Daily Snap - 7. November 2025

Author

Joachim Eeckhout
November 07, 2025

 

Good morning! The Metsera soap opera just got another twist, and this time, Novo scored the episode’s cliffhanger. A Delaware judge has denied Pfizer’s request to block Novo Nordisk’s $10 billion bid for the obesity-drug startup, ruling that Pfizer’s objections weren’t reason enough to halt the deal. Novo called Pfizer’s claims “meritless,” but Pfizer still plans to fight on, both in state and federal court, waving the antitrust flag all the way to D.C. The timing couldn’t be juicier: the FTC has already warned that Novo’s deal structure might violate merger laws, citing its unusual “cash-upfront” offer that transfers control before official review. See you next week for another episode.

Enjoy today’s read!

—Joachim E.

SNIPPETS

What’s happening in biotech today?

💊 Oral vax: Dynavax has agreed to pay $30 million upfront ($25 million in cash and a $5 million equity investment) for global rights to Vaxart’s investigational oral COVID-19 vaccine, with the option to invest $50 million more depending on results from an ongoing phase 2b trial. Despite inconsistent U.S. government support for the study, which has led to delays and a reduced enrollment of 5,400 participants, Dynavax sees commercial potential in an improved, easier-to-administer vaccine. The deal provides critical funding for Vaxart, which has faced layoffs and financial strain, and could lead to up to $620 million in regulatory and sales milestone payments if fully pursued.

🏋️ Weight loss: Eli Lilly’s amylin agonist eloralintide achieved up to 20.1% weight loss at Week 48 in a phase 2 trial, prompting the company to initiate a phase 3 study next month. The trial involved 263 overweight or obese adults without Type 2 diabetes and showed dose-dependent results, with the highest doses producing weight loss comparable to leading treatments like Novo Nordisk’s cagrilintide. Designed for greater selectivity on amylin over calcitonin receptors, eloralintide aims to enhance efficacy and tolerability. Lilly reported fewer gastrointestinal side effects with slower dose escalation and sees potential for combining eloralintide with GLP-1 therapies for improved outcomes.

🧬 MASH crash: AstraZeneca has discontinued development of its antisense oligonucleotide AZD2693 for metabolic dysfunction-associated steatohepatitis (MASH) due to disappointing efficacy in a phase 2b trial. The decision, disclosed in its third-quarter earnings, is not expected to significantly affect the company’s broader MASH efforts, which include a GLP-1 agonist in phase 1 and an upcoming readout for its FAP inhibitor AZD2389. AstraZeneca also ended work on TAK-341, a Takeda-partnered drug for multiple system atrophy, following its failure to meet trial endpoints. Additionally, two early-stage oncology candidates, AZD0022 and AZD9829, were dropped as part of a strategic portfolio review focused on prioritizing more promising assets.

🛑 Cancer cull: Cullinan Therapeutics has discontinued development of two oncology candidates, CLN-619, an anti-MICA/B antibody, and CLN-617, an IL-12 cytokine fusion protein, following a strategic shift toward autoimmune research. The decision, based on emerging clinical data, aligns with the company's broader rebranding from Cullinan Oncology to Cullinan Therapeutics in April 2024. The streamlined pipeline now includes four named assets spanning oncology and autoimmune diseases, with a focus on T-cell engagers targeting well-validated mechanisms. Cullinan's lead candidate, zipalertinib for NSCLC, is nearing a rolling FDA submission. The revised strategy, emphasizing data-driven decisions and resource optimization, is expected to extend the company’s cash runway into 2029.

🧪 Myeloma milestone: Heidelberg Pharma has reported promising results from cohort 8 of its ongoing phase 2/2a trial evaluating HDP-101 (pamlectabart tismanitin), its lead ATAC candidate, in patients with relapsed or refractory multiple myeloma. Among seven patients treated at a 140 µg/kg dose, two achieved stringent complete remission, with no detectable tumor cells in blood or bone marrow, while two others showed partial and very good partial responses. The treatment was well tolerated, with no dose-limiting toxicities observed. Encouraged by the rapid and robust responses, the company is advancing to cohort 9 with an escalated dose of 175 µg/kg to further assess HDP-101’s safety and efficacy.

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