Gilead gets option rights to Assembly’s entire virology pipeline, including future assets, for herpesvirus and hepatitis B and D. The deal provides financial stability and opt-in potential for Assembly.

Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.

First-in-class active-site polymerase inhibitor yields Phase Ib/IIa data showing suppression of HBV DNA. It also demonstrated a good safety profile with normalization of liver enzymes.

Partnerships between big pharma and biotech focused on biologic therapies for hepatitis B could reap the benefit of less competition as lone biotechs, such as Aligos, discontinue their candidates.