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Friday, May 8, 2026

Biogen, Eisai hit with 3-month delay for starting SubQ Alzheimer’s therapy

 

The FDA’s extension will give reviewers more time to review a major amendment to Biogen and Eisai’s application for a subcutaneous induction formulation of Alzheimer’s therapy Leqembi. The new target action date is on Aug. 24.

Biogen and Eisai may have to wait three more months to learn the FDA’s verdict on their bid to start patients on an under-the-skin formulation of their anti-amyloid Alzheimer’s disease therapy.

As part of the ongoing drug review process, the FDA has requested additional information regarding the proposed use of subcutaneous Leqembi for treatment initiation, the pharma partners announced Friday. The regulator then deemed the companies’ submission as a major amendment to the application and pushed back the target action date.

The FDA’s original deadline for a decision was May 24. Now, Biogen and Eisai are expecting a verdict on or before August 24.

Analysts at RBC Capital Markets expect the impact of this delay to be “limited,” according to a Friday morning note to investors, given that with either decision date, reimbursements for the drug “would not have kicked in until 2027.”

The delay “pushes out a catalyst we believe the Street had been keying in on to provide visibility on medium-term Leqembi growth acceleration and adds incremental risk” to Biogen, RBC added, “but should still ultimately get resolved.”

Leqembi was first approved in January 2023 under the FDA’s accelerated pathway and in July that year became the first anti-amyloid antibody for Alzheimer’s to win the agency’s full approval. Leqembi is administered intravenously over one hour every two weeks.

In September 2025, the FDA cleared a new formulation of Leqembi, Leqembi Iqlik, that allowed the drug to be administered via an under-the-skin injection—a more convenient route of administration that also opened the option of at-home treatments. This approval, however, only applied to maintenance treatments. New patients would still have to undergo an 18-month induction period.

Biogen and Eisai are now proposing to use this subcutaneous formulation to initiate patients, completely eliminating the need for intravenous infusions. To back their application, the partners submitted data showing that Leqembi Iqlik, given weekly, achieved bioequivalent drug exposure to the intravenous version given once every two weeks, according to a January 2026 news release.

Both formulations of Leqembi had similar safety profiles, the companies added.

If approved, Leqembi Iqlik would be the first anti-amyloid therapy that offers patients at-home, subcutaneous dosing for the entirety of their treatment journey, Biogen and Eisai said in January. A nod would also allow them to better compete with Eli Lilly’s Kisunla on the convenience front.

An approval is “going to be extremely important,” Chris Viehbacher, Biogen’s CEO, said at the J.P. Morgan Healthcare Conference in January. Kisunla offers once-monthly infusion compared to Leqembi’s biweekly infusion. Kisunla’s convenience edge “is going to go away once we have a subcutaneous formulation,” Viehbacher said.

A subcutaneous, at-home treatment option also plays into Biogen’s strategy of catching patients who have finished treatment with Kisunla and are looking to transition to another Alzheimer’s therapy.

The first batch of Kisunla-treated patients are set to end their 18-month treatment period, Alisha Alaimo, Biogen’s head of North America, said during the company’s Q1 call on April 29. “Physicians are asking, what do we do? Patients in general, who are on either of the products, want to stay on product. There is a fear of coming off and having a decline in their cognition.”

https://www.biospace.com/fda/biogen-eisai-hit-with-3-month-delay-for-starting-subq-alzheimers-therapy

OpenAI Valuation Doubts Loom As Softbank Scales Back Margin Loan

 SoftBank Group's abrupt scaling back of a planned $10 billion margin loan backed by its roughly 13% stake in OpenAI - now targeting as little as $6 billion - reveals deepening lender unease over the AI giant’s $852 billion post-money valuation set in March 2026.


The move follows earlier $40 billion bridge financing and comes amid reports that OpenAI missed internal revenue and weekly-active-user targets earlier this year.

While the loan itself is SoftBank’s problem, the episode carries real risks for OpenAI.

The clearest danger is a loss of valuation momentum (a down-round!).

Reuters reports that lenders, including banks and private-credit funds, balked at assigning reliable collateral value to unlisted shares in a company whose secondary-market demand has already cooled.

With sellers reportedly outnumbering buyers and rival Anthropic drawing stronger interest, the episode reinforces perceptions that OpenAI’s headline valuation may be frothy.

This could make future capital raises more expensive or dilutive, especially if OpenAI needs additional funding to service its enormous compute commitments - estimated in the hundreds of billions over the next few years.

An anticipated IPO, once seen as straightforward at premium multiples, might now face haircuts or heavier scrutiny from public-market investors wary of missing-growth signals.

SoftBank’s own leverage adds indirect pressure.

The Japanese conglomerate is one of OpenAI’s largest backers and has layered significant debt atop its AI bets.

Should credit markets tighten further or OpenAI’s performance lag, SoftBank could face margin calls or be forced to sell secondary shares - flooding an already thin market and driving down perceived value.

That, in turn, might erode employee and partner confidence, complicate talent retention in a hyper-competitive sector, and chill the broader AI investment narrative that has sustained OpenAI’s sky-high spending.

While none of this is immediately existential - OpenAI retains strong revenue growth, marquee partnerships, and Sam Altman’s (circular) deal-making clout - the SoftBank loan retreat is a tangible warningprivate-market exuberance can evaporate quickly when lenders demand proof that eye-popping valuations match real cash flows.

If sentiment sours further, OpenAI could find itself navigating a far narrower runway than its $852 billion price tag once implied... and as OpenAI goes, so goes the hyperscalers' budgets as the circular financing of all this spend breaks down with any chinks in the armor of of OpenAI's exponential growth expectations.

https://www.zerohedge.com/ai/openai-valuation-doubts-loom-softbank-scales-back-margin-loan

Rubio: US expects Iran's response today

 United States Secretary of State Marco Rubio told reporters on Friday that Washington is expecting Iran to send a response to its proposal "today, at some point."

"We will see what the response entails. The hope is that it is something that can put us into a serious process of negotiations," Rubio commented, adding that he hopes the offer is "serious."

On reports about Iran trying to establish an agency that would "control traffic" in the Strait of Hormuz, the US official stated that such a thing would be "problematic" and "unacceptable." He went on to ask the international community what it plans to do, underlining that Iran's actions in the waterway shouldn't be "normalized."

https://breakingthenews.net/Article/Rubio:-US-expects-Iran's-response-today/66254004

Miran: Fed policy holding back job market

 Federal Reserve Governor Stephen Miran told Fox Business on Friday that the bank's policy is "holding back" the job market.

He insisted that it would be "appropriate to cut interest rates," adding that "neither the job market nor inflation expectations point to higher inflation." Miran further mentioned that the Fed should give less forward guidance to allow for the policy to be "more flexible."

Commenting on outgoing Fed Chair Jerome Powell's decision to stay on as a governor, Miran shared that it is important there is "no division of authority."

https://breakingthenews.net/Article/Miran:-Fed-policy-holding-back-job-market/66253797

US releases first batch of UFO files

 The Pentagon released on Friday the first batch of newly declassified UFO files under US President Donald Trump's transparency initiative, with more records expected to be published on a rolling basis.

"The American people can now access the federal government's declassified UAP files instantly. The latest UAP videos, photos, and original source documents from across the entire United States government are all in one place," the department said in a post on X. For his part, Secretary of War Pete Hegseth said the move showed "unprecedented transparency."

The files had been reviewed for security purposes, but it was noted that many materials had not yet been analyzed to resolve the reported anomalies. The release does not confirm the existence of extraterrestrial life, but it opens more government records to public review.

https://breakingthenews.net/Article/US-releases-first-batch-of-UFO-files/66254167

US blocks over 70 tankers at Iranian ports

 United States Central Command (CENTCOM) reported on Friday that more than 70 tankers are being prevented from leaving or entering Iranian ports by the United States forces. These commercial ships are estimated to be able to transport over $13 billion worth of Iranian oil.

This report follows the exchange of fire between US and Iranian forces, despite the ceasefire. CENTCOM stated on Thursday that its forces conducted "self-defense" strikes against Iranian launch sites after preventing Iran's "unprovoked" attack.

Guardant ups guidance

 Guardant Health reports Q1 2026 non-GAAP EPS -0.85 and revenue $301.7M (+48% YoY), misses EPS but beats revenue estimates, raises 2026 revenue guidance to $1.30–$1.32B

https://finviz.com/quote?t=GH&p=d