👋 Hey, let’s get into it. If you thought your Friday was rough… be thankful you weren’t on the NSF board.

In a move that stunned the scientific community, all 22 members of the National Science Board were abruptly fired. No warning. No explanation. Just a Friday afternoon email ending terms that were supposed to last six years.

This is the same board that’s helped guide U.S. science policy since 1950. Now? Completely reset.

Our condolences to the PI who just submitted a “very promising” NSF grant proposal… tough timing.

💰 Lilly Keeps the Deal Machine Rolling With $2.3B Ajax Buy
Eli Lilly is still spending like its Mounjaro revenue has no ceiling. The pharma giant is acquiring Ajax Therapeutics in a deal worth up to $2.3 billion, centered on a next-gen JAK2 inhibitor for myelofibrosis. Unlike existing drugs that mainly manage symptoms, Ajax’s asset targets a different conformation of JAK2, with hopes of delivering deeper and more durable responses, especially in patients who have already failed current therapies. It’s the latest move in a 2026 buying spree that spans oncology, neuro, and immunology, with billions already deployed across Kelonia, Centessa, and more.

🤝 Sun Pharma Lands $11.75B Deal for Organon
Sun Pharma just pulled off the biggest biopharma deal of 2026 so far, dropping $11.75 billion to acquire Organon and effectively doubling its size overnight. The deal brings in a company that generated $6.2 billion in 2025 revenue, while strengthening Sun’s push beyond generics into branded and specialty medicines. Investors liked what they saw, with both companies’ stocks jumping on the news. The move also vaults Sun into the top tier of biosimilar players globally, signaling a clear ambition to compete well beyond its traditional lanes.

🧪 Oruka’s Psoriasis Drug Looks Like a Legit Skyrizi Challenger
Oruka Therapeutics just put up the kind of data that makes blockbuster incumbents nervous. In a phase 2a trial, its long-acting IL-23 inhibitor cleared skin in 63.5% of patients, dramatically outperforming placebo and drawing favorable comparisons to AbbVie’s Skyrizi. Analysts are already floating peak sales estimates as high as $10 billion, and the market reacted fast, sending shares up 30%. The real differentiator may be dosing, with Oruka engineering a longer half-life that could reduce injection frequency and give patients a more convenient option.

⚖️ Regeneron Signs On to MFN Drug Pricing Push
Regeneron is the latest pharma giant to sign onto the White House’s “most favored nation” pricing strategy, agreeing to align certain U.S. drug prices with those in other developed countries. With this move, all 17 companies targeted by the administration have now agreed to participate. The company is also offering discounted pricing for its cholesterol drug through the government’s online portal and doubling down on U.S. investment with billions committed to manufacturing and R&D. Pricing pressure is clearly no longer a hypothetical, it’s operational reality.

🧬 Intellia’s One-Shot Gene Editing Therapy Heads to FDA
Intellia just cleared a major hurdle in the race to bring in vivo CRISPR therapies to market. Its phase 3 study in hereditary angioedema showed an 87% reduction in swelling attacks after a single infusion, matching or exceeding existing chronic treatments. The company has already started a rolling FDA submission, putting it on track for a potential 2027 launch. The pitch is simple but bold: replace lifelong treatment with a one-time genetic fix. The science looks strong, but convincing patients to permanently edit their DNA is a very different challenge.

🧫 Thermo Fisher Sells Microbiology Unit
Thermo Fisher is offloading its microbiology business to Astorg for $1.075 billion, continuing its portfolio reshuffle.

💰 Ligand Buys Xoma
Ligand is acquiring Xoma Royalty for $739 million, consolidating power in the biotech royalty aggregation game.

🧠 Sanofi Scores EU Win
Sanofi’s tolebrutinib earned EU backing after showing a 31% reduction in disability progression in MS patients.

💊 Novo Eyes Semaglutide Expansion
Novo Nordisk plans to expand oral semaglutide into adolescent diabetes after strong phase 3 results.

📉 Compass Stock Tanks
Compass Therapeutics shares dropped 63% after survival data raised doubts about its bispecific cancer therapy.

🚀 Travere’s Blockbuster Path
Travere’s Filspari could hit $3.1 billion in peak sales, fueled by strong launch positioning and payer access.

For decades, gene therapy has promised to fix biology at its source. Now it actually delivered something you can hear.

Regeneron’s newly approved therapy, Otarmeni, is the first gene therapy for a rare genetic form of hearing loss. It targets mutations in the otoferlin gene, essentially restoring the missing protein needed for sound signals to reach the brain. In early trials, the results weren’t subtle. Hearing improved in 9 out of 12 patients, including children who had never experienced sound before.

One of them was Travis, born completely deaf. Months after treatment, he’s now reacting to music and voices. That kind of shift doesn’t just move stock prices. It redefines what’s possible.

The science itself is elegant. A viral vector delivers a working copy of the gene directly into the inner ear, using a procedure similar to cochlear implant surgery. Unlike traditional treatments, which manage symptoms, this approach aims to correct the root cause. And it does it in a single intervention.

The market opportunity is small on paper, only about 20 to 50 children per year in the U.S. have this condition. But that’s not really the point. Regeneron is using this as a proof of concept for a broader genetic medicine strategy that includes gene editing and RNA-based therapies.

The boldest move? They’re offering the therapy for free.

That’s not charity. It’s positioning. By removing access barriers early, Regeneron builds trust, data, and long-term leverage as it expands into larger indications like age-related hearing loss, which affects millions.

Gene therapy has spent years in the “almost there” phase. This one feels different. Not because of the size of the market… but because of the clarity of the outcome.

When a child hears their name for the first time, the technology stops feeling theoretical.

That’s the share of people who feel confident making health decisions, down from ~60% in prior years. The drop spans 14 of 16 global markets, with the steepest declines in the U.S. and France, signaling a growing trust gap in how people navigate healthcare information. Read the full report

Here’s what biotech Redditors are talking about:

🤔 Biotech Strike… In This Economy?
A Reddit thread asked why U.S. biotech workers don’t strike like their counterparts abroad. The top response summed it up brutally: “How are you gonna strike if you’re unemployed?” Others pointed out the real barrier isn’t willingness, it’s risk. In the U.S., losing your job often means losing your health insurance, which makes collective action a lot harder to stomach. Some argued unions could change that equation, offering strike funds and protection. But optics matter too. Convincing the public to rally behind six-figure PhDs asking for more might require some serious PR gymnastics.

😬 110 Applications, Zero Progress
One soon-to-be master’s grad shared they’ve submitted over 110 job applications with nothing but silence. The replies were equal parts comforting and concerning. Veterans with 10 to 20 years of experience chimed in saying they’re struggling too. The consensus: it’s not just you, it’s the market. Still, the advice stayed practical. Keep applying, stay flexible, and don’t let a brutal hiring cycle rewrite your self-worth. Easier said than done… but apparently necessary right now.

🍁 Cannabis Gets a Federal Rethink
The U.S. is moving to reclassify cannabis as Schedule III, easing research barriers and opening new financial pathways.

📄 FDA Transparency Sparks Pushback
A pharma-backed petition is pushing the FDA to rethink how it releases redacted complete response letters (CRLs).

💊 Xarelto Gets MFN Price Cut
J&J is offering Xarelto at a 68% discount through the government’s drug pricing portal, TrumpRx.

🍄 Psychedelics Get Priority Boost
The FDA issued national priority vouchers to companies developing psychedelic treatments for mental health.

🐢 Tortugas Neuroscience Launches With $106M and a Head Start
Tortugas Neuroscience is entering the scene with $106 million and something rare for a new biotech: a phase 2-ready pipeline. Founded by Sage Therapeutics veterans, the company is targeting major neuro and neuropsychiatric disorders with four clinical-stage assets licensed from Eisai and Hansoh. The strategy is clear: go after well-defined indications with derisked mechanisms and simple oral dosing. In a market full of early-stage moonshots, Tortugas is betting on execution.

☢️ April 28, 1986 — The World Learns About Chernobyl
Two days after the Chernobyl explosion, radiation alarms went off at a nuclear plant in Sweden. Initially thought to be a local issue, scientists quickly traced the radioactive plume back to the Soviet Union using isotopic analysis and wind patterns. The data was undeniable. That discovery forced the USSR to publicly admit the disaster, turning a hidden catastrophe into a global crisis overnight.

Pour one out for the NSF board… and remember to never trust a quiet Friday afternoon in biotech. That’s when the chaos drops. 👀

That’s all for today. See you Thursday for the next issue. 👋

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