Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a Pink Sheet analysis of FDA approval decisions since 2021.

Public Company Edition: Seven companies revealed $2.1bn worth of royalty financings in the first quarter of 2023 and the deals keep coming in Q2, with uniQure monetizing Hemgenix royalties for up to $400m. Also, Legend grossed $350m in a follow-on offering and Athenex is liquidating via bankruptcy. 

A new deal worth up to $2bn-plus with Eisai has put Bliss Biopharmaceutical's HER2-targeting antibody-drug conjugate BB-1701 in the spotlight, as the global race heats up to find a possible challenger to Enhertu.

The Japanese drug maker is the second in the space of a month to partner up with a Chinese biotech firm for a HER2-targeting antibody-drug conjugate, as ADCs gain more interest from large pharma firms.