1️⃣ In vivo CRISPR just got its Phase 3 proof point
Intellia said on April 27 that its Phase 3 HAELO trial met the primary and all key secondary endpoints; a one-time lonvo-z dose cut HAE attacks 87% versus placebo and the company started a rolling FDA filing.
💡 Why it matters
This is the first Phase 3 win for an in vivo gene-editing drug. It pulls durability and filing risk closer to something investors can underwrite.
☕ Coffee talk
One-shot CRISPR just put up Phase 3 data in HAE. Which editing programs still get filed under “too early”?
2️⃣ Sun is buying its way into biosimilars at scale
Sun Pharma agreed on April 26 to buy Organon for $14 a share in an $11.75B enterprise-value deal, turning the combined group into a top-10 biosimilars player with $12.4B in revenue.
💡 Why it matters
This is not just generics scale. Sun is buying a ready-made women’s health and biosimilars platform across 140 countries.
☕ Coffee talk
A top-10 biosimilars position now costs $11.75B. Who still thinks building from scratch is cheaper?
3️⃣ The UK window is reopening in private, not public
BIA’s Q1 2026 report shows UK biotech equity financing rose to £552M and venture funding to £516M, but the public window stayed shut with no IPOs and only £36M of follow-on money.
💡 Why it matters
Private capital is broadening again, but exits still depend on trade sales. That matters more for valuation than another quarter of VC growth.
☕ Coffee talk
Private money is back before public money is. Does that reopen the market, or just refill the M&A shelf?