Daily Snap - 31. October 2025

Author

Joachim Eeckhout
October 31, 2025

Good morning! Eli Lilly just hit a milestone no one in pharma can ignore: its GLP-1 drug tirzepatide (sold as Mounjaro for diabetes and Zepbound for obesity) has officially become the world’s best-selling drug. The franchise pulled in $10.1B last quarter, overtaking Merck’s Keytruda (“only” $8.1B in sales) and prompting Lilly to hike its 2025 revenue forecast to as high as $63.5 billion. Once known for Prozac and insulin, Lilly’s fortunes now ride squarely on the GLP-1 gold rush, as the company races to keep up with surging demand, expand manufacturing, and fend off its main rival Novo Nordisk. Speaking of Novo, the Danish giant clearly hasn’t lost faith in its future, as you’ll see in today’s Snapshot below.

Enjoy today’s read!

—Joachim E. 

SNIPPETS

What’s happening in biotech today?

🧬China deal: Roche has signed a licensing deal worth over $1 billion with Qyuns Therapeutics for global rights to QX031N, a clinical-stage bispecific antibody targeting TSLP and IL-33, proteins linked to respiratory diseases like COPD and asthma. The deal includes a $75 million upfront payment and up to $995 million in milestone payments, plus tiered royalties. Qyuns aims to position QX031N as a “best-in-disease” therapy, leveraging its rabbit-derived monoclonal antibody platform known for high specificity and low immunogenicity. The partnership follows Roche’s recent setback with its COPD candidate astegolimab and reflects its continued interest in innovative respiratory treatments.

🧴IPO itch: Evommune, a California-based inflammation biotech, has set its IPO pricing at $15 to $17 per share, planning to list on the New York Stock Exchange under the ticker "EVMN." The company will offer 9,375,000 shares, with an option for underwriters to purchase an additional 1,406,250 shares, bringing the total value to about $150M. Despite the ongoing U.S. government shutdown delaying IPO approvals, Evommune aims to proceed under Section 8(a) of the Securities Act, potentially finalizing pricing after November 5. Proceeds will support its two phase 2 clinical programs: EVO756 for chronic spontaneous urticaria and atopic dermatitis, and EVO301 for atopic dermatitis targeting IL-18 signaling.

🧫 Drug dropped: Sensei Biotherapeutics is discontinuing development of its only clinical-stage drug, solnerstotug, and preparing for layoffs to conserve cash amid challenging market conditions. Despite recent phase 1/2 data showing 50% six-month progression-free survival in a small cohort of patients with "hot" tumors, the company has decided not to proceed with further trials due to financial constraints. With $28.6M in cash as of June and previous workforce cuts already in place, Sensei plans to retain a small team to explore strategic alternatives, including potential mergers, asset sales, or a full wind-down of operations. The decision marks a significant shift from its 2021 IPO ambitions, when it raised $133M.

🧹Pipeline purge: Takeda has terminated development of its AstraZeneca-partnered neurological drug TAK-341 (MEDI1341) after it failed to meet primary or secondary endpoints in a phase 2 trial for multiple system atrophy (MSA), a rare neurodegenerative disorder. The trial involved 159 patients receiving intravenous doses every four weeks, but the treatment showed no benefit on the Modified Unified Multiple System Atrophy Rating Scale at 52 weeks. While the asset is no longer listed in Takeda’s pipeline, it remains in AstraZeneca’s phase 2 pipeline. Takeda also dropped two early-stage programs, gamma delta T-cell therapy TAK-012-1501 and narcolepsy candidate danavorexton, citing strategic shifts and a broader retreat from cell therapies.

✅Trial win: Argenx has unveiled positive phase 3 results from its ADAPT SERON trial of Vyvgart (efgartigimod) in seronegative generalized myasthenia gravis (gMG) patients, those lacking AChR or MuSK antibodies, marking a significant step toward expanding treatment access to this underserved group. The trial, involving 119 patients, met its primary endpoint, showing a statistically significant improvement on the MG-ADL scale compared to placebo, with Vyvgart-treated patients averaging a 3.35-point gain versus 1.9 in the control group. Improvements were consistent across all seronegative subtypes, with no new safety concerns. Argenx plans to seek FDA approval for both intravenous and subcutaneous Vyvgart in this population.

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