Here are the latest stories being discussed in biopharma today:

Chinese Rival to Illumina Struggles with US Expansion Amidst National Security Concerns

Chinese firm MGI Tech is facing challenges in its attempts to expand in the US market dominated by Illumina. MGI’s DNA sequencing machines decode a genome for around $100, a promising proposition for US labs. However, the company’s ties to China and concerns over data security have hindered its expansion.

Biotech Start-Up Latigo Emerges with $135M, Leveraging Vertex’s Success

Latigo Biopharmeceuticals, a biotech formed by Westlake Village BioPartners, came out of stealth with a $135 million Series A round. Latigo aims to develop non-opioid pain treatments, mirroring the focus of Vertex Pharmaceuticals’ lead candidate, Nav1.8.

Wave of Successful Biotech IPOs: What’s Next?

Recent successful IPOs from CG Oncology, Arrivent, and Kyverna Therapeutics have revitalized the biotech market. Analysts are curious to see how this will influence industry dynamics and whether the success will continue.

Additional Funding for Two SPAC’d Biotechs; Bihua Chen’s SPAC Closes $184M IPO

Despite the general struggle of companies emerging from SPAC deals, biotechs enGene and NewAmsterdam Pharma announced new funding rounds of $200M and $175.3M respectively. In addition, Bihua Chen’s second SPAC, Helix Acquisition Corp. II, closed a $184M IPO.

Merrimack to Dissolve Following $225M Milestone Payment; Cogent Bioscience Raises $225M in Placement

Merrimack Pharmaceuticals is set to dissolve after receiving a $225 million milestone payment from Ipsen, marking the end of their long-standing oncology deal. Elsewhere, Cogent Biosciences announced a $225 million private placement with a group of investors.