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What’s in Today’s Brief? (April 9th Preview)
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M&A and platform buildouts in oncology
Gilead Sciences agreed to buy Tubulis for up to $5 billion, expanding the pharma’s antibody-drug conjugate (ADC) toolkit beyond its Trodelvy and strengthening clinical ADC depth. The deal includes a $3.15 billion upfront payment and up to $1.85 billion in milestone contingent payments, with Tubulis operating as a dedicated ADC research organization within Gilead after close, expected in 2Q26. Tubulis’ lead asset, TUB-040, is a NaPi2b-directed topoisomerase I inhibitor ADC in Phase Ib/II NAPISTAR1-01 for platinum-resistant ovarian cancer and non-small-cell lung cancer. Tubulis also brings TUB-030, a 5T4-targeted ADC. Gilead said the acquisition follows a closely aligned collaboration and is aimed at enabling more selective payload delivery and reducing off-target exposure. In parallel with this acquisition spree, market coverage highlights that Gilead has recently added other oncology capabilities via deals in early 2026—underscoring an aggressive strategy to broaden both platform technology and clinical pipeline execution.
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Large European private biotech funding
Jeito Capital closed its second flagship fund at more than €1 billion ($1.2 billion), exceeding targets and marking a record for an independent European biopharma-focused fund. The vehicle, Jeito II, is expected to back 15 to 20 clinical-stage companies and increases the average ticket size to as much as €150 million. The firm said the strategy is designed to support portfolio companies through late-stage development and commercialization while reducing dependence on public markets. Jeito cited macro headwinds including a looming patent cliff that could erode revenues, helping maintain deal activity as buyers seek pipeline replenishment. For investors and founders, the raise adds another large, Europe-centric source of follow-on and “hold-to-exit” capital in a period when many biotechs are prioritizing runway as valuations reset.
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New oncology therapeutics funding and pipeline progression
Sidewinder Therapeutics emerged from stealth with an oversubscribed $137 million Series B to advance bispecific antibody-drug conjugate programs toward the clinic. The San Diego company’s plan calls for a 2027 debut of a lead program following preparations powered by the fresh funding. The round is backed by a mix of blue-chip investors and comes alongside earlier technology validation: Sidewinder has referenced its ADC approach aimed at receptor co-complexes on solid tumors. The financing is notable because it targets the next wave of ADC differentiation, including attempts to reduce toxicity while improving efficacy in harder-to-treat indications. With ADC competition intensifying across oncology, Sidewinder’s funding signals continued investor appetite for platform-style approaches that can broaden payload and targeting strategies.
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Regulatory and reimbursement policy shifts in the US
Biotechnology industry advocates warned that drug price controls resembling Most Favored Nation (MFN) policies could worsen affordability and access. In BIO’s March Coffee Chat, Karin Hoelzer, Senior Director of Patient Advocacy at BIO, argued that ongoing evidence from the Inflation Reduction Act’s out-of-pocket cap shows benefits are being offset by plan behavior, including higher premiums, reduced plan choices, and intensified formulary management. Hoelzer pointed to Medicare Access for Patients’ (MAPRx) report, “Inflation Reduction Act: Access Barriers Undermine Affordability,” which says early evidence suggests the out-of-pocket cap’s impact is increasingly offset by shifts in insurer utilization management. The concern extends to MFN-style approaches, which could import foreign pricing systems tied to health economics assumptions. The exchange matters for biotech because coverage design and access barriers can directly affect uptake of high-cost specialty drugs, including oncology and immunology therapies.
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IPO activity for late-stage formulation strategies
Avalyn Pharma filed for an IPO to fund late-stage development of inhaled formulations of approved pulmonary fibrosis drugs. The company is preparing to move AP01 (inhaled pirfenidone) from an ongoing Phase 2b study toward Phase 3 and aims to do the same for AP02 (inhaled nintedanib), plus advance AP03, an inhaled combination of pirfenidone and nintedanib, supported by preclinical work. Avalyn said it entered 2026 with $138 million in cash following prior rounds, including a $100 million Series D in July 2025 backed by Novo Holdings and others. The financing reflects investor interest in repurposing and reformulating existing drugs to improve tolerability and potentially expand clinical differentiation. For the sector, the filing reinforces how companies are using public-market access (after a period of IPO volatility) to fund label expansion-by-formulation when assets already have clinical validation in oral form.
...and 5 more selected Biotech stories in today’s full edition — or archive.
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