Pharma Daily — October 5, 2026
One pipeline, five first-hand sources: 3 deals, 0 FDA approvals and 12 upcoming readouts, collected and charted without an LLM.
Topic
#biotech
31 posts
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Pharma Daily — September 17, 2026
One pipeline, five first-hand sources: 32 deals, 25 FDA approvals and 12 upcoming readouts, collected and charted without an LLM.
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Pharma Daily — September 9, 2026
Sep 8–9: 17 deal events, 0 FDA approvals, 12 queued readouts; Novartis's $12B Avidity bet hits a Phase 3 miss and Monte Rosa signs a $2.1B license.
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Novartis-Avidity at $12B: One Filing, One Win, One Miss
Six months after closing the $72/share Avidity buy: del-zota sits under FDA priority review, del-brax won Phase 1/2, and del-desiran failed HARBOR — NVS fell 13.9%.
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Pharma Daily — September 8, 2026
Sep 7–8: $14.6B in disclosed totals, zero FDA approvals, and Novartis's $12B Avidity buyout's lead asset fails Phase 3. Monte Rosa licenses VAV1 degraders to Novartis.
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Ivonescimab Clears OS vs Keytruda; the Hazard Ratio Waits for WCLC
HARMONi-2's OS win over pembrolizumab is real but detail-light: SMMT +17.3% on 2.7x volume, Akeso +15.3% in two sessions — and the HR itself lands at WCLC this month.
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Pharma Daily — September 7, 2026
Sep 6–7: zero deals, zero FDA approvals, and 12 Phase 2/3 readouts due within 90 days. The calendar, not the tape, is the story.
AgomAb's $200M IPO: An 85% Rally With No Data Behind It
AgomAb priced $200M at the midpoint in February, broke 8.4% on debut, fell to a −39.9% close by June, then rallied 85% on no data — now −1.4% vs offer as of Sep 4.
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Aktis's $318M IPO: Lilly Took a Third, and the Tape Followed
Aktis priced 2026's first biotech IPO at the top of range with Eli Lilly buying $100M in the deal; the stock is +50% by September. The anchor playbook the class repeated.
Alamar's $220M IPO: The Tools Company the Bifurcation Didn't Touch
Alamar upsized 20% to $219.9M with the shoe, popped +29.4% on debut, and trades +81.2% vs offer — a proteomics tools story priced on revenue, not trial risk.
Apnimed's $220.8M IPO: An NDA-Stage Bet the Tape Keeps Rewarding
Apnimed upsized 20% to $192M at the top of range, popped +56.3% on debut, and trades +71.6% vs offer — with an FDA decision on its sleep-apnea pill due Feb 28, 2027.
Attovia's $289M IPO: Phase 1 Itch Data the Tape Paid For
Attovia priced an upsized $289M IPO at the $17 top of range on August 4, popped +28.8%, and never closed below offer — Phase 1b itch data, runway into 2030.
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Avalyn's $345M IPO: The Reformulation Play That Keeps Climbing
Avalyn upsized 41% to $300M at the top of range, popped +63.8%, and doubled by September on enrollment execution — with inhaled pirfenidone data due H2 2027.
BlossomHill's $150M IPO: Early-Stage, and the Tape Paid Anyway
BlossomHill upsized to $150M at $16.00 on August 6, 2026, traded flat on debut, then ground to +37.6% by the September 4 close on Phase 1 EGFR data and a dated path.
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Braveheart's $382.5M IPO: Hengrui NewCo #2 Holds Its Pop
Braveheart priced $382.5M above range for one Hengrui-in-licensed HCM drug, popped +65.6%, and holds +48.6% a month in — where Kailera round-tripped. The NewCo anatomy.
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Eikon's $381M IPO: Upsized at the Top, Down 40% Since
Eikon upsized to $381M at the top of range and broke −16.7% on debut, with no negative catalyst since. The class's clearest platform discount — and its H2 2026 binary.
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Generate's $400M IPO: The Worst Debut of 2026 Climbs Back
Generate priced $400M at range midpoint, fell −20.9% on debut — 2026's worst first day — and fought back above water by September on Phase 3 execution.
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Hemab's $347M IPO: +88% Debut, Then the Data Kept Coming
Hemab upsized 42% to $347M, popped +88.9%, then climbed on ISTH data and an FDA-endorsed Phase 3 path in Glanzmann thrombasthenia. A +147% tape, anatomized.
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Kailera's $625M IPO: The Record That Gave Back the Pop
Kailera priced a then-record $625M at the top of range, popped +62.5%, and round-tripped to +1.4% by September. The Hengrui in-license anatomy and what reprices it.
Kardigan's $460M IPO: Three In-Licensed Heart Drugs, a Modest Premium
Kardigan priced 25M shares at the $16 top of range, popped +37.5% on debut, and holds +30.3% vs offer as of Sep 4 — with all three cardiac readouts guided to H1 2027.
Latigo's $397M IPO: A Phase 3-Ready Pain Bet the Tape Bought Early
Latigo priced $345.6M at the top of range on Aug 6, 2026 — $397.4M after a full greenshoe — behind a Phase 3-ready oral NaV1.8 pain drug; +28.0% vs offer as of Sep 4.
Odyssey's Second-Attempt IPO: Broke on Debut, Up 59.8% by September
Odyssey priced an upsized $279M IPO at the top of range on May 7, broke 8.8% on debut, then re-rated +59.8% by the Sep 4 close on two earnings prints.
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Parabilis's Record IPO: The Platform That Trades Like a Product
Parabilis priced a record $670M biotech IPO above range after two upsizes; twelve weeks later the tape pays for one desmoid-tumor asset, not the Helicon platform.
Scribe's $148M IPO: The Platform Story the Tape Actually Paid For
Scribe priced an upsized IPO at the $15 top on Jul 23, closed at $148M with a full shoe plus a $7.5M Sanofi placement, and trades +91.1% vs offer.
Seaport's $260M IPO: PureTech's Glyph Bet Grinds Back Above Water
Seaport upsized 20% to $254.9M at the top of range, closed up 10.2% on debut, and trades +38.1% vs offer as of Sep 4 — on prodrug chemistry, not platform adjectives.
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SpyGlass's $172.5M IPO: Small Check, Steady Tape
SpyGlass priced $172.5M at midpoint with no upsize, popped +65%, and holds +81% by September on a 505(b)(2) glaucoma implant with two Phase 3s enrolling.
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Veradermics' $295M IPO: A +479% Run Built on Two Data Days
Veradermics priced $295M at $17, popped +122%, then two pivotal readouts and a $442M follow-on at $100 took it to +479% of offer. The class's best tape.
Vogenx's $93M IPO: The Class's Smallest Deal More Than Doubled
Vogenx raised $93.4M all-in at $13 — the smallest 2026 biotech IPO — then ran +144.1% by the September 4 close with zero post-IPO disclosures. Float, not data.
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Pharma Daily — September 5, 2026
Sep 4–5: Menarini/Gan & Lee $771M GLP-1 deal, NeuShen $80M financing, Novartis Lp(a) miss — China-originated assets took 100% of disclosed dollars.
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The New Biotech IPO Class: Bigger, Later-Stage, and Judged Harder
21 US biotech IPOs raised ~$6.5B in 2026 through Aug 11 — median check $295M, 18 of 21 above offer as of Aug 28. What the class tells practitioners.
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Pharma Daily — September 4, 2026
Sep 3–4: GSK-Hutchmed $110M upfront license, Medicus $1B ADC deal, ivonescimab Phase 3 OS win — China-originated assets dominated both deal flow and the tape.