Roche licensed an experimental RNA interference obesity medicine targeting ALK7 from China-based Rona Therapeutics, paying $100 million upfront for full ownership and up to just over $1 billion in milestones plus royalties. The drug joins five other experimental obesity medicines in Roche's pipeline. It is Roche's fifth deal with a China-based drugmaker since the end of August and 10th since the beginning of 2025.
Roche has licensed an RNAi-based ALK7 obesity drug candidate from China's Rona Therapeutics, paying up to $100 million upfront and in near-term milestones plus as much as $1.06 billion in future milestones. ALK7 inhibition may reduce fat deposits while preserving muscle, an option GLP-1 drugs lack. The deal follows Roche returning its anti-myostatin therapy emugrobart to subsidiary Chugai after a mid-stage analysis found it unlikely to produce meaningful weight loss.
TRexBio raised $116.7 million in its Nasdaq IPO, selling 8.3 million shares at $14 to fund TRB-061, a fusion protein in early-stage development for atopic dermatitis with a Phase 1b topline readout expected mid-2027. Retension Pharmaceuticals raised $45 million at $12 per share to advance RTN-001, a PDE-5 blocker for hypertension, through Phase 2b and into Phase 3. City Therapeutics expects about $158.3 million and Iambic Therapeutics about $135 million from upcoming offerings.
Why it matters: Four biotech IPOs in one week signal a reopening of the public markets for drug developers.
Novartis will pay Suzhou-based Abogen Biosciences $575 million upfront, with up to around $7.2 billion in milestones plus royalties, to develop ABO2203, an mRNA-encoded CD3xCD19 T cell engager designed to deplete disease-causing B cells in vivo. First-in-human data in nine relapsed or refractory B cell non-Hodgkin lymphoma patients showed no CRS, dose-limiting toxicities or neurological complications, with 100% objective response at the highest dose. Novartis also gains options to license therapies from Abogen's AI-driven RNA platform; target indications were not disclosed.