The overall R&D productivity of the 30 largest public biopharma companies has increased despite a challenging global environment for investment and growth. Will hype cycles impact this picture in coming years?

Being the Chinese biotech’s backbone asset in the autoimmune disease area, telitacicept, a BlyS/APRIL dual targeting fusion protein, has hit its target in a China-only Phase III study in generalized myasthenia gravis. The candidate is also being investigated in global Phase III trials in systemic lupus erythematosus and Sjögren's syndrome.

Following a pair of $10bn+ deals in Q4 2023 and a $16.5bn takeout in Q1, the second quarter saw no acquisition priced as high as $5bn, Evaluate notes. Aggregate deal volume and values dropped from Q1.

With only one inflammatory bowel disease product, Lilly is betting big on Morphic and its Phase II oral integrin MORF-057, which would directly compete with Takeda blockbuster Entyvio.