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The combination forms one of the largest dedicated healthcare investors globally, spanning pharma, medtech, diagnostics, and healthcare infrastructure across three continents. GHO Capital and CBC Group have agreed to merge their operations to form a combined healthcare investment platform with more than $21bn in assets under management, creating what the firms describe as the world’s largest healthcare-focused investment organisation. The new entity brings together over 200 employees across 13 global offices and will invest across pharmaceuticals, medical devices, life sciences tools, diagnostics, healthcare infrastructure, and healthcare IT, reflecting a full-stack approach to healthcare innovation and capital deployment. A Global Platform for Healthcare Capital Deployment The combined firm is designed to connect healthcare innovation ecosystems across North America, Europe, and Asia-Pacific, regions that together account for approximately 90% of global healthcare R&D spending. By integrating investment capabilities across geographies, the platform aims to accelerate international scaling for portfolio companies while improving access to growth-stage healthcare innovation in both developed and emerging markets. Leadership at CBC Group has highlighted the goal of linking leading healthcare companies with global pools of capital to improve efficiency in addressing unmet medical needs and expanding access to care. Expanding Scale Across Healthcare Investment Themes GHO Capital closed its most recent Fund IV at over €2.5bn, bringing total assets under management to approximately €9bn, while CBC Group manages around $10.8bn following the close of its R-Bridge Healthcare Fund II. Both firms have built diversified portfolios spanning biotech, healthcare services, diagnostics, and digital health. Recent investments include contract development and manufacturing organisations, AI-driven R&D platforms, molecular diagnostics companies, and specialty pharmaceutical assets across global markets. This combined portfolio breadth reflects a growing trend in healthcare investing toward platform diversification across both physical and digital healthcare infrastructure. Why This Merger Matters Now The formation of a $21bn healthcare investment platform signals continued consolidation in healthcare private capital, particularly as investors seek scale advantages in a fragmented global innovation landscape. With healthcare R&D increasingly globalised and data-driven, investment firms are expanding beyond traditional regional strategies to build cross-border platforms capable of deploying capital across multiple healthcare subsectors simultaneously. The merger also reflects rising interest in AI-enabled healthcare, precision medicine, and infrastructure-level investments that support drug development, diagnostics, and clinical deployment at scale. What This Means for the Industry The GHO–CBC combination highlights several structural shifts in healthcare investment: Healthcare private equity and growth capital are consolidating into global mega-platforms> Cross-border capital deployment is becoming essential in capturing healthcare innovation cycles Investment strategies are increasingly focused on integrated healthcare ecosystems rather than single subsectors. As healthcare innovation becomes more interconnected across geographies and technologies, scale is emerging as a key differentiator in accessing and commercialising next-generation therapies and platforms. Summary The merger of GHO Capital and CBC Group to form a $21bn healthcare investment firm represents a major consolidation in global healthcare investing, bringing together capital, expertise, and international reach across pharma, medtech, and healthcare technology. The combined platform reflects a broader shift toward globalised, technology-enabled healthcare investment strategies designed to accelerate innovation and scale across the entire healthcare value chain. 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 funding round positions Decart at the centre of the race to build AI systems capable of understanding and interacting with the physical world in real time. AI infrastructure company Decart has secured $300m in a new funding round led by Radical Ventures, pushing total funding beyond $450m as competition intensifies around low-latency AI systems, world models, and physical AI infrastructure. The round attracted backing from major technology and venture investors including Amazon, Nvidia, Sequoia Capital, Adobe Ventures, Toyota Ventures, and Benchmark, reinforcing growing investor focus on the infrastructure layer powering next-generation AI applications beyond large language models. Building the Infrastructure Layer for Physical AI At the centre of Decart’s platform is its Decart Optimization Stack (DOS), an infrastructure system designed to improve AI inference and training efficiency while reducing compute costs across major hardware ecosystems including Nvidia GPUs, Google TPUs, and Amazon Trainium chips. Alongside DOS, the company is developing two real-time world models: Lucy, focused on immersive and interactive digital experiences such as gaming, streaming, commerce, and advertising Oasis, designed for physical AI applications including robotics and autonomous systems Decart argues that world models represent the next major evolution in AI, enabling systems to simulate environments, understand physics, and interact with continuously changing real-world conditions rather than operating purely through text-based reasoning. Why This Funding Round Matters Now The investment reflects a broader shift across the AI sector away from standalone language models and toward infrastructure capable of supporting persistent, real-time, environment-aware systems. As AI companies compete to move into robotics, autonomous systems, live simulation, and immersive digital experiences, demand is increasing for platforms that can process complex physical environments with low latency and high compute efficiency. Decart’s positioning is particularly notable because it sits across both infrastructure and application layers, allowing the company to monetise optimisation software while simultaneously developing proprietary world models. The company’s partnership with Amazon Web Services also signals growing hyperscaler interest in AI systems optimised for proprietary chip ecosystems such as Trainium. A Strategic Bet on World Models and Real-Time Simulation Decart has already integrated its technology with AWS Trainium hardware, enabling real-time world models to operate at scale inside existing enterprise infrastructure. The company says Lucy currently powers applications across virtual try-on, in-video advertising, gaming, streaming, and social media with sub-30ms response times, while Oasis is being developed for robotics and simulation-heavy environments requiring continuous spatial understanding. With DOS 2.0 now launched and updated versions of Lucy and Oasis scheduled for release, Decart is positioning itself as a foundational infrastructure provider for the next phase of AI deployment. What This Means for the Industry The Decart funding round highlights several major trends reshaping the AI market: AI investment is shifting toward infrastructure and optimisation layers rather than standalone foundation models World models are emerging as a key battleground in robotics, simulation, and immersive computing Cloud providers are increasingly partnering with AI infrastructure companies to drive adoption of proprietary chips Real-time, low-latency AI systems are becoming critical for physical AI and interactive consumer applications The deal also reinforces the growing convergence between AI infrastructure, gaming, robotics, cloud computing, and immersive digital experiences. Summary Decart’s $300m funding round signals growing investor confidence in world models and real-time AI infrastructure as the industry moves beyond text generation and into physical environment simulation. As competition intensifies around robotics, autonomous systems, and immersive AI applications, infrastructure platforms capable of delivering low-latency, environment-aware intelligence are increasingly becoming one of the most strategically valuable layers in the AI stack. 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 deal gives Regeneron access to Helicon peptide technology as pharma companies race to unlock previously “undruggable” intracellular targets. Regeneron Expands Intracellular Drug Platform Strategy with $2.32bn Parabilis Collaboration The deal gives Regeneron access to Helicon peptide technology as pharma companies race to unlock previously “undruggable” intracellular targets. Regeneron Pharmaceuticals has signed a research collaboration worth up to $2.32bn with Parabilis Medicines, securing access to the company’s Helicon peptide platform to develop antibody-Helicon conjugates (AHCs) and next-generation intracellular therapies. The partnership strengthens Regeneron’s push into precision biologics and targeted intracellular delivery, combining Parabilis’ stabilised peptide technology with Regeneron’s antibody engineering capabilities to potentially create an entirely new therapeutic class across multiple disease areas. A Strategic Move Beyond Traditional Antibody Therapies At the centre of the collaboration is Parabilis’ Helicon platform, which uses stabilised, cell-penetrant alpha-helical peptides engineered to interact with intracellular protein targets that are difficult or impossible to address with conventional small molecules or antibodies. The companies plan to explore Helicons both as standalone therapeutics and as payloads within antibody-Helicon conjugates, allowing Regeneron’s antibodies to selectively deliver intracellularly active peptides directly to target cells. This approach is designed to extend biologic drug development beyond extracellular targets and into intracellular disease pathways traditionally considered inaccessible to antibody-based medicines. Building a New Therapeutic Modality Regeneron believes the combination of VelocImmune-derived antibodies with intracellular Helicon payloads could establish a new platform capable of spanning oncology, immunology, and other therapeutic categories. Under the agreement, Parabilis will receive $125m upfront through a combination of cash and equity investment, alongside eligibility for up to $2.2bn in milestone payments and tiered royalties tied to future development and commercial success. The partnership also allows for expansion into additional targets through future option payments, while Regeneron will lead development, manufacturing, and global commercialisation activities. Why This Deal Matters Now The collaboration reflects a growing pharmaceutical focus on intracellular targeting technologies as companies search for ways to access disease-driving proteins beyond the reach of traditional therapeutics. As competition intensifies in antibody-drug conjugates, radiopharmaceuticals, and precision biologics, companies are increasingly investing in platform technologies that can unlock differentiated mechanisms rather than pursuing single-asset strategies. Helicon peptides represent part of a broader industry effort to bridge the gap between biologics and small molecules by combining targeting precision with intracellular activity. What This Means for the Industry The Regeneron–Parabilis partnership highlights several major trends shaping biotech and pharmaceutical R&D: Platform-based partnerships are becoming central to pipeline expansion strategies Intracellular protein targeting is emerging as a major next-generation therapeutic frontier Antibody conjugate technologies are expanding beyond traditional cytotoxic payloads Pharma companies are increasingly investing in modality innovation rather than single-product acquisitions The deal also reinforces Regeneron’s broader strategy of building diversified therapeutic platforms across biologics, radiopharmaceuticals, and advanced delivery technologies. Summary Regeneron’s $2.32bn collaboration with Parabilis Medicines signals growing industry momentum behind intracellular targeting platforms and next-generation biologic delivery systems. As pharma companies compete to access previously unreachable disease pathways, technologies that combine selective antibody delivery with intracellular activity are increasingly positioned as a new frontier in therapeutic 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

Strengthening its structural heart pipeline, Boston Scientific expands into next-generation transcatheter aortic valve technology with an optional full acquisition pathway. Boston Scientific has agreed to invest $1.5bn to acquire a 34% equity stake in MiRus, gaining exposure to its SIEGEL Balloon Expandable transcatheter aortic valve replacement (TAVR) system, with an option to acquire full ownership of the TAVR business for up to an additional $3bn contingent on clinical and regulatory milestones. The deal reinforces Boston Scientific’s strategy of expanding its structural heart franchise through differentiated valve technologies, while securing an option-driven pathway to fully integrate a next-generation TAVR platform into its cardiovascular portfolio. A Strategic Entry Into Next-Generation TAVR Technology At the centre of the transaction is MiRus’ SIEGEL TAVR system, a balloon-expandable valve featuring a rhenium alloy frame designed to eliminate nickel exposure and improve biocompatibility in patients with severe aortic stenosis. The valve uses dry porcine tissue leaflets combined with a nitric oxide-coated rhenium frame engineered for high radial strength, with an open-cell design intended to support precise placement and reduce foreshortening during deployment. The system is delivered via an 8-Fr expandable sheath, approximately 50% smaller than many current commercial TAVR delivery systems, with the potential to reduce vascular complications and improve procedural access in higher-risk patient populations. Expanding Clinical Development and Platform Optionality MiRus has initiated the STAR pivotal trial evaluating the SIEGEL valve across multiple sizes in up to 1,025 patients with severe, symptomatic aortic stenosis across a range of surgical risk profiles. Boston Scientific’s agreement includes milestone-based optionality to acquire full control of the TAVR business, as well as additional potential payments tied to regulatory progress and net sales performance, alongside an exclusive option to acquire MiRus mitral and tricuspid valve technologies. This structure provides Boston Scientific with staged exposure to both clinical validation and commercial scalability before committing to full acquisition. Why This Deal Matters Now The investment reflects increasing competition in structural heart innovation, particularly in TAVR systems where device miniaturisation, deliverability, and long-term durability are becoming key differentiators. As the prevalence of aortic stenosis continues to rise, device manufacturers are competing to expand procedural access through lower-profile delivery systems and improved haemodynamic performance, while also addressing biocompatibility concerns associated with existing materials. MiRus’ rhenium-based architecture and reduced sheath size position the platform as a potential next-generation entrant in a mature but rapidly evolving TAVR market. What This Means for the Industry This transaction highlights three broader trends in medtech and structural heart investment: Companies are increasingly using minority stakes to secure early access to differentiated platforms Option-based acquisition structures are becoming a preferred de-risking mechanism in capital-intensive device development Innovation focus is shifting toward access, deliverability, and material science in structural heart systems At the same time, competition in TAVR remains intense, with established players continuing to iterate on device profiles, valve durability, and procedural outcomes. Boston Scientific’s investment signals a continued push to build depth in structural heart therapies ahead of future market expansion and competitive consolidation. Summary Boston Scientific’s $1.5bn investment in MiRus strengthens its position in structural heart innovation while securing optional full ownership of a next-generation TAVR platform. The deal reflects a broader industry shift toward staged acquisitions and differentiated device architectures aimed at improving procedural safety, access, and long-term patient outcomes in aortic stenosis. 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

Landmark decision ties bladder cancer treatment to molecular residual disease testing The FDA has approved Roche’s PD-L1 inhibitor Tecentriq (atezolizumab) and its subcutaneous Hybreza formulation as an adjuvant treatment for muscle-invasive bladder cancer in patients with detectable molecular residual disease (MRD) identified using Natera’s Signatera ctDNA test. This marks the first FDA-approved therapy linked directly to a ctDNA-based MRD companion diagnostic. The approval is based on Phase III IMvigor011 data showing a 41% reduction in the risk of death and significant improvements in disease-free survival versus placebo, reinforcing a shift toward biomarker-driven post-surgical cancer care. Alert Type Regulatory Approval (FDA + Companion Diagnostic Approval) Drug/Device Name Tecentriq (atezolizumab) + Tecentriq Hybreza (subcutaneous formulation) Indication Adjuvant treatment of muscle-invasive bladder cancer (MIBC) in adults with detectable molecular residual disease (MRD) post-cystectomy Therapy Area(s) Oncology, Urology, Bladder Cancer, Immuno-oncology, Precision Medicine Geography United States (FDA approval) What Changed The FDA approved Tecentriq (atezolizumab) and its subcutaneous Hybreza formulation as adjuvant treatment for MRD-positive muscle-invasive bladder cancer following cystectomy. It is restricted to patients identified via ctDNA MRD testing using Natera’s Natera Signatera assay, which was also approved as a companion diagnostic, marking the first ctDNA MRD-guided therapy approval in oncology. Clinical Relevance Establishes a new precision oncology paradigm where adjuvant immunotherapy is guided by ctDNA-detected MRD rather than conventional risk stratification. This may reduce overtreatment post-surgery while improving outcomes in high-risk patients and intensifies competition in perioperative bladder cancer care, particularly versus regimens such as Padcev (enfortumab vedotin) + Keytruda (pembrolizumab). Source Link https://firstwordpharma.com/story/7433304 Date 15-May-2026 Status Draft Notes IMvigor011 Phase III data: ~41% reduction in risk of death in MRD-positive patients; median DFS 9.9 vs 4.8 months. Represents first FDA-linked approval pairing a therapeutic and ctDNA-based companion diagnostic in a locked eligibility framework. Hybreza enables subcutaneous administration option. 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

Marty Makary’s departure marks another major leadership shake-up at the FDA, intensifying questions around regulatory consistency, agency stability and the future direction of US drug oversight. The search for a new FDA commissioner is now underway following Makary’s resignation after a turbulent 13-month tenure that was characterised by senior leadership turnover, controversial regulatory decisions and growing tensions with the biopharma industry. Kyle Diamantas will temporarily assume the role in an acting capacity as the agency navigates another period of uncertainty under the leadership of Robert F. Kennedy Jr.. A Turbulent Period for the FDA Makary’s tenure began amid sweeping restructuring efforts introduced shortly after Kennedy took office as Health and Human Services Secretary. Mass layoffs across the agency were followed by significant instability among senior FDA leadership, particularly within the biologics division. One of the most notable departures was longtime Center for Biologics Evaluation and Research (CBER) Director Peter Marks, whose exit was later compounded by the departure of his successor Vinay Prasad. The repeated leadership changes created growing concerns across the pharmaceutical sector around regulatory continuity and decision-making consistency. Makary, a surgical oncologist at Johns Hopkins University School of Medicine and a prominent ally of Kennedy’s “Make America Healthy Again” movement, became an increasingly divisive figure during his time in office. Why This Matters for the Pharmaceutical Industry Makary’s resignation comes during a critical period for drug regulation, particularly in areas such as rare disease therapies, accelerated approvals and biologics oversight. The tenure exposed a widening disconnect between the FDA’s public push for innovation and industry concerns around unpredictable regulatory outcomes. Key themes emerging during his leadership included: Accelerated drug development programmes alongside controversial therapy rejections Rising uncertainty around regulatory standards for rare disease approvals Increasing turnover among senior FDA scientific leadership Growing political influence over regulatory direction and public health policy Several biopharma companies had voiced frustration over what they viewed as inconsistent agency decision-making, particularly when balancing faster review pathways against heightened scrutiny in certain therapeutic areas. What This Means Going Forward The next FDA commissioner will inherit an agency facing both operational instability and mounting political pressure. Beyond replacing senior leadership, the FDA must also rebuild confidence among drug developers, investors and patient advocacy groups concerned about transparency and consistency in the approval process. The appointment will likely carry major implications for: Rare disease and accelerated approval pathways Biologics and cell therapy regulation FDA staffing and scientific leadership retention The relationship between public health policy and political oversight At the same time, the transition reinforces how leadership volatility at the FDA can quickly ripple across the wider biotech and pharmaceutical ecosystem. Summary Marty Makary’s resignation as FDA commissioner marks another major turning point for the agency during a period of exceptional leadership instability. As the search for a successor begins, the pharmaceutical industry will be closely watching whether the FDA can restore regulatory consistency and rebuild confidence in its long-term direction. 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

Bristol Myers Squibb’s expanding partnership strategy signals how China is evolving from a biotech sourcing market into a core pillar of global pharmaceutical R&D The agreement includes four immunology assets for co-development alongside five new innovative assets to be jointly discovered by both companies, marking one of the clearest examples yet of Western pharma integrating Chinese biotech into long-term R&D strategy. The deal also reinforces how China is evolving from a manufacturing and commercial market into a core source of pharmaceutical innovation, with BMS directing nearly 50% of its global upfront deal cash since 2024 into the region. China Is Becoming More Than a Licensing Market For years, Western pharmaceutical companies primarily viewed China as a growth market or manufacturing base. That dynamic is now changing rapidly. Rather than simply acquiring rights to late-stage assets, global pharma companies are increasingly embedding themselves deeper into Chinese biotech ecosystems through strategic partnerships, co-development structures and shared discovery platforms. BMS’s latest agreement with Hengrui reflects this evolution. Unlike more traditional licensing arrangements, the partnership involves collaborative R&D and long-term pipeline generation rather than isolated asset acquisition. The company has already demonstrated this growing focus through its $1.5 billion deal involving BioNTech and Biotheus centred around a PD-(L)1/VEGF bispecific antibody. Why This Matters for the Pharmaceutical Industry The deal highlights several wider trends reshaping global pharma: Chinese biotech companies becoming central innovation partners rather than regional operators Western pharma increasing reliance on external R&D ecosystems Co-development models replacing purely transactional licensing agreements China emerging as a major source of next-generation immunology and oncology assets Major pharmaceutical companies including AstraZeneca, Roche, Merck & Co. and AbbVie have all expanded their China deal activity in recent years. However, BMS’s concentration of capital allocation toward the region suggests a particularly aggressive strategic positioning. What This Means Going Forward The BMS–Hengrui partnership reflects how the global balance of pharmaceutical innovation may be shifting eastward. As Chinese biotech capabilities continue to mature, partnerships are becoming less about opportunistic access to individual assets and more about integrating China directly into long-term pipeline strategy. This raises broader strategic questions for the industry around supply chains, intellectual property, geopolitical exposure and future R&D dependence. At the same time, it reinforces the growing reality that many of the next decade’s most important pharmaceutical breakthroughs may increasingly emerge from collaborative global innovation networks centred around China. Summary Bristol Myers Squibb’s expanded partnership with Hengrui Pharma signals a deeper shift in how global pharma companies engage with China’s biotech sector. As co-development and shared discovery models accelerate, China is increasingly positioning itself not just as a market for pharmaceuticals, but as one of the industry’s most important engines of innovation. 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

Deal strengthens Bayer’s position in retinal disease and glaucoma as long-acting ophthalmology therapies attract growing investment. Bayer has agreed to acquire Perfuse Therapeutics in a deal worth up to $2.45 billion, adding investigational ophthalmology therapy PER-001 to its pipeline for glaucoma and diabetic retinopathy. The acquisition strengthens Bayer’s retinal disease portfolio as the company looks beyond anti-VEGF therapies and toward longer-acting treatments targeting vascular dysfunction in chronic eye disease. Alert Type Acquisition / Pipeline Expansion Drug/Device Name PER-001 Indication Glaucoma and diabetic retinopathy Therapy Area(s) Ophthalmology, Retina, Glaucoma, Diabetic Eye Disease Geography Global What Changed Bayer has agreed to acquire Perfuse Therapeutics in a deal worth up to $2.45 billion, adding investigational ophthalmology therapy PER-001 to its pipeline. The intravitreal implant has completed Phase II studies in glaucoma and diabetic retinopathy, showing significant vision improvements versus control. Clinical Relevance Expands Bayer’s ophthalmology pipeline beyond anti-VEGF therapies with a potential long-acting treatment targeting retinal perfusion and vascular dysfunction, areas of growing interest in chronic eye disease management. Source Link https://www.bayer.com/ Date 6-May-2026 Status Draft Notes Deal includes $300m upfront plus development, regulatory, and commercial milestones. PER-001 is a small-molecule endothelin receptor antagonist delivered via a six-month intravitreal implant. Acquisition comes as Bayer faces increasing biosimilar competition and pricing pressure around Eylea (aflibercept). 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

First oral GLP-1 tablet expands cardiovascular-protected diabetes treatment beyond injectable semaglutide Novo Nordisk has launched Ozempic as an oral GLP-1 pill in the US for adults with type 2 diabetes, marking a major expansion of semaglutide into tablet form with added cardiovascular risk reduction benefits. The treatment will be widely distributed across US pharmacies and offers a new non-injectable option for patients managing both blood sugar and cardiovascular risk. Alert Type Drug Approval Drug/Device Name Ozempic oral pill (semaglutide) Indication Type 2 diabetes in adults, including cardiovascular risk reduction (MACE prevention) Therapy Area(s) Endocrinology, Metabolic Disease, Cardiovascular Risk Geography United States (FDA) What Changed Novo Nordisk has launched Ozempic as an oral GLP-1 tablet in the US for type 2 diabetes, offering both glycaemic control and cardiovascular risk reduction. The therapy will be distributed nationwide and produced entirely in the US, with multiple dose options and pharmacy access across 70,000 locations. Clinical Relevance Provides a new oral GLP-1 option with proven cardiovascular benefit, expanding treatment choice beyond injectable semaglutide and supporting earlier intervention in high-risk type 2 diabetes patients. Source Link https://www.globaldata.com/newsletter/details/novo-nordisk-to-launch-ozempic-for-type-2-diabetes-in-us_382615 Date May 2026 Status Draft Notes First oral peptide GLP-1 in the US approved for both glycaemic control and cardiovascular risk reduction. Builds on prior Rybelsus formulation and injectable Ozempic. Pricing varies from ~$25 insured to $149–$299 self-pay. Further 25mg tablet submission under FDA review with decision expected end of 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

A strategic move into bispecific antibodies as pharma races to redefine autoimmune treatment through targeted immune cell depletion and next-generation T cell engagers UCB strengthens its position in autoimmune disease with the acquisition of Candid Therapeutics, signalling a deeper industry shift toward bispecific antibodies and next-generation immune reprogramming therapies. UCB has agreed to acquire Candid Therapeutics in a deal worth up to $2.2 billion, gaining access to a portfolio of bispecific antibody therapies targeting autoimmune diseases through selective immune cell depletion and immune system “reset” mechanisms. The acquisition adds multiple early-stage assets, including cizutamig and CND261, to UCB’s immunology pipeline and reinforces its strategy of building a next-generation portfolio in immune-mediated diseases. A Strategic Bet on Bispecific Antibodies in Autoimmunity The centrepiece of the deal is Candid’s bispecific antibody platform, which redirects T cells to eliminate pathogenic B cells implicated in autoimmune disease progression. Lead asset cizutamig targets BCMA on B cells and is being evaluated across multiple autoimmune indications following early clinical studies in more than 100 patients, including both multiple myeloma and immune-mediated diseases. Unlike traditional immunosuppressants, these therapies aim to achieve deeper disease control by selectively removing disease-driving immune cells rather than broadly suppressing immune function. UCB has positioned the asset as a potential “best-in-class” T cell engager, highlighting its potential to reduce harmful immune activation while minimising risks such as cytokine release syndrome. Why This Deal Matters Now This acquisition reflects a broader acceleration in autoimmune drug development toward targeted immune cell depletion strategies, particularly: Bispecific antibodies replacing broad immunosuppression approaches T cell engagers emerging as scalable alternatives to cell therapy Precision immunology targeting specific immune cell pathways Pharma companies are increasingly exploring approaches that “reset” immune dysfunction rather than simply controlling inflammation, with growing interest from major players across immunology and oncology. Recent deals in this space from companies such as Merck, Sanofi, and Gilead highlight the competitive intensity behind this emerging therapeutic class. What This Means for the Industry The UCB–Candid deal underscores three key industry trends: Autoimmune disease is becoming a major frontier for bispecific antibody innovation T cell engager platforms are attracting increasing M&A activity Pharma is prioritising mechanism-driven immune reprogramming over symptomatic control At the same time, competition is intensifying as companies race to define the first wave of scalable, next-generation autoimmune therapies that can move beyond chronic immunosuppression. UCB’s acquisition signals a clear intent to establish leadership in this emerging category. Summary UCB’s $2.2 billion acquisition of Candid Therapeutics highlights a decisive shift in autoimmune drug development toward bispecific antibody platforms and immune reset mechanisms. As the field moves away from broad immunosuppression, pharma companies are increasingly competing to define targeted immune cell therapies that could reshape long-term treatment strategies in autoimmune disease. 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

Securing a next-generation JAK2 inhibitor strengthens Lilly’s position in rare blood cancers as pharma accelerates investment in mechanism-driven oncology assets. Eli Lilly continues its aggressive oncology expansion with the acquisition of Ajax Therapeutics, strengthening its position in blood cancers and JAK-driven diseases as pharma companies compete for de-risked, mechanism-led assets in rare oncology. Eli Lilly has agreed to acquire Ajax Therapeutics in a deal worth up to $2.3 billion, securing access to AJ1-11095, a once-daily oral Type II JAK2 inhibitor currently in Phase I development for myelofibrosis. The acquisition adds a differentiated haematology asset to Lilly’s oncology portfolio, complementing its existing presence in JAK inhibition and reinforcing its broader strategy of targeting genetically defined cancer pathways. A Strategic Move Into JAK-Driven Blood Cancers The centrepiece of the deal is Ajax’s lead programme AJ1-11095, a selective Type II JAK2 inhibitor designed for patients with myeloproliferative neoplasms (MPNs), including myelofibrosis. Unlike existing therapies such as ruxolitinib and fedratinib, which are already established in the market, AJ1-11095 is positioned as a next-generation option aimed at overcoming resistance seen in Type I JAK inhibitors while delivering deeper and more durable responses. The asset is currently in a Phase I clinical trial evaluating patients previously treated with JAK inhibitors, with dose selection expected in 2026. For Lilly, the acquisition provides early access to a mechanism-driven oncology asset with both first- and second-line potential in a rare and underserved cancer population. Why This Deal Matters Now This acquisition reflects a broader trend in pharmaceutical M&A toward precision oncology and pathway-specific assets, particularly in areas where: Existing therapies show resistance over time Patient populations are genetically or mechanistically defined Development pathways offer faster regulatory clarity Rather than competing in broad oncology categories, companies are increasingly focusing on targeted disease biology, especially in haematology and rare blood cancers. Ajax’s approach to selective JAK2 inhibition aligns with this shift, targeting disease mechanisms rather than broad pathway suppression. What This Means for the Industry The Lilly–Ajax deal highlights three key industry trends: Oncology M&A remains a primary engine of pharmaceutical growth Blood cancers continue to attract investment in next-generation targeted therapies Pharma companies are prioritising mechanism-led, de-risked early assets At the same time, competition in the JAK inhibitor space remains active, with established therapies such as Jakafi (ruxolitinib) and Inrebic (fedratinib) setting a high efficacy and safety benchmark. Lilly’s continued acquisition activity signals a clear intent to build depth in oncology ahead of broader patent and pipeline pressures across the industry. Summary Lilly’s $2.3 billion acquisition of Ajax Therapeutics reinforces a sustained shift toward precision-driven oncology investment, with a focus on rare blood cancers and next-generation kinase inhibition strategies. As competition intensifies in haematological malignancies, pharma companies are increasingly prioritising early access to differentiated mechanisms that can expand across multiple lines of therapy. 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

Listing of anonymised health data for 500,000 participants highlights growing tension between data access, global research collaboration, and patient trust. A significant data governance incident involving the UK Biobank has brought renewed scrutiny to how de-identified patient records are accessed, shared, and monitored across global research networks. The UK government has confirmed that health data linked to approximately 500,000 participants was listed for sale on the Chinese platform Alibaba, following what has been described not as a cyberattack, but a misuse of legitimately accessed data by accredited researchers. What Happened According to statements from UK officials and Biobank leadership, the dataset did not include direct identifiers such as names, addresses, or contact details. However, it did contain: Age and gender Month and year of birth Socioeconomic indicators Lifestyle data Biological and clinical measurements While technically anonymised, this level of granularity reflects the depth and richness of modern real-world datasets, raising important questions about re-identification risk. Access to the data has since been suspended for the institutions involved, and the listings were removed following cooperation between UK authorities, Chinese regulators, and Alibaba. Why This Matters: The Limits of “De-Identified” Data At the core of the issue is a fundamental tension in healthcare data: De-identified data enables large-scale research — but increasing dataset complexity makes true anonymity harder to guarantee. Experts have long warned that combining multiple variables (e.g. age, location, clinical history) can make it possible to re-identify individuals, particularly in large, longitudinal datasets like UK Biobank. This incident reinforces a key reality for the industry: De-identification is not a binary state — it exists on a spectrum of risk. A Systemic Issue, Not a One-Off Breach Importantly, the government clarified this was not a cybersecurity failure, but rather a governance breakdown: Data was accessed legally Researchers were accredited The breach occurred post-download This shifts the conversation away from hacking risk and toward data stewardship and downstream control, an area that is becoming increasingly critical as real-world data (RWD) ecosystems expand. As datasets become more valuable, the weakest point is no longer access, but usage control after access is granted. Impact on Research and Public Trust UK Biobank is one of the most influential health data initiatives globally, contributing to over 18,000 scientific publications and supporting advances in areas such as: Dementia Cancer detection Parkinson’s disease Its success depends on continued public participation. However, incidents like this risk undermining that trust. Even if no personal identities were exposed, perception matters — and public confidence is a foundational asset in large-scale health data projects. A decline in participation, even marginal, could have downstream effects on: Dataset quality Statistical reliability Long-term research outcomes What Happens Next UK Biobank has already implemented immediate controls, including: Suspension of platform access Limits on data export volumes Daily monitoring of data activity A full forensic investigation Regulatory oversight is also increasing, with the UK’s Information Commissioner’s Office reviewing the incident. What This Means for the Industry This incident highlights several critical trends shaping the future of healthcare data: Governance is overtaking access as the key risk area in real-world data ecosystems De-identified data still carries regulatory and ethical risk, particularly as datasets become richer Global collaboration introduces jurisdictional complexity, especially across differing data standards Trust is becoming a competitive advantage for organisations managing patient data For pharmaceutical companies, data aggregators, and healthcare platforms, the takeaway is clear: The value of real-world data is only as strong as the trust framework that underpins it. Summary The UK Biobank incident is not just a data governance issue; it is a signal of where the industry is heading. As healthcare data becomes more powerful, more granular, and more globally shared, the challenge is no longer just collecting data, but controlling, protecting, and justifying its use. Maintaining that balance will be essential to sustaining both innovation and public trust in the next generation of healthcare research. 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