An analysis of new ADCs in Phase III studies shows the difficulties, and possible rewards, of developing these drugs.

Seven rare disease programs make up the first round of participants in the US FDA’s ‘Operation Warp Speed’-style program. Sponsors will benefit from ‘rapid, ad hoc’ communication with the agency.

The company announced a series B-2 financing of $158m that it plans to use for pivotal Phase II development of TORL-1-23, which it called a first-in-class agent.

In a record licensing deal involving a single biopharma asset from China, Biokin and its US subsidiary SystImmune will receive up to $8.4bn from BMS, including $800m upfront, for a bispecific ADC with broad oncology potential.