Ultragenyx is eliminating 20% of its workforce and scrapping its Wilson disease gene therapy following study failures and recent Angelman syndrome setbacks, despite obtaining two FDA approvals in Q3 2026. Elsewhere in biotech, Novo Nordisk raised its 2026 outlook behind Wegovy pill growth and announced CFO Karsten Munk Knudsen will step down at year-end, while Boehringer Ingelheim inked a oncology licensing deal with Sino Biopharmaceutical worth up to $7.35 billion.
Novo Nordisk oral Wegovy outlook
- ▪Novo Nordisk upgraded its full-year 2026 financial guidance, buoyed in part by sales performance of its Wegovy pill
- ▪Novo Nordisk's oral Wegovy pill faces growing market competition from Eli Lilly's oral obesity medicine
Novo Nordisk CFO transition
- ▪Luigi La Corte, formerly of Galderma, will replace Karsten Munk Knudsen as Chief Financial Officer of Novo Nordisk at the end of 2026
- ▪Novo Nordisk Chief Financial Officer Karsten Munk Knudsen will step down at the end of 2026 after nearly a decade in the role and 27 years at the company
Boehringer Ingelheim licensing deal
- ▪Boehringer Ingelheim entered a licensing agreement with Sino Biopharmaceutical Limited covering six pre-clinical cancer drugs
- ▪The oncology licensing agreement between Boehringer Ingelheim and Sino Biopharmaceutical Limited includes $358 million in upfront and near-term payments, plus potential milestone payments of up to $7 billion and royalties
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