The life sciences sector faces a mixed landscape, with major funding rounds closing as OrbiMed raises $1.86 billion for its fifth fund and Abbivax, MapLight, Everest Medicines secure significant capital. However, San Diego’s biotech hub experiences contraction amid layoffs at companies like Thermo Fisher and BioNTech, alongside reports of difficulty in job hunting and increasing lab vacancy rates. Acquisition activity is notable, including Xoma’s purchase of HilleVax and Lava Therapeutics following clinical setbacks. Industry players also adapt to evolving regulatory and market pressures.