1️⃣ Regeneron paid for a post-ADC option Regeneron signed a Parabilis collaboration worth $125m upfront/equity plus up to about $2.2bn in milestones across five Helicon/AHC targets.
💡 Why it matters This is early platform optionality, but Regeneron gets development and commercial control after a visible LAG-3 miss.
☕ Coffee talk How much of this is new class, and how much is Regeneron buying time for the pipeline?
2️⃣ Enhertu moved into early HER2 breast cancer FDA approved Enhertu for neoadjuvant and adjuvant HER2-positive early breast cancer, moving Daiichi/AZ’s ADC into curative-intent use.
💡 Why it matters The value shifts from metastatic share gain to earlier-line standard setting, with T-DM1 now directly under pressure.
☕ Coffee talk If Enhertu keeps moving earlier, which HER2 assets still have room to look differentiated?
3️⃣ Tecentriq made MRD-guided treatment real FDA approved Tecentriq/Tecentriq Hybreza after cystectomy for ctDNA MRD-positive MIBC, alongside Natera’s Signatera CDx.
💡 Why it matters This turns adjuvant IO into a test-selected intervention, not blanket post-surgery treatment.
☕ Coffee talk Who owns the value here in practice: Roche’s drug, Natera’s test, or the treatment rule?