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Biotech Briefs: Agios, Evommune, Rhythm Pharmaceuticals & More 

The latest from small and Emerging Pharma companies featuring Agios Pharmaceuticals, Evommune, Rhythm Pharmaceuticals, and T-Therapeutics 

For news on the on the large and mid-sized bio/pharmaceutical companies, see Global Briefs. 

* Agios Pharmaceuticals To Reduce R&D Headcount
* Evommune, China’s Hinova in $1.1-Bn Deal for Molecular Glue Degrader 
* Rhythm Pharmaceuticals, LG Chem Update Small-Molecule Drug Pact 
* T-Therapeutics Raises $133 M To Support TCR-CD3 Bispecifics 

Agios Pharmaceuticals To Reduce R&D Headcount 
Agios Pharmaceuticals, a Cambridge, Massachusetts-based commercial-stage biopharmaceutical company focused on rare diseases, reports it will reduce its R&D headcount by over 100 roles by year-end 2026, representing a more than 35% decrease compared with 2025. The company expects the associated cost savings of these reductions to be realized in 2027. For the quarter ended September 30, 2026, the company reported a net loss of $65.0 million, compared to a net loss of $103.4 million for the quarter ended September 30, 2025. 

Source: Agios Pharmaceuticals 

Evommune, China’s Hinova in $1.1-Bn Deal for Molecular Glue Degrader 
Evommune, a Palo Alto, California-based clinical-stage bio/pharmaceutical company developing therapies for chronic inflammatory diseases, has formed an exclusive license agreement with Hinova Pharmaceuticals, a Chengdu, China-based bio/pharmaceutical company, granting Evommune worldwide rights outside of Greater China to develop, manufacture, and commercialize Hinova’s EVO570 (formerly HC118 and known as HP570 in Greater China), an oral VAV1-directed molecular glue degrader, in a deal worth up to $1.1 billion ($20 million upfront, $10 million in pre-funded warrants, and up to $1.1 billion in development, regulatory, and commercial milestones plus tiered royalties).  

VAV1 is a signaling protein that drives T- and B-cell activation in chronic inflammatory diseases. EVO570, discovered by Hinova, is an investigational oral molecular glue degrader designed to selectively eliminate VAV1 to quiet the immune activity underlying many autoimmune diseases. Investigational new drug applications have been submitted in China and accepted in the US, and a Phase I trial evaluating safety, pharmacokinetics, and target engagement/pharmacodynamics is on track to begin imminently (as reported on November 4, 2026). Evommune says it plans to initiate a Phase II trial in rheumatoid arthritis in 2027. 

Source: Evommune  

Rhythm Pharmaceuticals, LG Chem Update Small-Molecule Drug Pact  
Rhythm Pharmaceuticals, a Boston-based commercial-stage bio/pharmaceutical company focused on rare neuroendocrine diseases, has amended its global exclusive license agreement with LG Chem, a South Korean chemicals company with a life-sciences business, for LG Chem’s bivamelagon, an investigational oral small-molecule melanocortin-4 receptor (MC4R) agonist. The MC4R pathway plays a role in how the brain regulates hunger and energy expenditure. Rhythm Pharmaceuticals also announced a five-year term loan facility led by KKR’s HealthCare Royalty in partnership with funds managed by Blackstone to provide access to up to $750 million of capital. 

In January 2024, Rhythm entered into a global licensing agreement with LG Chem for exclusive worldwide rights to develop and commercialize bivamelagon, under which Rhythm paid LG Chem a total of $80 million in cash and $20 million in Rhythm common stock and agreed to potential regulatory and sales milestone payments of up to $205 million, as well as commercial sales royalties of low-to-mid-single digits on global net sales of products within Rhythm’s MC4R portfolio, dependent upon the number of indications approved by regulatory authorities. 

Under the amended agreement, Rhythm will make additional fixed payments totaling $350 million to LG Chem in four installments: $70 million within 15 business days following the effective date of the amendment, which was November 2, 2026; $100 million in September 2027; $100 million in September 2028; and $80 million in September 2029. In addition, the variable royalty structure in the original agreement will be replaced with a 1% royalty on global net sales of products within Rhythm’s MC4R portfolio, beginning on January 1, 2029, or upon the first commercial sale of bivamelagon, if earlier. With LG Chem’s agreement, Rhythm may satisfy certain of the foregoing fixed payment obligations through additional royalties. 

In addition to potential development, regulatory and commercial milestone payments totaling up to $205 million in the original agreement, the amendment includes an additional milestone payment of up to $200 million based on achievement of $3 billion in annual global net sales of Rhythm’s MC4R portfolio. 

Source: Rhythm Pharmaceuticals 

T-Therapeutics Raises $133 M To Support TCR-CD3 Bispecifics 
T-Therapeutics, a Cambridge, UK-based bio/pharmaceutical company developing T cell receptor (TCR)–T cell engager (TCE) therapeutics for cancer and autoimmune diseases, has raised $133 million in Series B financing to fund the clinical development of its TCR–CD3 bispecific lead programs in oncology and autoimmune disease. The funding will be used to advance the programs into proof-of-concept testing.  

The financing was co-led by Advent Life Sciences and British Business Bank with participation from other new investors, including Eli Lilly and Company, alongside existing major shareholders, which included Sanofi Ventures, among others.  

Source: T-Therapeutics