and adds to its recent alliances with Novo Nordisk and Pfizer, further leveraging its data-driven approach to drug discovery.

🧬 CAR-T takeover: Tempest Therapeutics is acquiring four CAR-T programs from Factor Bioscience in an all-stock deal that will give Factor a majority stake in the company and install its CEO, Matt Angel, as Tempest’s new chief executive. The transaction, designed to extend Tempest’s cash runway into mid-2027, will see Factor and affiliate Erigen receive about 65% of the combined entity’s equity, pending shareholder approval. The lead asset, TPST-2003, is a dual CD19/BCMA CAR-T for relapsed multiple myeloma with plans for U.S. trials and a China BLA in 2027. Tempest will retain rights outside China, India, Turkey, and Russia, while also continuing to seek funding for its liver cancer and colon disorder programs.

 đź§± FDA roadblock: Applied Therapeutics is laying off 46% of its workforce and exploring strategic alternatives, including potential mergers, acquisitions, or licensing deals, as doubts grow over its ability to bring its rare disease drug govorestat to market. The biotech, which had $11.9 million in cash at the end of September, has struggled to secure a clear regulatory path with the FDA for govorestat, intended to treat CMT-SORD and galactosemia. Ongoing regulatory delays, prior clinical setbacks, and past compliance issues have compounded uncertainty.

🪓 Half axed: Ensoma is laying off 50% of its workforce, impacting 37 employees, as it shifts focus from platform research to clinical development and immuno-oncology. The layoffs follow a $53 million fundraise in September and come as the company advances its lead candidate, EN-374, into a phase 1/2 trial for X-linked chronic granulomatous disease. Ensoma will continue developing its in vivo HSC-derived cell therapies, with plans to nominate candidates in solid tumors and sickle cell disease in early 2026. The company aims to transition from a platform-focused biotech to a product-driven organization, prioritizing resources toward programs with the highest strategic impact.

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