Healthcare fell less than the market: XLV (2.5%) vs S&P 500 (4.4%), but biotech traded with small caps, XBI (6.7%), NBI (4.9%) and RUT (4.4%). Revolution Medicines rose on its Rasonque sales print, reported before the open.

Chips led a broad AI-trade sell-off: the SOX lost 12.3% with all 30 names down, Micron (17.5%) and SanDisk (22.3%), as Goldman flagged that states likely to tighten data-centre oversight after Tuesday's Democratic wins hold ~45% of planned U.S. capacity. NDX (6.4%), Nasdaq Composite (5.5%) into correction, S&P (4.4%) worst day since April 2025, Dow (3.4%); VIX +70% to 28.2, 10Y −6bp to 4.84%, Brent +3.8% to $98.29. October payrolls at 8:30 ET today.

Rasonque (daraxonrasib) booked $198M in U.S. sales in roughly five weeks after its late-August approval in metastatic pancreatic cancer, with more than 5,000 patients treated. Q3 net loss was $407.5M and cash $3.7B.

Why it matters: Truist had modelled $19M; RevMed booked $198M in roughly five weeks after the late-August approval, with more than 5,000 patients treated. Leerink lifted its Q4 estimate to $440M from $330M, and Truist sees $2.3B in 2028 sales. The caveat came from RevMed itself: commercial chief Anthony Mancini said it is too early to judge the normalised trajectory and called the early-access and treatment-exhausted pool finite, so Q4 has to show new-patient starts rather than a bolus. Payer coverage is still being built. Royalty Pharma's royalty started flowing with first sales. For KRAS rivals in pancreatic cancer the bar is now an oral drug with real revenue, with an EC decision pending after the positive CHMP.

Source:STAT

More:Fierce Pharma; BioSpace; BioPharma Dive

AstraZeneca has offered about $10B, or $124 a share, for Rhythm Pharmaceuticals, The Wall Street Journal reported Wednesday, citing people familiar; neither company has confirmed a deal. RYTM closed Wednesday up 24%.

Why it matters: Imcivree (setmelanotide) did $92.1M in Q3, up 29% on the quarter after its March approval in acquired hypothalamic obesity, its third indication; William Blair models $3.6B in 2032 sales excluding Prader-Willi, where a Phase 3 is planned. At $124 a share AstraZeneca would also get bivamelagon, the oral MC4R agonist headed into a Phase 3 in aHO. On Monday Rhythm agreed to pay LG Chem $350M to cut bivamelagon royalties to 1%, a clean-up any buyer would welcome. Leerink says AZ has room for a deal this size, and at least three analyst teams think Rhythm holds out for a higher bid. The risk is plain: this is a press report, not a signed agreement, and a Phase 3 basket trial in genetic obesities failed this year.

Source:Fierce Pharma

More:Fierce Biotech; BioSpace

Novartis confirmed nine tumor reports among more than 6,000 patients treated with Zolgensma since its 2019 approval, seven of them not previously public; two show evidence that may link them to vector DNA integration. Neurologists were told this week and advocates publicised it Thursday.

Why it matters: Two cases with integration evidence turn a theoretical label risk into a potential safety signal, which is how it is being handled for now. The label already flags tumorigenicity from AAV vector integration, so the near-term question is whether regulators ask for longer follow-up or registry data; SMA Europe says authorities are assessing the cases. Zolgensma already carries a boxed warning for acute liver injury, making this the second label-level issue for a product Novartis paid $8.7B to own via AveXis. The read-through runs across systemic AAV, where integration has been argued as rare in practice, and long-term follow-up at Regenxbio, Sarepta and others gets a closer look. Tumor types and timing to onset are not yet disclosed.

Source:Endpoints

More:STAT; BioSpace

Evommune licensed ex-Greater China rights to Hinova's EVO570, an oral VAV1 molecular glue degrader, for $30M upfront ($20M cash, $10M in pre-funded warrants) and up to $1.1B in milestones, entering the niche Novartis bought into via Monte Rosa; Phase 1 is imminent and an RA Phase 2 is planned for 2027, after EVO756 was dropped in CSU and atopic dermatitis. — Fierce Biotech

Merck's Hanmi-licensed efinopegdutide (GLP-1/glucagon) resolved MASH in 63% of patients at 7 mg vs 13% on placebo in a Phase 2b biopsy study at AASLD. — Endpoints

J&J won FDA accelerated approval for Rybrevant Faspro as monotherapy in recurrent/metastatic HNSCC after platinum and anti-PD-(L)1 (non-HPV oropharyngeal); OrigAMI-4 ORR 42% (n=102), 15% CR; confirmatory 1L Phase 3 OrigAMI-5. — PR

CMS finalised 2027 340B payment cuts and broader site-neutral payments for hospital outpatient departments. — BioPharma Dive

Agios is cutting more than 100 R&D roles over 2026 as it heads into the mitapivat sickle cell decision, now due 1 Feb 2027. — Fierce Biotech

Cloudbreak Pharma's CBT-001 eye drop hit both co-primary endpoints in Phase 3, while the company faces an investigation tied to its IPO. — Fierce Biotech

Edgewise said FDA agreed at end-of-Phase 2 that the EDG-7500 Phase 3 in HCM can use tolerability-based dose escalation without safety echo monitoring. — PR

AstraZeneca / Rhythm: reported ~$10B ($124/sh) offer per WSJ, unconfirmed (see The Big 3). — BioSpace

ANI Pharmaceuticals launched a recommended public offer for Egetis Therapeutics at SEK 11.25 per share (~$560M), for Emcitate (tiratricol) in MCT8 deficiency. — Fierce Pharma

Evommune / Hinova: EVO570 ex-Greater China licence, $30M upfront ($20M cash + $10M pre-funded warrants), up to $1.1B milestones, royalties. — BioSpace

Caldera / Qyuns: exclusive worldwide rights to a preclinical IL-17 x TL1A bispecific; terms undisclosed. — Endpoints

T-Therapeutics raised a $133M oversubscribed Series B for TCR bispecifics in cancer and autoimmunity, co-led by Advent Life Sciences and British Business Bank, joined by JJDC, Samsara BioCapital, M Ventures and Lilly. — BioSpace

Alethio Therapeutics (Oxford) raised a $90M Series A co-led by Sofinnova and RA Capital to take ATX-011, a mutation-agnostic antibody for essential thrombocythemia, into the clinic. — Endpoints

Inovio priced ~$75M: 58.7M shares at $1.05 plus pre-funded warrants for 12.7M shares at $1.049; Jefferies and Piper Sandler; close ~9 Nov, after Voceryq's approval. — PR

Rezera (RZRA) set IPO terms: 16.67M shares at $11–13 (~$200M at the midpoint); GSK indicated up to $25M; Jefferies, TD Cowen, Cantor; ruvonoflast (NLRP3) is headed for a PAD Phase 3. — Fierce Biotech

Nature Medicine mapped digital readiness for cardiovascular care in high-burden U.S. communities. — Nature Medicine

The Lancet reported India will cap costs across 137 cancer drugs. — Lancet