Gelion strikes battery collab deal with major automaker

Recursion Pharmaceuticals (RXRX) shares surged 17.9% after Sanofi initiated development of drug molecules, triggering a $10M milestone payment, totaling $144M received. RXRX may earn over $300M more in milestones and royalties if approved. The collaboration, started in 2022, focuses on AI-enabled small molecule therapies in immunology and oncology. Hedge fund holdings in RXRX increased 16% QoQ to $287.9M, despite a drop in the number of funds invested.

AstraZeneca (AZN) and Daiichi Sankyo (4568) will test Datroway with ivonescimab in a Phase III trial for triple-negative breast cancer, partnering with Summit Therapeutics (SMMT). The collaboration expands their work on combining ADCs with immunotherapy across multiple tumor types, including lung and breast cancers.

Indivior Pharmaceuticals ended its collaboration with Addex Therapeutics on positive allosteric modulators (PAMs) ahead of its merger with Supernus. Indivior returned all PAM assets to Addex, which plans to explore strategic options for advancing its GABAB receptor portfolio. Indivior had previously discontinued another collaboration in April. The merger with Supernus is expected to create a new CNS-focused biopharma.

Shein's shares fell 10% on investor concerns, now valued at $24B. The FTC sued Amazon, alleging it overcharged advertisers by $20B, with 22 states joining. Amazon denies the claims. Nissan and Honda will collaborate on vehicle software, targeting 2029. The EU designated ChatGPT as a 'very large online search engine' under the Digital Services Act.

Birkenstock reported third-quarter ended June 30 results: profit 109.6 million euros, down 15.2%, on revenue up 13.3% to 719.5 million euros. Adjusted EBITDA margin was 33.7%. CEO Oliver Reichert cited demand for open-toe and expanding closed-toe styles, including Repetto and other ballet-related collaborations. Birkenstock raised fiscal 2026 outlook to 15% revenue growth and adjusted EBITDA of at least 710 million euros.

Sovereign Metals (ASX:SVM, AIM:SVML, OTCQX:SVMLF) said Rio Tinto will not exercise its option to become operator of the Kasiya rutile-graphite project in Malawi. Rio cited a titanium business strategy change, so its marketing and pre-emption rights lapsed. Sovereign will keep operating and pursue U.S.-focused offtake and financing.