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Mapp deploys experimental Ebola antibody as outbreak intensifies & Liminatus acquires CAR-T biotech InnocsAI for $320 million

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Joachim Eeckhout & Eduardo Longoria
May 22, 2026

Good morning. Prediction markets, those platforms that let people bet on anything from who will win the FIFA World Cup to when the war in Iran might end, have found their next frontier: clinical trials. A new platform called Endpoint Arena has even launched specifically for betting on clinical trial outcomes. Strange times we live in.

PS: We’re taking a short break for the public holiday on Monday, so the newsletter will be back on Tuesday.

— Joachim E.

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SNAPSHOT

U.S. looks at Mapp to deploy experimental Ebola antibody as Central African outbreak intensifies

Africa on the globe

The U.S. government has turned to Mapp Biopharmaceutical to supply doses of an experimental Ebola antibody therapy that could be used for high-risk individuals during the worsening Ebola outbreak in Central Africa.

Why it matters: The outbreak involves the Bundibugyo strain of Ebola, for which there is no approved targeted treatment. The move highlights how governments may rely on experimental countermeasures during fast-moving epidemics when approved therapies are unavailable.

Backstory: The antibody cocktail, MBP134, was originally developed with support from the Biomedical Advanced Research and Development Authority for Sudan virus Ebola. Preclinical studies later suggested it may also work against the Bundibugyo strain. The antibodies were derived from survivors of the devastating 2013–2016 West Africa Ebola outbreak.

Big picture: The situation underscores ongoing global vulnerability to emerging infectious diseases and the continued importance of government-biotech partnerships in pandemic preparedness.

What’s next: Regulators and public health officials will determine whether the antibody can be deployed more broadly if infections continue to rise.

SNIPPETS

What’s happening in biotech today?

🚗 CAR acquisition: Liminatus Pharma has agreed to acquire CAR-T biotech InnocsAI in an all-stock deal valued at $320 million. The acquisition gives Liminatus access to InnocsAI’s oncology pipeline, led by IBC101, a CD19xCD22 dual-targeting CAR-T therapy for relapsed or refractory B-cell cancers that is preparing for a phase 1/2 trial in Korea. InnocsAI is also developing other multi-antigen CAR-T technologies, including a preclinical therapy targeting mesothelin and B7-H3 and a platform using anti-CS1 antibodies to create trivalent CAR-T candidates. The deal aligns with Liminatus’ immuno-oncology focus as it advances its own CD47-blocking antibody program, though the company faces financial pressure, with only $1.9 million in cash remaining and ongoing Nasdaq delisting concerns tied to its low stock price.

⚡ Radiation boost: Nanobiotix temporarily halted trading of its shares in Europe while finalizing a €75 million stock offering intended to strengthen its cash position and support development of JNJ-1900, a radiotherapy-enhancing cancer treatment partnered with Johnson & Johnson. The financing follows promising Phase 2 data presented by J&J showing six responses, including four complete responses, in seven patients with unresectable non-small cell lung cancer treated with JNJ-1900 alongside chemoradiotherapy and Imfinzi. Nanobiotix highlighted the durability of responses but cautioned that conclusions are limited by the small patient group.

🦠 Bug blocker: Infex Therapeutics reported positive Phase IIa results for RESP-X, a first-in-class monoclonal antibody designed to target Pseudomonas aeruginosa infections in patients with non-cystic fibrosis bronchiectasis. The placebo-controlled study showed the therapy was safe and well tolerated, with favorable pharmacokinetics, no immunogenicity, and lung exposure levels supporting potential quarterly dosing. RESP-X works by blocking the bacterium’s Type 3 Secretion System through targeting the PcrV protein, aiming to reduce tissue damage without directly killing the bacteria and potentially avoiding antibiotic resistance pressures. The data positions RESP-X as a possible complementary treatment alongside recently approved anti-inflammatory therapies such as Insmed’s Brinsupri and existing inhaled antibiotics for chronic P. aeruginosa infection.

🧬 Triple trim: Eli Lilly reported positive Phase 3 results for retatrutide, its next-generation triple hormone receptor agonist targeting GIP, GLP-1, and glucagon pathways, showing weight loss of up to 28.3% after 80 weeks in patients with obesity. The treatment outperformed placebo and compared favorably with leading obesity drugs such as Lilly’s Zepbound and Novo Nordisk’s Wegovy, though some analysts had expected slightly stronger results and noted the absence of detailed data on sleep apnea and osteoarthritis outcomes. Weight loss continued beyond 80 weeks in some patients, reaching nearly 30% at Week 104. Analysts expect Lilly to pursue FDA submission this year, with retatrutide projected to become a multibillion-dollar product.

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