While U.S. President Donald Trump’s country-by-country reciprocal and newly negotiated tariffs go into effect today, a separate, global biopharma sector tariff of, possibly, 200% continues to loom over the sector. Currently, the U.S., like other developed countries, is bound by World Trade Organization (WTO) agreements that date back to the 1990s to a 0% tariff on medicines. For many stakeholders, a biopharma sector tariff of even 25%, as first proposed by Trump, would be a disaster in the making, especially when combined with the pressures of Medicare price negotiations and the president’s escalation of most-favored-nation pricing.
Syncona revamps strategy amid challenging market conditions
The U.K. quoted biotech investment firm Syncona plc is facing into the volatile market conditions and the impact U.S. trade policy, regulatory uncertainty and pharma pricing are having on access to capital, with a plan to end its evergreen structure and transition to a closed fund. The fund has £287.7 million (US$381.3 million) in cash and has set aside 80% of this to support the 14 investee companies to defined value inflection points over the next three years. During this time, Syncona will “move to an orderly realization of [the] portfolio assets, with a view to achieving a balance between returning cash to shareholders in a timely manner and maximizing value.”
Eyes on the prize: FDA approves Lenz’s drops for presbyopia
With the U.S. FDA’s approval of Lenz Therapeutics Inc.’s Vizz (aceclidine ophthalmic solution), there is a third eye drop on the market for treating presbyopia. Vizz however is the first aceclidine-based eye drop however for adults. The mechanism is designed to constrict the iris with minimal impact on the muscle that determines the shape of the lens. In the fall of 2021, the FDA cleared Abbvie Inc.’s Vuity (pilocarpine hydrochloride) cholinergic muscarinic receptor agonist, for presbyopia, and in October 2023 the agency cleared Qlosi, with the same active ingredient, from Orasis Pharmaceuticals Inc. Lenz’s stock (NASDAQ:LENZ) was up a modest 5.4% after the approval, with shares at $31.40 each.
Regeneron’s odronextamab receives third CRL
Regeneron Pharmaceuticals Inc. disclosed within its second-quarter earnings report that it had received a complete response letter (CRL) two days earlier from the U.S. FDA for its CD20/CD3 bispecific antibody, odronextamab, for relapsed/refractory follicular lymphoma. The company briefly cited the same Catalent Indiana LLC site inspection that has impacted the timeline to approval for VEGF inhibitor Eylea HD (aflibercept) as a prefilled syringe dosed every four weeks to treat macular edema following retinal vein occlusion. Catalent is now owned by Novo Nordisk A/S. “Novo has been in communication with the FDA and expects to submit its response next week,” Regeneron said, adding that the company expects an “expeditious resolution.” While it gave no further details on the latest CRL for odronextamab, it is the candidate’s third CRL to date, with two arriving in March of 2024, one for FL and the other for diffuse large B-cell lymphoma.
Chinese vaccine maker Ab&B Bio announces $66M Hong Kong IPO
Chinese vaccine company Ab&B Bio-tech announced an IPO listing on the Hong Kong Stock Exchange (HKEX:2627) under which it hopes to raise up to HK$518.36 million (US$66 million) to commercialize its influenza and human rabies vaccines in China and internationally. Ab&B plans to list 332.442 million new H shares priced between HK$12.90 and HK$15.50 per share. The joint sponsors are Citic Securities (Hong Kong) Ltd. and CMB International Capital Ltd. The company’s shares are expected to list on Aug. 8.
NIH leads grant funding as awards top $1.1B in 2025
Nonprofit dealmaking in biopharma has been limited in 2025, with total disclosed value reaching just $99.7 million through July. Nearly all of that came in January, when deals totaled $96.9 million. Biopharma companies received a total of $1.14 billion in grant funding during the first seven months of 2025. January saw the highest activity, with $460.6 million awarded, while grant values remained strong in May ($211.9 million) and July ($113.4 million).