While the stock prices of a few biotech companies have advanced significantly as a result of their pandemic efforts, a broad biotech stock index has underperformed the pharmaceutical index. Why?

The Phase III failure of ampreloxetine in nOH followed disappointing Phase IIb data for izencitinib in ulcerative colitis in August. Theravance narrows focus to respiratory disease, including label expansions for Yupelri.

Top-line results from a Phase IIb study of Theravance’s potential gut-selective JAK inhibitor izencitinib have not matched expectations, and results from a similar early-stage study in Crohn’s disease with the Janssen-partnered candidate are now awaited at the end of the year or in early 2022.

Public Company Edition: Almost halfway through the year, initial public offerings equal nearly three-quarters of the 2020 total. Also, Pardes is one of four new SPAC mergers; HUTCHMED launched an IPO in Hong Kong; and Zentalis, Theravance and BioXcel launched follow-on offerings.