Here are the latest stories being discussed in biopharma today:

Bristol Myers Squibb outlined approximately 12 pipeline cuts and plans $1.5B in cost cuts, leading to about 2,200 job losses. The decision is the first significant action by new CEO, Chris Boerner. The strategy is to prioritize higher return investments to strengthen the growth profile in the second half of the decade.

Merck continues its steady quarterly performance on the back of its cancer therapy Keytruda. The drug contributes significantly to the company’s routine outperformance, despite the upcoming patent expiry in 2028.

Astellas Pharma decided to remove from the trials a mitochondria-focused asset from Mitobridge deal and a bispecific in cancer. The company continues its focus on diseases related to mitochondria dysfunctions like kidney, liver, muscle, CNS, eyes, and ears diseases.

Cerevance has secured a $47M investment in its series B raise, which will enable the advancement of its clinical pipeline, notably in Parkinson’s disease. Parexel, a contract clinical research company, has struck an AI partnership with Palantir to enhance and accelerate the delivery of safe and effective clinical trials.

Despite a reduction of resources allocated to oncology, Sanofi still has an early pipeline of oncology projects. Sanofi’s recent actions, including the divestment of Amunix, shuttering of Kiadis, and reduction in its deal with IGM, indicate their pivot from oncology toward being an ‘immunology powerhouse’.