Bi-Weekly UpdateSep 28, 2026 · 7 pages · Free to read

Biotechnology Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

This biweekly report tracks biotechnology share-price moves, company announcements and M&A activity for September 14–28, 2026, giving operators, acquirers and advisors a fast read on what changed, who moved, what transacted and why it matters.

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-4.0%
Sector median move: +0.8%
S&P 500 return: +34.5%
Moderna, Inc. (MRNA): -25.4%
ACADIA Pharmaceuticals Inc. (ACAD)

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

Readouts Sort the Sector as Buyers Keep Deals Small and Private

This update covers movers, company announcements and M&A across biotechnology for the two-week period September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI   ·   Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Biotechnology Bi-Weekly Update   |   September 14–28, 2026   |   Confidential   |   Not investment advice

Sources & methodology

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1 / 7 · HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

Executive summary

Biotechnology traded on disclosure, not on the market, over September 14–28, 2026: 50 of 74 covered names fell, with a -4.0% median move, while the S&P 500 returned +0.8%. Moderna, Inc. (MRNA) gained +34.5% and ACADIA Pharmaceuticals Inc. (ACAD) fell -25.4%, both following clinical disclosures made inside the window. Four transactions crossed the record, including PTC Therapeutics, Inc.'s (PTCT) completed Fabry gene therapy acquisition, none with a disclosed enterprise value. The period reinforces that catalyst calendars, not index direction, decided who was rewarded.

Key findings

Sector-specific pressure: 50 of 74 covered names fell as the S&P 500 rose +0.8%
Clinical disclosures set both ends of the range: MRNA +34.5%, ACAD -25.4%
Four M&A transactions crossed the record; none disclosed an enterprise value
PTC Therapeutics completed its Fabry gene therapy acquisition this period

What each page shows

The analyst’s walkthrough of the deck, page by page.

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE
HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY
Cover slide introducing the biotechnology bi-weekly industry events and M&A update for September 14–28, 2026.
We open with the two-week lens on biotechnology: what changed, who moved and most likely why, what transacted, and what it means. The pages that follow build that picture from filings, prices and transaction records recorded in the window.
Everything on this page
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY Readouts Sort the Sector as Buyers Keep Deals Small and Private This update covers movers, company announcements and M&A across biotechnology for the two-week period September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Biotechnology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1
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THE BI-WEEKLY BOTTOM LINE
Catalyst Calendars, Not the Market, Decided This Period
A summary page showing that catalyst calendars, not market direction, decided how covered biotechnology names performed.
We find that 50 of 74 covered names fell over the period, with a median move of -4.0%, while the S&P 500 returned +0.8% over the same window. That gap tells us the pressure was sector-specific, not a market-wide selloff. Four transactions crossed the record, and Moderna, Inc. (MRNA) and ACADIA Pharmaceuticals Inc. (ACAD) swung to opposite extremes of +34.5% and -25.4% on their own clinical disclosures. For clients tracking the sector, the calendar of readouts, not the tape, decided who was rewarded this period.
Everything on this page
THE BI-WEEKLY BOTTOM LINE Catalyst Calendars, Not the Market, Decided This Period The two-week period in one page · 74 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Biotechnology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 50 of 74 Covered Names Fell While the Index Held Up 50 of 74 covered names fell; the median move was -4.0%. The S&P 500 returned +0.8% over the same two-week period, so the pressure was sector-specific rather than market-wide. 2 Clinical Announcements Set Both Ends of the Range Moderna, Inc. (MRNA) gained +34.5% and ACADIA Pharmaceuticals Inc. (ACAD) fell -25.4%. In both cases shares moved following clinical disclosures the companies made inside the window. 3 Four Transactions Crossed the Record, None with a Disclosed Price Four transactions were recorded in the period against 40 in the trailing set, and PTC Therapeutics, Inc. (PTCT) confirmed completion of a gene therapy acquisition. None of the four carried a disclosed enterprise value. 4 The Period Fits the Two-Market View NeuraCap's standing view prices the sector on EV/Revenue, with a 4.7x sector median on CY2027E. This period, Premium-tier MRNA and Discount-tier ACAD moved in opposite directions on their own clinical news. +49.2% Best mover — DNA worst: PALI -26.8% · 24 up / 50 down of 74 covered -4.0% Sector median two-week return vs S&P 500 +0.8% 4 Transactions announced in the two-week period terms not fully disclosed 7 Company filings in the window 8-K events read for driver attribution
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PUBLIC MARKET MOVERS
Clinical News Set the Range; The Rest Moved on Positioning
A chart of individual company share-price moves showing clinical announcements set the extremes while other names moved on positioning.
Clinical disclosures explain the biggest swings we tracked: Moderna, Inc. (MRNA) rose +34.5% and ACADIA Pharmaceuticals Inc. (ACAD) fell -25.4%, bracketing the two-week range. The sector median move was -4.0% against a +11.5% sector-relative materiality bar, so most names inside that band moved on positioning rather than news. We link every move only to filings and headlines recorded in the window, and where no driver is recorded, we say so. That discipline is what lets a client trust the read and separate genuine catalysts from noise.
Everything on this page
PUBLIC MARKET MOVERS Clinical News Set the Range; The Rest Moved on Positioning Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.0% · S&P 500 +0.8% · materiality bar ±11.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Biotechnology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -4.0% Ginkgo Bioworks Holdings, Inc. (DNA) +49.2% Shares moved following the September 16 announcement that the Ginkgo Datapoints offering entered a new agreement with a collaborative AI/ML drug discovery platform. Data-supply agreements with large discovery platforms are being priced as revenue quality, not only as platform optionality. COMPANY-SPECIFIC Moderna, Inc. (MRNA) +34.5% Shares moved following Moderna's September 21 announcement that Phase 3 adjuvant melanoma data for intismeran autogene was selected for an ESMO Presidential Symposium. A Premium-tier name can re-rate on the placement of a registrational readout, before the data itself is public. COMPANY-SPECIFIC Xeris Biopharma Holdings, Inc. (XERS) +29.9% No notable in-window news was identified that clearly explains the move. The +29.9% period return compares with a sector median move of -4.0%. Core-tier commercial names can gain ground even in a stretch where most covered names fell. UNEXPLAINED Palisade Bio, Inc. (PALI) -26.8% No notable in-window news was identified that clearly explains the move. The -26.8% period return compares with a sector median move of -4.0%. Single-asset clinical developers carry the widest two-week ranges in the covered set. UNEXPLAINED
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MAJOR NEWS & INDUSTRY CATALYSTS
What Companies Did: Rights Regained, a Label Eased, a Study Cleared
A list of the period's highest-impact company announcements, each linked to its source filing or article.
This page walks through the two-week period's highest-impact events — rights regained, a label eased, a study cleared — with each item linked back to the underlying filing or article. Our 'why it matters' lines are NeuraCap reads built on a fixed source-reliability order: SEC filings first, then press releases, then established outlets. We do not draw on video or social platforms, so the read stays anchored to primary disclosure. For a client tracking the sector, this is the shortest path to the events that actually moved positioning.
Everything on this page
MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: Rights Regained, a Label Eased, a Study Cleared The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Biotechnology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · 8-K · SEC EDGAR Ascendis Pharma regains exclusive TransCon rights in metabolic and cardiovascular disease With the collaboration ended, development, manufacturing and commercial economics for those products sit back with the company. That changes how the breadth of its platform is underwritten. A partnership ending can widen a platform's addressable value as easily as it narrows it. Sep 15 · 8-K · SEC EDGAR AstraZeneca's Non-Executive Chair bought ordinary shares in the company An open-market purchase by the chair is a direct read on how the board sees the company's position ahead of its next catalysts. Insider buying is one of the few non-clinical signals large-cap biopharma investors act on quickly. Sep 15 · 8-K · SEC EDGAR AstraZeneca's CFO acquired shares on the vesting of a 2021 performance share award Multi-year performance awards tie senior management outcomes to sustained delivery rather than to a single readout. Pay structured over several years is how diversified biopharma aligns leadership with pipeline replacement. Sep 15 · 8-K · SEC EDGAR LB Pharmaceuticals appointed a new Chief Medical Officer, effective September 14 A dedicated chief medical officer points to a company staffing up to run and defend a clinical programme through registrational work. Clinical leadership hires are an observable marker of where a development plan is heading next. Sep 14 · NEWS · PRNewsWire FDA approved reduced monitoring time for the first two doses of Amgen's IMDELLTRA Shorter monitoring supports administration in community settings, widening practical reach in extensive-stage small cell lung cancer without new clinical spend. Label changes that ease administration can move commercial reach as much as a new indication. Sep 14 · NEWS · GlobeNewsWire An independent DSMB recommended MediWound's EscharEx Phase III VALUE study continue unchanged A clean pre-specified safety review keeps a registrational study on its planned path and protects the catalyst calendar the equity is underwritten on. Uninterrupted registrational execution is a value driver in its own right.
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M&A & STRATEGIC ACTIVITY
PTC Closes Its Fabry Gene Therapy Buy as Four More Deals Cross the Record
A summary of the four transactions announced in the period, including PTC Therapeutics' completed gene therapy acquisition.
Four transactions were recorded in the period, and PTC Therapeutics, Inc. (PTCT) confirmed completion of its Fabry gene therapy acquisition. None of the four carried a disclosed enterprise value, which is itself a signal about deal size and disclosure appetite in this window. We show deal multiples as LTM at announcement where disclosed, and we never re-present prior transactions as new. For acquirers, this page is the up-to-date reference set for what actually closed or was announced.
Everything on this page
M&A & STRATEGIC ACTIVITY PTC Closes Its Fabry Gene Therapy Buy as Four More Deals Cross the Record 4 transactions announced · September 14–28, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Biotechnology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 24 n/a Creative Medical Technology Holdings, Inc. Creative Medical Technology Holdings completed its acquisition of BioDefense, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows a completed purchase of a private target on September 24, consistent with smaller buyers adding assets rather than buying scale. HOW THE TARGET WAS VALUED No enterprise value was disclosed in the record for this transaction. Sep 23 n/a Arcturus Therapeutics Holdings Inc. Arcturus Therapeutics agreed to acquire myNEO EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A platform developer buying a private target reads as adding capability rather than revenue; the record carries the agreement without terms. HOW THE TARGET WAS VALUED No enterprise value was disclosed in the record for this transaction. Sep 17 n/a Lisata Therapeutics, Inc. Lisata Therapeutics completed its acquisition of Marea Therapeutics EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows a completed combination of clinical-stage developers on September 17, the structure the sector uses to pool cash runway and pipelines. HOW THE TARGET WAS VALUED No enterprise value was disclosed in the record for this transaction. +1 further transaction(s) recorded in the two-week period — full detail in the companion transaction record.
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WHAT IT MEANS
What the Period Changes for Operators, Acquirers and Advisors
A translation of the period's events into implications for operators, acquirers and advisors.
We translate the two-week period for the people who act on it: operators, acquirers and advisors. Companies traded on what they disclosed — placements, topline results, label updates and conference presentations — so the catalyst calendar did the pricing. Acquirers now have four more transactions in the reference set, alongside PTC Therapeutics, Inc.'s (PTCT) completed purchase. These are observations, not recommendations, and that distinction is what keeps the read useful rather than prescriptive.
Everything on this page
WHAT IT MEANS What the Period Changes for Operators, Acquirers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Biotechnology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 4.7x 85 companies in the study 3 valuation tiers Standing thesis: Biotechnology Trades as Two Markets: Clinical-Stage Pipelines and Launched Biologics Revenue FOR OWNERS & OPERATORS The Catalyst Calendar Did the Pricing Companies traded on what they disclosed: registrational placements, topline results, regulatory label updates and conference presentations. FOR ACQUIRERS Four More Private Targets Enter the Reference Set The period added four transactions to the record, alongside PTC Therapeutics, Inc.'s (PTCT) completed purchase of a Fabry gene therapy asset. FOR ADVISORS Lead with the Readout, Not the Index The story is dispersion: 50 of 74 covered names fell; the median move was -4.0%, while the S&P 500 returned +0.8%.
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SOURCES & METHODOLOGY
Sources, Methodology and Important Notice
An explanation of the sources, methodology and important notice underlying every figure in the update.
Every figure in this update links back to the record it was taken from, and this page lists what each type of statement rests on. We hold market data through 2026-09-28 and keep driver attributions calibrated to the recorded evidence. That transparency is what lets a client cite this update with confidence.
Everything on this page
SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Biotechnology Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 11 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T175750Z_553_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: sec.gov · prnewswire.com · globenewswire.com · newsfilecorp.com

Sources and methodology

This update covers Biotechnology over the 14-day window September 14–28, 2026; market data runs through September 28, 2026. The universe is the 74 listed companies whose core business is Biotechnology under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: ACADIA Pharmaceuticals Inc. (ACAD), Alpha Cognition Inc. Common Stock (ACOG), ADMA Biologics, Inc. (ADMA), Alumis Inc. Common Stock (ALMS), Alvotech (ALVO), Amgen Inc. (AMGN), Annexon, Inc. (ANNX), Alto Neuroscience, Inc. (ANRO), Ardelyx, Inc. (ARDX), Arrowhead Pharmaceuticals, Inc. (ARWR), Ascendis Pharma A/S (ASND), Aurinia Pharmaceuticals Inc. (AUPH), ArriVent BioPharma, Inc. Common Stock (AVBP), AstraZeneca PLC (AZN), BridgeBio Pharma, Inc. (BBIO), BridgeBio Oncology Therapeutics Inc. (BBOT), BioAge Labs, Inc. (BIOA), Belite Bio, Inc (BLTE), Cibus, Inc. (CBUS), Celcuity Inc. (CELC), Climb Bio, Inc. (CLYM), COMPASS Pathways plc (CMPS), Cogent Biosciences, Inc. (COGT), CRISPR Therapeutics AG (CRSP), CytomX Therapeutics, Inc. (CTMX), Ginkgo Bioworks Holdings, Inc. (DNA), Denali Therapeutics Inc. (DNLI), Bright Minds Biosciences Inc. (DRUG), Emergent BioSolutions Inc. (EBS), Editas Medicine, Inc. (EDIT), Evolus, Inc. (EOLS), EyePoint Pharmaceuticals, Inc. (EYPT), Fulcrum Therapeutics, Inc. (FULC), Geron Corporation (GERN), Greenwich LifeSciences, Inc. (GLSI), Genelux Corporation (GNLX), HUTCHMED (China) Limited (HCM), IDEAYA Biosciences, Inc. (IDYA), Disc Medicine, Inc. (IRON), Keros Therapeutics, Inc. (KROS), LB Pharmaceuticals Inc Common Stock (LBRX), Lantheus Holdings, Inc. (LNTH), Maze Therapeutics, Inc. (MAZE), MediWound Ltd. (MDWD), Jyong Biotech Ltd. Ordinary Shares (MENS), MoonLake Immunotherapeutics (MLTX), MediciNova, Inc. (MNOV), Moderna, Inc. (MRNA), Nurix Therapeutics, Inc. (NRIX), Nuvation Bio Inc. (NUVB), OPKO Health, Inc. (OPK), ORIC Pharmaceuticals, Inc. (ORIC),

Window and company universe

How the moves and statistics are computed

Each company's period move is the change in closing price from the last close before the window to the last close inside it (close-to-close). The sector median is the median of those moves across the covered names; the index return is computed the same way for the S&P 500 over the same dates. The largest single-day move inside the window is shown for each mover. Movers are the largest gainers and losers by period move; the attribution cards prefer movers whose in-window record explains the move. Movers carry the valuation tier assigned in the standing sector study (the latest NeuraCap sector outlook) where that study rated them.

Events, news and how a move is attributed

Company events are the 8-K filings made inside the window; news items are publisher-sourced headlines for the window, admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron's and peers). Video and social platforms are never used. A move is linked to an event only when the event falls inside the window and only in calibrated language; where nothing in the record explains a move, the update says so rather than speculating. Every event links to its source.

Transactions in the window and the trailing record

Transactions are taken from SEC filings by announcement date; 4 were announced inside the window. The trailing record of 40 recorded transactions provides the reference multiples (EV over last-twelve-month revenue or EBITDA at announcement, as disclosed). A value whose own citation describes something other than the price paid is not shown as the deal value; transactions where the acquirer and the target are the same entity are treated as reorganisations and excluded.

Sources

Prices and index levels are market data through September 28, 2026; filings are the companies' SEC filings on EDGAR; press releases are the companies' own; other news items are from the established outlets named on each card; Treasury yields are published by the U.S. Department of the Treasury. Every figure and every event in the update links to its record.

Interpretation and important notice

'Why it matters', 'why the deal happened' and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, labelled as such. The update is informational: it is not investment advice, not a recommendation to buy or sell any security and not an offer of any kind.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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Biotechnology Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

Key figures

Read the report

Executive summary

Key findings

What each page shows

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

Catalyst Calendars, Not the Market, Decided This Period

Clinical News Set the Range; The Rest Moved on Positioning

What Companies Did: Rights Regained, a Label Eased, a Study Cleared

PTC Closes Its Fabry Gene Therapy Buy as Four More Deals Cross the Record

What the Period Changes for Operators, Acquirers and Advisors

Sources, Methodology and Important Notice