Merck & Co (MRK) said that its experimental drug tulisokibart met the main goal and key secondary goals in a late-stage trial of patients with ulcerative colitis, a chronic inflammatory bowel disease.

Britain's Competition and Markets Authority has welcomed a Court of Appeal ruling that overturned an earlier decision finding the regulator had relied on flawed reasoning when it fined Pfizer (PFE) and Flynn Pharma £70mn for excessive pricing of the epilepsy drug phenytoin.

A South African court has granted an interim order blocking a local pharmacy group from manufacturing and selling weight-loss medicines containing semaglutide, the active ingredient in Novo Nordisk's (NOVO) Ozempic and Wegovy drugs.

AbbVie (ABBV) has agreed to buy Apogee Therapeutics (APGE) for $10.9bn, its largest acquisition in more than five years, as the pharmaceutical group looks to strengthen its pipeline of treatments for inflammatory diseases such as atopic dermatitis and asthma.

Kardigan (KARD) shares surged 31 per cent above their initial public offering price after the heart drug developer raised $400mn in an upsized US initial public offering, in a sign of strong investor appetite for new biotech listings.

Regenxbio (RGNX) shares jumped 16 per cent after the company said the US Food and Drug Administration had indicated that existing data for its rare-disease gene therapy could support an accelerated approval application, reversing course months after declining to approve the treatment.

Pfizer (PFE) has said that an experimental cancer drug acquired through its $43bn takeover of Seagen in 2023 failed to extend survival compared with chemotherapy in a late-stage trial of previously treated lung cancer patients, denting hopes for one of the assets underpinning the group's oncology pivot.

Alnylam Pharmaceuticals (ALNY) has been reprimanded by the UK's Prescription Medicines Code of Practice Authority after a complaint from Pfizer (PFE), though the industry watchdog softened its harshest criticism on appeal.

Nara Organics is voluntarily recalling all of its infant formula sold in the United States after the Food and Drug Administration and the Centers for Disease Control and Prevention flagged three cases of infant botulism in babies who had consumed the product.

Novo Nordisk (NOVO) plans to submit its oral Wegovy weight-loss pill for Chinese regulatory approval within a few months, Chief Executive Mike Doustdar said, as the Danish drugmaker seeks to close the gap with rival Eli Lilly (LLY) in the world's second-largest pharmaceutical market.