Two high-profile market moves highlighted biotech’s renewed appetite for immunology and oncology franchises. TRex Bio priced a $117 million IPO to advance Treg-activating candidates, including TRB-061 and TRB-071, with an initial Phase 1 program underway and topline data targeted for 2027. In parallel, Curium set the list price for Bexlutry, its Lutathera radiosimilar, at $63,524 per infusion—about 5% below Novartis’ pricing—underscoring competitive pricing dynamics in radioligand therapy as payer and provider scrutiny increases. Together, the deals reflect investor focus on immune modulation and differentiated positioning in expensive specialty modalities, while pricing disclosures continue to shape near-term expectations for uptake and reimbursement.