Biotech risk-on close (Jan 7): XBI +3.6%, NBI +3.0%, BBC +6.2% — Lilly/Ventyx $1.2B + offerings tape

Quick recap of the biotech tape from the US close (Wed 07-Jan-2026): * **XBI +3.6%** * **Nasdaq Biotech +3.0%** * **Clinical Trials ETF (BBC) +6.2%** Key drivers/newsflow: * Lilly agreed **$1.2B** takeout of Ventyx (oral **NLRP3 inflammasome inhibitors**) * Phathom priced **$130M** offering (common + pre-funded warrants) * Santhera licensed **AGAMREE (vamorolone)** to Nxera in APAC: **up to $205M + royalties**, **$40M upfront (incl. equity)** * Follow-on/IPO tape included Bright Minds **$175M**, Monte Rosa **$200M**, Aktis targeting **\~$317.7M** with **Lilly anchoring \~ $100M** Discussion Q: does this feel like “financing window fully open” again, or just a strong week?