The Medscape General Surgeon Compensation Report 2026 shows general surgery remains one of the higher-paying physician specialties, with compensation continuing to rise during 2025. General surgeons reported average compensation of approximately $442,000, with earnings increasing by around 2% year-over-year. While growth was slightly below the physician average, general surgery continues to sit comfortably among the better-compensated specialties in medicine. However, as with many procedural disciplines, compensation outcomes are becoming increasingly influenced by productivity and practice structure rather than experience alone. The biggest differences are no longer created by how long you have been practising. They are increasingly determined by volume, efficiency and the type of surgical practice you operate within. General surgery compensation continues to rise The Medscape 2026 data shows general surgeons experienced compensation growth of approximately 2% during 2025. While this sits slightly below: The physician average of 3% Core inflation of 2.7% It still represents continued earnings growth within a highly competitive specialty. What this means in real terms: General surgery remains financially resilient. Compensation continues to increase, even if growth is more modest than some of the highest-performing specialties. The more important question is: Where do you sit within the general surgery earnings distribution? Because surgical volume, productivity and practice structure increasingly determine compensation outcomes. Below the general surgery earnings range This group sits below the specialty's main compensation cluster. This typically reflects: Lower surgical volumes Early-career positions Employed hospital-based roles Reduced productivity incentives Limited private practice exposure What this means in real terms: You may still earn significantly above many physician specialties. However, you currently sit below the earnings level being generated by much of the general surgery market. Around the general surgery earnings range This is where much of the specialty sits. Compensation here is typically driven by: Consistent surgical activity Stable patient demand Standard productivity levels A balanced mix of operative and clinical work This represents the functional centre of general surgery earnings in 2026. Above the general surgery earnings range This is where compensation begins to separate from the wider distribution. Higher earners are often characterised by: High surgical throughput Strong productivity performance Greater procedural volumes Private practice exposure Leadership or ownership responsibilities At this level, practice structure becomes a more important driver than experience alone. 51% of general surgeons feel fairly compensated Despite strong earnings relative to many specialties, only 51% of general surgeons reported feeling fairly compensated. While this is an improvement on previous findings, it remains far from universal satisfaction. What this means: Compensation alone does not determine how surgeons feel about their careers. Two surgeons earning similar incomes may experience very different levels of satisfaction depending on: Workload intensity On-call commitments Administrative burden Staffing support Operating theatre access Compensation and career satisfaction remain closely linked, but they are not the same thing. Expectations remain mixed The report shows: 37% expect compensation increases 39% expect flat pay 24% expect compensation declines What this means in real terms: The outlook remains positive overall, but less optimistic than some specialties. A significant proportion of surgeons still expect earnings growth. However, almost one-quarter anticipate lower compensation, reflecting ongoing concerns around reimbursement pressures and practice costs. Incentives remain heavily tied to productivity Among general surgeons eligible for incentive compensation: RVU generation remains the leading bonus driver What this means: General surgery continues to operate within a highly productivity-driven compensation model. The report also found that 43% of surgeons now have RVUs influencing base pay, not just bonus compensation. This places measurable output at the centre of many compensation structures. For high-performing surgeons, this creates substantial upside potential. For others, it can widen earnings differences across the specialty. What this means for you by experience level If you are early career (0–3 years post-consultant) At this stage, future earning potential matters more than current compensation. If you are: Below the specialty range, you are still building surgical volume and experience Around the range, you are progressing in line with typical general surgery outcomes Above the range, you may have entered a high-volume practice environment early Key point: Early-career progression is heavily influenced by access to operative opportunities. If you are mid-career (4–9 years) This is where compensation differences begin to emerge. What the report suggests: Most surgeons cluster around the specialty average Higher earners increasingly separate through productivity and procedural volume If you are: Below the range, you sit beneath the specialty benchmark Around the range, you reflect typical general surgery outcomes Above the range, you are benefiting from volume and structural advantages Key insight: This is where productivity begins to matter as much as experience. If you are established (10–19 years) At this stage, earnings divergence becomes increasingly visible. What the report shows: A stable middle exists, but a higher-income tier emerges for surgeons with stronger productivity profiles and greater practice leverage. If you are: Below the range, you sit below the specialty benchmark Around the range, you align with the core distribution Above the range, you are capturing a larger share of surgical income opportunities Key point: The financial gap between groups becomes increasingly meaningful. If you are senior (20+ years) At the senior level, compensation typically follows one of two paths: Stable earnings supported by established surgical practice and referral networks Continued growth driven by productivity, leadership positions and practice ownership The distinction increasingly comes down to structure rather than tenure. The core message of the 2026 report The Medscape 2026 general surgery data can be reduced to three anchors: Average compensation sits at approximately $442,000 51% feel fairly compensated 37% expect further earnings growth Taken together, the picture is clear: General surgery remains one of the better-paid physician specialties and continues to generate modest compensation growth. However, individual outcomes are increasingly influenced by productivity and practice structure rather than experience alone. Summary If you are a general surgeon reading this report, the key question is not whether compensation continues to rise. It is the more important question: Am I positioned to maximise the opportunities available within today's surgical compensation models? Because the report makes one thing clear: General surgery remains financially strong, but your place within the earnings distribution is increasingly determined by productivity, volume and practice structure rather than years in practice alone. Source Medscape General Surgeon Compensation Report 2026 Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

Merck KGaA has agreed to acquire US-based life sciences company Bio-Techne in an $11.3 billion deal, significantly expanding its presence across the life sciences value chain and marking one of the largest pharmaceutical acquisitions of 2026. The acquisition strengthens Merck’s capabilities beyond traditional pharmaceuticals, adding Bio-Techne’s portfolio of research reagents, analytical instruments, clinical diagnostics and biologics manufacturing tools. It also represents the company's largest acquisition since its $17 billion purchase of Sigma-Aldrich in 2015. Strengthening the Life Sciences Value Chain Under the agreement, Merck will pay $73 per share for Bio-Techne, representing a 36% premium to the company's one-month volume-weighted average share price and a 25% premium to its most recent market close. Bio-Techne generated more than $1.2 billion in net sales during fiscal 2025 and operates across 34 global locations with approximately 3,100 employees. Its portfolio includes: Cytokines and growth factors Antibodies and proteins Small molecules for drug discovery Immunoassay kits Analytical instruments Clinical diagnostic products These technologies are widely used throughout drug discovery, translational research, clinical development and commercial manufacturing. Merck said the acquisition will enable it to better support customers across the full development lifecycle, from early laboratory research through to large-scale biopharmaceutical production. A Strategic Shift Under New Leadership The transaction is the first major acquisition led by CEO Kai Beckmann, who assumed leadership in September 2025. Earlier this year, Beckmann described Merck's pharmaceutical pipeline as "rather slim" and signalled that acquisitions would play an increasingly important role in strengthening the company's long-term growth strategy. The Bio-Techne acquisition aligns closely with that vision. Rather than focusing solely on adding late-stage drug assets, Merck is investing in the infrastructure and technologies that underpin modern drug development, expanding its exposure to the broader life sciences ecosystem. The strategy also continues a long-term diversification programme that began with the acquisition of Sigma-Aldrich, reducing reliance on revenue generated exclusively from marketed medicines. Growing Momentum in Healthcare M&A The acquisition comes amid one of the strongest periods for healthcare dealmaking in recent years. US pharmaceutical and life sciences deal value exceeded $65 billion during the first quarter of 2026, while industry confidence continues to improve. According to GlobalData's State of the Biopharmaceutical Industry 2026 (Mid-Year Update), more than half of industry respondents remain optimistic about sector growth over the coming year. The Bio-Techne purchase also joins a growing list of blockbuster acquisitions announced by non-US pharmaceutical companies during 2026, including: GSK's $10.6 billion acquisition of Nuvalent Sun Pharma's $11.75 billion acquisition of Organon Merck's move suggests European pharmaceutical companies remain willing to pursue large strategic acquisitions despite continued economic uncertainty. Why the Deal Matters The acquisition reflects several broader industry trends: Life sciences tools businesses continue to attract strong strategic interest from pharmaceutical companies. Diversification beyond traditional drug portfolios is becoming an increasingly important growth strategy. Companies are investing across the entire drug development ecosystem rather than focusing solely on therapeutic assets. Large-scale M&A activity remains robust despite challenging capital markets. For Merck, Bio-Techne provides immediate scale in research tools and diagnostics while strengthening relationships with biotechnology and pharmaceutical customers across every stage of drug development. Summary Merck KGaA has agreed to acquire Bio-Techne for $11.3 billion, marking its largest acquisition in a decade and significantly expanding its life sciences business. The transaction strengthens Merck's position across research, diagnostics and biomanufacturing while continuing its long-term strategy of diversifying beyond traditional pharmaceuticals. As healthcare M&A activity gathers pace in 2026, the acquisition highlights the growing strategic value of companies supplying the technologies that power modern drug discovery and development. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

The Medscape Urologist Compensation Report 2026 shows urology remains one of the highest-earning procedural specialties in medicine, with total compensation averaging approximately $535,000. Urologists reported a strong year for pay growth in 2025, with earnings rising by around 6% year-over-year and continuing to sit well above the physician average. Despite this strong income profile, only around half of urologists report feeling fairly compensated, highlighting a growing disconnect between absolute earnings and perceived value. As with other procedural specialties, compensation is increasingly shaped by productivity, case volume and practice structure rather than seniority alone. The key differentiator is no longer time in practice. It is how efficiently and at what scale you are able to convert clinical demand into procedural output. Urology compensation continues to rise The Medscape 2026 data shows that Urology experienced approximately 6% compensation growth during 2025. This places urology above the broader physician average of around 3% growth, reinforcing its position as a high-performing procedural specialty. In practical terms: Urology remains financially strong, with earnings momentum still positive despite broader reimbursement pressure across medicine. However, the more important dynamic is not the headline average. It is how widely compensation is now distributed within the specialty based on productivity. Below the urology earnings range This segment reflects urologists who sit beneath the main specialty compensation cluster. This is typically associated with: Lower procedural volume Early-career consultants still building caseload Employed hospital roles with fixed salary structures Limited access to high-value procedures Reduced exposure to private practice income streams What this means in real terms: You may still be well compensated in absolute terms, but you are not yet capturing the full earnings potential of the specialty. Around the urology earnings range This represents the core of the specialty distribution. Compensation here is typically driven by: Consistent procedural activity Stable referral networks Balanced theatre and outpatient workload Standard productivity-based remuneration models This is the functional benchmark for most practising urologists in 2026. What this means: Most urologists will sit here, and earnings in this band still place the specialty firmly among the higher-paid areas of medicine. Above the urology earnings range This is where compensation begins to separate meaningfully from the average. Higher earners are typically characterised by: High procedural throughput Strong elective surgery volume Private practice or hybrid models Greater control over case mix Ownership or leadership stakes in practice structures At this level, structural positioning matters as much as clinical experience. The difference is not just performance. It is access to volume and the systems that enable it. $535,000 average compensation The headline figure of approximately $535,000 reflects urology’s continued position in the upper tier of physician earnings. However, this average masks a wide distribution. Some practitioners sit significantly below this level, while high-volume surgeons operate well above it. What this means: The average is no longer the most useful reference point. Distribution and productivity are now more important indicators of earning potential than headline salary. 49% feel fairly compensated Despite strong earnings, only around half of urologists report feeling fairly compensated. This highlights a key structural tension: Income levels remain high, but workload intensity, administrative burden and system constraints continue to influence perception of fairness. Two urologists on similar salaries may report very different experiences depending on: Operating theatre access On-call burden Administrative load Staffing support Practice autonomy Compensation and satisfaction are increasingly decoupled. Expectations remain mixed The outlook across the specialty shows: 35% expect compensation increases 43% expect flat pay 23% expect declines This reflects a balanced but cautious outlook. Growth is still present, but a significant portion of the specialty expects stagnation, largely driven by reimbursement pressure and practice cost inflation. Incentives remain highly productivity-driven Among urologists eligible for bonuses: RVU generation is the primary driver of incentive pay 52% report RVUs now influencing base pay as well as bonuses This reinforces a key structural point: Urology is firmly embedded in a productivity-linked compensation model. This creates clear upside for high-volume practitioners, but also widens earnings dispersion across the specialty. What this means for you by career stage If you are an early career (0–3 years post-consultant) You are still building procedural volume and referral flow. Positioning matters more than current earnings. If you are mid-career (4–9 years) This is where divergence begins. Productivity and case mix increasingly determine where you sit relative to the $535k benchmark. If you are established (10–19 years) Earnings differences widen based on structure, efficiency and access to high-value procedures. If you are senior (20+ years) Outcomes split between stable, high-earning roles and significantly higher-income, high-volume or ownership-led positions. The core message of the 2026 report The Medscape 2026 urology data can be summarised in three anchors: Average compensation: ~$535,000 49% feel fairly compensated 35% expect further pay growth Taken together, the picture is clear: Urology remains one of the strongest-earning specialties in medicine, with continued growth and high baseline compensation. However, the way that income is distributed is shifting. Individual outcomes are increasingly determined by productivity, procedural volume and practice structure rather than tenure alone. Summary The key question for urologists is no longer whether the specialty is well paid. It is whether your current practice environment allows you to capture the upper end of the distribution. Because the 2026 data makes one thing clear: Urology remains financially strong, but the gap between average and high earners is increasingly defined by volume, efficiency and structural positioning rather than experience alone. Source Medscape Urologist Compensation Report 2026 Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

The Medscape Internist Compensation Report 2026 shows internal medicine remains a foundational, mid-tier earning specialty, with compensation continuing to grow steadily during 2025. Internists reported average compensation of approximately $307,000, with earnings increasing by around 5% year-over-year. While this growth outpaced inflation and the broader physician average, internal medicine continues to sit below many procedural specialties in overall earning power. However, like much of modern medicine, compensation is increasingly shaped by productivity, RVUs, and practice structure rather than tenure alone. The biggest earnings differences are no longer driven by seniority. They are increasingly determined by workload intensity, patient volume, and where and how you practise. Internal medicine compensation continues steady growth The Medscape 2026 data shows internists experienced compensation growth of approximately 5% during 2025. This compares to: ~3% average growth across physicians generally ~2.7% core inflation at end of 2025 In real terms, internal medicine earnings are rising in a meaningful way. However, this growth does not fully close the gap with higher-paying procedural specialties. The key takeaway: Internal medicine is financially stable and improving, but structurally capped relative to surgical and procedural fields. So the more important question becomes: Where do you sit within the internal medicine earnings distribution? Because variation within the specialty is now driven far more by workload and system design than by years of experience. Below the internal medicine earnings range This group sits below the main earnings cluster for internists. This typically reflects: Early-career positions Lower patient volumes Hospital-employed salaried models Limited productivity-linked incentives Reduced RVU generation What this means in real terms: You are still within a strong baseline earning specialty. But your current compensation sits below the main internal medicine distribution. This is often a stage where structure matters more than effort alone. Around the internal medicine earnings range This is where most internists sit. Compensation here is typically driven by: Stable patient panels Standard clinic throughput Mixed salaried + incentive models Moderate RVU contribution Established NHS-equivalent or US hospital systems This represents the functional centre of internal medicine earnings in 2026. In practical terms: Most internists cluster tightly around this level, with relatively narrow variation compared to procedural specialties. Above the internal medicine earnings range This is where earnings begin to separate meaningfully from the median. Higher earners are typically characterised by: High patient volume practices Strong RVU performance Additional leadership or administrative roles Private practice exposure or hybrid models Efficiency-driven workflows At this level, compensation becomes less about specialty and more about output. The Medscape data reinforces this: Productivity is now the dominant driver of upside within internal medicine. 47% of internists feel fairly compensated Despite steady earnings growth, only 47% of internists reported feeling fairly compensated. This remains below what might be expected given income growth. What this means: Compensation level alone does not determine satisfaction. Two internists earning similar salaries may experience very different realities depending on: Workload intensity Administrative burden Staffing support Patient complexity System efficiency Internal medicine remains a high-burnout, high-demand specialty where workload often offsets financial gains. Expectations remain mixed The report shows: 39% expect compensation increases 46% expect flat pay 14% expect pay declines What this means in real terms: The outlook is cautiously stable rather than strongly optimistic. Most internists expect either stability or modest growth. However, a meaningful minority still anticipate pressure on earnings, largely driven by reimbursement constraints. Incentives and RVUs remain central Among internists eligible for bonuses: RVUs and quality metrics are key drivers of incentive pay ~39% now have RVUs influencing base pay (not just bonuses) What this means: Internal medicine is increasingly structured around measurable output. Even base pay is becoming linked to productivity frameworks. This creates: More transparency in earnings Greater upside for high-volume clinicians Wider dispersion across the specialty What this means for you by experience level Early career (0–3 years) At this stage, earnings are primarily determined by employment structure. If you are: Below the range → typical early role with limited RVU exposure Around the range → standard progression into stable clinic workload Above the range → early access to high-volume or incentivised roles Key point: Early earnings are more about system placement than individual performance. Mid-career (4–9 years) This is where divergence begins to emerge. What the report suggests: Most internists cluster around the median Higher earners separate through productivity and efficiency If you are: Below the range → under-utilised or lower throughput role Around the range → typical internal medicine trajectory Above the range → benefiting from strong RVU or panel size Key insight: This is where productivity starts to define earnings differences. Established (10–19 years) At this stage, compensation variation becomes more visible. What the data suggests: Stable middle remains dominant Higher tier emerges for those with productivity leverage or leadership roles If you are: Below the range → limited productivity growth or static role Around the range → standard internal medicine output Above the range → high-efficiency or leadership-enhanced earnings Key point: System design increasingly determines outcomes. Senior (20+ years) At senior level, two paths dominate: Stable earnings with consistent clinical workload Higher earnings through leadership, ownership, or high-output practice The difference is increasingly structural rather than tenure-based. The core message of the 2026 report The Medscape 2026 internal medicine data can be summarised around three anchors: Average compensation: ~$307,000 47% feel fairly compensated 39% expect further earnings growth Taken together, the picture is clear: Internal medicine remains a stable, mid-tier earning specialty with consistent growth. However, compensation outcomes are increasingly determined by productivity and system structure rather than experience alone. Summary If you are an internist reading this report, the key question is not whether earnings are rising. It is: Are you positioned within a system that allows your workload and productivity to translate into fair compensation? Because the 2026 data shows a clear pattern: Internal medicine remains financially stable, but outcomes increasingly depend on volume, efficiency, and practice structure rather than years in practice alone. Source Medscape Internist Compensation Report 2026 Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

Late-stage myelofibrosis candidate navtemadlin could reshape treatment for patients with suboptimal responses to Jakafi. Ipsen has agreed to acquire US biotech Kartos Therapeutics in a deal worth up to $1.75 billion, strengthening its late-stage oncology pipeline with navtemadlin (KRT-232), an investigational therapy targeting patients with myelofibrosis who no longer respond adequately to current standard treatment. The acquisition combines an upfront payment of $450 million with up to $1.3 billion in development and commercial milestone payments, highlighting Ipsen's confidence in the asset's long-term potential. Targeting an unmet need in myelofibrosis Myelofibrosis is a rare blood cancer characterised by scarring of the bone marrow, leading to impaired blood cell production, enlarged spleen size and debilitating symptoms. Current treatment is largely centred around Jakafi (ruxolitinib), the JAK inhibitor developed by Incyte. While Jakafi has transformed care for many patients by reducing spleen enlargement and improving symptoms, a significant proportion eventually experience a suboptimal response or discontinue treatment altogether. Navtemadlin has been designed to address this gap. Unlike JAK inhibitors, the oral therapy works by inhibiting MDM2, restoring the activity of the tumour suppressor protein p53 in patients whose cancers retain wild-type TP53. Rather than replacing existing therapy, navtemadlin is being developed as an add-on treatment to improve outcomes for patients whose disease is no longer adequately controlled. Phase III study underway The lead programme is currently being evaluated in the Phase III POIESIS trial, which is enrolling patients with intermediate- and high-risk TP53 wild-type myelofibrosis who have experienced a suboptimal response to Jakafi. Top-line data are expected during 2027. Earlier Phase Ib/II data have provided encouraging signals. Among 19 patients receiving navtemadlin alongside Jakafi: 42% achieved at least a 25% reduction in spleen volume after 24 weeks. 32% achieved the more stringent 35% spleen volume reduction endpoint. 32% experienced at least a 50% improvement in total symptom score. While based on a relatively small patient population, the results suggest the combination could improve outcomes in a setting where treatment options remain limited. Building Ipsen's oncology franchise The acquisition continues Ipsen's strategy of expanding its oncology portfolio through targeted business development. Commenting on the deal, Ipsen CEO David Loew said navtemadlin has the potential to establish "a new treatment paradigm" for patients with myelofibrosis who have an inadequate response to current standard of care, with a potential commercial launch as early as 2028 if development progresses successfully. The transaction also follows Ipsen's acquisition of ImCheck Therapeutics in October 2025, when the company agreed a deal worth up to €1 billion for the experimental immuno-oncology antibody ICT01. What the acquisition means For Ipsen, Kartos represents more than a pipeline expansion. The company is investing in a late-stage asset targeting a clearly defined unmet clinical need within an established treatment market. Rather than competing directly with Jakafi, navtemadlin aims to complement the current standard of care, potentially extending treatment benefit for patients who would otherwise have limited options. If the ongoing Phase III trial confirms the earlier clinical findings, the acquisition could provide Ipsen with an important growth driver in haematological oncology while offering physicians a new therapeutic strategy for managing myelofibrosis beyond first-line JAK inhibition. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

Acquisition centres on Yupelri COPD franchise while retaining upside through respiratory and legacy pipeline assets. Zymeworks is moving decisively beyond its traditional oncology footprint, agreeing to acquire Theravance Biopharma for approximately $929 million in cash, in a deal designed to broaden its revenue base and accelerate its entry into the chronic obstructive pulmonary disease (COPD) market. The transaction, which includes a contingent value right (CVR) tied to a legacy asset, is expected to close in the second half of 2026. At the centre of the acquisition is Yupelri (revefenacin), a once-daily nebulised long-acting muscarinic antagonist (LAMA) used for maintenance treatment in COPD. The product is already commercially established in the US and provides the foundation for much of Theravance’s near-term revenue profile. A commercial asset at the core Yupelri generated $266.6 million in US sales last year, representing 12% year-on-year growth, and continues to benefit from a relatively protected competitive position. Theravance holds a 35% revenue-sharing interest in the US product, which is co-promoted with Viatris. Importantly, settlement agreements with generic manufacturers mean competition is not expected until 2039, giving the asset a long runway of protected cash flow. In addition to current revenues, Theravance is eligible for: Up to $125 million in milestone payments tied to US sales performance Double-digit tiered royalties on international sales Additional milestones linked to ex-US performance of Yupelri The broader respiratory portfolio also includes exposure to GSK’s Trelegy Ellipta, with Theravance expected to receive a $100 million milestone payment in Q1 2027, alongside royalties from other partnered assets such as Vibativ (telavancin). Strategic shift: from R&D biotech to cash-flow hybrid For Zymeworks, the deal marks a clear pivot towards a more diversified financial model. CEO Kenneth Galbraith said the acquisition would "meaningfully expand and diversify future revenue sources" and deliver an immediate uplift in commercial royalty income. The strategy reflects a broader industry trend: biotechs moving to balance high-risk R&D pipelines with stable, partner-driven cash flows. Rather than relying solely on clinical-stage assets, Zymeworks is now positioning itself as a hybrid business model—combining: Established respiratory royalties Mid-stage and preclinical R&D programmes Externalised non-core assets CVR tied to high-risk neurogenic orthostatic hypotension asset The deal structure also includes a contingent value right (CVR), giving Theravance shareholders entitlement to 80% of proceeds from any future licensing or divestiture of ampreloxetine over the next 10 years. The asset has faced repeated clinical setbacks, most recently failing in the Phase III CYPRESS trial in symptomatic neurogenic orthostatic hypotension. Following the failure, Theravance reduced its workforce and began reviewing strategic options for the programme. Zymeworks will receive the remaining 20% of any future upside. Portfolio rationalisation and tax assets Beyond Yupelri and ampreloxetine, the acquisition includes a preclinical immunology and inflammation pipeline. Zymeworks has indicated it intends to externalise these assets, alongside ampreloxetine, rather than advance them internally. The company will also inherit approximately $2.5 billion in Irish tax attributes, which may be utilised in future to offset taxable income, adding a further layer of long-term financial optionality. Why this deal matters This acquisition is less about pipeline transformation and more about balance sheet engineering and revenue stabilisation. For Zymeworks, Theravance provides: Immediate commercial cash flow via a de-risked respiratory asset Long-dated exclusivity protection in COPD Milestone and royalty upside from adjacent respiratory franchises Optionality from legacy and preclinical assets via externalisation In a sector where many biotechs remain heavily dependent on binary clinical outcomes, this deal signals a shift towards durable income streams layered onto traditional drug development models. If executed successfully, Zymeworks will emerge with a more balanced profile: part R&D innovator, part royalty-driven commercial operator—anchored by one of the more resilient assets in the COPD space. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

The FDA has approved Tregzi, the first regulatory T (Treg) cell-based immunotherapy to improve chronic graft-versus-host disease (GVHD)-free survival in adults with blood cancers undergoing allogeneic stem cell transplantation, marking a major advance in cellular therapy and transplant medicine. The approval is supported by the Phase III PRECISION-T trial, in which Tregzi significantly reduced the incidence of chronic GVHD while nearly doubling one-year GVHD-free survival compared with standard stem cell transplantation. Alert Type Regulatory Approval (FDA) Drug Name Imfinzi (durvalumab) + Bacillus Calmette-Guérin (BCG) Indication BCG-naïve, high-risk non-muscle-invasive bladder cancer (NMIBC) in adults Therapy Area(s) Oncology, Urology, Bladder Cancer, Immuno-oncology Geography United States (FDA approval) What Changed The FDA approved AstraZeneca’s Imfinzi (durvalumab) in combination with BCG induction and maintenance therapy for adults with BCG-naïve, high-risk NMIBC. Based on the Phase III POTOMAC trial, the combination reduced the risk of high-risk disease recurrence, progression, or death by 32% compared with BCG alone, becoming the first approved immunotherapy combination in this setting. Clinical Relevance The approval introduces a new treatment paradigm for high-risk NMIBC by adding immunotherapy to the long-established BCG backbone. The regimen demonstrated durable disease-free survival benefits over more than five years of follow-up while maintaining a manageable safety profile, preserving BCG treatment completion rates, and not negatively affecting patient-reported quality of life. Source Link https://www.globaldata.com/newsletter/details/fda-approves-astrazeneca-s-imfinzi-bcg-combination-for-nmibc-therapy_383859/ Date 1-Jun-2026 Status Draft Notes POTOMAC Phase III data showed a disease-free survival hazard ratio of 0.68 with a median follow-up of 60.7 months. No new safety signals were identified versus the known profiles of Imfinzi and BCG. Regulatory reviews are ongoing in the EU, Japan, and other markets. The approval further expands Imfinzi’s role across the bladder cancer treatment pathway alongside ongoing Phase III programmes including VOLGA, NIAGARA, and NILE. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

The reverse merger will create Nasdaq-listed Cortigent Holdings, providing Vivani's brain-computer interface business with independent funding to accelerate vision restoration and neurorehabilitation technologies. Vivani Medical has agreed to spin out its brain-computer interface (BCI) business through a reverse merger with Nasdaq-listed communications technology company ClearOne, creating a new publicly traded neurotechnology company focused on restoring vision and motor function. Once the transaction closes, expected in the third quarter of 2026, ClearOne will be renamed Cortigent Holdings and will trade on the Nasdaq under the ticker CRGT. The move gives Vivani’s neurotechnology division independent access to public capital while allowing the parent company to concentrate on its long-acting drug implant portfolio. Creating a Standalone Brain-Computer Interface Company Under the agreement, Vivani will receive 12.5 million shares of ClearOne common stock and will own between 59.4% and 67.5% of the combined company, depending on the final financing structure. Existing ClearOne shareholders will retain between 12.7% and 14.4% ownership. Although ClearOne currently develops professional audio and video collaboration systems, that business will become a legacy, non-core operation following completion of the merger as the company shifts its strategic focus towards neurotechnology. Investor enthusiasm was immediate. Following the announcement, ClearOne's share price more than doubled during trading, highlighting growing interest in the brain-computer interface sector. Building a Pipeline Focused on Restoring Vision and Movement The new Cortigent Holdings will inherit a portfolio of implantable neurostimulation technologies targeting significant unmet neurological needs. Its lead programmes include: Orion, a brain-computer interface implant designed to restore functional vision in blind patients. Argus II, a retinal prosthesis intended to provide artificial vision for people living with severe retinitis pigmentosa. The company is also developing a next-generation neurostimulation device designed to help restore arm and hand movement following stroke-related paralysis, expanding its focus beyond vision restoration into neurorehabilitation. These technologies originated from Second Sight Medical before becoming part of Vivani following its merger with Nano Precision Medical in 2022. Funding Future Development Alongside the merger, ClearOne plans to raise between $10 million and $15 million through a share offering to support continued clinical and product development. For Vivani, the transaction also delivers strategic benefits beyond financing. By separating Cortigent into an independent public company, Vivani expects to reduce ongoing investment requirements while sharpening its focus on developing long-acting implantable drug delivery technologies. The structure allows both businesses to pursue distinct growth strategies while maintaining Vivani as the majority shareholder in the new neurotechnology company. Why the Deal Matters The transaction reflects several broader trends emerging across healthcare innovation: Brain-computer interface technologies are attracting increasing commercial and investor interest. Companies are using reverse mergers to access public markets more quickly than through traditional IPOs. Neurotechnology developers are expanding beyond research into commercially focused clinical pipelines. Investors are showing growing confidence in implantable devices targeting neurological disorders and rehabilitation. The market opportunity is substantial. Industry forecasts project the global neurology devices market to exceed $25 billion by 2034, while some analysts estimate the long-term addressable market for healthcare-focused brain-computer interfaces could eventually reach hundreds of billions of dollars as the technology matures. Summary Vivani Medical has agreed to merge its Cortigent neurotechnology business with ClearOne, creating a new publicly listed company dedicated to brain-computer interface technologies. The transaction provides Cortigent with independent access to public markets while enabling Vivani to focus on its core drug delivery platform. As investment and clinical development accelerate across neurotechnology, the deal highlights the growing commercial momentum behind brain-computer interfaces aimed at restoring vision, movement and neurological function. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

The decision makes Itvisma the first and only gene replacement therapy approved in the EU for older children, teenagers and adults living with 5q spinal muscular atrophy. The European Commission has approved Novartis' Itvisma (onasemnogene abeparvovec) for the treatment of older children, teenagers and adults with 5q spinal muscular atrophy (SMA) who have a bi-allelic mutation in the survival motor neuron 1 (SMN1) gene. The approval significantly expands access to gene replacement therapy within Europe, making Itvisma the only approved treatment of its kind for this broader patient population. Expanding Access Beyond Early Childhood Spinal muscular atrophy is a rare genetic neuromuscular disorder caused by mutations in the SMN1 gene, resulting in insufficient production of survival motor neuron protein and progressive muscle weakness. Until now, gene replacement therapies have largely been focused on younger patients. The European Commission's decision extends access to older children, adolescents and adults, addressing a long-standing unmet need for patients who previously had limited treatment options. Itvisma delivers a functional copy of the SMN1 gene through a single fixed-dose intrathecal injection, eliminating the need for ongoing dosing adjustments based on age or body weight. Clinical Evidence Supports Approval The approval is supported by data from three clinical studies: STEER Phase IIIb STRENGTH Phase I/II STRONG The registrational STEER study demonstrated a statistically significant improvement of 2.39 points on the Hammersmith Functional Motor Scale, with benefits maintained throughout a 52-week follow-up period. Both the STEER and STRENGTH studies also showed clinically meaningful improvements in motor function across both treatment-naïve patients and those who had previously received SMA therapies. These findings helped demonstrate that gene replacement therapy may provide meaningful functional benefits beyond the early stages of the disease. A Milestone for Gene Therapy in SMA Novartis believes the expanded indication represents an important step forward in broadening access to one-time gene replacement therapy. The company said the approval has the potential to address significant unmet needs among older SMA patients who have historically had fewer therapeutic options than younger children. As with any gene therapy, treatment is associated with potential side effects. The most commonly reported adverse events include upper respiratory tract infection, fever, vomiting, headache and elevated liver enzymes. Strengthening Novartis' Rare Disease Portfolio The approval further reinforces Novartis' position in rare genetic diseases and gene therapy. The company holds exclusive global licences covering both intravenous and intrathecal delivery of AAV9-based gene therapies for spinal muscular atrophy, positioning it as one of the leading developers in this space. Gene therapies continue to reshape the treatment landscape for inherited neurological disorders by offering the potential for long-lasting therapeutic benefit following a single administration. Summary The European Commission has approved Novartis' Itvisma for older children, teenagers and adults with 5q spinal muscular atrophy, making it the first gene replacement therapy authorised for this wider patient population within the EU. Supported by positive clinical data across multiple studies, the approval expands treatment options for patients with SMA while reinforcing the growing role of one-time gene therapies in managing rare neurological diseases. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

The acquisition adds first-in-class BK polyomavirus candidate potravitug as Ipsen continues an aggressive week of dealmaking following its Kartos Therapeutics takeover. Ipsen has agreed to acquire Swiss rare disease biotech Memo Therapeutics in a deal worth more than €700 million, adding a promising late-stage rare disease programme to its pipeline and continuing its recent acquisition drive. The transaction follows just days after Ipsen announced its $1.75 billion acquisition of Kartos Therapeutics, signalling an increasingly active business development strategy focused on high-value specialist medicines. A Potential First-in-Class Therapy for Kidney Transplant Patients The centrepiece of the acquisition is potravitug, Memo's lead clinical asset targeting BK polyomavirus-associated nephropathy (BKPyVAN). BKPyVAN is a serious complication that can develop in kidney transplant recipients when the normally dormant BK virus reactivates as a result of immunosuppressive therapy. Current treatment options are limited, with clinicians often forced to reduce immunosuppressive medication to control the virus, increasing the risk of transplant rejection and long-term graft loss. Potravitug has been designed to address this unmet need by targeting the virus directly. The monoclonal antibody binds to the VP1 capsid protein, preventing the virus from attaching to and entering healthy cells, with the aim of stopping viral replication before kidney damage occurs. Late-Stage Development Underway Memo plans to launch its pivotal SAFE KIDNEY III Phase III trial later this year. The programme builds on encouraging results from the earlier SAFE Kidney II study, where potravitug enabled significantly more patients to achieve low or undetectable viral loads compared with placebo. If successful, the therapy could become the first targeted treatment approved specifically for BKPyVAN, representing a significant advance for kidney transplant care. The candidate has already received both Fast Track designation from the US Food and Drug Administration and Orphan Drug designation in both the US and Europe. Deal Structure Reflects Confidence in Future Success Under the agreement, Ipsen will pay €200 million upfront when the transaction closes, which is expected during the third quarter of 2026. Memo shareholders could receive more than €700 million in additional milestone payments linked to the programme's clinical development, regulatory approvals and future commercial performance. The heavily milestone-based structure allows Ipsen to limit upfront risk while providing substantial upside if potravitug reaches the market. Building Momentum Through Targeted Acquisitions The Memo acquisition follows Ipsen's purchase of Kartos Therapeutics, which added Phase III myelofibrosis candidate navtemadlin to its oncology pipeline. Together, the two acquisitions demonstrate Ipsen's strategy of acquiring advanced clinical-stage assets capable of delivering near- to medium-term growth across specialist therapeutic areas. Rather than pursuing broad portfolio expansion, the company continues to focus on targeted acquisitions addressing diseases with significant unmet clinical need. Summary Ipsen has agreed to acquire Memo Therapeutics in a deal worth more than €700 million, strengthening its rare disease pipeline with the addition of potravitug, a potential first-in-class therapy for BK polyomavirus-associated nephropathy. Combined with its recent acquisition of Kartos Therapeutics, the transaction highlights Ipsen's growing focus on late-stage, high-value assets that could address significant unmet medical needs while supporting the company's long-term growth strategy. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

The agreement will deploy Insilico’s Pharma AI platform across Takeda’s pipeline to accelerate early-stage drug discovery and candidate selection. Insilico Medicine has entered into a strategic collaboration with Takeda to apply its AI-driven Pharma.AI platform across the discovery and development of new drug candidates, marking another major partnership in the growing field of generative AI in pharma. The deal could be worth up to $600 million in total payments, including upfront fees, development milestones, and potential commercial royalties. AI Takes a Central Role in Early Drug Discovery Under the agreement, Insilico Medicine will lead early-stage discovery efforts using its AI platform to identify and design molecules that meet predefined scientific and development criteria. The Pharma.AI system integrates generative AI models to accelerate the identification of drug candidates, with the aim of improving both the speed and precision of early-stage research. Takeda will be responsible for advancing selected candidates into clinical development, leveraging its global infrastructure for clinical validation and late-stage drug development. The collaboration focuses on identifying molecules with strong potential for differentiation across Takeda’s key therapeutic areas, including conditions with high unmet medical need. Structuring a Multi-Layered Value Agreement Insilico will receive approximately $60 million in upfront and near-term payments tied to project initiation and early milestones. Beyond this, the agreement includes a series of potential payments linked to preclinical, clinical, regulatory, and commercial achievements, which could increase the total deal value to around $600 million. The company is also eligible to receive tiered royalties on future product sales, providing additional long-term upside if any candidates reach the market. Takeda will retain exclusive global rights to develop, manufacture, and commercialise any therapeutics emerging from the collaboration. Building on a Broader AI Expansion Strategy For Insilico Medicine, the partnership adds to a growing portfolio of collaborations with major pharmaceutical companies as AI becomes increasingly embedded in drug discovery workflows. Earlier this year, the company announced multiple collaborations with China Medical System (CMS) across central nervous system and autoimmune disease programmes, further expanding its global footprint in AI-enabled drug development. Takeda, meanwhile, continues to deepen its investment in advanced computational approaches, integrating AI technologies into its broader research strategy as competition in drug discovery accelerates. Leadership Perspective Insilico Medicine founder, CEO and CBO Alex Zhavoronkov said the partnership reflects the growing integration of generative AI across the pharmaceutical value chain. He highlighted the potential for AI-driven drug discovery to improve both the quality and differentiation of future therapeutics, describing it as a step toward more advanced, data-driven pharmaceutical innovation. Summary Insilico Medicine and Takeda have formed a strategic partnership worth up to $600 million to apply AI-driven drug discovery across early-stage research programmes. The collaboration will combine Insilico’s Pharma.AI platform with Takeda’s global clinical development capabilities, reflecting the increasing role of generative AI in reshaping how new medicines are discovered and developed. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com

Funding will support the global SURPASS-IPF trial comparing deupirfenidone directly against standard-of-care pirfenidone in idiopathic pulmonary fibrosis. Celea Therapeutics has raised $180 million in new financing to support the initiation of its pivotal Phase III SURPASS-IPF clinical trial evaluating deupirfenidone (LYT-100) in idiopathic pulmonary fibrosis (IPF). The funding round brings together a consortium of investors including RA Capital Management, PureTech Health, Leaps by Bayer, a major US healthcare fund, and a sovereign wealth fund, reflecting strong confidence in the programme’s late-stage potential. Advancing a Next-Generation Antifibrotic Therapy Deupirfenidone is a deuterated form of pirfenidone, designed to improve tolerability and pharmacokinetics compared with existing antifibrotic therapies. It is being developed as a potential new standard of care for IPF, a progressive and fatal lung disease characterised by irreversible fibrosis and declining respiratory function. Currently approved treatments, including pirfenidone and nintedanib, can slow disease progression but are often limited by gastrointestinal side effects and suboptimal dosing adherence. Phase III Trial to Compare Directly Against Standard of Care The upcoming SURPASS-IPF Phase III trial is expected to begin in early Q3 2026. It will be a randomised, double-blind, head-to-head global study, comparing: Deupirfenidone 825mg three times daily (TID) vs Pirfenidone 801mg three times daily (TID) The study will enrol adults with IPF who are not receiving background antifibrotic therapy. The primary endpoint will measure change from baseline in absolute forced vital capacity (FVC) at week 52, a key indicator of lung function decline. Clinical Rationale and Early Data Deupirfenidone has already received Orphan Drug Designation from both the US Food and Drug Administration and the European Commission. Earlier data from the Phase IIb ELEVATE IPF trial suggested the therapy may stabilise lung function decline over at least 26 weeks when used as monotherapy. Open-label extension results further indicated that treatment effects could be sustained for at least 52 weeks, supporting progression into late-stage development. Leadership Perspective Celea Therapeutics CEO Sven Dethlefs said the funding represents a critical step in addressing a disease with significant unmet need. He noted that IPF remains a devastating condition with limited treatment options and highlighted the potential for deupirfenidone to deliver meaningful improvements in patient outcomes. Expanding Potential Beyond IPF Beyond idiopathic pulmonary fibrosis, Celea is also exploring the potential of deupirfenidone in other fibrotic conditions, including progressive fibrosing interstitial lung diseases, suggesting a broader future development strategy. Summary Celea Therapeutics has secured $180 million to advance its Phase III SURPASS-IPF trial evaluating deupirfenidone in idiopathic pulmonary fibrosis. The head-to-head study against pirfenidone will begin in early Q3 2026 and represents a key step in determining whether the next-generation antifibrotic can redefine treatment standards in a disease with limited therapeutic options. Discover how nuaxia can support your next medical education initiative: Find out more about our specialist services - Moore's Outcome Assessments, Educational Needs Assessments and Patient Impact Studies for the Medical Education sector Contact us on: support@nuaxia.com