The ongoing budget bill debates in Congress include significant impacts on biopharma, featuring reforms to the Inflation Reduction Act that affect orphan drugs and price negotiation exemptions. Concurrently, Insmed has initiated a $750 million stock offering following positive clinical data, while AstraZeneca invests $110 million into a multilateral R&D pact with CSPC Pharmaceutical. Meanwhile, ADC Therapeutics is restructuring, closing its UK R&D site and cutting workforce by 30%, reallocating focus towards approved products.