BioNTech is having its Pfizer moment

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Hello, everyone. Damian here with yet another megaround in biotech, a preview of some hotly anticipated data, and the perils of declining revenue.

The need-to-know this morning

• Roche and its partner Chugai said Enspryng, their IL-6-targeted antibody treatment, “did not reach our expectations on the degree of clinical benefit” in a Phase 3 study of the autoimmune disorder myasthenia gravis.
• Shares of Argenx reacted positively to the Enspryng setback. Argenx’s FcRN-targeted antibody drug, Vyvgart, is approved to treat patients with myasthenia gravis. Shares of Immunovant, developing its own FcRN antibody, were also up. Tourmaline Bio, maker of an IL-6 antibody, saw its stock price fall.

After an $11 billion sale, the team behind Prometheus has a new startup

And it just raised $400 million to, like its predecessor, develop new medicines for inflammatory diseases.

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