Behind the Headlines Episode 33

Behind the Headlines bi-weekly episodes examine the ongoing trends, factors and fashions that cause pharmaceutical news to happen. Panelists are a mix of consultants, venture capitalists, scientists, patient advocates, journalists and editors. Each episode talks about the current of the preceding weeks that are on everyone’s lips,but seeks to highlight the more enduring lessons that hide behind these headlines.

Sebastian Lykke Skafte Andersen of ClarityNorth Partners, Joanna Sadowska, PhD, EMBA, Nanolive SA, and Neil Sheppard, D.Phil, with University of Pennsylvania, fresh from watching Super Bowl advertisements, look over the see-saw landscape of the current and future weight loss drugs. For example Eli Lilly and Company's (Lilly) triple agonist, retatrutide, delivered weight loss of up to an average of 71.2 lbs along with substantial relief from osteoarthritis pain in its first successful Phase III trial.¹ Or Amgen’s MariTide, “the first monthly or less frequently dosed obesity treatment, demonstrated up to ~20% average weight loss without a weight loss plateau, and delivered significant cardiometabolic improvements at 52 weeks.” In people living with obesity with type 2 diabetes, MariTide demonstrated up to ~17% average weight loss and robust HbA1c improvements.²

Led by Neil Sheppard the panel took a fresh look at current and future natural killer (NK) cell performance and opportunities, somewhat comparing and contrasting to chimeric antigen receptor T cells (CAR-T), with the help of a summary table borrowed from Bio2Bedsides excellent podcast on the topic.³

In the1970's scientists studying T cells noticed background noise in their experiments—unexpected immune activity that killed cancer cells. The "noise" was identified as a distinct previously unknown lymphocyte, leading to its formal naming in 1975 by Rolf Kiessling and colleagues at the Karolinska Institutet in Sweden.⁴

Unlike B and T cells of the adaptive immune system, which must "learn" to recognize a specific threat through prior sensitization, NK cells are born ready to attack. They identify abnormal cells by detecting "missing-self" signals (the absence of major histocompatibility complex class I molecules) or stress signals, allowing them to act as a first line of defense. We examine if this could be a safer, off-the-shelf alternative to CAR-T for solid tumors? Recently FDA granted regenerative medicine advanced therapy (RMAT) status to SENTI-202, their CAR-NK therapy for relapsed/refractory acute myeloid leukemia. This is their second FDA recognition in six months.⁵

Our experts then moved on to examine recent blockbuster merger and acquisition headlines, like Lily’s new strategic collaboration with China’s Innovent Biologics to advance novel oncology and immunology medicines, worth $350 million upfront to take the programs through Phase II clinical proof-of-concept in China. “Lilly will hold exclusive rights to develop and commercialize the candidates worldwide outside Greater China. Innovent is eligible for up to about $8.5 billion in development, regulatory, and commercial milestone payments, alongside tiered royalties on net sales outside that region”⁶ and Lily’s acquisition of Orna therapeutics.

Lastly, the panel discussed the Takeda–Iambic partnership, where Iambic’s artificial intelligence (AI)-based technologies and wet lab capabilities to design and develop small molecule drugs, starting with two of Takeda’s therapeutic areas through a multi-year tech and discovery collaboration that could generate more than $1.7 billion for the San Diego biotech, the companies said.⁷ In addition, the absence of any deal for Revolution Medicine, despite Merck’s previous strong interest and stock price fluctuations, was also discussed.⁸

References

1. Eli Lilly and Company. Lilly's Triple Agonist, Retatrutide, Delivered Weight Loss of up to an Average of 71.2 lbs Along with Substantial Relief from Osteoarthritis Pain in First Successful Phase 3 Trial. Press Release. Dec. 11, 2025.
2. Amgen. Results from Amgen's Phase 2 Obesity Study of Monthly Maritide Presented at the American Diabetes Association 85th Scientific Sessions. Press Release. June 23, 2025.
3. Martin, J.; McCloud, B. CAR-T vs. NK Cell Therapies, Bio2bedside Episode 4. LinkedIn.com. May 1, 2025.
4. Karolinska Institutet. Spotlight on NK cells. ki.se (accessed Feb. 11, 2026).
5. Senti Biosciences. Senti Bio Receives FDA Regenerative Medicine Advanced Therapy (RMAT) Designation for SENTI-202 in the Treatment of Adults with Relapsed or Refractory Acute Myeloid Leukemia. Press Release. Dec 9, 2025.
6. Innovent Biologics. Innovent Announces Strategic Collaboration with Lillyto Develop New Medicines Globally in Oncology and Immunology. Press Release. Feb. 8, 2026.
7. Iambic. Iambic Announces Collaboration with Takeda to Advance AI-Driven Design of Small Molecules. Press Release. Feb. 9, 2026.
8. Merck No Longer in Talks to Buy Revolution Medicines, WSJ Reports. reuters.com. Jan. 25, 2026.