Incubate’s John Stanford on why MFN’s first casualty is the moonshot — and why cancer, Alzheimer’s, and rare disease bear the cost.

Incubate’s John Stanford on why MFN reduces pharma’s appetite for biotech acquisitions — and why that cedes ground to China.

Incubate’s John Stanford on why MFN deals are voluntary in name only — and why the leverage looks a lot like the IRA’s 95% excise tax.

Incubate’s John Stanford on why MFN hits mid-sized pharma harder — fewer products to absorb margin hits and less access to cheap capital.

Fox Rothschild's Marc Wagner on why domestic manufacturing reduces drug shortage risk — and why FDA inspection efficiency is as important as supply chain resilience.

Fox Rothschild's Marc Wagner on how 503A pharmacies and 503B outsourcing facilities fill drug supply gaps — from COVID injectables to GLP-1s.

FDA approved an at-home induction option for risankizumab-rzaa in adults with moderate-to-severe Crohn's disease, based on the phase 3 AFFIRM trial.

Treasury proposes adding biotechnology to its Outbound Investment Security Program, a pharma funding roundup covers Gilead’s $1.275 billion acquisition of an oral IL-23R inhibitor from PepStar and Zymeworks’ licensing deal with Roche, and Incubate’s John Stanford on why MFN is an offer pharma can’t refuse.