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Tortugas launches with four phase 2 neuro drugs & Biogen buys in to China with $850M deal

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Joachim Eeckhout & Eduardo Longoria
April 22, 2026

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SNAPSHOT

Tortugas launches with $106M and four phase 2 neuro drugs to fast-track “derisked” pipeline

New biotech Tortugas Neuroscience has raised $106 million to advance four phase 2-stage neurology drugs licensed from Eisai and Hansoh Pharma.

Why it matters: Tortugas enters the crowded neuroscience space with mid-stage assets, skipping early risk, and targeting large indications like schizophrenia and epilepsy with potentially differentiated therapies.

Backstory: Founded by former Sage Therapeutics leaders Jeff Jonas (CEO) and Al Robichaud (R&D head), Tortugas pipeline is sourced from Asian partners. Two drugs come from China’s Hansoh and two from Japan’s Eisai. All four of these drugs have already made it to phase 2. Funding for the firm comes from Cure Ventures, The Column Group, and AN Venture Partners.

Big picture: The startup reflects a growing biotech trend of licensing “derisked” global assets and focusing on faster, capital-efficient development rather than early discovery. For example, oral, once-daily small molecules with clear regulatory pathways.

Zoom in: Tortuga’s lead asset TRTL-107, a D2/D3 partial agonist and 5-HT2A antagonist licensed from China´s Hansoh, will be investigated for applications in schizophrenia. Alongside this drug is another candidate from Hansoh, a GABA modulator for tinnitus and the two Eisai assets: a GAT-1 inhibitor (epilepsy) and a PDE9 inhibitor (encephalopathies). The initial funding will prioritize phase 2 completion for schizophrenia and tinnitus.

What’s next: Tortugas will push its lead programs through mid-stage trials while aiming to differentiate in competitive markets like schizophrenia.

SNAP AGAIN

Biogen expands immunology push through $850M China deal

Biogen will pay up to $850 million to partner with TJ Biopharma for exclusive rights to develop and commercialize the late-stage antibody felzartamab in China.

Why it matters: The deal strengthens Biogen’s push into immunology and expands its footprint in China, a key market with large patient populations for kidney diseases and multiple myeloma.

Backstory: Felzartamab, an anti-CD38 antibody, was originally developed by German biotech MorphoSys. HIBio acquired ex-China rights in 2022, later bought by Biogen in 2024 for $1.15 billion. Biogen and TJ began collaborating in 2025 on phase 3 trials in China.

Big picture: Biogen is positioning felzartamab as a multi-indication asset, not just a single drug; part of a broader strategy to build a scalable immunology pipeline and tap into high-growth global markets like China.

Zoom in: The deal consists of a $100M upfront payment to TJ Biopharma with up to $750M in milestones tied to sales and commercialization. The drug is in phase 3 trials for conditions like IgA nephropathy (IgAN), primary membranous nephropathy (PMN), and transplant rejection

What’s next: IgA nephropathy is a leading cause of kidney failure in young adults in China, making the country a strategically important market for felzartamab’s potential launch and long-term growth. Biogen will continue advancing late-stage trials across multiple indications while awaiting regulatory decisions in China and expanding into additional disease areas.

SNIPPETS

What’s happening in biotech today?

🧪 Gene hybrid: Flagship Pioneering has launched Serif Biomedicines, a new biotech startup with $50 million in funding, focused on developing “modified DNA” therapies that aim to combine the advantages of gene therapy, mRNA, and RNA interference approaches. Its platform delivers engineered DNA instructions alongside mRNA co-factors using lipid nanoparticles, enabling protein production inside of cells without altering the genome, which could improve safety, durability, and repeat dosing. Serif claims this method may lower costs and broaden applications across diseases, initially targeting rare genetic conditions and immunology.

📈 Stock surge: Nektar Therapeutics’ experimental drug rezpegaldesleukin showed improved results in an extension of a Phase 2 trial for alopecia areata (an autoimmune condition causing hair loss), with patients who initially responded experiencing continued hair regrowth after 52 weeks. Although the study previously missed its main endpoint at 36 weeks, longer-term data revealed that around 30% of treated patients achieved significant improvement, while none in the placebo group did. The therapy works by activating regulatory T cells to control autoimmune responses and has shown a favorable safety profile. The new findings boosted investor confidence, sending Nektar’s shares sharply higher and supporting plans for late-stage development.

👁️ Retina rescue: Ray Therapeutics has raised $125 million in an oversubscribed Series B round to advance its gene therapy programs for retinal degeneration, particularly its lead candidate RTx-015 for retinitis pigmentosa (RP). While other companies pursue similar therapies with mixed results, Ray aims to leverage regulatory momentum and its technology to address significant unmet needs in progressive vision loss.

📉 Relapse drop: Roche’s Enspryng (satralizumab) significantly reduced relapse risk by 68% in a Phase 3 trial for myelin oligodendrocyte glycoprotein antibody-associated disease (MOGAD), a rare autoimmune disorder with no approved treatments. In the Meteoroid study, 87% of treated patients remained relapse-free at 48 weeks versus 67% on placebo, with effects emerging early and sustained over time. The drug showed a safety profile consistent with prior studies, with no serious adverse events linked to treatment. The results position Enspryng as a potential first approved therapy for MOGAD, with Roche planning regulatory filings in 2026.

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