1. Antibody Platform

May brought another wave of antibody-focused biotech deals, and the pattern is hard to miss: large drugmakers are still paying heavily for platforms that can make antibodies more targeted, more multifunctional, or easier to combine with other immune tools. The biggest signals came from Pfizer and Innovent, with a collaboration covering up to 12 antibody drugs, and Bristol Myers Squibb and Hengrui, with a 13-asset agreement spanning oncology, hematology, and immunology.

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2. Biotech Funding

The White House is moving to change how federal science grants are approved, and the proposal could give political appointees more power over research funding decisions. Under the reported rule change, expert peer review would still happen, but it would become advisory, with senior appointees able to screen awards before money goes out.

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That's it for this Biotech Briefing.