How the EU's December 2025 reforms aim to transform Europe into a biotech powerhouse while keeping medicines affordable—and why success is far from guaranteed

Baker Brothers Advisors stands as arguably the most successful biotech-focused hedge fund in history, having generated an estimated $8 billion windfall from a single 20-year investment in Seagen while building concentrated positions across some of the sector's most consequential drug developers. Founded in 2000 by brothers Julian and

Executive Summary Amicus Therapeutics (NASDAQ: FOLD) has transformed from a venture-backed rare disease startup into a profitable commercial-stage company with $528 million in 2024 revenue, two marketed products for lysosomal storage disorders, and a patent settlement securing Galafold exclusivity through January 2037. The company achieved its first GAAP-profitable quarter in

As 2025 draws to a close, three major oncology conferences delivered substantial clinical trial data that will inform treatment decisions throughout 2026. The American Society of Hematology Annual Meeting (December 6-9, Orlando), San Antonio Breast Cancer Symposium (December 9-12), and ESMO Immuno-Oncology Congress (December 10-12, London) collectively presented results from

The veterinary pharmaceutical sector generated an estimated $650 million to $975 million in annual royalty flows in 2024, representing approximately 1-1.5% of the global $65 billion animal health market. Between 2023 and December 2025, the animal health industry executed numerous royalty-bearing deals and partnerships as companies sought innovation and

The question of where to take a biotech company public has never carried higher stakes. In 2025, the transatlantic divide in biotech capital markets has widened dramatically: Nasdaq captured 98% of global biotech IPO capital through early December, while all European exchanges combined produced just one pure-play biotech listing. For

The week of December 8-13, 2025 delivered extraordinary capital formation across biopharma, with $3.2 billion in follow-on offerings sold in a single 24-hour period on December 10—the largest such day in biotech history. Ligand Pharmaceuticals unveiled an ambitious five-year roadmap projecting 23% royalty CAGR while sitting on $1

Biotech deal announcements routinely trumpet eye-catching "biobucks" figures—billions promised in future milestone payments if all goes well. Yet few of those contingent dollars ever materialize. Between 2023 and 2025, the industry saw a striking gap between milestones announced and milestones achieved, as most clinical and regulatory milestones

A Dallas-based specialty lender approaches a pivotal moment as it prepares to merge with Runway Growth Finance, marking the end of an era for one of healthcare credit's most specialized players.

Terray Therapeutics has assembled what may be the largest proprietary chemistry dataset in drug discovery—13+ billion target-molecule binding measurements, growing at 1 billion per quarter. The Los Angeles-based company has raised over $200 million.