JPM26 Day 2 quick hits from today’s BioBucks:
* GLP-1s: FDA asked Lilly + Novo to remove suicide warnings from GLP-1 labels (headline/liability overhang fades).
* Travere: FDA delayed the Filspari label expansion decision in FSGS (next re-rate point pushed out).
* Novartis/RLT: another radioligand licensing “shot on goal” (bolt-on innovation still funded).
* Tape: biotech held up; NBI flat while broader market was slightly red; BBC +1.2%.
M&A + private dealflow snapshot (also in the full write-up):
* BD/L stayed active (incl. Novartis continuing to sign RLT/Neuro licenses; plus medtech M&A prints).
* Private rounds still getting done (AI/compute + platform-ish stories raising, often oversubscribed).
Full write-up + the “why it matters” here: [https://www.biobucks.co/p/wednesday-jpm-day-2-fda-edits-labels-as-glp-1s-keep-rolling](https://www.biobucks.co/p/wednesday-jpm-day-2-fda-edits-labels-as-glp-1s-keep-rolling)