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Vertex’s kidney disease drug posts strong Phase 3 results & BMS's protein-degrader wins trial

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Joachim Eeckhout & Eduardo Longoria
March 11, 2026

Good morning! Breakout Ventures has closed its Fund III at $114 million to back founder-led startups working where science meets AI. The San Francisco firm is already putting money to work, including in a stealth University of Chicago spinout using computational chemistry for small-molecule discovery.

Why it matters: This is another signal that investors still see real upside in platforms that pair deep science with AI. Breakout’s track record may also have played a role in convincing investors. Its Fund II helped back Surf Bio, later acquired by Halozyme for $300 million upfront plus milestones, and Noetik, which licensed cancer foundation models to GSK for $50 million upfront.

Bottom line: Deep tech gets easier to sell when the last bets paid off.

— Joachim E.

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SNAPSHOT

Vertex’s kidney disease drug posts strong Phase 3 results, boosting hopes for a multibillion-dollar treatment

Vertex Pharmaceuticals announced that its experimental drug povetacicept met the primary goal in a Phase 3 trial for IgA nephropathy (IgAN) and pushed Vertex shares up by nearly 9% in after-hours trading.

Why it matters: IgAN is a progressive kidney disease that can lead to kidney failure, and effective treatments remain limited. Positive late-stage results could help Vertex secure accelerated U.S. approval and compete in a growing market for immune-targeting kidney therapies.

Backstory: Vertex dominates the cystic fibrosis market, generating over $10 billion annually, but has struggled to replicate that success in other areas. The company acquired povetacicept from Alpine Immune Sciences in a $4.9 billion deal nearly two years ago, betting it could treat multiple inflammatory diseases. Povetacicept targets BAFF and APRIL, immune signaling molecules that drive production of autoantibodies implicated in IgAN.

Zoom in: Vertex’s medication cut urine protein levels by about 50% compared with placebo after 36 weeks, a key indicator of improved kidney health. Additionally, the treatment led to fewer abnormal antibodies along with reduced blood in urine. The most common side effects were respiratory infections and injection-site reactions, mostly mild to moderate.

Yes, but: A new wave of drugs targeting immune pathways in IgAN is emerging. Otsuka Pharmaceutical already secured FDA approval for a similar therapy in 2025 and Vera Therapeutics is potentially gaining approval for its candidate by July 2026. Vertex’s full trial outcome, along with comparable data from rival drugs expected later this year, will determine whether povetacicept truly stands out in the IgAN market.

What’s next: Vertex plans to complete its accelerated FDA approval filing by the end of March and will use a special voucher to shorten the regulatory review time from 10 months to about six.

SNIPPETS

What’s happening in biotech today?

🩹 Patent cushion: Bristol Myers Squibb said its experimental protein-degrading drug mezigdomide met a main goal in a late-stage trial for relapsed or refractory multiple myeloma, showing a statistically significant and clinically meaningful improvement in progression-free survival when combined with two standard therapies. The result strengthens BMS’s strategy to replace aging blockbuster blood cancer drugs Revlimid and Pomalyst with newer CELMoD medicines, which are designed to be more potent and overcome resistance. Coming after iberdomide’s recent Phase 3 success, the mezigdomide data add momentum to the company’s long-term growth plans as it approaches major patent expirations and prepares for additional key trial readouts.

⚖️ Weight dip: Ascletis Pharmaceuticals reported Phase 2 results for its ultra-long-acting GLP-1 receptor agonist ASC30, showing that the drug may support monthly dosing and potentially once-quarterly maintenance therapy for obesity. In a trial of 65 overweight or obese participants, the effective formulation produced 6.3% placebo-adjusted weight loss at 12 weeks after three monthly injections, with weight loss peaking at 7.5% at week 16 and remaining similar months after the final dose, suggesting durable effects. However, the weight-loss results were lower than those achieved by more frequently dosed competitors from Pfizer, Eli Lilly, and Novo Nordisk. Ascletis plans to expand the development of ASC30 and apply its ultra-long-acting technology to additional metabolic drug candidates.

🚪Founders exit: BioNTech founders Uğur Şahin and Özlem Türeci plan to step down from leadership of the German biotech company by the end of 2026 to launch a new startup focused on next-generation mRNA technologies. The married couple, who led BioNTech’s rise during the COVID-19 pandemic, intend to return to a research-driven environment while BioNTech transitions into a broader oncology-focused biopharmaceutical company with 15 ongoing Phase III trials. The new spin-off, whose name has not yet been disclosed, will receive certain technologies and rights from BioNTech in exchange for a minority stake, milestone payments, and royalties. The company’s supervisory board has begun searching for successors as the founders prepare for their third biotech venture after having started Ganymed Pharmaceuticals in 2001 and BioNTech in 2008.

 👀 Safe start: Kainova Therapeutics reported positive topline results from its Phase 1 EPRAD trial of DT-9081, an oral EP4 receptor antagonist for patients with advanced, recurrent, or metastatic solid tumors. Conducted at four sites in France and Belgium, the study met its primary goals, showing a favorable safety profile, no dose-limiting toxicities, and consistent pharmacokinetic and pharmacodynamic results with sustained EP4 receptor engagement across doses. Researchers also observed early signs of anti-tumor activity. The drug works by blocking EP4 signaling to counteract PGE2-driven immune suppression, a mechanism that may help overcome resistance to standard cancer treatments and support further development in immuno-oncology.

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