1️⃣ Chiesi paid for an HAE launch, not a promise
Chiesi agreed to buy KalVista for $27 a share in cash, valuing the company at about $1.9B and giving Chiesi Ekterly, the oral on-demand HAE drug approved in 2025.
💡 Why it matters
This is rare-disease M&A with revenue already visible. The risk is less about biology and more about how much oral HAE share survives the next competitive wave.
☕ Coffee talk
If Ekterly is already off the board, who has to decide whether Pharvaris is next or just more expensive?
2️⃣ Avalyn found a real IPO window
Avalyn priced an upsized IPO at $18 a share, raising expected gross proceeds of $300M before its Nasdaq debut under AVLN on April 30.
💡 Why it matters
This is a useful market signal. Public buyers funded a Phase 2 respiratory biotech around inhaled reformulations, not a clean late-stage biologic or obesity story.
☕ Coffee talk
How many private respiratory companies just got a better comp because Avalyn cleared $300M?
3️⃣ GSK’s Alector bet lost its second leg
Alector will discontinue the Phase 2 PROGRESS-AD trial of nivisnebart after an interim futility analysis found it was unlikely to slow disease progression.
💡 Why it matters
The progranulin thesis now has two clinical misses inside the same GSK-backed collaboration. The question moves from target rationale to human translation.
☕ Coffee talk
After latozinemab and nivisnebart, who still wants to pay up for antibody-based neuroimmune biology before human proof?