Biotechnology

Vor Biopharma reported a post hoc analysis from a China-based Phase 3 trial showing that telitacicept produced deep, durable clinical responses and was generally well tolerated over 48 weeks in adults with generalized myasthenia gravis. The analysis highlighted that most patients who reached minimal symptom expression maintained it and spent much of their remaining follow-up in this state. The new data reinforce the depth and durability of response but do not materially change the key near-term catalyst, the UPSTREAM global Phase 3 topline readout in 2027, or the central risk that global data might not match prior China experience. The results sit beside Vor's completion of enrollment in the global UPSTREAM Phase 3 gMG trial in early September 2026. Vor Biopharma's narrative projects $111.0 million revenue and $19.1 million earnings by 2029, implying an earnings decrease of $608.7 million from $627.8 million today, and forecasts a $39.00 fair value, a 109% upside to its current price.

Amoytop Biotech announced the appointment of Zeng Honglin as board secretary. Former board secretary Yang Yiling stepped down from the role to comply with the regulatory requirement that the board secretary must not concurrently serve as chief financial officer, and will continue to serve as deputy general manager and chief financial officer. Zeng Honglin was born in September 1988 and graduated from Xiamen University with a degree in accounting. He holds a certified public accountant certificate and a legal professional qualification certificate. From November 2015 to November 2025, he worked in investment banking at the Shanghai securities underwriting and sponsorship branch of Sinolink Securities, serving successively as project assistant, project manager, senior manager, business director, and executive general manager. From November 2025 to September 2026, he served as executive director of the company's finance center. Amoytop Biotech was founded in 1996 and listed on the Shanghai Stock Exchange in 2020. It focuses on the research, development, production, and sale of recombinant proteins and their long-acting modified drugs. In the first half of 2026, the company achieved operating revenue of 1.837 billion yuan, up 21.58% year on year, and net profit attributable to shareholders of the listed company of 477 million yuan, up 11.37% year on year, mainly driven by continued volume growth for Pegbin as evidence-based medical evidence strengthened, and initial volume growth for the new product Yipeisheng after it was included in medical insurance. As of the close on September 30, Amoytop Biotech rose 3.30% to 52.89 yuan per share, giving the company a total market value of 21.59 billion yuan.

The fair value estimate for Iovance Biotherapeutics has been raised to US$12.80 per share from US$10.00, according to Simply Wall St. The revision reflects stronger expectations for the Amtagvi launch, margin trends and upcoming data, with the revenue growth assumption shifting from 43.38% to 45.57% and the net profit margin assumption moving from 9.50% to 12.09%. H.C. Wainwright lifted its price target to US$20 from US$9, citing FY26 total revenue guidance of US$410m to US$420m tied to U.S. demand for Amtagvi and Proleukin, while Wells Fargo moved to US$18 from US$14 and Goldman Sachs pointed to an inflection in the Amtagvi launch and easing logistical challenges. Barclays flagged durability in second line lung cancer for lifileucel ahead of IOV-LUN-202 data, while UBS, which raised its target to US$7 from US$4 and remains Neutral, noted that a strong Amtagvi quarter and gross margin of 56% came alongside a 74% rally in the stock. The valuation model's future P/E multiple changed from 75.55x to 72.80x and the discount rate moved from 7.47% to 7.50%.

Agenus Inc. announced three-year follow-up results from the ovarian cancer cohort of its 400+ patient Phase 1b C-800-01 trial, showing an estimated 48% three-year overall survival for botensilimab plus balstilimab in recurrent ovarian cancer. The estimate was unchanged from two years, with median overall survival of 14.8 months, a 23% objective response rate among 35 evaluable patients, and a median duration of response of 9.7 months. At last follow-up, 25% of the 44 patients who received at least one dose, 11 in total, were alive and off all therapy. The heavily pretreated population had received a median of four prior lines of therapy, 77% had received bevacizumab and 57% a PARP inhibitor, and nearly three-quarters had platinum-resistant or refractory disease; estimated three-year survival was 47% in that subgroup and 61% in the 17 patients whose disease had progressed on a PARP inhibitor. The data were presented by Rebecca L. Porter of Dana-Farber Cancer Institute at the 2026 International Gynecologic Cancer Society Annual Global Meeting in Montréal, and Agenus said no new safety signals or treatment-related deaths were reported.

GRAIL announced in September 2026 that its Galleri multi-cancer early detection blood test showed strong performance in the PATHFINDER 2 study and received a favorable U.S. FDA advisory committee vote supporting its safety, benefit-risk profile and effectiveness for use alongside standard screening in adults aged 50 and older. The PATHFINDER 2 data indicated that adding Galleri increased cancers detected through screening more than six-fold with a very low false-positive rate, while the test also accurately pointed doctors to the likely cancer origin in over nine out of ten positive cases. The advisory committee's favorable vote and the PATHFINDER 2 results reinforce the core near-term catalyst around potential PMA approval and payer coverage, though GRAIL's high cash burn and lack of profitability remain the biggest risk. GRAIL's narrative projects $348.4 million revenue and $60.1 million earnings by 2029, with a $97.40 fair value implying a 32% downside to its current price, while some of the lowest estimate analysts were assuming only about US$277.6 million of revenue and a small US$49.4 million profit by 2029.

Biogen's litifilimab produced clear or almost clear skin and reduced disease activity in cutaneous lupus erythematosus patients after one year of treatment, according to long-term phase 2 data. In the phase 2 portion of the AMETHYST Phase 2/3 study, 27.2% of patients on litifilimab met the clinical endpoint of clear or almost clear skin at week 52, as measured by a Cutaneous Lupus Activity Investigators' Global Assessment Revised erythema score of 0 or 1, up from 19% at week 24. The Cutaneous Lupus Erythematosus Disease Area and Severity Index Activity-70, a measure of disease activity reduction, also improved with longer treatment, reaching 28.8% at week 52 compared with 21.7% at week 24. Biogen noted that patients who began the study on placebo and switched to litifilimab mid-study saw improvements as early as four weeks after starting active treatment, and by week 52, 33.7% of the crossover participants had clear or almost clear skin.

Agios Pharmaceuticals is leaning heavily on its lead therapy mitapivat for near- to medium-term growth after pipeline setbacks and rising competition in sickle cell disease. Pyrukynd and Aqvesme together generated $44.7 million in worldwide net revenues in the second quarter of 2026, up 259.3% year over year, following the January 2026 U.S. launch of Aqvesme for adults with alpha- or beta-thalassemia. Aqvesme recorded 442 cumulative prescriptions from REMS-certified U.S. physicians as of June 30, 2026, up from 242 at the end of the first quarter, while the European Commission approved Pyrukynd for thalassemia in May 2026. Agios has submitted a supplemental new drug application for mitapivat in sickle cell disease under the accelerated approval pathway, and the FDA has granted priority review with a final decision expected by Nov. 1, 2026. The company discontinued its next-generation PK activator tebapivat in mid-2026 after setbacks in lower-risk myelodysplastic syndromes and sickle cell disease, and it faces competition from Novo Nordisk's etavopivat, which Novo Nordisk plans to file for approval in the fourth quarter of 2026, as well as from Bristol Myers Squibb's Reblozyl and Novartis' Adakveo.

AbbVie has secured FDA approval for Juvmo, a once-daily oral treatment for Parkinson's disease, with a commercial launch targeted for October 2026. Juvmo is the first selective D1/D5 dopamine receptor agonist that can be used both as a standalone treatment and in combination with levodopa, the current standard of care for Parkinson's symptoms. The approval expands AbbVie's Parkinson's portfolio, which already includes Vyalev and Duopa, and management expects the three therapies to collectively represent a peak-sales opportunity of more than $5 billion. Neuroscience now accounts for nearly a fifth of AbbVie's overall topline and generated $6.1 billion in revenues in the first half of 2026, up 22% year over year, with the company expecting approximately $12.7 billion in neuroscience revenues for the full year. The approval could also deliver a commercial payoff from AbbVie's approximately $8.7 billion acquisition of Cerevel Therapeutics in 2024, a deal that came under pressure after emraclidine failed in two registration-enabling phase II studies in schizophrenia and prompted a $3.5 billion impairment charge. AbbVie competes in neuroscience with Biogen, which markets Leqembi with Eisai and Zurzuvae, and Johnson & Johnson, whose portfolio is anchored by Spravato and Invega Sustenna and was strengthened by last year's acquisition of Intra-Cellular Therapies, adding Caplyta.

Sanofi and Regeneron Pharmaceuticals have expanded their longstanding antibody collaboration to include four next-generation, long-acting antibodies targeting type II inflammation. Under the agreement, the companies will co-develop and co-commercialize four Regeneron-invented antibodies targeting IL-13, an IL-4xIL-13 bispecific, IL-4 and IL-4Rα, with one program, REGN20423, a long-acting IL-13 monoclonal antibody, currently in a phase I study for atopic dermatitis and the other three expected to enter clinical studies in 2027. Regeneron is entitled to a $1 billion upfront payment from Sanofi and up to $7 billion in additional development, regulatory and commercial milestone payments, while the two will equally share development and commercialization costs and future profits globally, with Regeneron leading research and development and Sanofi overseeing global commercial efforts. Regeneron will also have an option to include Sanofi's investigational candidate lunsekimig, a bispecific nanobody therapy targeting TSLP and IL-13, in the collaboration after completion of its phase III studies in chronic obstructive pulmonary disease, and the companies agreed to settle their prior collaboration-related litigation. The expanded collaboration builds on a more than 20-year alliance that established Dupixent as a widely used treatment for type II inflammation, with more than 1.5 million people currently receiving the drug across nine indications, and the existing profit-sharing agreement for Dupixent will remain unchanged.

Eurofins Scientific has completed its acquisition of Element Materials Technology's Life Sciences Testing Services business in North America, with the deal closing on 1 October 2026. The transaction was first announced on 20 July 2026 at an enterprise value of USD400m. The acquired business operates a network of 27 laboratories and facilities, employs approximately 750 staff, and is expected to generate annual revenues of over USD150m in 2026, with profitability similar to the Eurofins Group average. The operations will join Eurofins' BioPharma and Life businesses in North America, extending its laboratory network into key regions of the United States and Canada where it has historically been underrepresented. Eurofins CEO Dr Gilles Martin said the company welcomes Element's North American Life Sciences Testing Services teams and will build on its laboratory platform to serve customers across the continent.

Eurofins Scientific SE has completed the divestment of its Electrical & Electronic Testing business, known as MET Labs, to UL Solutions Inc., with the transaction closing on 1 October 2026. The deal was first announced on 14 April 2026 at an Enterprise Value of €575 million on a cash and debt free basis. MET Labs operates an international network of laboratories providing product safety testing, inspection and certification services for electrical and electronics products, employing approximately 1,300 staff globally. Eurofins said the transaction supports its focus on allocating capital toward its core testing for life capabilities, with proceeds earmarked for debt reduction, laboratory and owned-site capital expenditure, next-generation digital solutions, robotics and AI developments, share buybacks and strategic acquisitions in food, environmental, pharmaceutical, clinical and related testing areas. Chief Executive Dr Gilles Martin thanked the MET Labs teams for building successful and in several cases leading businesses over almost 20 years within the Eurofins network, adding that UL Solutions' focus on applied safety science makes it a natural home for the laboratories.

Elutia Inc. has received the full $8 million held in escrow from Boston Scientific Corporation tied to the sale of its BioEnvelope business, with the payment released on schedule and with no claims. The escrow release follows an indemnity holdback period that began with the October 1, 2025 closing of the $88 million transaction, and it marks the third of three funding milestones Elutia outlined in its second quarter earnings release, after the Avenue Capital facility closed on August 11, 2026 and the SimpliDerm divestiture closed on August 17, 2026. Elutia said it believes it is funded through the first full year of the NXT-41x commercial launch and into 2029 without the need for an equity offering, and it continues to expect a favorable FDA clearance decision for NXT-41x in the first half of 2027. NXT-41x, the company's next-generation antibiotic-eluting surgical matrix, is being developed for the $1.5 billion U.S. plastic and reconstructive surgery market, where complex procedures can carry post-operative infection rates of 15 to 20 percent. In an independent blinded survey of 50 board-certified plastic and reconstructive surgeons reported in August 2026, 86 percent said the matrices they use today increase infection risk and 96 percent expressed interest in incorporating NXT-41x into their practice.

Regeneron Pharmaceuticals announced new Phase 2 COURAGE trial results showing that trevogrumab prevented 70% of the muscle loss associated with semaglutide treatment in people living with obesity. In a predefined MRI substudy, lower-dose trevogrumab preserved almost 70% of the thigh muscle that would otherwise have been lost with semaglutide alone, with 71.8% preservation at 52 weeks for the 25 mg dose and 68.9% for the 75 mg dose relative to placebo plus semaglutide. The lower-dose portion of the trial, which evaluated trevogrumab at 25 mg or 75 mg in combination with semaglutide 2.4 mg over 52 weeks, replicated the higher-dose findings, preserving lean mass at both 26 and 52 weeks, the primary endpoint, though it did not meaningfully enhance weight loss achieved with semaglutide alone. A pre-specified subgroup analysis found that patients meeting the low lean mass definition for sarcopenia had greater loss of lean mass with semaglutide and more preservation with trevogrumab. The results were presented at the European Association for the Study of Diabetes Annual Meeting and are in press with The Lancet, and Regeneron is planning to initiate a Phase 2 trial of trevogrumab in combination with GLP-1 receptor agonist-based therapies in older adults with obesity and decreased muscle mass and/or strength.

AbbVie reported late-breaking Phase 3 data showing that RINVOQ (upadacitinib) 15 mg once daily produced continued facial and total body repigmentation in non-segmental vitiligo through week 76. In the ongoing Viti-Up-1 and Viti-Up-2 studies, patients who continued RINVOQ in the open-label extension saw F-VASI 75 response rates rise from 33.1% at week 48 to 55.1% at week 76 in Viti-Up-1 and from 27.6% to 47.4% in Viti-Up-2, while T-VASI 50 rates increased from 29.2% to 42.5% and from 26.2% to 40.1%, respectively. A phototherapy substudy of 84 adults who failed to achieve T-VASI 90 at week 48 found numerically higher responses with RINVOQ plus whole-body narrowband ultraviolet B phototherapy than with RINVOQ alone, with F-VASI 75 of 59.3% versus 37.0% and T-VASI 50 of 63.0% versus 33.3% at week 28 in patients who had received RINVOQ in Period A. Safety results through week 76 and week 28 were consistent with the known profile of upadacitinib, with no new safety signals. RINVOQ is the first and only systemic medication approved in the European Union for non-segmental vitiligo in patients 12 years and older who are candidates for systemic therapy, and its use in the condition is under regulatory review by the U.S. FDA.

Orchestra BioMed Holdings has surpassed full enrollment in the BACKBEAT Global Pivotal Trial of AVIM Therapy, with 330 patients randomized as of September 30, 2026, exceeding the previously announced target of 316. The trial is evaluating Atrioventricular Interval Modulation Therapy in pacemaker-indicated patients with uncontrolled hypertension despite medication, and is being conducted with Medtronic, the company's strategic collaborator for the trial and, subject to regulatory approval, for commercialization of AVIM Therapy. Enrollment reached 330 patients at 81 sites across 13 countries, while the FDA-approved protocol specifies 284 evaluable randomized subjects for the primary endpoint analysis, with the 316-patient target accounting for potential loss to follow-up. Orchestra BioMed reiterated prior guidance that primary endpoint data will be submitted for late-breaking presentation consideration at a major cardiovascular conference in the second quarter of 2027, and assuming positive results, Medtronic plans to submit AVIM Therapy marketing applications to the FDA and other global regulatory agencies promptly. The trial's primary efficacy endpoint is the between-group difference in the change in 24-hour ambulatory systolic blood pressure at three-month follow-up from pre-randomization baseline, and the protocol-specified sample size provides greater than 90% statistical power to detect a between-group difference of at least 5 mmHg.

SpyGlass Pharma, Inc. announced today it has acquired all outstanding shares of common stock of Advanced Vision Science, Inc., an ophthalmic medical device company and manufacturer of intraocular lenses and lens materials, for approximately $13 million in cash. AVS was a wholly owned subsidiary of Santen Pharmaceutical Co., Ltd. and is the current supplier of the intraocular lens used in SpyGlass Pharma's two Phase 3 registrational trials evaluating the BIM-IOL System. The acquisition secures scalable commercial intraocular lens manufacturing capacity for SpyGlass Pharma's lead product candidate and accelerates its pathway to adding premium lens options into its intraocular-lens-based drug delivery system. Under the agreement, AVS will be the exclusive manufacturer and supplier of several types of intraocular lenses to Santen for commercialization in Japan, and will continue to license its glistening-free hydrophobic acrylic lens material to Bausch + Lomb for use in the enVista intraocular lens line and manufacture products for other global intraocular lens companies. SpyGlass Pharma said it intends to continue supporting AVS customers and licensees utilizing their proprietary intraocular lens material technology, such as Santen, Bausch + Lomb, and other global intraocular lens companies.

Sanofi has agreed to pay Regeneron up to $8B, including $1B upfront, to jointly develop four long-acting immunology therapies under an expanded global alliance. The first drug added to the Alliance is REGN20423, a clinical-stage long-acting IL-13 monoclonal antibody invented and developed by Regeneron, alongside a long-acting IL-4xIL-13 bispecific and two other long-acting preclinical antibodies from Regeneron. The agreement builds on the companies' more than 20-year collaboration, through which more than 1.5 million people are currently receiving Dupixent across nine indications, making it one of the most widely used antibody medicines in the world. Regeneron president and chief scientific officer George D. Yancopoulos said the clinical and commercial alliance dates to 2003 and has resulted in multiple approved medicines to date, including Dupixent, which has redefined the standard of care for people with type 2 inflammatory diseases and now has over 1.5 million active patients worldwide. Shares of Sanofi initially surged 3.6% in premarket trading before moderating to a 1% gain.

Regeneron's experimental drug trevogrumab, combined with Novo Nordisk's semaglutide, reduced muscle mass loss by 50% compared with semaglutide alone in patients with obesity, according to data presented at a medical meeting and reported by Reuters. Trevogrumab belongs to a class of medicines that inhibits the protein myostatin, which is linked to loss of muscle mass. In MRI measurements of thigh muscle, adding a 75-milligram dose of trevogrumab preserved over 70% of muscle mass loss compared with semaglutide alone at 52 weeks, a summary of the data showed. Regeneron executive Boaz Hirshberg said the company confirmed that patients taking GLP-1s lose about 30% of their weight in the form of lean muscle mass, which trevogrumab can prevent, adding that the greatest benefit could potentially be for patients who begin treatment with lower muscle mass. Data from the trial of nearly 1,000 patients between the ages of 18 and 65 was being presented at the European Association for the Study of Diabetes conference in Milan on Thursday.

Sanofi will pay Regeneron $1 billion upfront and up to $7 billion in additional payments to expand their partnership on four new long-acting medicines for inflammatory diseases, the companies said on Thursday. The additional payments depend on the drugs reaching development, regulatory and sales targets. Under the deal, the two companies will jointly develop and sell four antibody-based medicines aimed at treating conditions linked to the immune system, sharing development and sales costs and splitting profits equally worldwide, with Regeneron leading development and Sanofi overseeing global sales. The first drug, REGN20423, is already in an early-stage study for atopic dermatitis, while the other three are expected to begin human testing in 2027, with two still in early development. Regeneron will also have the option to add Sanofi's experimental drug lunsekimig to the partnership after it completes late-stage testing for chronic obstructive pulmonary disease, or COPD. The companies also settled their previous legal dispute over their partnership without providing further details, and the existing agreement covering Dupixent will remain unchanged.

Regeneron Pharmaceuticals and Sanofi have expanded their long-standing antibody collaboration, adding four next-generation, long-acting antibodies invented by Regeneron to the alliance that produced Dupixent. Under the agreement, Regeneron will receive a $1 billion upfront payment from Sanofi, with the potential for up to an additional $7 billion in development, regulatory and commercial milestone payments, while the companies share development and commercialization costs and split future profits 50:50 globally. The four new antibodies target interleukin-13, an IL-4xIL-13 bispecific, interleukin-4 and interleukin-4 receptor alpha; the IL-13 antibody REGN20423 is in a Phase 1 trial for atopic dermatitis and the other three are expected to enter clinical studies in 2027. Regeneron will lead research and development, Sanofi will lead global commercial efforts, and Regeneron holds an option to add Sanofi's investigational bispecific Nanobody lunsekimig, exercisable upon completion of its Phase 3 trials for chronic obstructive pulmonary disease. The existing profit-sharing agreement for Dupixent, which is used by more than 1.5 million patients across nine indications, will not change, and the companies said they have settled their prior collaboration-related litigation.

Sanofi and Regeneron Pharmaceuticals announced an expansion of their longstanding antibody collaboration, adding four next-generation, long-acting antibodies to the Alliance that produced Dupixent. Regeneron will receive a $1 billion upfront payment from Sanofi, with the potential for up to an additional $7 billion in development, regulatory and commercial milestone payments. The companies will co-develop and co-commercialize the four Regeneron-invented antibodies, which target interleukin-13, an IL-4xIL-13 bispecific, interleukin-4 and interleukin-4 receptor alpha; IL-13 antibody REGN20423 is in a phase 1 study for atopic dermatitis and the other three are expected to enter clinical studies in 2027. Regeneron will lead research and development while Sanofi leads global commercial efforts, with development and commercialization costs shared and future profits split 50:50 globally; the existing Dupixent profit-sharing agreement is unchanged. Regeneron also holds an option to include Sanofi's lunsekimig, an investigational bispecific Nanobody VHH therapy targeting TSLP and IL-13, exercisable upon completion of its phase 3 studies for chronic obstructive pulmonary disease, and the companies said they have settled their prior collaboration-related litigation.

Inter Pharma Public Company Limited, or IP, has signalled that its operating results in the third and fourth quarters of 2026 are likely to grow well on seasonal factors and rising demand, particularly the flood situation, which has improved sales through pharmacy channels thanks to demand for medicines treating chronic diseases such as diabetes, as patients stock up in advance. Dr. Trinnawat Thanitnithiphan, Chief Executive Officer, said the company has prepared sufficient stocks of raw materials and goods for production and distribution, and that its factories in Ayutthaya and Samut Prakan provinces are safe and unaffected by the floods. On future growth, the company is preparing to announce the research results of a new drug developed under a collaboration project with Japan in gene therapy innovation, which is awaiting final conclusions before submission for approval to Japan's pharmaceutical regulator, with results expected as early as 2027 or by early 2028 at the latest. It also plans to launch one more new eye-drop product. The company has set a revenue growth target for 2026 of around 2.4 billion to 2.5 billion baht, and if the two key innovation projects, the eye drops that have obtained EU Standard certification and the gene therapy, progress as intended, they will clearly drive total revenue to leap well above previous levels from 2027 to 2030.

Immix Biopharma has closed its previously announced underwritten registered offering of 11,363,637 shares of common stock at a public offering price of $11.00 per share, raising gross proceeds of $125 million. Net proceeds to the company, after deducting underwriting discounts, commissions and other offering expenses, were approximately $117.1 million. Immix intends to use the net proceeds to fund NXC-201 development, working capital and general corporate purposes. J.P. Morgan acted as the sole book-running manager for the offering, which included participation from leading U.S. biotechnology institutional investors and mutual funds. The shares were sold under a shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on January 9, 2026, and declared effective on January 22, 2026.

Tevogen Inc. said it received written notice from The Nasdaq Stock Market LLC on September 29, 2026, confirming it had regained compliance with the $50 million minimum market value of listed securities requirement under Nasdaq Listing Rule 5450(B)(2)(A) for continued listing on The Nasdaq Global Market. The notice closes the second of two previously disclosed Nasdaq compliance matters for the Warren, New Jersey-based company, which trades under the ticker TVGN. Tevogen had announced on September 9, 2026, that Nasdaq confirmed it regained compliance with the minimum market value of publicly held shares requirement under Nasdaq Listing Rules 5450(B)(2)(C) and 5450(B)(3)(C). With both requirements satisfied, the company said the related Nasdaq compliance matters are now closed. Tevogen describes itself as an integrated healthcare enterprise combining biotechnology, artificial intelligence, and healthcare services through Tevogen Bio, Tevogen.AI, and Tevogen Healthcare Services.

Arbutus Biopharma traded higher on Wednesday after the antimicrobial drug developer announced plans to repurchase 46M shares of its common stock at $5 each as part of a previously disclosed tender offer. The buyback is a sub-component of a modified Dutch auction tender offer, announced in August, to repurchase up to $230M of shares at a range between $5.00 and $5.75 per share. Announcing early results of the offer, which expired on Sept. 29, the Pennsylvania-based biotech said roughly 23% of its issued and outstanding shares will be cancelled and nearly 153.3M shares will remain outstanding after the transaction. Roivant Sciences, one of its biggest shareholders, will continue to hold nearly 20% of the stake after making a proportionate tender offer, Arbutus added.

AbbVie reported Phase 2 APEX Part B data for zumilokibart in moderate to severe atopic dermatitis at the EADV Congress, and selected a mid dose of the drug for Phase 3 development after the study showed significant clinical improvements in patients. The company also joined the Antibody Developability Consortium as a founding member and started a new AI driven R&D collaboration with Valkai. The zumilokibart Phase 2 results and the new AI alliances feed into AbbVie's core research and development engine as it works to replace aging blockbusters with new immunology and neuroscience drugs alongside Skyrizi, Rinvoq, Vraylar and Vyalev. The next test is whether AbbVie converts the announcements into hard pipeline milestones, with investors watching for the full APEX Part B dataset and Phase 3 trial design updates for zumilokibart after EADV 2026, along with any 2027 commentary on AI enabled cycle time or cost savings in R&D.