|
|
Upfront Briefing
Replimune finally got the vote it needed, with FDA advisers backing RP1 10-3 in melanoma after a messier road than investors would have preferred. Elsewhere, Alnylam shed roughly 30% of its market value — nearly $12B — on Amvuttra and Onpattro guidance worries, while Washington quietly snoozed the first-round 100% pharma tariffs that were due to bite Friday. A little regulatory relief, a little earnings pain, and a tariff deadline that came and went without teeth.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
7,437.6 |
1.7% |
8.4% |
| Nasdaq 100 |
28,106.3 |
3.4% |
11.5% |
| Russell 2000 |
2,946.1 |
1.4% |
17.5% |
| Healthcare (XLV) |
163.5 |
(1.6%) |
5.2% |
| Biotech (XBI) |
151.5 |
2.4% |
24.6% |
| Nasdaq Biotech (NBI) |
6,572.1 |
0.8% |
15.2% |
| Clinical Trials (BBC) |
50.3 |
3.8% |
33.6% |
|
- Biotech rode the broad risk-on rebound rather than any sector-specific catalyst: XBI +2.4% and the clinical-trials BBC +3.8%, while defensive Healthcare (XLV) fell 1.6% on rotation into growth and a ~2.5% drop in Dow heavyweight J&J.
- The rebound was a tech story: Microsoft +16% on 43% Azure growth — the largest single-day market-cap gain on record, ~$450B — sparked a chip-led recovery (SOXX +8%) and drove the Nasdaq 100 +3.4%, one day after the Fed's 29 July hawkish hold (rates 3.5–3.75%, three dissents for a hike; 30-year yield near 5.2%). Softer June PCE (core +0.1% m/m) added cover.
- Market data: U.S. cash close Thursday, 30 July 2026.
The Big 3
|
1
|
Replimune wins positive FDA panel vote for melanoma RP1
|
- RP1 with Bristol Myers Squibb's Opdivo won a 10-3 FDA advisory committee vote in advanced melanoma, easing concerns after two earlier rejections and trial-design scrutiny.
- Why it matters: A 10-3 adcom vote sharply raises RP1's approval odds after two prior rejections and pointed trial-design scrutiny — and RP1 carries most of Replimune's equity value. The panel siding with the company over FDA's own staff reviewers moves the debate to whether the agency now clears a melanoma launch path, the swing factor for revenue timing and for Replimune's leverage in the Opdivo (nivolumab) combo it relies on BMS to supply.
- Source: BioSpace
- More: BioPharma Dive; Endpoints; Fierce Biotech;
|
|
2
|
Alnylam tumbles after earnings and drug sales worries
|
- Amvuttra and Onpattro sales concerns erased roughly 30% of Alnylam's market value, or nearly $12B, in a sharp franchise reset.
- Why it matters: A ~30% one-day selloff signals investors are revising peak-sales and durability assumptions for Alnylam's transthyretin franchise, not just reacting to a noisy quarter. The bigger readthrough is whether slower Amvuttra and Onpattro momentum forces a lower multiple on RNA-commercial-stage biotech names that depend on a concentrated revenue base.
-
Source:
BioPharma Dive
-
More:
Fierce Pharma;
Endpoints;
|
| 3 | First wave of 100% pharma tariffs skips its Friday deadline |
- The 100% Section 232 duties slated to hit 17 named large-cap drugmakers on 31 July won't be imposed on schedule; at least 13 of the 17 have signed MFN pricing and U.S. onshoring deals that defer or zero out the levy through 2029.
- Why it matters: The reprieve pulls a same-day cost shock off the 17 Annex III names — Pfizer, Lilly and Novo Nordisk among them — and hardens the administration's template: sign MFN-plus-onshoring and the branded-drug tariff effectively drops to zero. That resets exposure math for holdouts still facing the full rate on patented imports and their APIs, and pushes attention to the generics clock (0% until 2028, then 100%, then 200%) and to India- and China-sourced supply, where no country deal blunts the hit. EU, Japan, Korea and Swiss product cap at 15%; UK at 10%.
- Source: Endpoints
- More: BioPharma Dive; Supply Chain Dive;
|
Everything Else that broke
- Karyopharm's selinexor missed the Phase 3 primary PFS endpoint in endometrial cancer, despite a 5.3-month median PFS improvement. — PR
- Karyopharm still plans an August 2026 sNDA for selinexor plus ruxolitinib in myelofibrosis with a Priority Review ask. — PR
- Abivax said a positive pre-NDA FDA interaction de-risked the filing path for obefazimod. — PR
- Neurocrine raised INGREZZA guidance to $2.825B-$2.875B after Q2 revenue climbed 39% to $959M. — PR
- The FTC sued Hims & Hers over alleged privacy violations and deceptive billing practices. — BioPharma Dive
- Illumina posted Q2 revenue of $1.16B, up 9.5%, suggesting steadier sequencing demand. — PR
- Castle raised 2026 revenue guidance to $365M-$375M after Q2 revenue hit $103.5M. — PR
- Myriad paired Q2 results with new efficiency, productivity and scalability initiatives. — PR
- Penumbra grew Q2 revenue 14.9% to $390.0M, keeping its thrombectomy story intact. — PR
- Inventiva corrected Tranche C of its debt financing to €55M from €20M. — PR
- Annexon secured an up-to-$200M non-dilutive credit facility from Oxford Finance to fund late-stage execution without an equity raise. — PR
- New Sanofi CEO Belén Garijo used her first earnings call to confirm two more late-stage cuts — oral TNF inhibitor balinatunfib and Regeneron-partnered IL-33 drug itepekimab — extending a clearout that already claimed anti-OX40L amlitelimab, with further pruning flagged. — Fierce Biotech
- Bristol Myers again pushed back its key Cobenfy Alzheimer's-psychosis readout (and milvexian AFib data) even as Q2 topped estimates. — Fierce Biotech
Deal Flow
| BioBucks 2026 Deal Trackers • Updated weekly ⬇️
|
M&A / BD&L
-
Seer said revised unsolicited acquisition proposals are still in play from Radoff-JEC Group and Omid Farokhzad, M.D. — PR
- Kaigene licensed Japan rights to FcRn inhibitor KG006 to Taisho for $5M upfront and up to $22M more. — PR
- Regeneron and Sanofi are exploring broader collaboration around Dupixent follow-ons. — Endpoints
- GSK licensed access to Relation's biological datasets in a deal worth up to $110M to feed its AI discovery models. — Fierce Biotech
VC / Private Financings
- No notable VC / private financings surfaced in the last 24 hours.
IPOs / Follow-Ons
- Apnimed priced an upsized IPO for its late-stage sleep-related breathing disease pipeline. — PR
- DBV sold about $50M of ADSs through its Nasdaq ATM program. — PR
- 60 Degrees Pharmaceuticals launched a private placement priced at-the-market under Nasdaq rules. — PR
Academic Corner - Phase 2b data showed selective NaV1.8 inhibitor LTG-001 beat placebo on pain reduction over 48 hours after abdominoplasty. — NEJM
- A NEJM case spotlighted a pulsatile liver in severe tricuspid regurgitation. — NEJM
|
Replimune got its panel, Alnylam got its haircut, and the tariff clock got snoozed — see you Monday.
— BioBucks Team
|
|
|
