The GLP-1 panic is alive and well

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Good morning, all. Damian here with news of a new biotech venture fund, a bold bet against a billion-dollar deal, and the weight of expectations on Eli Lilly.

The need-to-know this morning

• Biotech earnings last night: Amgen and Gilead Sciences.
• BridgeBio Pharma granted Kyowa Kirin a license to co-develop an experimental drug, called infigratinib, for skeletal dysplasias in Japan. BridgeBio will receive $100 million upfront plus royalties on sales if approved.

A biotech VC playing the long game

A trio of biotech venture capitalists have raised $310 million for a new fund that will take it slow, disbursing its money over the course of 20 years, double the standard timeframe for industry VCs.

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