AstraZeneca opens new Boston site

AstraZeneca (AZN), Daiichi Sankyo (DSKYF), and Summit Therapeutics (SMMTF) will collaborate to test Datroway (datopotamab) with ivonescimab in multiple cancers, starting with a phase 3 trial for triple-negative breast cancer. Each company will contribute to trial costs and retain rights to their respective medicines. Ivonescimab is approved in China for NSCLC and under FDA review in the US.

Canaccord reiterated a Buy rating and $106 price target for BridgeBio Pharma (BBIO) after positive cardiac data from its LGMD2I/R9 treatment program. The company's stock trades at $66.96, below the target. Analysts maintain a Strong Buy consensus with targets ranging from $80 to $156. BridgeBio estimates a 90% success probability and peak sales of $1.3B by 2034 for the treatment.

AstraZeneca will invest $1 billion to expand its workforce in Massachusetts by 50%. The UK-based biopharmaceutical company opened a 570,000-square-foot R&D center in Cambridge’s Kendall Square, housing nearly 2,000 researchers. CEO Pascal Soriot highlighted the location's role in driving scientific breakthroughs and U.S.-led innovation.

BridgeBio Pharma (BBIO) announced the FDA accepted its NDA for infigratinib to treat achondroplasia, granting Priority Review. The FDA decision is expected by Feb. 4, 2027, based on phase 3 trial results.

AstraZeneca is opening a 570,000-square-foot R&D center in Kendall Square, Massachusetts, investing over $1 billion. The facility will house nearly 2,000 researchers focusing on oncology, chronic diseases, and rare conditions. The company plans to expand its Massachusetts workforce by over 50%. This investment comes amid broader biotech industry headwinds, including a recent decline in employment and funding uncertainty.

Citi raised its target price for AstraZeneca to £186 from £178, citing improved prospects for tozorakimab. The broker increased peak sales forecasts for tozorakimab and SERENA-6, offsetting the removal of SERENA-4. AstraZeneca shares have fallen 15% year-to-date, despite positive clinical results. Citi expects further catalysts, including AVANZAR trial data and efzimfotase alfa results, with a Buy rating maintained.