1️⃣ Blackstone bought Anagram runway, not just exposure
Blackstone Life Sciences committed $250M to Anagram for ANG003, an oral recombinant enzyme therapy for EPI in cystic fibrosis and other disorders. Anagram says a Phase 2 study is starting internationally.
💡 Why it matters
This is growth capital around a specific asset, with approval and launch money attached. The bet is less VC optionality, more product ownership.
☕ Coffee talk
If one tablet per meal works, who still wants the old 40-pill burden on the cap table?
2️⃣ BeOne cut the bottom of the pipeline
BeOne’s May clinical appendix removed five Phase 1 oncology programs and the Phase 2 RA study of BGB-45035, its IRAK4 degrader. Fierce says four oncology assets were fully discontinued.
💡 Why it matters
BeOne is keeping scale in oncology, but it is also pruning licensed and internal early assets before they become expensive distractions.
☕ Coffee talk
After paying for option-heavy China biology, which target gets patience and which one gets quietly binned?
3️⃣ Daraxonrasib got its peer-reviewed proof point
Revolution’s daraxonrasib Phase 1/2 PDAC data were published in NEJM. MD Anderson reported a 29% response rate and 15.6-month median OS at 300 mg, with no AE-driven discontinuations.
💡 Why it matters
The April Phase 3 readout was the market event. The NEJM paper makes the RAS(ON) story harder to dismiss as just a press-release survival curve.
☕ Coffee talk
If ASCO confirms the Phase 3 detail, does Revolution still look like a standalone oncology company?