Daiichi Sankyo will expand its production site in Pfaffenhofen, Germany with new R&D capability for antibody-drug conjugates, spending €1bn. Behind the major new investment, the firm has recently filed for the approval of two ADCs in the US and is preparing global approval filings including in Europe and Asia.

Public Company Edition: CG Oncology grossed $380m in the first biopharma IPO in the US in 2024. Follow-on offerings have been robust recently, with Edgewise and Immatics grossing $240m and $175m, respectively. 

In its third annual report on fair access to prescription drugs, the US pricing watchdog found high concordance with some of its recommended policies, but thinks greater transparency is needed for a thorough assessment.

Biotech has always been a volatile sector, and it is important for investors to recognize the phases its stocks go through. In particular, the journey through the post-bubble wilderness can be a protracted affair.