A Russian billionaire, a biotech VC, and Apple Tree Partners… sounds like a Bond trailer, but it’s just another day in biotech.

Two limited partner entities, ATP Life Science Ventures and ATP Life Science Ventures II, filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware to keep cash flowing to portfolio biotechs caught in a funding crossfire. Apple Tree says the filings ensure each company has the “funding and resources required to continue their critical missions to research and develop novel breakthrough treatments.”

The tension has been building for months. In May, ATP sued its controlling LPs, Rigmora Biotech Investor One and Two, tied to Russian billionaire Dmitry Rybolovlev, for allegedly withholding capital for 18 months and refusing to approve budgets. ATP claims enthusiasm from Rigmora “disappeared entirely” after Russia’s invasion of Ukraine, leaving several startups facing “imminent collapse.”

So here we are: Chapter 11 not as an ending, but as a way to keep the science alive while the billionaires battle it out.

💊 Retatrutide smashes efficacy goals, but some patients couldn’t stick with it. Eli Lilly’s “triple-agonist” obesity drug hit standout weight-loss results in phase 3, but tolerability issues caused a meaningful number of patient dropouts. The effect size remains headline-worthy, but questions about real-world persistence and side effect management won’t fade.

💰 Zealand inks a $2.5B weight loss drug collab ($20M upfront), ramping up pressure on Novo and Lilly. Zealand Pharma partnered with Chinese biotech firm OTR Therapeutics to advance an oral cardiometabolic program. The low-upfront, high-milestone model shows how companies are hedging big metabolic bets without burning cash too early.

🩺 FDA opens safety review into infant RSV products from Merck, AZ, and Sanofi. Regulators are taking a closer look at real-world safety signals associated with approved infant RSV antibodies. While no changes have been made to product availability, manufacturers are bracing for deeper reporting and possible label updates.

⚖️ Biosecure Act language lands in the U.S. defense bill. Chinese biotech scrutiny ramps up. The latest draft of the defense package includes sections targeting biopharma supply chains linked to China. If finalized, companies may face stricter vendor audits, new contracting limits, and a 2026 compliance countdown. All of which will make it harder (and less enticing) for American companies to work with Chinese biotechs.

💰 Medline sets terms for a massive $5.37B Nasdaq IPO. One of the largest potential medtech IPOs in recent years is moving forward, positioning Medline for a public-market debut that could reshape the industry’s capital landscape.

🏥 Teleflex inks $2B in divestment deals, slimming down to sharpen its focus. Teleflex is offloading OEM, urology, and acute care units in a pair of deals totaling $2B. The company plans to reorganize around faster-growing strategic categories while improving margins.

If Willy Wonka swapped his purple coat for a lab coat, he’d probably look something like the founders of California Cultured — the startup brewing cacao in bioreactors instead of rainforests.

Cocoa butter is expensive, volatile, and increasingly scarce. And while companies have tried swapping in palm fats or shea, nothing melts like the real thing. With more than 7 million metric tons of chocolate consumed worldwide each year, the supply chain is under pressure.

California Cultured’s answer is biotech:
• start with real cacao cells
• grow them in controlled tanks
• ferment + dry + mill
• produce cocoa powder indistinguishable from conventionally harvested cacao
But in a fraction of the time. While cacao trees need around five years to fruit, California Cultured can produce its equivalent in about a week.

They’re still waiting on FDA approval, but the early interest is real, including a partnership with Japanese confectionery giant Meiji. Pricing will start high, but control over flavor, consistency, and supply could unlock some wildly creative chocolate down the line.

Wonka, meet your competition… and this version isn’t exploiting Oompa Loompas.

That’s the investment Eli Lilly is putting into a new API facility in Alabama.
Maybe the proper cheer isn’t Roll Tide… maybe it’s “Semaglutide!!” (We’ll fine-tune it.)

A quick visit to the Reddit biotech community

• Entry-level role asking for 20+ years’ experience? Redditors said it reads like a startup built by “idea guys” who forgot to hire someone who actually does the work. Comments suggest this trend isn’t isolated. Similar postings appear in multiple early-stage startups, making it a systemic “experience without responsibility” paradox.

• A burned-out researcher in their 40s asked how to pivot out of biotech. The user cited repeated pass-overs for promotion despite being top-performing in the lab. Reddit responses offered practical advice: consulting, tech transfer offices, or pivoting into related fields like regulatory affairs. Essentially highlighting that scientific skill is portable even if corporate recognition isn’t. Redditors also noted that playing office politics is critical for promotions. Hard work simply isn’t enough.

🧠 FDA approves the first at-home, non-drug depression treatment headset from Flow Neuroscience.

🤖 FDA greenlights the first AI tool for MASH image analysis. It officially enters the drug dev and diagnostics toolbox.

🧪 At-home fertility startup Inito taps AI-designed antibodies to expand testing accuracy and reliability.

🌍 Japanese pharma is getting bolder in global M&A, increasingly hunting targets in the U.S. and EU markets.

“The important thing is to not stop questioning.”

— Albert Einstein

🌍 December 11, 1997: The Kyoto Protocol is adopted — marking one of the world’s most high-profile climate agreements.

That’s all for this week. See you on Tuesday 👋

Reply anytime. We are always happy to hear what’s happening in your corner of biotech.

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