Angus Liu
Verified- Deputy Editor, Fierce Biotech
- Deputy Editor, Fierce Pharma
- Deputy Editor, Questex Media Group
- None, Financial Times
Washington, D.C.
Biopharma reporter @FiercePharma & @FierceBiotech. Medill MSJ 16
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Articles by Angus Liu
Editor’s Corner: Why an AstraZeneca-Bristol Myers Squibb merger is a bad idea Original
It’s been years since Big Pharma last witnessed a megamerger. In the late 2010s, Takeda bought Shire, AbbVie acquired Allergan, and Bristol Myers Squibb swallowed Celgene. While those $60 billion-plus transactions reshaped the biopharma landscape, a new idea making the rounds on Wall Street would make all of them look like pocket change.
Daiichi Sankyo flags accounting error, as shares tank despite revenue beat
A Daiichi Sankyo quarterly report that should have celebrated strong commercial execution was instead derailed by an accounting error and manufacturing losses. During its earnings call Friday, Daiichi disclosed that the company had missed 29 billion Japanese yen ($182 million) in selling, general and administrative expenses (SG&A) in its fiscal year 2025 report, which covers the 12 months ended in March 2026.
Fierce Pharma Asia—Legend CEO exits; Merck’s hush-hush PD-1xVEGF plan; Otsuka’s novel ADHD nod
Legend Biotech's Ying Huang, Ph.D., resigned after a six-year stint as CEO. Merck briefly posted—and then quickly deleted—a clinical trial plan to test its PD-1xVEGF bispecific in combination with its Kelun-partnered TROP2 ADC. The FDA approved a new class of ADHD therapy in Otsuka's Simtriyo. And more. 1. Legend Biotech CEO abruptly steps down without permanent replacement Legend Biotech’s CEO, Ying Huang, Ph.D., has resigned.
Alnylam shares tank 29% as Amvuttra disappoints with ATTR outlook cut for 2026
Alnylam Pharmaceuticals’ stock price plummeted as much as 29% Thursday morning after disappointing Amvuttra sales and a lowered full-year forecast triggered renewed fears over the transthyretin amyloidosis (ATTR) franchise. It was the first quarter Amvuttra sales crossed the $1 billion mark, but its $1.01 billion haul missed analysts’ expectations by 4%. In the U.S., the RNA interference therapy brought in $809 million, or 2% below consensus.
Bristol Myers delays Cobenfy Alzheimer’s psychosis readout again amid another quarterly beat Original
Investors anxiously waiting for Bristol Myers Squibb’s key Alzheimer’s disease psychosis readout for Cabenfy will have to wait a little longer. The company has once again delayed the expected phase 3 data from its Adept trial program, even as it delivered a group-wide quarterly beat that’s driving a significant forecast raise.
Merck posts—then pulls—trial plan for PD-1xVEGF and TROP2 ADC combination
After keeping tight-lipped for nearly two years, Merck & Co. briefly dropped the first concrete hint as to where it intends to take its PD-1xVEGF bispecific antibody—before quietly scrubbing the evidence. A brief, now-deleted clinical trial listing on Merck’s website revealed that the New Jersey pharma plans to test the bispecific, coded MK-2010, alongside its TROP2-directed antibody-drug conjugate, sac-TMT.
Boosted by CMS settlement, Incyte expects Opzelura to cross $1B in 2026
A favorable regulatory resolution with federal health authorities is clearing the way for Incyte’s Opzelura cream to reach blockbuster land ahead of schedule. Thanks to a settlement with the Centers for Medicare & Medicaid Services on the classification of Opzelura, Incyte raised its full-year 2026 sales guidance for Opzelura to between $1.05 billion and $1.1 billion, compared to below $800 million in its previous projections.
How 2 FDA citations complicate Hengrui, Elevar’s push for liver cancer combo approval
Even though Hengrui Pharma has resolved the manufacturing problems cited in a recent FDA complete response letter, a second citation stands in the way of the company and its partner Elevar Therapeutics’ fourth attempt at an approval for their liver cancer combination. The two companies’ combination of camrelizumab and rivoceranib was recently snubbed by the FDA for a third time for the treatment of first-line liver cancer.
GSK CEO targets $2.5B in cost savings from mature products, procurement, supply chain
About half a year into his tenure as GSK’s CEO, Luke Miels is launching a three-year restructuring to navigate the British pharma through upcoming patent cliffs and achieve over 40 billion pounds sterling in annual sales by 2031. The three-year initiative is designed to generate 1.9 billion pound sterling ($2.5 billion) in annual cost savings by 2029, against 2.4 billion pound sterling in total one-time costs.
FDA approves Otsuka’s ADHD drug Simtriyo, teeing up its ‘next major CNS launch’
The FDA has approved Otsuka Pharmaceutical’s once-daily extended-release capsule Simtriyo (centanafadine) for attention-deficit/hyperactivity disorder (ADHD) in patients aged 6 years and older. Approval of the first-in-class norepinephrine, dopamine, serotonin reuptake inhibitor (NDSRI) gives the Japanese drugmaker its “next major CNS launch” and positions the therapy to become a potential blockbuster in a large, under-penetrated market, according to Jefferies analysts in a July 26 note.
Legend Biotech CEO abruptly steps down without permanent replacement Original
In a sudden leadership shift, Legend Biotech announced that its CEO Ying Huang, Ph.D., resigned on Friday, with no permanent replacement yet named. After Huang handed in his notice, Legend’s board appointed Alan Bash as the company’s interim CEO on July 23, an SEC filing (PDF) shows. A “comprehensive search process to identify a permanent successor” is underway, the company said in a July 27 press release.
Merck stages expanded access to monthly HIV PrEP pill ahead of approval Original
Following in the footsteps of Gilead Sciences, Merck & Co. has signed voluntary licensing agreements to enable access to its investigational HIV PrEP pill alimatravir. The New Jersey pharma is accelerating that playbook even further, launching the global access strategy well before the phase 3 trial evaluating alimatravir for HIV prevention has completed enrollment or produced data. As Merck noted in a July 24 announcement, this early move represents a first in the field of HIV prevention.
Fierce Pharma Asia—Trump’s generic drug tariffs; Samsung Bio’s $1.8B acquisition; An unusual IPO
Generic drugmakers will face import tariffs in the U.S., President Donald Trump announced this week. Samsung Biologics is pursuing the biggest M&A deal ever for a Korean biopharma company. In an unconventional move, a U.S. biotech is gunning for an IPO in Hong Kong first. And more. 1.
Roche defends 6B franc Vabysmo peak sales target despite another quarterly miss
Roche’s Vabysmo disappointed investors again. In the second quarter, the eye drug’s sales of about 1.04 billion Swiss francs ($1.27 billion) missed analysts’ expectations by 7.1%. Speaking on an investor call Thursday, Roche Pharmaceuticals CEO Teresa Graham assured analysts that the U.S. branded market has stabilized after a period of contraction, though the explosive growth that Vabysmo enjoyed early in its launch is likely behind it.
J&J’s bispecific combo slashes myeloma progression risk by 89% in phase 3 trial
Johnson & Johnson has unveiled massive phase 3 survival data for its dual bispecific combination in earlier-line multiple myeloma, delivering another catalyst that could add a new twist in the commercial trajectories of off-the-shelf T-cell engagers versus personalized CAR-T therapies.
GSK secures first lung cancer approval as FDA clears Jideytro in quick payoff from Nuvalent deal
In a landmark moment for its oncology ambitions, GSK has secured FDA approval for Jideytro (zidesamtinib) as the first commercial lung cancer drug in the company’s history. The milestone was made possible by GSK’s recent acquisition of Nuvalent for $10.6 billion. The approval for Jideytro comes just a week after the British pharma closed the deal and about two months ahead of the FDA’s target decision date of Sept. 18.
Summit Therapeutics updates ivonescimab survival data ahead of FDA decision date
Aiming to bolster ivonescimab’s case ahead of a key FDA decision, Summit Therapeutics has provided updated overall survival data from the phase 3 HARMONi trial for its PD-1xVEGF bispecific antibody. According to the new analysis, performed with a data cut-off in June 2026, the overall survival (OS) hazard ratio in the Western subgroup of 165 patients improved to 0.76, compared to 0.84 at a September 2025 cut-off and 0.98 at the trial’s primary analysis in April 2025.
Why Novartis CEO ended his ADC holdout for $1.5B Myricx deal
For years, as Big Pharma poured billions into antibody-drug conjugates, Novartis CEO Vas Narasimhan notably stayed on the sidelines. Speaking at the J.P. Morgan Healthcare Conference two years ago, the helmsman pointed to Novartis’ deep commitment to radioligand therapy as its primary targeted cancer delivery platform. That long holdout is finally coming to an end as Novartis agreed to acquire London-based biotech Myricx Bio for up to $1.5 billion.
Novartis CEO brushes off oral PCSK9 competition as Leqvio drives Q2 growth
Novartis' CEO remains unfazed by the threat of a newly approved oral PCSK9 inhibitor in Merck & Co.’s Lipfendra, doubling down on the long-term potential of his company's injectable cholesterol drug, Leqvio. Speaking on the company’s Q2 earnings call, Novartis CEO Vas Narasimhan brushed off fears that daily pills could stall Leqvio.
Gilead, Merck’s phase 3 data back first weekly HIV pill
Detailed phase 3 results suggest the two-drug combination of Gilead Sciences’ lenacapavir and Merck & Co.’s islatravir has what it takes to become the first complete weekly pill for the treatment of HIV.
Why Legend Biotech stock fell 10% despite record Carvykti sales
On paper, it was another strong quarter for Carvykti. Johnson & Johnson reported record sales for the CAR-T therapy, signaling robust demand in multiple myeloma. Yet record revenue wasn’t enough to spare its partner, Legend Biotech, from a 10% stock drop, thanks in part to comments made during J&J’s earnings call. The $657 million Carvykti sales in the second quarter marked 48% growth year over year, largely meeting analysts’ expectations.
Fierce Pharma Asia—GSK, Merck ADCs’ trial wins; AZ’s $1.5B EGFR buy; Biotechs’ new patent tricks
Antibody-drug conjugates from Kelun-Biotech and Hansoh Pharma, respectively partnered with Merck & Co. and GSK, delivered positive phase 3 readouts in China. AstraZeneca reached out to its spinout Dizal Pharma for an EGFR lung cancer med. Biotechs are growing protective of their intellectual property and business intelligence. And more. 1.
Huahai poaches quality chief from Hengrui amid FDA manufacturing citations
Zhejiang Huahai Pharmaceutical has hired a former FDA staffer as its new chief quality officer, as the company struggles to resolve compliance issues with the FDA at a key manufacturing facility. Xuejian Xu, who most recently served as chief quality officer at Hengrui Pharma, joined Huahai under the same title in June, the Zhejiang Province, China-headquartered generics giant said in a July 15 securities disclosure (Chinese, PDF).
Bipartisan Senate bill seeks to build vigilance around foreign companies making drugs in US
A bipartisan bill reintroduced by three senators aims to increase transparency around foreign influence on the United States’ drug supplies as a potential first step to imposing restrictions. The draft legislation (PDF), titled the “Pharmaceutical Investment Oversight and Accountability Act,” would require the U.S. federal government to map out not only the makeup of foreign manufacturing in the U.S. supply chain of pharmaceuticals, but also how foreign investment affects domestic production.
Merck touts Keytruda front-line win in endometrial cancer subtype, marking a PD-1 first
Merck & Co.’s almighty Keytruda has become the first PD-1 inhibitor to show a benefit as a single agent for the front-line treatment of a subtype of endometrial cancer. Keytruda significantly improved progression-free survival over platinum-based chemotherapy in patients with mismatch repair deficient (dMMR) advanced or recurrent endometrial cancer. The patients had either received no systemic chemotherapy or experienced recurrence more than six months after completing prior adjuvant therapy.
Kelun scores sac-TMT win in first-line NSCLC population missing from Merck’s massive phase 3 program
The clinical blueprint for Merck & Co.’s prized TROP2-directed antibody-drug conjugate, sacituzumab tirumotecan (sac-TMT), could add a missing piece thanks to a landmark achieved by its partner Kelun-Biotech. Kelun has announced that its phase 3 OptiTROP-Lung06 study successfully met its primary endpoint. The Chinese trial evaluated sac-TMT in combination with Merck’s Keytruda as a first-line treatment for PD-L1-negative nonsquamous non-small cell lung cancer (NSCLC).
AstraZeneca pays up to $1.5B for EGFR lung cancer drug Zegfrovy from its spinoff Dizal
Nearly a decade after spinning out its Chinese research hub to form Dizal Pharmaceutical, AstraZeneca is paying up to $1.5 billion to buy a piece of the pipeline, securing exclusive global rights for the biotech’s oral EGFR lung cancer drug Zegfrovy (sunvozertinib).
GSK to seek FDA approval for Jemperli in small but high-profile cancer use after phase 2 win
In what GSK says represents a potential way to transform treatment for patients with certain types of rectal cancer, the company’s Jemperli has met the main goal of a phase 2 trial, teeing up an application with the FDA. Interim results from the phase 2 AZUR-1 study showed a “meaningful and sustained” clinical complete response rate for Jemperli at 12 months in stage 2/3 mismatch repair deficient/microsatellite instability-high (dMMR/MSI-H) locally advanced rectal cancer, GSK said Monday.
Star Padcev-Keytruda combo expands bladder cancer reach with FDA approval, pressuring AstraZeneca
The increasingly more popular combination of Padcev and Keytruda has expanded its bladder cancer territory once again. Thanks to an FDA nod on July 10, Padcev and Keytruda have become the first muscle-invasive bladder cancer (MIBC) treatment that do not require considerations over the patient’s eligibility for cisplatin-based chemotherapy.
FDA rejects Hengrui, Elevar’s PD-1 liver cancer combo for a 3rd time
The third time is not the charm for Hengrui Pharma and Elevar Therapeutics’ star-crossed combination of camrelizumab and rivoceranib at the FDA. U.S. regulators have declined to approve the anti-PD-1/VEGFR combo for a third time as a first-line treatment for liver cancer, Hengrui and Elevar’s parent company, HLB Group, said in separate announcements Friday. The problem, again, is manufacturing.
Fierce Pharma Asia—More AZ China deals; Kailera, Hengrui’s oral GLP-1 data; Scrutiny of Chinese trials
In the two weeks before and after Independence Day in the U.S., AstraZeneca signed potential billion-dollar licensing deals with CSPC Pharmaceutical and Sino Biopharmaceutical, Hengrui Pharma's Kaleira Therapeutics-partnered oral GLP-1 candidate reported obesity and diabetes phase 3 data from China, and biotech insiders decried certain U.S. lawmakers' scrutiny over Chinese clinical trials as a distraction. And more. 1.
BioNTech plots right-sized HER2 ADC launch to ‘build the muscle’ for BMS-partnered bispecific
Unexpectedly catapulted into global fame as a COVID-19 vaccine maker, BioNTech is on the verge of returning to its oncology roots with potentially its first commercial cancer drug. Yet, to Chief Commercial Officer Annemarie Hanekamp, the upcoming launch is less of a standalone milestone than a strategic springboard for a far more critical pipeline product.
Ipsen’s Botox rival Dysport charts new horizons with dual phase 3 wins in migraine
In a first for the neurotoxin market, Ipsen announced Thursday that its Dysport has hit the goals in two phase 3 trials for the prevention of both episodic and chronic migraines. While AbbVie’s market-leading Botox has been approved by the FDA to prevent headaches in patients with chronic migraine since 2010, Dysport is now the first botulinum toxin to also report positive phase 3 results in episodic migraine, according to Ipsen.
Foreign drugmaker caught faking doctors’ petition to evade China’s price cut scheme
Amid an ongoing expansion of China’s volume-based procurement (VBP) scheme to lower drug costs, the Chinese government has singled out a fraud case involving a foreign originator drug in a warning to the industry. In an attempt to influence whether a drug gets selected for price bidding, a foreign drug innovator faked doctors’ signatures in a petition, China’s National Healthcare Security Administration (NHSA) said in a post (Chinese) Tuesday.
FDA approves Vera’s dual-target Trutakna, setting up IgAN market battle with Novartis, Otsuka
When Vera Therapeutics in-licensed atacicept from Merck KGaA about six years ago, patients with IgA nephropathy (IgAN) had no FDA-approved treatment options. Today, the dual-target drug has crossed the regulatory finish line but is entering a vastly different landscape as the sixth drug approved for the rare kidney disease.
Haleon teams up with Microsoft in 5-year AI pact to upgrade consumer health operations
Consumer health giant Haleon has tapped Microsoft to incorporate AI across its operations, joining a growing wave of healthcare and life sciences heavyweights turning to Big Tech to execute enterprise-wide digital overhauls.
Regulatory tracker: FDA sets decision date for Sarepta's DMD drugs
Submit for the Fierce Pharma Marketing Awards - Deadline ends this Friday, July 3rd Pharma FDA European Medicines Agency drug approvals drug labels Check back to this tracker for regulatory updates on marketed drugs, including expansions into new geographies and indications. (iStock / Getty Images Plus) Welcome to Fierce Pharma's regulatory tracker for the second half of 2026.
Haleon teams up with Microsoft in 5-year AI pact to upgrade consumer health operations
Consumer health giant Haleon has tapped Microsoft to incorporate AI across its operations, joining a growing wave of healthcare and life sciences heavyweights turning to Big Tech to execute enterprise-wide digital overhauls.
Orca Bio makes a splash with FDA approval for cell therapy Tregzi. Could an IPO come next?
Orca Bio has jumped into the commercial market with an FDA approval for Tregzi, a first-of-its-kind engineered cell therapy for blood cancer patients requiring transplants. Tuesday, the FDA approved the allogeneic regulatory T cell (Treg)-based immunotherapy, also known as Orca-T, for use as an alternative stem cell transplant to improve survival free of chronic graft versus host disease (GVHD) in adults with hematological malignancies.
After monotherapy failure, AbbVie and Genmab tout Epkinly combo win in DLBCL
Despite a recent failure as a second-line monotherapy in diffuse B-cell lymphoma (DLBLC), a positive phase 3 combination trial for AbbVie and Genmab’s Epkinly has renewed confidence ahead of its high-stakes first-line readout. Epkinly, used together with lenalidomide (Revlimid), significantly reduced the risk of progression or death by 60% compared with the R-GemOx regimen in the phase 3 Epcore DLBCL-4 trial, which has therefore met its primary endpoint, AbbVie and Genmab announced Monday.
BeOne’s Brukinsa hits goal in mantle cell lymphoma confirmatory trial
A Brukinsa regimen has delivered a large progression-free survival (PFS) benefit in what BeOne Medicines called a “new chemotherapy-free standard” in first-line mantle cell lymphoma. The BTK inhibitor, combined with rituximab, reduced the risk of progression or death by 43% compared with bendamustine and rituximab (BR) in the phase 3 Mangrove study, BeOne announced Tuesday.
FDA rejects Sobi’s gout drug over manufacturing issues, sparing Amgen blockbuster Original
Sobi’s plan to introduce a challenger to Amgen’s blockbuster gout drug Krystexxa has been put on hold by the FDA. The FDA has issued a complete response letter to Sobi’s application for NASP as a treatment for uncontrolled gout, the Swedish company announced Friday. In rejecting NASP, the FDA is delaying the launch of a product that Sobi projected could reach between 4 billion Swedish kroner (about $410 million) and 6 billion Swedish kroner ($620 million) in peak sales.
Fierce Pharma Asia—Historic solid tumor CAR-T nod; Inside Pfizer, Innovent’s $10B pact; More China deals
In the past two weeks, CARsgen Therapeutics won the world's first regulatory approval for a solid tumor CAR-T, a behind-the-scenes look at Pfizer and Innovent Biologics' $10.5 billion cancer deal revealed a less-than-five-month sprint, Daiichi Sankyo's new R&D chief discussed how he plans to keep the antibody-drug conjugate leader ahead in the game, and a flurry of China licensing deals with various structures have emerged. 1.
Fosun Pharma plots global push beyond oncology, fueled by multi-asset Alzheimer’s strategy Original
Driven by personal losses, major unmet needs and a desire to diversify from the crowded oncology market, Fosun Pharma is making high-stakes bets in neurodegenerative diseases to fuel its evolution into a true global multinational company.
Gilead’s Trodelvy nabs broad FDA approval in front-line TNBC, fueling TROP2 ADC market war
The game is on for TROP2 antibody-drug conjugates in first-line triple-negative breast cancer. Less than a month after an approval for Daiichi Sankyo and AstraZeneca’s Datroway for front-line TNBC patients who are not candidates for PD-1/L1 inhibitors, the FDA has handed Gilead Sciences’ Trodelvy a rivaling approval that allows the drug to be used regardless of patients’ PD-L1 status.
Nature retracts provocative PD-1 study that tied lung cancer survival to treatment timing Original
A Nature Medicine paper landed on Feb. 2 like a stone in a pond, sending out ripples that quickly turned into tidal waves across biomedical circles. By midday, renowned physician-scientist Eric Topol, M.D., had signaled its importance to his more than 700K followers on X, then hailing it as “probably the best proof of the importance of timing of therapy that we’ve seen in medicine to date.” By the time the Super Bowl kicked off on Feb.
Pfizer’s first new ADC from Seagen acquisition fails phase 3 NSCLC trial
Pfizer’s high-stakes bet on antibody-drug conjugates (ADCs) has hit a speed bump. The pharma giant announced Monday that sigvotatug vedotin, the first new ADC to read out pivotal data following its $43 billion acquisition of Seagen, has stumbled in a phase 3 lung cancer study.
Exelixis’ Cabometyx successor fails primary endpoint in colorectal cancer trial amid FDA review
Exelixis’ next franchise in a drug, zanzalintinib, has hit a clinical setback, although at least two groups of analysts suggested that an FDA approval is still on the table. A phase 3 trial for the next-generation multikinase inhibitor in patients with previously treated metastatic colorectal cancer (mCRC) failed to achieve statistical significance on a dual primary endpoint measuring overall survival in a subpopulation, Exelixis announced Monday.
In another reversal for rare disease field, FDA to reconsider Regenxbio gene therapy
In another sign that the FDA is easing its stance toward rare disease drug candidates under new leadership, the agency will reconsider Regenxbio’s gene therapy for an ultra-rare childhood disease, a reversal coming just about four months after a rejection.
A 5-month sprint: Behind Pfizer’s $10B deal and Innovent’s global pharma ambition
Despite its massive $10.5 billion size and 12-drug scope, Pfizer’s oncology deal with Innovent Biologics took less than five months to forge, but not without undergoing some stress tests. The deal talks started at the J.P. Morgan Healthcare Conference in San Francisco in January this year, Innovent CEO Michael Yu, Ph.D., told Fierce Biotech. From the start, Pfizer preferred a single multi-asset deal.
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