The Merck update, which will shed light on a $588 million bet to succeed Keytruda, is part of a roster of presentations that could shape the future of ADCs, protein degraders and KRAS-targeted therapies.

The collective attention of the oncology R&D community is turning toward San Diego. Beginning Friday, the city will host an American Association for Cancer Research annual meeting featuring updates from Merck, Amgen, Revolution Medicines and more with the potential to reshape cancer care and the priorities of R&D teams.

As was the case last year, one of AACR 2026’s most closely watched clinical data drops belongs to Merck. The drugmaker and its collaborators will share preliminary results from the first-in-human study of MK-2010, the PD-1/VEGF bispecific antibody that Merck licensed from Shanghai-based LaNova Medicines for $588 million upfront in 2024.

Merck struck the deal after another PD-1/VEGF bispecific, Akeso and Summit Therapeutics’ ivonescimab, beat its blockbuster checkpoint inhibitor Keytruda in a head-to-head clinical trial. The MK-2010 readout will provide an early look at Merck’s chances of competing with ivonescimab, as well as Pfizer and partners BioNTech and Bristol Myers Squibb, in the race to deliver the next backbone oncology treatment.

Jia Luo, a medical oncologist at Dana-Farber Cancer Institute, is closely watching the RAS space. In an email to BioSpace, she listed updates on the “promising” allele-specific RAS inhibitors zoldonrasib and elisrasib in KRAS-mutated non-small cell lung cancer (NSCLC) among the presentations she’s looking forward to at AACR 2026.

Revolution Medicines—which already made the biggest splash of this week with its pancreatic cancer data—is sharing preliminary safety and clinical activity data on another asset, zoldonrasib, which targets the G12D mutation in KRAS-dependent cancers. The biotech reported a 61% objective response rate in a Phase 1 NSCLC trial last year, though that figure included unconfirmed responses. Merck reportedly engaged in talks early this year to acquire Revolution for about $30 billion.

Meanwhile, elisrasib is a KRAS G12C inhibitor in development at D3 Bio. At AACR 2025, the Chinese biotech reported Phase 2 data showing a 30% response rate in 20 NSCLC patients who progressed on other KRAS G12C drugs such as Amgen’s Lumakras and Bristol Myers Squibb’s Krazati. This year’s update will include Phase 1/2 monotherapy data on elisrasib in advanced NSCLC patients previously treated with or without a KRAS G12C inhibitor.

Luo’s excitement for the zoldonrasib and elisrasib readouts reflects her expectation that “there will likely be multiple approved targeted treatment options for RAS [mutant] cancers in the coming years.”

Zoldonrasib and elisrasib also reflect the ongoing use of small molecules in oncology. Companies are still using the well-established modality in exciting new ways, Allan Jordan, vice president of oncology drug discovery at Sygnature Discovery, told BioSpace via email. Jordan named intrinsically disordered proteins, transcription factors and mRNA as challenging targets that researchers are tackling with small molecules.

Drugs targeting enzyme classes such as helicases “remain a vibrant field” for small molecules, Jordan said. Amgen and Eikon Therapeutics, which raised $381 million in an IPO this year, are among the companies sharing data on helicase inhibitors at AACR 2026.

ADCs enter new era

KRAS-targeted therapies made Lillian Siu’s top areas to watch at AACR 2026, but in an email to BioSpace, the Princess Margaret Cancer Centre medical oncologist also named modalities such as antibody-drug conjugates (ADCs) among the updates she is most looking forward to. Timothy Yap, a medical oncologist at the University of Texas MD Anderson Cancer Center, also highlighted ADCs in his email to BioSpace.

The clinical trials plenary on April 19 will feature data on ADCs including CSPC Pharmaceutical’s EGFR candidate, Qilu Pharmaceutical’s claudin 6 prospect and a B7-H3-targeted asset that GSK licensed from Hansoh Pharma for $185 million upfront. Those candidates are traditional ADCs, with each featuring a targeting antibody conjugated to a cytotoxic topoisomerase I inhibitor.

AACR 2026 will also feature presentations on candidates that diverge from the standard ADC design. Astellas is presenting preclinical data on an ADC that carries two payloads to cells expressing TROP2, the receptor targeted by Gilead’s Trodelvy and AstraZeneca and Daiichi Sankyo’s Datroway. Duality Biologics, which has deals with BioNTech and GSK, is among the other companies sharing data on a dual-payload ADC.

The types of payloads are changing, too. Sygnature’s Jordan said it is interesting to finally see the ADC field move “away from traditional cytotoxic payloads toward more cancer-selective payloads which have the potential to improve tolerability and patient benefit.”

Elsewhere, multiple companies are sharing data on degrader-antibody conjugates (DACs), which deliver molecules that drive protein degradation rather than the cytotoxic payloads used in ADCs. Roche recently struck an up to $1 billion DAC deal with C4 Therapeutics, joining rivals including BMS in the emerging field.

At AACR 2026, Helioson Pharmaceutical is sharing late-breaking research on a DAC designed to degrade IKZF1/3, transcription factors needed for the growth and survival of multiple myeloma cells. CSPC, which like Helioson is based in China, is also presenting data on a DAC targeting IKZF1/3. Orum Therapeutics, a partner of BMS and Vertex, is among the other companies showcasing DAC data at the event.

The various projects illustrate the potential benefits of DACs, with CSPC using a CD38 antibody to trigger a dual mechanism of action and Orum leveraging the modality to achieve a wider therapeutic window than is possible with standard GSPT1 degraders. However, traditional degraders remain viable and the field continues to evolve, with Jordan naming the rise of glues targeting E3 ligases other than cereblon as a trend to watch.

ADCs, DACs and protein degraders are just some of the modalities that will be showcased at the event. Multispecific antibodies and novel induced proximity strategies are among the other areas Yap will be keeping an eye out for, while Siu will be watching for data on CAR T cell therapy and immunotherapy in precursor malignancies.

AACR runs from April 17 to April 22. Stay tuned to BioSpace for coverage of the most notable presentations.

The FDA is asking Eli Lilly to submit cardiovascular and liver safety data from an ongoing Phase 3 trial of Foundayo by July.

Eli Lilly’s newly approved oral obesity drug Foundayo has already run into a speedbump after the FDA detected safety risks affecting the heart and liver—signals that the regulator found serious enough to necessitate a postmarketing clinical trial.

“We have determined that only a clinical trial (rather than a nonclinical or observational study) will be sufficient to assess” these risks, the agency wrote in its approval letter for Foundayo, issued April 1. The FDA in particular zeroed in on “retained gastric contents” as well as “unexpected” cases of major adverse cardiovascular events and drug-induced liver injury (DILI).

Lilly is already running the Phase 3 ACHIEVE-4 trial of daily Foundayo in patients with type 2 diabetes who are obese or overweight and are at heightened cardiovascular risk. The FDA in its letter asked that the study also assess DILI. ACHIEVE-4’s estimated completion date was last month, and the agency expects a final report by July.

Aside from the cardiovascular and liver assessments, the FDA in its letter asked Lilly to conduct a slew of other postmarketing studies directed at other safety outcomes, including Foundayo’s impact on pregnancy and child development and potential risks of thyroid cancer.

BioSpace has reached out to Lilly for its statement on the matter.

While the FDA classified these signals as “serious,” analysts at BMO Capital Markets told investors in a note on Tuesday that the agency’s requests “appear manageable.” Asking Lilly to run several postmarketing trials is “notable,” the firm conceded, but “we do not expect these studies to have any meaningful impact on the competitive positioning” of Foundayo.

“We view this as a reflection of conservatism from FDA,” BMO analysts continued, framing the requested trials as a positive for Foundayo. “Over time, successful completion of these studies would further de-risk the asset and continue to support broad confidence in oral, small molecule incretin therapies.”

The FDA signed off on Foundayo on April 1, restarting the heated rivalry between Lilly and Novo Nordisk, this time in the oral arena. The Danish drugmaker was first to the field with its Wegovy pill, which the regulator approved late last year, but many analysts expect Foundayo to put up a considerable challenge.

For starters, Foundayo is a small-molecule drug, which is easier and faster to produce that the peptide Wegovy, potentially giving Lilly a step up in supply chain over Novo. The manufacturing advantage “could be potentially influential in the fight for the oral obesity market,” BMO’s Evan Seigerman told BioSpace in August 2025.

Lilly looks poised to press this advantage. Even before Foundayo’s approval, the pharma had prepared a stockpile of the drug worth $1.5 billion, ready for launch. Investors are now turning their focus to the pharma’s first-quarter earnings call on April 30 for updates on how the drug is rolling out, BMO said on Tuesday.

Gilead, AstraZeneca and Vertex have acquired more than just a therapeutic asset in recent deals. BioSpace takes a look at five recent transactions where the staff was the real centerpiece.

Pharma M&A deals tend to revolve around key assets that can bolster the pipeline and provide growth. But sometimes, the buyer sees a lot more in the expertise within the target organization.

That was the case with Gilead Sciences’ recent acquisition of Tubulis GmbH, where the antibody-drug conjugate (ADC) biotech will be housed as a specialized R&D unit within the parent company and continue to crank out new assets.

With any acquisition, there’s bound to be some redundancies. Often top-level leaders like the CEO move on to lead other companies. But bench-level expertise sometimes can’t be replaced, particularly at platform companies or biotechs developing cutting-edge therapeutics like radiopharmaceuticals.

On the flip side is when a company only wants an asset and none of the staff. That was the case when GSK bought the Canadian chronic cough biotech BELLUS Health for $2 billion in 2023. A year later, almost the entire staff was let go as the P2X3 receptor antagonist camlipixant was integrated into the U.K. pharma’s pipeline.

Below, BioSpace takes a look at recent deals where the staff was just as much of a prize as the assets within the biotech.

Gilead snags an ADC R&D factory thanks to Tubulis

There is nothing hotter in the cancer space than ADCs right now. To get up to speed, Gilead bought Tubulis for $5 billion earlier this month, pledging to tuck the biotech in as a dedicated ADC R&D unit.

Tubulis CEO Dominik Schumacher, who is also co-founder of the German company, said the two companies will work together now to incorporate the biotech’s platform and capabilities into Gilead’s oncology research group.

“We and Gilead believe our team is one of our greatest assets and was an important consideration as part of this transaction,” Schumacher told BioSpace in an email. “We strongly believe that Gilead saw not only the full potential and depth of our pipeline and technologies but also the expertise of our world-class team as a core asset.”

Gilead and Tubulis have worked together since 2024 through a licensing deal. The initial focus post-merger will be on the ovarian cancer asset TUB-040. But Gilead executives were clear that the acquisition offers much more.

“Oncology, ovarian cancer and then other areas in oncology are the first directions, but there is real opportunity to build out and move into inflammation and into virology,” Chief Medical Officer Dietmar Berger said on a conference call discussing Gilead’s recent deal strategy.

CEO Daniel O’Day agreed that bringing the partners together under one wing was the best way to maximize value and blend the scientific expertise on both sides.

“There is no one size fits all for how those partnerships will eventually evolve,” O’Day said. “Some of them we feel just would be helpful for us to fully integrate into the further strength of Gilead.”

Biogen gets launch ready with Apellis

In the $5.6 billion acquisition of Apellis Pharmaceuticals, Biogen wasn’t after the scientists exactly. Those experts had already done their work, bringing kidney disease drug Empaveli and eye disease therapy Syfovre to FDA approval in 2021 and 2023, respectively.

Instead, Biogen wanted Apellis’ nephrology team to help launch an asset from a previous deal called felzartamab, a CD38 targeting antibody being tested in three different kidney diseases.

“We just think that if the clinical trials work out for felzartamab as we hope, that we will have a running start into the launch, and we could actually potentially achieve peak sales faster than we would if we were just doing this on our own,” CEO Chris Viehbacher said on a conference call discussing the deal.

The strategy makes sense. Kidney disease is a new area for Biogen, but not for heavy-hitters like Novartis, which is developing medicines in the space as well. With Apellis’ experience with Empaveli —approved for paroxysmal octurnal hemoglobinuria, C3 glomerulopathyand glomerulonephritis—Biogen will have the expertise to pull off the launch.

“We feel comfortable that we’re going to be able to work with the Apellis teams to really pull the teams together and do even more with these two products than either company could do on their end,” Viehbacher said.

AstraZeneca buys a radiopharma brain trust in Fusion

If you want to develop therapies using radioactive materials, you better find yourself some pros. That’s exactly what AstraZeneca did in 2024, amid a pharma deal craze for radiopharmaceuticals.

The U.K. pharma bought Fusion Pharmaceuticals for $2.4 billion in March 2024, adding on a portfolio of radioconjugate assets including a lead prostate cancer med called FPI-2265. But equally valuable to AstraZeneca were the experts who developed Fusion’s pipeline—and helping to establish a base in Canada.

“The acquisition brings new expertise and pioneering R&D, manufacturing and supply chain capabilities in actinium-based RCs to AstraZeneca,” the pharma said in a statement at the time of the acquisition. “It also strengthens the company’s presence in and commitment to Canada.”

That supply chain aspect is key in radiopharma, where manufacturing has been a top concern for budding biotechs and pharmas in the space. Fusion in particular had an established supply chain of actinium-225, which supported its next-gen radioconjugate platform.

The companies had already worked together, getting to know each other in a licensing collaboration before AstraZeneca ultimately swallowed the biotech whole.

“This acquisition combines Fusion’s expertise and capabilities in radioconjugates, including our industry-leading radiopharmaceutical R&D, pipeline, manufacturing and actinium-225 supply chain, with AstraZeneca’s leadership in small molecules and biologics engineering to develop novel radioconjugates,” Fusion CEO John Valliant said in a statement at the time.

AstraZeneca tucks Amolyt into Alexion to continue rare disease mission

In rare disease, it’s best to go with the pros. That was AstraZeneca’s thinking in March 2024, when Amolyt Pharma was tucked into its existing Alexion rare disease unit for about $1.06 billion.

You may remember Alexion as one of the biggest deals of 2020 at $39 billion, and one where the workforce and footprint were just as important as the assets. The unit has retained the Alexion name since joining the U.K. pharma and Amolyt was purchased to fit neatly inside.

“Alexion is looking forward to welcoming talent from Amolyt Pharma,” AstraZeneca said in a statement at the time of the deal.

Amolyt in particular would boost Alexion’s pipeline beyond complement inhibition and expand on existing work in bone metabolism. Amolyt’s lead asset was eneboparatide, under development for hypoparathyroidism.

“As leaders in rare disease, Alexion is uniquely positioned to drive the late-stage development and global commercialization of eneboparatide,” Alexion CEO Marc Dunoyer said at the time. “We believe this program, together with Amolyt’s talented team, expertise and earlier pipeline, will enable our expansion into rare endocrinology.”

Amolyt CEO Thierry Abribat recently received an award for best biotech exit. The executive credited the Amolyt team, which is still working to get eneboparatide approved.

“This award is first and foremost for the Amolyt Pharma team. A successful exit is fantastic, but it’s not the end of the story. The story will end when our drug candidates are available to patients internationally,” Abribat said in his acceptance speech, translated from French by Google Translate. “The Amolyt Pharma team, now part of Alexion Pharmaceuticals, Inc., is working tirelessly every day to complete the development of eneboparatide for the treatment of hypoparathyroidism and to continue developing the other products in our portfolio.”

Vertex anchors pipeline-in-a-product with Alpine team

One of the Holy Grails of pharma is always the pipeline-in-a-product asset—a drug that can be used in multiple indications and secure numerous approvals. That’s what Vertex Pharma was seeking with the $4.9 billion acquisition of Alpine Immune Sciences in April 2024.

At the center of the deal was povetacicept, a dual antagonist of the BAFF and APRIL cytokines believed to activate B cells, under development initially for IgA nephropathy (IgAN).

The deal was a good fit for Vertex, which was looking to pick up assets in specialty markets, CEO Reshma Kewalramani said at the time. But she also credited the Alpine team—specifically welcoming them to Vertex—as well as the potential of the biotech’s protein engineering and immunotherapy capabilities.

Alpine CEO Mitchell Gold said the fit was clear on a person-to-person level, too.

“It became clear during our discussions with the Vertex team that we share many core values, including a commitment to patients, our employees, and an intense drive for innovation,” Gold said in a statement at the time of the deal. “We could not have picked a better steward of povetacicept,” he added after Vertex posted late-stage results for the asset in March.

Honorable mention: Galapagos seeks new employees through acquisitions

This deal has not exactly happened—yet. But Galapagos CEO Henry Gosebruch told BioSpace in January that part of his goal in finding companies to acquire is to retain the workforce. He framed this as a plus in negotiating deals because the target company leadership won’t have to worry about losing staff.

“One of the things we can offer to a potential transaction party is that if there’s a strong R&D team or a strong commercial team, they could, as a full team, come to Galapagos and be our team going forward,” Gosebruch said.