There's a multi-billion-dollar drug industry whose main raw material doesn't come from a chemical vat or a lab-grown cell — it comes from the blood of living people, donated one person, one arm at a time. This is an old, unglamorous, but indispensable corner of pharma, and it has one of the strongest moats in the business — because you can't just "order more."
Novo Nordisk's Frehemgo wins EMA panel backing for hemophilia A
A European Medicines Agency panel has recommended approval of Frehemgo, Novo Nordisk's injectable treatment for hemophilia A, moving the Danish drugmaker closer to another commercial opportunity outside its diabetes and obesity franchise. The recommendation covers adults and children, including patients with or without inhibitors, and follows results from Novo's FRONTIER clinical program, in which Frehemgo reduced annualized bleeding rates compared with previous clotting-factor preventive treatments and therapies given when bleeding occurred. Novo plans to sell Frehemgo in a single-use, prefilled pen with dosing options ranging from once weekly to once monthly, offering patients more flexibility. The European Commission still needs to give final approval, but Novo is already preparing for commercialization and expects to introduce Frehemgo in a selected European market during the fourth quarter, followed by a broader European Union rollout early next year. The next catalyst is European Commission approval and whether Novo can begin that first launch before year-end.
Kamada Says KedRAB Supply Adequate as U.S. Rabies Cases Rise
Kamada said it maintains an adequate supply of KedRAB, its human immune globulin targeting rabies, even as cases linked to the viral disease rise in the United States. The Israeli biotech's shares traded higher on Thursday following the statement. Last week the CDC issued a health advisory reporting a significant increase in human rabies exposures and the use of rabies post-exposure prophylaxis, with a 17% increase in rabies-related inquiries from July through August and a 76% rise in the utilization of two U.S.-licensed rabies immunoglobulins for the week ending Sept. 2. Kamada said that in light of the increase in end-user utilization described in the CDC advisory, it has the inventory and manufacturing capacity to support continued supply of KedRAB. With its Q2 2026 results in August, Kamada reiterated its full-year guidance for revenue and adjusted EBITDA at $200M–$205M and $50M–$53M, implying 12% and 23% year-over-year growth respectively.
Weiguang Biological's Belarus Blood Transfusion Center Cooperation Project Officially Delivered, Completing China's First Export of Blood Product Technology
Weiguang Biological has received the third-stage acceptance report issued by the Belarusian state institution, the Republican Scientific and Practical Center for Transfusiology and Medical Biotechnologies, marking the successful completion and delivery of the Weiguang Biological–Belarus Blood Transfusion Center blood product cooperation project. The company has thus become the first Chinese enterprise to complete the export of blood product technology. The project officially began in December 2022 and was implemented in three major stages, with all tasks in each stage passing acceptance on the first attempt. In December 2023, Weiguang Biological completed the verification and delivery of technical documents. In October 2024, Belarusian technical personnel came to China for full-time training and all successfully completed the program. Afterward, Weiguang Biological traveled to the Gantsevichi base to conduct production condition inspections and on-site process guidance, successfully completing the trial production of human albumin and intravenous human immunoglobulin as stipulated in the contract. Through cross-testing by both parties, all indicators of the semi-finished and finished products met the standards of the Pharmacopoeia of the People's Republic of China and the relevant Belarusian quality standards. The Belarusian Blood Transfusion Center highly praised Weiguang Biological's professional technical capabilities.
Trump Adds 9 Mid-Sized Drugmakers to MFN Pricing Deals
President Trump announced on Monday that his administration has signed separate drug-pricing agreements with nine mid-sized pharmaceutical companies, expanding his Most-Favored-Nation (MFN) pricing push beyond Big Pharma. The companies include Alcon, Astellas Pharma, BeOne Medicines, BridgeBio Pharma, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals, and UCB, which have agreed to reduce prescription drug prices to match those in comparable developed countries. In return, they receive a reprieve from import tariffs on pharmaceutical ingredients, contingent on expanding domestic manufacturing, with a collective commitment of at least $19.6 billion in U.S. manufacturing. Some companies also agreed to contribute active pharmaceutical ingredients to a government stockpile reserve, such as Teva supplying 45 metric tons of metronidazole and UCB providing 163 tons of levetiracetam. With these additions, the total number of drugmakers with MFN agreements has risen to 26, covering 89% of the branded drug market, and the administration has called on Congress to codify the policy through the Great Healthcare Plan.
Trump unveils drug-pricing deals with CSL, Astellas, and other biotechs
President Donald Trump introduced a new set of drug-pricing deals with global pharmaceutical companies and smaller biotechs on Monday, advancing efforts to cut healthcare costs for American consumers. Deals were signed with Astellas, BeOne Medicines, CSL, BridgeBio, Sun Pharmaceutical, and UCB SA, Trump said in an Oval Office event with executives, according to Reuters. These companies have offered drugs to state Medicaid programs at most-favored-nation prices, which Trump described as a tremendous discount that should bring down medical costs. Israel's Teva, which also attended, said it is still in discussions with the administration on a potential agreement. The number of drugs covered and the discounts remain unclear, as the White House did not release details and some companies described terms as private. The deals follow earlier agreements with 17 of the world's largest drugmakers, including Pfizer, Eli Lilly, and Novo Nordisk, which agreed to cut prices for federal health programs and sell some medicines directly to patients through a Trump-branded website in return for tariff relief.
Wells Fargo industry insights head Robin Wenzel says GLP-1 weight-loss drugs are reshaping obesity treatment in the US, where about 40% of adults are diagnosed with obesity and 10% of those are severely obese. Between 2022 and 2024, gastric bypass surgeries dropped by over 30% while GLP-1 usage increased by 140%. The drugs serve as a pharmaceutical off-ramp for patients who need to lose weight to qualify for surgery, and as a preventative for others, potentially avoiding surgery altogether. Additionally, adverse cardiovascular events have fallen by about 20%, according to the SELECT trial, meaning fewer heart attacks and strokes. Hospitals that take a holistic approach to managing weight, diabetes, and cardiometabolic benefits stand to gain the most.
Shanghai RAAS Subsidiary's Protein C Clinical Trial Application Accepted
Shanghai RAAS announced that its wholly-owned subsidiary Guangxi RAAS Biopharmaceutical Co., Ltd. has received an acceptance notice from the National Medical Products Administration regarding the clinical trial application for Protein C. The drug is intended for the treatment of patients with congenital Protein C deficiency. It is a Class II new drug in China, and currently no similar human Protein C preparation has been approved for marketing domestically. If successfully approved for marketing, it could enhance the company's comprehensive utilization rate of plasma and optimize its product portfolio.
Grifols reported first-half 2026 revenue of €3.574 billion, a 2.6% increase at constant currency, and maintained its full-year free cash flow guidance of $500 million to $575 million. Biopharma revenue grew 5.4% at constant currency, driven by a 12.8% rise in the immunoglobulin franchise, while Xembify revenue surged nearly 34% in the second quarter. Adjusted EBITDA reached €854 million for the half, with a margin of 23.9%, and free cash flow before M&A improved by €103 million year-over-year to €91 million. The company closed 29 U.S. donor centers, incurring $40 million in one-off costs, and is expanding plasma sourcing in Egypt, which now supplies 25% of ex-U.S. collections with a target of 50% by 2029. Management also confirmed the SPARTA Phase 3 study for Alpha-1 remains on track for top-line results in late Q4 2026.
Heyuan Biotech plunges nearly 20% on lockup expiry day; core product price cut ahead of medical insurance negotiations
On July 28, Heyuan Biotech, the first stock on the STAR Market to produce recombinant human albumin from rice, saw its share price tumble, closing down 19.98 percent at 36.89 yuan per share, giving it a total market value of about 13.188 billion yuan. On the same day, 25.691 million of its IPO lockup shares became tradable, accounting for 7.19 percent of total shares and involving 1,736 shareholders. Heyuan Biotech's self-developed recombinant human albumin injection, Ofulmin, was approved for market in July 2025 as the first domestic recombinant human albumin product, but the company still posted a net loss attributable to the parent of 36.0459 million yuan in the first quarter of 2026. To prepare for the 2026 national medical insurance negotiations, the company has cut the price of the 10-gram-per-vial product from 890 yuan to 615 yuan, a drop of more than 30 percent. In addition, the company is advancing Phase IV clinical trials for Ofulmin and an international multi-center Phase III clinical trial under the U.S. FDA, and plans to submit a site change application for its 120-ton production line by the end of 2026.
Takeda Expands in Indonesia and Reports Phase 3 Psoriasis Drug Data
Takeda Pharmaceutical agreed a multi-year collaboration with the Indonesian Government to develop the country's plasma collection and biopharmaceutical manufacturing ecosystem, while also reporting Phase 3 data for its TYK2 inhibitor zasocitinib in plaque psoriasis. The Indonesia partnership extends Takeda's presence in an emerging market healthcare system and leans into its heritage in plasma-derived therapies, potentially deepening its role in supplying complex biologics. The zasocitinib trial results showed consistent and high skin clearance rates in difficult-to-treat patients, positioning the oral TYK2 inhibitor as a differentiated asset in the competitive immunology space. Analysts have flagged Takeda's high debt load, and the company may commit up to US$30 million to a pilot program and assess a new plasma facility, adding execution and capital allocation risk. Earnings are forecast to grow, and progress on late-stage assets such as zasocitinib plus a larger plasma footprint could give Takeda more levers across specialty-care products and biologics infrastructure.
Incyte reports full latarcibart data and acquires Vega Therapeutics
Incyte reported full safety and efficacy results from its Phase 1/2 study of latarcibart, a once monthly subcutaneous therapy for von Willebrand disease, and announced the acquisition of VGA039 through the purchase of Vega Therapeutics. The Phase 1/2 results showed broad annualized bleed rate reductions across von Willebrand disease types and bleed categories, including serious gastrointestinal and joint bleeds, with a mechanism targeting Protein S. Latarcibart holds breakthrough, fast track, orphan drug, and rare pediatric disease designations, and is already in a Phase 3 program called VIVID spanning six continents. The acquisition and data give Incyte a clearer path to larger trials and potential global expansion of its hematology portfolio, as the company seeks to reduce reliance on Jakafi and diversify beyond oncology and immunology. Investors will watch for VIVID-6 Phase 3 readouts, safety updates, and regulatory filing timelines, while weighing clinical and regulatory risks against the potential for a commercially relevant once monthly self-administered regimen versus frequent intravenous factor replacement therapies from competitors such as Takeda and CSL.
Shanghai RAAS Initiates Phase II Clinical Trial for SR604 Injection
Shanghai RAAS has initiated a Phase II clinical trial for its SR604 injection. The company recently posted the trial registration information on the National Medical Products Administration's drug clinical trial registration and information disclosure platform for the treatment of congenital factor VII deficiency. SR604 injection is a monoclonal antibody preparation that specifically inhibits the anticoagulant function of human activated protein C. This trial plans to administer multiple doses across different dose groups to further explore its efficacy and safety. In the first quarter of 2026, Shanghai RAAS achieved revenue of 1.509 billion yuan and a net profit attributable to the parent company of 316 million yuan.
Biotech IPOs Surge 55% as AI Listings Lose Momentum
Biotechnology and pharmaceutical IPOs have generated a weighted average return of 55% in the U.S. market this year, sharply outperforming the broader market's 4.4% weighted average loss, according to Bloomberg data through July 17. The strong performance is drawing more drug developers to go public, with at least six filing this month, led by Scribe Therapeutics, and the number of completed biotech IPOs in 2026 already surpassing last year's total while proceeds exceed $5 billion, roughly three times the prior year's amount. Parabilis Medicines raised $770.6 million in the largest biotech IPO on record, and Veradermics has gained more than 500% since its February debut, making it the best-performing U.S. IPO across all sectors. The sector's recovery is supported by a 13% gain in the Nasdaq Biotechnology Index, a stable regulatory environment, and renewed acquisition activity, including three deals valued at $10 billion or more announced in the past month involving AbbVie, GSK, and Vertex Pharmaceuticals. Investment bankers note that major fund groups are reallocating capital toward healthcare, though higher interest rates could pose a headwind.
Boya Bio's Human von Willebrand Factor Re-Approved for Clinical Trials After Process Upgrade
China Resources Boya Bio-pharmaceutical Group's human von Willebrand factor has received a renewed drug clinical trial approval notice from the National Medical Products Administration on July 20, 2026, following an upgrade to its core manufacturing process. The product is intended for treating spontaneous and trauma-induced bleeding in adult and adolescent patients with von Willebrand disease. It first obtained clinical trial approval in August 2021, and the process upgrade was subsequently carried out to enhance product quality stability and clinical safety, with a new application submitted in April 2026. As of the announcement date, cumulative R&D investment in the project is approximately 41 million yuan. Currently, no similar product independently developed by a domestic company has been approved for marketing in China. The company stated that this approval will strengthen its pipeline for rare bleeding disorders, but the project remains in the clinical stage and will not have a significant impact on its 2026 operating results.
Joinn Laboratories issued an earnings forecast, projecting that its net profit attributable to the parent company for the first half of 2026 will skyrocket by 884.9% to 1,377.4% year-on-year, mainly driven by fair value changes in biological assets due to rising prices of laboratory monkeys. The company expects operating revenue for the same period to be between 669 million and 739 million yuan, an increase of about 0% to 10.5% year-on-year, with fair value changes in biological assets contributing approximately 703 million to 777 million yuan to net profit. Boosted by this news, the CRO sector surged across the board today. Joinn Laboratories' A-shares hit the daily limit up, ChemPartner achieved a 20% daily limit up, and companies like Sunstone Development and Wanbang Pharmaceutical rose over 10%. In addition, Pharmaron also forecasted that its first-half net profit attributable to the parent company would grow by 4% to 10% year-on-year, with new orders increasing by over 30% year-on-year. Currently, there is a shortage of cynomolgus monkeys, and their price has exceeded 200,000 yuan.
Takeda and Indonesia announce plasma collaboration to build ASEAN's first regional hub
Takeda and the Government of Indonesia announced a collaboration to strengthen Indonesia's plasma ecosystem, aiming to expand access to plasma-derived medicinal products. As part of the multi-year program, the first of its kind in the ASEAN region, Takeda will invest up to $30 million in a two-year pilot to set up plasma donation centers across Indonesia, with the first center scheduled to open in 2027. The Ministry of Health has granted Takeda a fractionation license, and the company will explore establishing a manufacturing facility in Indonesia. The initiative is expected to create skilled jobs and support workforce training while positioning Indonesia as a regional hub for plasma science and biopharmaceutical innovation.
Three Biotech Firms Face Major Catalysts in Coming Months
Three biotech companies are approaching significant catalysts that could reshape their futures. Vera Therapeutics is preparing a Biologics License Application for atacicept, an investigational drug for IgA nephropathy, with an accelerated timeline following FDA alignment on a revised analysis plan expected in the third quarter. Krystal Biotech, which already markets the first gene therapy approved for a skin condition, anticipates top-line results from its KB803 corneal abrasion trial by year-end and a registrational data readout for KB801 in 2026. ADMA Biologics, which has multiple marketed products and reported 28% year-over-year revenue growth from ASCENIV last quarter, is advancing SG-001, an investigative hyperimmune globulin candidate for pneumococcal disease, while also benefiting from margin expansion driven by new manufacturing efficiencies.