Representing the fourth largest biopharma M&A announced in 2026, Vertex Pharmaceuticals Inc. offered $85 per share in cash, or about $10 billion, to buy endocrine specialist Crinetics Pharmaceuticals Inc., adding the acromegaly drug Palsonify and a phase III asset, atumelnant, for congenital adrenocorticotropic hyperplasia (CAH).

Biopharma stocks, as measured on the BioWorld Biopharmaceutical Index, underperformed both the Nasdaq Biotechnology Index and the Dow Jones Industrial Average through the first four months of 2026.

BioWorld tracked 209 clinical trial readouts across phases I through III in March 2026, up from 152 in February and 144 in January. Among late-stage programs, 26 phase III trials reported positive results, two produced mixed results, and three failed to meet key endpoints. By phase, March updates included 62 from phase I, 74 from phase II and 73 phase III.

BioWorld tracked 209 clinical trial readouts across phases I through III in March 2026, up from 152 in February and 144 in January. Among late-stage programs, 26 phase III trials reported positive results, two produced mixed results, and three failed to meet key endpoints. By phase, March updates included 62 from phase I, 74 from phase II and 73 phase III.

Abbvie Inc. is buying exclusive rights to develop, manufacture and commercialize two Nav1.8 inhibitors for pain – HSK-55718 and HSK-51155 – from Haisco Pharmaceutical Group Co. Ltd. for $30 million up front and up to $715 million in milestone payments, plus royalties.

Vertex Pharmaceuticals Inc. is on track to complete a BLA by the end of March seeking potential U.S. accelerated approval for povetacicept, its dual inhibitor of the BAFF and APRIL cytokines, to treat immunoglobulin A nephropathy (IgAN), following a successful phase III Rainier trial.

Gene therapy has had its commercial struggles in the past year. The cost to patients is in the millions and fewer are stepping forward for treatment than companies would like. While development continues in this game-changing field, some have struggled with regulatory authorities during development while others have just stepped away altogether.