May 18, 2026 | Regeneron LAG-3 Phase 3 Failure Crashes Stock 11%; Supreme Court Cements IRA

Daily Roundup | GSK Kills Camlipixant: The $2B Bellus Bet Unravels

GSK shelved camlipixant after mixed Phase 3 data — the third P2X3 chronic cough drug to fail and a blow to its ~$2B Bellus Health deal. Plus Jasper Therapeutics' lifeline merger with Kira and a $132M raise, Novartis Fabhalta's full FDA approval in IgA nephropathy, Lilly's $2.8B AtaiBeckley psychedelics buyout, a Merck ADC lung cancer readout, and a Pfizer downgrade. Visit us at thepharmacloseout.com.

Daily Roundup | Merck's Sac-TMT Beats Chemo in Lung Cancer — Keytruda's Cliff Answer

Merck's sac-TMT beat chemotherapy in first-line PD-L1-negative lung cancer — the emerging answer to Keytruda's patent cliff. Plus: Europe approves Novo Nordisk's oral Wegovy ahead of Eli Lilly, Sanofi sues Pfizer and Moderna over mRNA patents, Bora and Insilico Medicine ink a $2.5B AI alliance, the FDA resumes publishing complete response letters, Q32 Bio surges on alopecia areata data, and Veradermics posts a Phase 2 win in female pattern hair loss. Visit us at thepharmacloseout.com.

Daily Roundup | Celcuity Revtorpyk Approved: The Label Line That Makes It a Takeout Target

Celcuity's Revtorpyk (gedatolisib) wins FDA approval in HR+/HER2- breast cancer on a 0.24 hazard ratio — and the stock jumped to $111. Plus AstraZeneca's up-to-$1.5B Zegfrovy license from spinoff Dizal, Biogen's diranersen tau data at AAIC, the NextCure–Avere oral IL-23 merger, and Roche scrapping two Ionis Huntington's programs. Visit us at thepharmacloseout.com.

Daily Roundup | GSK to File Jemperli in Rectal Cancer After Phase 2 Win

GSK will file Jemperli with the FDA for dMMR rectal cancer after a Phase 2 win, extending its PD-1 franchise into curative-intent oncology. Plus Q32 Bio's bempikibart hits its alopecia areata goal, the FDA finalizes psychedelics guidance ahead of a Compass Pathways COMP360 decision, LEQEMBI clears a subcutaneous at-home dose for Eisai and Biogen, Hengrui and Elevar's PD-1 liver cancer combo is rejected a third time, and Biogen's tau drug diranersen takes the spotlight at AAIC. Visit us at thepharmacloseout.com.

Week in Review | AstraZeneca's Wainua Stumbles: The Clinic Pushed Back on Pharma's Deal Boom

AstraZeneca's Wainua missed in cardiomyopathy — one of three clinical setbacks in five days even as pharma dealmaking stayed red-hot with Vertex's ~$10B Crinetics buy and GSK's biggest oncology bet in a decade. We break down what the Wainua miss means for the ATTR cardiomyopathy race, Bausch + Lomb's BL1107 glaucoma flop, the third Hengrui/Elevar liver-cancer rejection, Corcept's misread insider sale and late-2026 Cushing's catalyst for relacorilant, plus the week ahead: Q32 Bio's bempikibart in alopecia areata, Celcuity's gedatolisib FDA decision in breast cancer, Novartis's pelacarsen, and Lilly's muted Foundayo launch. Visit us at thepharmacloseout.com.