JPM week kicks off — what’s everyone’s base case? Does the Merck / Revolution chatter go anywhere?
**Today’s BioBucks tape (highlights):**
Tape action (Fri 09-Jan US close):
* S&P 500 +0.6% | Nasdaq 100 +1.0%
* XBI +0.6% | Nasdaq Biotech +0.2% | Clinical Trials ETF (BBC) +1.3%
* Biotech kept pace with a risk-on tape.
1) Sanofi: Teizeild approved in the EU for stage 2 type 1 diabetes
This flips the debate from “can it clear?” → “how does it launch?” with HTA/payers + early uptake cadence now the focus.
2) Teva + Royalty Pharma: vitiligo program funding up to $500M
Structured capital = “run faster” (speed-to-data / timeline acceleration) vs “raise more” (plain equity).
3) IPO window watch: filings are stacking up
* Eikon Therapeutics files for IPO (big “window test” for 2026 biotech)
* Veradermics files for IPO Also seeing follow-on/ECM prints:
* Bright Minds Biosciences closes $175M public offering
* Alumis closes upsized public offering (incl. option exercise)
* Aktis IPO debuts up \~25% (aftermarket read-through)
**Dealflow snapshot (public + private):**
* Roche x MediLink: YL201 (B7H3 ADC) — $570M upfront/near-term milestones ex-China
* Madrigal x Pfizer: Madrigal licenses Pfizer’s ervogastat for MASH pipeline Private financings:
* Mirador raises $250M Series B (IPO consideration mentioned)
* Orca Bio adds $250M financing (T cell therapy launch backing)
* AirNexis launches with $200M to advance a China-derived COPD
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