European pharmaceutical companies are ramping up their effort to persuade the region’s cash-strapped governments to invest more in new medicines, or risk losing out to China and the US

ADARX PHARMACEUTICALS TARGETS $1.74B VALUATION IN U.S. IPO RNA drug developer ADARx Pharmaceuticals plans to sell 21.875M shares at $15-$17 each, raising up to $371.9M and valuing the company at as much as $1.74B. AbbVie will separately purchase about 5.01M shares in a concurrent private placement, giving it roughly a 4.9% stake after the IPO. ADARx is developing next-generation siRNA drugs, with five wholly owned programs spanning hereditary angioedema, complement diseases, stroke prevention, obesity and neurodegenerative diseases. Its most advanced drug, onvuzosiran, is currently in Phase 3 for hereditary angioedema, with topline data expected by the end of 2027. The FDA granted the program Fast Track status in August. At the $16 midpoint, ADARx expects roughly $397M in combined net proceeds from the IPO and AbbVie placement, with the largest allocations planned for: • $180M for agazisiran and its complement-disease programs • $80M for stroke candidate ADX-626 • $65M for Phase 3 onvuzosiran • $25M for obesity program ADX-077 • $20M for neurodegeneration program ADX-199 The company says the proceeds, together with existing cash and investments, should fund operations into 2030. ADARx plans to list on Nasdaq under $ADRX. Source: SEC filing, Reuters

PMV PHARMACEUTICALS $PMVP REPORTS 46% ORR IN OVARIAN CANCER TRIAL Updated interim data from the PYNNACLE Phase 2 pivotal trial of rezatapopt monotherapy, per the company. - Objective response rate: 46% among 76 ovarian cancer patients - Median time to response: 1.3 months - Median duration of response: 10.0 months - Discontinuation rate due to adverse events: 5%

The pharmaceutical company that makes insulin has raised its price 1,200% since 1996. It costs $3 to manufacture. They charge $300. Americans ration it. People die rationing it. The CEO made $24,000,000 last year. In Canada the same insulin costs $30. Same drug. Same factory. Different zip code. We don’t have a healthcare problem. We have a permission problem. And Congress keeps giving it.