1️⃣ Relay made PI3K vascular anomalies investable Relay reported initial Phase 2 zovegalisib data in PIK3CA-driven vascular anomalies: 60% volumetric response at 12 weeks, with no discontinuations for adverse events.
💡 Why it matters This gives Relay a rare-disease expansion case for the same mutant-selective PI3Kα asset already in breast cancer Phase 3.
☕ Coffee talk Does zovegalisib now look like a rare-disease asset with oncology upside, or the other way round?
2️⃣ BioMarin’s Inozyme bet lost the clinical endpoint BioMarin’s Phase 3 BMN 401 trial in ENPP1 deficiency hit plasma PPi but missed RGI-C skeletal improvement, with no positive secondary-endpoint trends.
💡 Why it matters The $270m Inozyme acquisition now has biomarker activity without the clinical readout BioMarin needed to de-risk the asset.
☕ Coffee talk How much patience does BioMarin give a rare-disease deal when the biology moved and the child did not?
3️⃣ Lauxera raised for Europe’s healthtech gap Lauxera closed Growth II at €520m, above its €500m hard cap, to back 12 to 15 European healthtech and medtech companies with €20m to €50m cheques.
💡 Why it matters Growth capital is still forming around European tools, diagnostics and medtech companies that need US commercial scale, not another seed round.
☕ Coffee talk If Lauxera can sell OrganOx for $1.5bn, which European healthtech company gets priced as the next US expansion trade?