Lots of news this week! Daphne, Josh and Ethan discuss key binary events of the week, consolidation and the loss of ~40 companies across the industry over the last several months, deals – including the Agios royalty deal, the Sumitomo and Myovant merger and Vaxcyte’s large $690 million offering – as well as Taysha’s criticism around developing ultra-rare diseases and parents getting rights to drugs they helped fund. The hosts also discuss notable earnings from large companies, key FDA actions on Ipsen’s ultra-rare disease and accelerated approval for J&J’s bispecific antibody, and the microbiome coming back into favor.