Innoviva, Inc. Price & Performance (INVA)

After a temporary halt prompted by a patient death, trial monitors have recommended Sarepta Therapeutics continue dosing in three Elevidys studies for Duchenne muscular dystrophy. The panel found the risk-benefit profile remains favorable, allowing trials, including one for non-ambulatory patients, to proceed without protocol changes.12

Concentra Biosciences has agreed to acquire Allakos for cash, following Allakos’s struggles and workforce cuts. This move is part of Concentra’s strategy of targeting distressed biotechs, although previous takeover attempts at other companies were blocked with defensive measures. The Allakos deal is expected to close soon.34

Novartis has received accelerated FDA approval for Vanrafia, a kidney disease drug acquired for $3.2 billion. Vanrafia’s main advantage is that it does not require regular liver monitoring, differentiating it from competitors. The drug enters an increasingly competitive field, priced slightly above its main rivals.12