The last two weeks of May brought a pair of significant FDA approvals, a flurry of Eli Lilly acquisitions, and continued evidence that the biotech IPO window has not closed. Here is what happened and why it matters.
The First PROTAC Reaches Patients
The most scientifically consequential approval of this period came on May 1: Veppanu (vepdegestrant), approved for estrogen receptor-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer. It is the first approved PROTAC in any indication.
PROTACs work differently from conventional inhibitors. Rather than blocking a target protein, they recruit E3 ubiquitin ligases to tag it for degradation by the proteasome. The practical upshot: they can eliminate proteins that are difficult or impossible to inhibit by conventional means, and they can overcome acquired resistance driven by target overexpression. Approval was supported by phase 3 VERITAC-2 data showing meaningful benefit in a patient population that has often exhausted prior endocrine therapies.
This is a milestone worth noting regardless of your area. Degrader chemistry has been a heavily funded area for years; the VERITAC-2 result converts that investment into clinical proof of concept. Expect increased interest in PROTAC design, E3 ligase biology, and targeted protein degradation screening across oncology and beyond.
A Rare Blood Cancer Treatment Gets the Nod
On May 27, the FDA approved Decnupaz (pivekimab sunirine-pvzy) for blastic plasmacytoid dendritic cell neoplasm (BPDCN). BPDCN is a rare and aggressive hematologic malignancy with historically poor outcomes. For the small patient population affected, this fills a serious unmet need.
Two additional approvals rounded out a busy oncology month: sonrotoclax gained FDA approval for relapsed mantle cell lymphoma, and an all-oral regimen for newly diagnosed acute myeloid leukemia was cleared for patients ineligible for intensive chemotherapy.
Lilly Assembles an Infectious Disease Portfolio
On the business side, Eli Lilly moved quickly to build a meaningful infectious disease presence. Within a short window, the company closed or announced acquisitions of Curevo, LimmaTech, and Vaccine Company, with combined value approaching $4 billion. The strategic reasoning is not simply disease diversification: one of the vaccine targets acquired (an EBV-directed program) sits at the intersection of infectious disease, neurology, and oncology risk, making it relevant to multiple major disease areas where Lilly already plays.
Separately, Kelonia, a biotech developing in vivo CAR-T therapy that Lilly acquired for $3.2 billion, released clinical data that analysts said justified the deal price. In vivo CAR-T generates engineered immune cells inside the body rather than in a manufacturing facility, potentially removing one of the largest cost and scale barriers in cell therapy. We covered a related 2026 paper on this approach in our earlier Research post on in vivo CAR-T engineering.
Pfizer also announced a partnership with Innovant for up to 12 antibody drugs, part of a continuing pattern of Western pharma licensing China-originated assets that has produced at least six deals worth a combined $8 billion-plus since last summer.
The IPO Market Is Still Open
Biotech IPOs in 2026 are averaging more than $286 million in total proceeds per deal. Parabilis is the latest high-profile company preparing an offering. For scientists in academic labs whose work is approaching spinout territory, the public market appetite for early-stage companies remains stronger than it has been in several years.
What This Means for You
The PROTAC approval matters most to scientists in chemical biology, oncology drug discovery, and protein biochemistry. Degrader chemistry is no longer a future technology. Clinical validation will accelerate funding for E3 ligase characterization, PROTAC optimization, and molecular glue programs in both academic and industry settings.
Lilly’s acquisitions are a signal that infectious disease is back on Big Pharma’s strategic agenda after a prolonged period of neglect. For scientists working on pathogen biology, vaccine platforms, or the immunology of infection, the M&A climate is more favorable than it has been in years.
For broader context on how AI is changing the drug discovery pipeline, our overview of AI in drug discovery in 2026 is worth reading alongside this roundup.