A record 161 biotechnology companies traded at negative enterprise value in mid-2025, representing over $5 billion in trapped capital where shareholders hold claims on cash that market prices say is worth less than nothing.

Biotech's 2025 was a year of contradictions. Venture funding collapsed to 2012 levels while the XBI climbed 37%. Startup formation cratered 70% while Big Pharma wrote $20+ billion in M&A checks.

Tongue-in-cheek wishes for the biotech industry – from faster trials to friendlier FDA letters – that would make the new year a little brighter for all.

East meets West in the lab and the marketplace – how China's evolving biotech sector is navigating US tensions, domestic pressures, and forging a new path forward into 2026.

Zymeworks Inc. (NASDAQ/TSX: ZYME) has formally abandoned its ambition to become "Canada's first Big Pharma" in favor of a royalty-driven business model that combines partnership economics with selective internal R&D. The November 2025 strategic pivot, catalyzed by positive Phase 3 data for

The week of December 15–20, 2025 saw substantial deal flow as companies moved to close transactions before year-end. Total announced deal value exceeded $15 billion across M&A, licensing, royalty acquisitions, and private financings.

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

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-

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)