In a deal that could top out at about $2.2 billion, Septerna Inc. is getting $200 million up front from Novo Nordisk A/S in a collaboration to develop oral treatments for obesity, type 2 diabetes and other cardiometabolic indications. There will be four programs for discovering, developing and commercializing small molecules targeting G protein-coupled receptors, which includes GLP-1, GIP and glucagon receptors. Novo is paying all R&D expenses and is in charge of worldwide development and commercialization duties. Septerna’s stock (NASDAQ:SEPN) rose after the collaboration and license agreement was announced, with shares trading 46% upwards at $9.84 each at midday.

GSK pays $1.2B up front for Boston Pharma’s efimosfermin in MASH

GSK plc is paying $1.2 billion up front to acquire Boston Pharmaceuticals Inc.’s phase III-ready metabolic dysfunction-associated steatohepatitis (MASH) drug, efimosfermin alfa, with another $800 million linked to success-based milestone payments. The drug, previously known as BOS-580, is a once-monthly FGF21 analogue that yielded promising phase II data at last year’s American Association for the Study of Liver Diseases in MASH, with potential in other steatotic liver diseases. Should all go as planned, GSK anticipates a potential commercial launch as early as 2029.

Abbvie, Adarx ink siRNA pact worth up to “several billion”

Privately held Adarx Pharmaceuticals Inc. signed a deal with Abbvie Inc. to develop small interfering RNA (siRNA) therapeutics across disease areas that include neuroscience, immunology, and oncology. Abbvie, of North Chicago, is forking over to San Diego-based Adarx $335 million up front, with “several billion dollars” of potential contingent rewards in the form of option-related fees and milestone payments, as well as tiered royalties. The collaboration is set up to exploit Adarx’s RNA discovery expertise and siRNA technology with Abbvie’s expertise in antibody engineering, antibody-drug conjugates and tissue-delivery approaches.

Apimeds Pharmaceuticals raises $13.5M from NYSE American debut

Apimeds Pharmaceuticals US Inc. (APUS), a subsidiary of Kospi-listed Inscobee Inc., said May 12 that it raised $13.5 million from its stock sale on the NYSE American exchange May 9 through an offering of 3.375 million shares at $4 per share. Hopewell, N.J.-based APUS is the second pharmaceutical company with Asian ties to float shares on the U.S. market this year. Suzhou, China-based Ascentage Pharma Group Corp. Ltd.’s $142.5 million Nasdaq IPO in January was the first biopharma IPO globally in 2025. APUS also represents the first case of a South Korean company to have established a subsidiary for the sole purpose of completing U.S.-based phase III trials of a therapeutic candidate.

Kennedy on HELP hot seat over budget, cuts and layoffs

U.S. Health and Human Services (HHS) Secretary Robert Kennedy will be making his first appearance before the Senate Health, Education, Labor and Pensions (HELP) Committee today since his January confirmation hearing. He's scheduled ostensibly to discuss HHS' portion of the proposed fiscal 2026 skinny budget President Donald Trump submitted to Congress a few days ago. But he’s in for a grilling on the massive terminations and reorganization that already have taken place at HHS, as well as the cancellation of more than 1,600 grants. On the eve of today’s hearing, the HELP minority staff released a report detailing the impact of those cuts. Earlier in the day, Kennedy testified before a House Appropriations subcommittee in defense of the budget, which reduces HHS spending by about 25%.

Also in the news

Abtherx, Affimed, AFT, Altimmune, Ascendis, Atea, Axsome, Bayer, Beam, Biorestorative, Capricor, Compugen, Cytodyn, Cytokinetics, Eleva, Endo, Enterobiotix, Galapagos, Hansa, Hyloris, Hyundai, Intron, Iteos, Karyopharm, Leap, Mallinckrodt, Marvel, Mediwound, Neumora, Novo Nordisk, Omeros, Orca, Qliniq, Regenxbio, Remedy Plan, Roche, Sangamo, Sarepta, Sonoma, Stylus, Syndax, Vaccinex