1️⃣ Lilly raises the obesity ceiling again Lilly’s Phase 3 TRIUMPH-1 trial showed 12 mg retatrutide delivered 28.3% average weight loss at 80 weeks, with 11.3% discontinuing because of adverse events.
💡 Why it matters The benchmark is shifting from GLP-1 efficacy to tolerability at surgical-level weight loss. Novo, Zealand and Boehringer now have a harder bar.
☕ Coffee talk If 28% weight loss is now possible, who gets paid for making patients stay on the drug?
2️⃣ BioMarin buys time for Voxzogo BioMarin’s Phase 3 CANOPY-HCH-3 study hit its primary endpoint in hypochondroplasia, with Voxzogo adding 2.33 cm in annualized growth velocity over placebo at week 52.
💡 Why it matters Voxzogo is losing monopoly comfort in achondroplasia. Hypochondroplasia gives BioMarin a route, but the market still has to be built.
☕ Coffee talk How much is a new skeletal-dysplasia indication worth if the franchise is already defending daily dosing?
3️⃣ RA Capital reopens the biotech SPAC drawer Research Alliance Corporation III, sponsored by an RA Capital affiliate, priced a $75 million Nasdaq IPO to pursue a healthcare business combination.
💡 Why it matters This is peer-capital signal, not just SPAC nostalgia. RA’s first vehicle merged with POINT Biopharma, later bought by Lilly; the second liquidated.
☕ Coffee talk Does RA have another POINT-style target in mind, or is this just cheap optionality while buyers stay picky?