Here are the latest stories being discussed in biopharma today:

### Boundless Bio Plans $88M IPO Amidst Phase 1 Cancer Trials

Biotech company Boundless Bio is seeking to raise approximately $88.4 million from its proposed IPO, with net proceeds projected to last until the second half of 2026. The firm, backed by ARCH and Bayer, has two oral small molecules currently in Phase 1 testing for cancer treatment.

### Ex-Prometheus Execs Reunite for New Precision Immunology Firm

Former executives from Prometheus Biosciences have raised $400 million in a Series A funding round to establish Mirador Therapeutics. Led by ARCH Venture Partners, over 13 investors contributed to what is currently the largest single private funding round in biotech this year. Mirador aims to apply precision medicine principles to a variety of immune and inflammatory diseases, starting with gastrointestinal, lung, and skin conditions.

### Rare Autoimmune Drug Fails Roche’s Expectations Despite Phase 3 Success

Roche announced that its immune disease drug, Enspryng, fell short of expectations despite meeting its primary endpoint in Phase 3 trials for generalized myasthenia gravis (gMG), an autoimmune disorder. The announcement provides a boost for argenx, Johnson & Johnson, and Immunovant, all of which have gMG treatments either on the market or in development.

### Bayer’s Restructuring Plan Cuts Top Teams in Half

In a restructuring move aimed at increasing efficiency, Bayer is cutting its pharmaceutical leadership team by half. The changes are part of a broader reorganization to tackle debt, loss of exclusivity for key treatments, and a series of lawsuits from the Monsanto acquisition in 2018.

### Galderma Setting Records with High-End IPO Share Price

Skincare company Galderma is set for one of the largest IPOs in Europe this year, with shares priced at $59.31, placing the IPO value at $2.6 billion. In addition to its popular consumer brands, Galderma also has il-31 antibody, nemolizumab, under FDA priority review status for itch due to prurigo nodularis.