JPM week is underway and still no confirmed update on the Merck ($MSD) / Revolution ($RVMD) chatter (as of this morning).
Here are the highlights from today’s BioBucks tape (quick, investor-relevant):
Tape action (Mon 12-Jan US close):
* S&P 500 +0.2% | Nasdaq 100 +0.1% | Russell 2000 +0.4%
* XBI -0.5% | Nasdaq Biotech -0.7% | BBC -0.5% Biotech lagged a firmer tape; small caps led.
**1) AbbVie licenses RemeGen PD-1×VEGF bispecific (RC148) ex-China**
* Structure: $650M upfront + up to $4.95B milestones ($5.6B total)
* Angle: AbbVie plans to explore ADC combinations.
* Why it matters: That upfront is a signal — buying an ex-China IO backbone + keeping combo optionality. Useful read-through for other late-stage oncology bispecifics marketing western rights.
**2) argenx: VYVGART sBLA accepted with** **Priority Review** **(gMG)**
* Indication: AChR-Ab seronegative gMG
* Why it matters: Priority Review compresses the clock. Watch the label language → it drives 2026 revenue cadence assumptions.
**3) FDA lifts partial hold on Merck + Daiichi Sankyo Phase 3 lung cancer study**
* Why it matters: Removes schedule-risk overhang — watch for protocol changes and whether timelines snap back.
**Dealflow (M&A / BD&L)**
* Nuvation Bio + Eisai: taletrectinib licensing for Europe + additional countries (outside US/China/Japan)
* Pretzel acquires Rome Therapeutics (“dark genome” angle)
* Avadel shareholders approve proposed acquisition by Alkermes
* Precision Neuroscience + Medtronic partnership (BCI integration)
**VC / Private**
* Kinaset: $103M Series B (oversubscribed) to move frevecitinib (inhaled pan-JAK) into Phase 2 in severe asthma (led by EQT Life Sciences)
Full write-up (free) with links/sources + “why it matters” framing:
[https://www.biobucks.co/p/tuesday-jpm-day-1-abbvie-pays-up-for-a-pd-1-x-vegf-bispecific](https://www.biobucks.co/p/tuesday-jpm-day-1-abbvie-pays-up-for-a-pd-1-x-vegf-bispecific)
If you’re following JPM closely: what’s your #1 “I’ll believe the window is open when…” signal this week — IPO aftermarket, big-license upfronts, or a real mega-deal print?