Quick BioBucks rundown from today’s JPM26 flow (Thu 15-Jan-2026):
* **Lilly** flagged a **Q2 FDA decision** for its **obesity pill** → oral format race stays loud.
* **Teva** highlighted **AJOVY pediatric Phase 3 (SPACE)** results landing in **NEJM**.
* **Jazz** **sold a priority review voucher for $200M** (eye-catching print).
* Market tape: **biotech was risk-on** while big tech slipped (XBI up vs Nasdaq 100 down).
* Also in the mix: a **Swiss approval (Duchenne)** \+ **China approvals**.
On **M&A / private deal flow**: still seeing “selective but alive” behavior — a **UK take-private situation** is developing, and there was a **$112.5M newco launch** (dual-target IBD program) that shows real venture checks are still getting written.
Full write-up here (free): [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)