The US FDA approved Leqvelsi for alopecia areata, making it the third drug in the class for the indication after Lilly’s Olumiant and Pfizer’s Litfulo.

The JAK inhibitor cream for hand eczema will serve a large market in Europe and help the Danish dermatology specialist expand its strong position in dermatology. 

Plus deals involving Eisai/Sato, Keymed/Belenos, Taiho/Arcus, IASO/Innovent, Biocytogen/SOTIO, Ensol/Spine, TMS/Hokkaido University and Yuhan/Ubix.

New modalities and potential best-in-class challengers have excited investors in 2024 to date, but companies whose drugs have underperformed on the market have been punished.