Upfront Briefing
AbbVie went big to stay big: $10.9B in cash for Apogee — its largest buyout in five years — picking up a long-acting eczema shot (zumilokibart) to keep the Skyrizi/Rinvoq engine humming once the patent clock runs down. Dupixent and Ebglyss just got a new problem that doses every three-to-six months.
Dealmaking didn't stop there. Lilly's $7.8B Centessa takeover cleared the UK High Court — CNTA stops trading today, effective tomorrow — and Sanofi's Cenrifki (tolebrutinib) landed an EU approval in non-relapsing SPMS, a tidy European win after the FDA's U.S. rejection late last year. Policy footnote: HHS floated an expedited IND pilot it says could shave up to a year off early timelines.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
7,472.8 |
(0.4%) |
9.0% |
| Nasdaq 100 |
30,347.1 |
(0.2%) |
20.4% |
| Russell 2000 |
3,004.4 |
0.8% |
19.8% |
| Healthcare (XLV) |
150.1 |
0.4% |
(3.5%) |
| Biotech (XBI) |
145.9 |
3.7% |
20.0% |
| Nasdaq Biotech (NBI) |
6,133.3 |
1.9% |
7.5% |
| Clinical Trials (BBC) |
47.7 |
5.0% |
26.8% |
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- Biotech ran hard against a soft tape — XBI +3.7%, NBI +1.9% and clinical-stage proxy BBC +5.0% — powered by AbbVie's $10.9B Apogee buyout and Lilly's Centessa court clearance, which reset takeout premia across mid-cap immunology and neuro names.
- The broad tape leaked lower as AI hyperscalers sold off (Alphabet ~5%, Amazon ~4.8%, Meta ~2.3% on AI-spend and talent-attrition worries), while investors weighed the U.S.–Iran peace framework, a Fed leaning toward a late-2026 hike, and Keir Starmer's resignation as UK PM; the S&P slipped 0.4% and the Nasdaq 100 0.2%.
- Market data: U.S. cash close Monday, 22 June 2026.
The Big 3
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1
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AbbVie inks $10.9B Apogee buyout for next-gen immunology
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AbbVie (NYSE: ABBV) agreed to acquire Apogee Therapeutics (NASDAQ: APGE) for $135.11 per share in cash, a total equity value of about $10.9 billion (~$10.1B net of cash) and roughly a 49% premium to Thursday's close. APGE jumped ~47%; close is targeted for Q3 2026. Lead asset zumilokibart (APG777) is a half-life-extended anti-IL-13 antibody dosed every three-to-six months in atopic dermatitis; APG273 (IL-13/TSLP) is in asthma.
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Why it matters: AbbVie's biggest deal since ImmunoGen, and a defensive buy against the Skyrizi/Rinvoq patent cliff coming behind Humira's erosion. Zumilokibart's whole pitch is dosing cadence: every three-to-six months versus Dupixent's every-two-weeks, the wedge AbbVie needs to take atopic-dermatitis share from Sanofi/Regeneron and Lilly's Ebglyss. The tape read it as a fit, with APGE closing near terms and ABBV up ~1.5%. The catch is timing and proof: zumilokibart is still pre-pivotal, AbbVie doesn't model EPS accretion until 2032, and the efficacy case rests on cross-trial comparisons, not a head-to-head.
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Source:
Fierce Biotech
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More:
CNBC;
PharmExec
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2
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Merck's tulisokibart aces Phase 3 ulcerative colitis test
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Tulisokibart, the anti-TL1A antibody Merck (NYSE: MRK) acquired in its ~$11B Prometheus buyout, hit its primary endpoint of clinical remission (Modified Mayo Score) at week 12 plus a key secondary in the Phase 3 ATLAS-UC induction study in moderate-to-severe ulcerative colitis. Merck reported no safety concerns and will share detailed data at an upcoming congress. It's the first anti-TL1A antibody to post a clinical-remission win at 12 weeks in UC.
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Why it matters: This de-risks the asset Merck paid ~$11B for and validates the hottest target in inflammation. Read it across to Sanofi/Teva's duvakitug, Roivant, Spyre, and the just-funded Bionyra, all chasing the same biology, and to entrenched UC brands like Entyvio, Skyrizi, Rinvoq and Tremfya. For Merck, it's a step toward replacing the Keytruda cliff late this decade. The caution: this is topline and induction-only, with no effect sizes disclosed. Citi's read is that without maintenance, endoscopic or histologic differentiation, tulisokibart sits behind the established IL-23s and JAKs rather than leapfrogging them.
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Source:
Fierce Biotech
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More:
Merck
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3
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Sanofi's Cenrifki wins EU nod in non-relapsing SPMS
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The European Commission approved Sanofi's Cenrifki (tolebrutinib), an oral, brain-penetrant BTK inhibitor, for secondary progressive multiple sclerosis without relapses — the first disability-targeting medicine cleared in the EU for non-relapsing SPMS. Approval rests on the HERCULES Phase 3 study (NCT04411641), with supporting data from the GEMINI 1 and 2 Phase 3 trials in relapsing MS.
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Why it matters: First approved option in a setting with essentially none, and a validation of the brain-penetrant BTK approach to the smoldering neuroinflammation that drives disability progression. The sharper story is the geographic split: the FDA turned tolebrutinib down in the US late last year, so Sanofi builds the franchise in Europe first while it reworks the US path. The overhang is safety. Drug-induced liver injury is an identified risk, with significant liver-enzyme elevations across the program, so the label comes wrapped in monitoring requirements rather than a clean run at the class.
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Source:
BioSpace
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More:
MS News Today;
Sanofi
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Everything Else that broke
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Lilly's $7.8B Centessa acquisition cleared the UK High Court; CNTA stops trading on Nasdaq today, with the scheme effective June 24. — BioSpace
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HHS unveiled "Operation Trial Blazer," an FDA/NIH push to cut Phase 1 timelines by six to 12 months — an expedited IND pilot, new master-protocol and dose-selection guidance, and a sponsor help desk — aimed at clawing early-stage trials back from China. — Fierce Biotech
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Exelixis' zanzalintinib missed one of two primary endpoints in Phase 3 STELLAR-303 — OS in the non-liver-metastatic mCRC subgroup (+17%, 15.9 vs 12.7 months) — but the trial had already hit OS in the overall population; Leerink and William Blair still expect FDA approval, with a Dec. 3 target date. — Fierce Biotech
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Definium's LSD-based DT120 hit all primary and key secondary endpoints in the 149-patient Phase 3 Emerge trial in major depression, with an 8.1-point placebo-adjusted MADRS reduction at six weeks; MindMed shares jumped ~30%+. — Fierce Biotech
- Sanofi's Wayrilz won Japan approval in immune thrombocytopenia, adding another commercial territory for the asset. — PR
- AH-008 won FDA IND clearance and Taiwan CDE index case designation for chemotherapy-induced peripheral neuropathy. — PR
- Elevar dosed first patients in Phase 2 lirafugratinib for non-CCA solid tumors with FGFR2 fusion or rearrangement. — PR
Deal Flow
| BioBucks 2026 Deal Trackers • Updated weekly ⬇️
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M&A / BD&L
- AbbVie agreed to acquire Apogee Therapeutics for $135.11/share, ~$10.9B total (see The Big 3). — Fierce Biotech
- Nuvectis licensed two late-stage programs from Haisco in an up-to-$1.4B BD&L deal. — BioSpace
- Sanofi and Abu Dhabi's health department signed an MOU to advance vaccine innovation. — PR
VC / Private Financings
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Bionyra emerged from stealth with an oversubscribed $165M Series A co-led by Jeito Capital and Sofinnova Partners (with Arkin Bio, Sanofi Ventures, Sixty Degree Capital, Vives Partners and Apollo Health Ventures), backing three I&I antibodies including two TL1A assets. — Fierce Biotech
IPOs / Follow-Ons
- MoonLake launched a $150M public offering, with pre-funded warrants and a $22.5M underwriter option. — PR
Academic Corner - E-cigarette use after smoking cessation may blunt reductions in lung cancer risk and mortality. — Nature Medicine
- PROTEUS points to perioperative androgen-deprivation therapy plus apalutamide in high-risk localized prostate cancer. — Nature Medicine
- Earlier systemic and organ-specific aging was associated with higher early-onset cancer risk in young adults. — Nature Medicine
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