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Tavneos’ original developer hid a study analysis and then altered data, the FDA alleged. Elsewhere, Erasca’s RAS drug was met with skepticism and Rocket Pharma sold a voucher.

Backed by Novo Holdings, Regeneron’s venture arm and several others, the biotech believes an oral drug licensed from Galapagos might hold potential treating many immunological diseases.

Young biotechs usually get acquired instead of profitably selling their own medicines. A growing number are proving they can, which could make the sector more broadly appealing to investors, some say.