Here are the latest stories being discussed in biopharma today:

Billion-Dollar Deals Flood Protein Research

The field of proteomics, once overshadowed by DNA sequencing, has experienced rapid growth in recent months. Major corporations are striking billion-dollar deals, an international collaboration worth $1.4 billion has been launched, and new research suggests a proteomics cancer diagnostic could challenge DNA-based alternatives.

Galapagos Exits Autoimmune Diseases Amid Increased Competition

Galapagos has ceased development of its CD19 CAR-T candidate in autoimmune diseases, including systemic lupus erythematosus, due to an influx of competitors in the space. The company’s efforts will now focus on oncology, where they believe they can have the greatest impact.

Amgen Eyes Obesity, Continues Focus on Rare Disease

Amgen recently emphasized its commitment to rare disease research, pointing out the financial potential of current blockbuster treatments and promising drugs in the pipeline. This focus comes after substantial investor focus on Amgen’s prospects in obesity treatment, especially following positive data for its obesity drug, Maritide.

Clade Therapeutics Reduces Staff, Shuts Down European Subsidiary

Clade Therapeutics has dismissed several employees in the US and Europe and appears to have closed its Dutch subsidiary, Gadeta. The company, which specializes in the development of off-the-shelf cell therapies, previously acquired Gadeta as part of its growth strategy.

FDA Rejects Melinta, Venatorx’s UTI Antibiotic

The FDA has issued a CRL (Complete Response Letter) to Melinta Therapeutics and Venatorx Pharmaceuticals regarding their antibiotic for urinary tract infections, calling for more information on the chemistry, manufacturing, and controls of the product.

Abridge Raises $150 Million for Artificial Intelligence-Based Medical Note-Taking

Abridge, an Artificial Intelligence start-up specializing in converting interactions between patients and medical professionals into notes, has raised $150 million in a Series C funding round. The funding will be used to expand the team and further develop its AI technology for healthcare.

Opportunities on the Horizon for Drugs

Substantial developments in three drugs were highlighted in a recent investor call by Amgen. The rare-disease drug, Tepezza, which is approved for thyroid eye disease, received particular attention, with work on a subcutaneous formulation set to begin soon.