Despite its Phase III blow-up, Acelyrin is continuing to back izokibep in the skin disease. But other developers are trying immune agents old and new in what could turn into a billion-dollar market. 

The first $1bn quarter since 2021 suggests that biotech’s IPO window is opening once more. But times remain tough, and many recently listed groups have seen their valuations fall.

Biotech has always been a volatile sector, and it is important for investors to recognize the phases its stocks go through. In particular, the journey through the post-bubble wilderness can be a protracted affair.

In this week's podcast edition of Five Must-Know Things: Biomarin’s next chapter; Amgen’s obesity plans; Daiichi’s new ADC data; Acelyrin hit by clinical failure; and Skyrizi beats Stelara in Crohn’s.