We already know that Takeda is hoping to find a path to the FDA for epilepsy medicine soticlestat despite a phase 3 miss but the Japanese pharma has now revealed that the clinical trial failure will cost the company about $140 million.

Ideaya Biosciences is betting $400 million in biobucks that a bispecific antibody-drug conjugate (ADC) can turbocharge the effect of its DNA damage repair molecules. The West Coast biotech dangled the cash to secure an option on a preclinical program in development at Biocytogen.

Immunology biotech VBI Vaccines is veering dangerously close to the point of no return, with plans to file for bankruptcy and sell off its assets.

Tracon Pharmaceuticals has decided to wind down operations weeks after an injectable immune checkpoint inhibitor that was licensed from China flunked a pivotal trial in a rare cancer.

FibroGen is radically restructuring its business, laying off 75% of its U.S. staff and stopping investment in its lead candidate in response to the failure of two late-phase pancreatic cancer clinical trials.

Verily is leaving California for Texan climes. After previously establishing an outpost in Dallas in late 2021, Google’s life science-focused sister company will now move its corporate headquarters to the Lone Star State from South San Francisco.

Pfizer’s phase 3 Duchenne muscular dystrophy (DMD) gene therapy failure has blown a $230 million hole in the New York pharma’s second quarter financials (PDF). The drugmaker disclosed the discontinuation of the candidate—and the financial fallout—alongside the axing of a respiratory syncytial virus (RSV) combination vaccine.

BioNTech has posted an early win for BNT111, linking a combination of the cancer immunotherapy candidate and Regeneron’s checkpoint inhibitor Libtayo to a better response rate than a historical control in melanoma patients.

Boehringer Ingelheim is offering up to $1.3 billion for Nerio Therapeutics and a preclinical immune checkpoint inhibitor program that the German pharma giant hopes will become the “centerpiece” of its immune-oncology portfolio.

With venture investments pouring into biopharma, steady M&A deals and an increasingly widening IPO market, J.P. Morgan sees the industry returning to growth—finally.