Daily Snap - 28. October 2025

Presented by Illumina

👉 Download your free copy of Illumina’s new Industry Focus: Oncology eBook

Good morning! After years of post-pandemic slowdown, biopharma M&A is officially heating up, according to a new Leerink Partners analysis. The sector has already logged 21 deals this year—above the 15-year average—and $65B in total value, nearly double 2024’s full-year tally. And that’s before adding the recent big deals: Novartis’s $12B buyout of Avidity (see below), BMS’s $1.5B scoop of Orbital Therapeutics, and BioCryst’s $700M Astria buyout. Toss those in, and 2025’s total swims closer to $80B+ in dealmaking. The action’s been especially fierce in cardio-metabolic diseases, with GLP-1-fueled buys like Pfizer’s $4.9B Metsera and Novo’s $5.2B Akero Therapeutics deals. Meanwhile, oncology M&A is cooling, and ADC buyouts are nowhere to be found (for now). Guess the biotech winter’s finally thawed.

Enjoy today’s read!

—Joachim E.

PRESENTED BY ILLUMINA

What if cancer care depends on more than just medicine?

Industry Focus Oncology Illumina

Cancer is one of healthcare’s biggest challenges, but it’s not just about the biology. Diet, gender, access to care, and even shared risk factors with other diseases all play a role.

Illumina’s new Industry Focus: Oncology eBook brings together expert insights on nutrition, health equity, gender disparities, and more to explore how cancer care is evolving.

SNIPPETS

What’s happening in biotech today?

🥊 Prostate punch: GSK has signed a licensing agreement worth up to $357 million with French biotech Syndivia for a preclinical antibody-drug conjugate (ADC) targeting metastatic castration-resistant prostate cancer (mCRPC). The ADC, developed using Syndivia’s GeminiMab conjugation technology, has shown strong tumor-shrinking effects in preclinical studies without significant side effects. This deal highlights GSK’s strategic focus on tumor-targeted therapies and expands its growing oncology pipeline, which includes multiple phase 3 ADC candidates. The agreement also reflects the increasing momentum behind ADCs, a dominant theme at the recent European Society for Medical Oncology (ESMO) Congress.

🚀 Muscle boost: BridgeBio Pharma plans to seek FDA approval for its experimental drug BBP-418 following positive late-stage trial results in patients with limb-girdle muscular dystrophy type 2I/R9, a rare condition with no approved treatments. The oral therapy led to a sustained 17% improvement in glycosylated αDG levels, a key marker of muscle stability, and showed statistically and clinically significant gains in mobility and lung function over 12 months without unexpected safety issues. With a potential $1 billion market opportunity, BridgeBio aims to submit an approval application in the first half of 2026, positioning BBP-418 as a potential first-in-class treatment.

⚠️ CRISPR caution: Intellia Therapeutics has paused enrollment and dosing in two Phase 3 trials of its CRISPR-based therapy, nexiguran ziclumeran (nex-z), for transthyretin amyloidosis after a study participant was hospitalized due to severe liver toxicity. The patient, an 80-year-old man, experienced a grade 4 spike in liver enzymes and elevated bilirubin nearly a month after treatment, prompting concerns about potential organ damage. This is the second such liver-related safety event reported by Intellia since May. The company is investigating the cause, suspecting a delayed gene-target-specific reaction rather than delivery-related issues, and will consult regulators to determine next steps toward resuming the trials.

đź§  Lesion lockdown: Zenas BioPharma reported that its autoimmune drug obexelimab achieved a 95% reduction in new Gd-enhancing T1 brain lesions over 12 weeks in a Phase 2 study of 116 patients with relapsing multiple sclerosis (MS), meeting its primary endpoint with highly statistically significant results. The drug, a bifunctional monoclonal antibody administered via subcutaneous injection, showed “near-complete suppression” of lesions by Week 8, sustained through Week 12, with a safety profile consistent with prior trials. Investor response was strong, boosting Zenas’ stock by 20%. The company plans to release 24-week data in early 2026 and is also pursuing obexelimab in other autoimmune indications.

đź’ˇ IPO glow: MapLight Therapeutics debuted on the Nasdaq with a valuation of $787 million after its shares opened at $19, a 12% increase over the IPO price of $17. The company raised $250.8 million by selling 14.75 million shares, with Goldman Sachs affiliates also participating through a private placement. MapLight, focused on central nervous system disorders, is developing its lead drug candidate, ML-007C-MA, for schizophrenia and Alzheimer’s-related psychosis. Its IPO proceeded under a rarely used regulatory provision triggered by the ongoing U.S. government shutdown, marking a cautious resurgence in biotech IPOs amid challenging market conditions and investor demand for late-stage data.

SPEED READ

More news

TOUR OPERATOR

Upcoming events