Daily Snap - 5. September 2025

Author

Joachim Eeckhout
September 05, 2025

 

Good morning! Big reforms are underway in Morocco’s pharma landscape. The government is introducing a sweeping pricing overhaul aimed at making medicines, and especially generics, more affordable and accessible. Alongside stricter pricing rules and more frequent price reviews, the reform includes a cap on the number of generics per originator drug, a move explicitly designed to boost domestic pharmaceutical manufacturing. While the changes may support local industry and reduce public health spending, they’re also sparking concern among pharmacists and manufacturers who fear reduced margins and limited drug availability. In a moment when protectionist policies are resurging globally—yes, we’re looking at you, US—Morocco offers a smaller, but telling case study of how such measures could play out in practice. If you’re working in pricing, access, or policy, this is one to watch 👀

Enjoy today’s read!

—Joachim E.

SNIPPETS

What’s happening in biotech today?

⛽ $400M fuel: Atlas Venture has closed its third Opportunity Fund, raising $400 million to support existing biotech startups within its portfolio amid a challenging funding environment. While smaller than some peer funds, the raise aligns with Atlas’ strategy of disciplined, seed-led venture creation. This follows a $450 million early-stage fund raised in December. Despite a slower pace of new investments in 2025, Atlas continues to launch and support promising biotechs, including past successes like Alnylam Pharmaceuticals and recent startups Antares Therapeutics and Renasant Bio.

🧪Pipeline diet: AC Immune is cutting approximately 30% of its workforce and narrowing its internal pipeline to extend its cash runway from early to late 2027. The Swiss biotech, which had around 170 employees, has initiated a consultation process under Swiss law to implement the layoffs by year-end. The internal pipeline will now focus on the phase 2 Parkinson’s disease candidate ACI-7104.056 and two preclinical programs targeting NLRP3 and alpha-synuclein, while several preclinical assets, including ASC and TDP-43 antibodies and a morphomer-antibody drug conjugate, have been dropped. Half of AC Immune’s pipeline now consists of partnered programs with Takeda, Johnson & Johnson, and Eli Lilly.

🤝Gel deal: AlzeCure Pharma presented encouraging phase 2 data on its topical TRPV1 antagonist, ACD440, at the NeuPSIG 2025 conference, highlighting its potential in treating chronic peripheral neuropathic pain. The gel-based therapy demonstrated a clinically relevant 50% reduction in temperature-induced pain, consistent with previous phase Ib results, and confirmed proof-of-mechanism in patients. Post hoc analysis emphasized its strong analgesic effect, especially for heat-induced pain, a common symptom in neuropathic conditions. ACD440 also received orphan drug designation from the FDA for erythromelalgia and positive regulatory feedback, underscoring its therapeutic promise and commercial potential for future out-licensing.

💰 Fat-fighting funds: Congruence Therapeutics announced the closing of a $32 million financing round to advance its lead drug candidate, CGX-926, a first-in-class treatment for MC4R-deficient genetic obesity, through a Phase 1b proof-of-concept clinical trial set to begin in early 2026. The funding round will also support the progression of Congruence's programs targeting GBA1-driven Parkinson’s disease and Alpha-1 antitrypsin deficiency. Powered by its proprietary Revenir computational platform, Congruence is developing small-molecule correctors for protein misfolding diseases and continues to expand its R&D collaborations in oncology and metabolic disorders.

🧫 Gut gang: MRM Health NV, a Belgian biotech spin-out from VIB Gent, has raised €55 million in Series B financing to advance its microbiome-based therapeutic MH002, currently in a Phase IIb trial for mild to moderate ulcerative colitis. The funding will support efforts to make MH002 licensable and bring two additional anti-inflammatory microbiome candidates into clinical development. MH002, composed of six optimized bacterial strains, has shown promising preclinical and Phase IIa safety and efficacy results. MRM Health also plans to expand its pipeline through strategic partnerships, including in animal health.

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