Last updated: September 25, 2026
GRAL closed at $125.21 on September 24, up 15.4% from its last trade in the first session after its favorable FDA panel vote, while Viking Therapeutics priced an upsized $500 million offering and Eli Lilly signed a five target InnoCare collaboration worth up to $3.35 billion.
This page covers the September 24, 2026 trading session and news flow: Grail’s first reaction session after the Galleri advisory committee vote, Viking’s financing, the Lilly and InnoCare deal, Elevar’s Lyrfigtu approval, Acadia’s RADIANT readout, and the full closing board.
Why did Grail stock close up 15.4% after the FDA panel vote?
GRAL closed at $125.21 on Thursday, September 24, up 15.4% from $108.52, the last price at which the stock traded before Wednesday’s session long halt. It was the first session in which the market could trade the panel outcome, and it extended the rally rather than selling it.
The sequence matters for reading the number. Grail’s shares were halted all day Wednesday, September 23, while the FDA’s Molecular and Clinical Genetics Devices Panel met and voted on the Galleri premarket approval application. The vote tallies, 10 to 0 on safety, 6 to 4 on effectiveness, and 7 to 2 with one abstention on benefit risk, crossed the wire at 6:17 pm ET Wednesday, after the close. Thursday was therefore the first reaction session, and the $125.21 settlement is the first market price that incorporates the vote.
The percentage moves here are our arithmetic from exchange settled closes. From Friday, September 18’s close of $80.77, before the briefing documents posted, the stock has gained 55.0% in four sessions, only three of which traded.
| Session | GRAL close | Event |
|---|---|---|
| Friday, September 18 | $80.77 | Pre gauntlet baseline |
| Monday, September 21 | +33.7% session | Briefing documents posted, no major concerns raised |
| Tuesday, September 22 | $108.52 | Documents read; panel eve |
| Wednesday, September 23 | Halted all session | Panel votes 10 to 0, 6 to 4, 7 to 2 with one abstention (after hours) |
| Thursday, September 24 | $125.21 (+15.4% vs last trade) | First reaction session |
Guardant Health, the closest public multi cancer early detection readacross, closed at $176.45, up 0.1%, a second straight flat session. The muted sympathy move suggests the market is treating the vote as Galleri specific rather than a category event.
What did analysts say after the Galleri panel vote?
Canaccord Genuity reiterated its Buy rating on Grail after the vote, per Investing.com. We print analyst actions as reported context only and do not assign them as the cause of Thursday’s move; the first reaction session mechanics described above are sufficient to explain heavy repricing. The FDA’s final decision on the premarket approval application is expected in the coming months, per Grail’s release, and the indication wording, particularly whether the phrase early detection survives the label negotiation, is the next substantive catalyst.
What are the terms of Viking Therapeutics’ $500 million offering?
Viking priced an upsized $500 million capital raise before Thursday’s open: $275.0 million of common stock and $225.0 million of convertible senior notes. The stock priced at $35.00, about 16% below Wednesday’s close, and VKTX finished the session down 11.8% at $36.75.
Terms from the company’s pricing release, carried in full with a 7:05 am ET September 24 timestamp:
| Component | Terms |
|---|---|
| Common stock | 7,857,143 shares at $35.00; $275.0 million gross (our arithmetic) |
| Convertible senior notes | $225.0 million principal, 2.00% coupon, due October 15, 2032 |
| Conversion terms | Initial rate 19.7044 shares per $1,000 principal, about $50.75 per share, a 45% premium to the $35.00 stock price |
| Upsizing | From $200 million of each security, $400 million total, announced the prior evening |
| Estimated net proceeds | About $258.2 million from stock and $218.0 million from notes before any underwriter options, about $476.2 million combined (our arithmetic) |
| Settlement | Expected September 25, 2026; the offerings are independent of each other |
| Use of proceeds | VK2735 development and commercialization, VK3019, and general corporate purposes |
The timing is the story. Viking’s stock had risen 35.7% on Tuesday after its oral VK2735 maintenance data and held the gain Wednesday. Pricing $500 million within 48 hours of that move converts a data pop into balance sheet, at the cost of a 16% discount and Thursday’s give back. Even after the decline, VKTX remains well above its pre data level.
What did Eli Lilly agree to pay InnoCare?
Lilly signed a research collaboration and license agreement with Beijing based InnoCare Pharma covering up to five targets in cancer and autoimmune disease. InnoCare receives up to $100 million in upfront and near term payments and up to approximately $3.25 billion in development and commercial milestones, plus single digit tiered royalties.
| Term | Detail |
|---|---|
| Upfront and near term payments | Up to $100 million |
| Milestones | Up to approximately $3.25 billion (development and commercial) |
| Royalties | Single digit, tiered, on annual net sales |
| Scope | Up to five targets, cancer and autoimmune diseases |
| Division of labor | InnoCare discovers and advances compounds on its platform; Lilly holds development and commercialization rights |
The headline total of $3.35 billion is the sum of the two components; the sum is our arithmetic, and multiple outlets including Reuters carries print the same construction. All terms trace to InnoCare’s September 24 release. LLY closed at $1,181.89, up 2.7%; we print the deal as same day context and do not assign it as the cause of the move.
What is Lyrfigtu and why is its approval a first for Korean biotech?
The FDA approved Lyrfigtu (lirafugratinib) on September 23 for adults with previously treated, unresectable, locally advanced or metastatic cholangiocarcinoma harboring an FGFR2 gene fusion or other rearrangement. Per Fierce Pharma, it is the first novel cancer drug from a Korean company to win FDA approval; Elevar Therapeutics is a subsidiary of South Korea’s HLB Group.
Efficacy figures from the FDA’s approval notice, based on the single arm REFOCUS study (NCT04526106):
| REFOCUS (N=116) | Result |
|---|---|
| Objective response rate | 46% (95% CI, 36 to 55) |
| Median duration of response | 11.8 months (95% CI, 7.5 to 13.0) |
| Dosing | 70 mg orally once daily until progression or unacceptable toxicity |
| Key warnings | Ocular toxicity, hyperphosphatemia with soft tissue mineralization, embryo fetal toxicity |
Lirafugratinib is a covalent FGFR2 inhibitor designed for selectivity within the FGFR family; it carried priority review, breakthrough therapy, and orphan drug designations. Elevar acquired the asset from Relay Therapeutics in 2024 for $75 million upfront plus up to $425 million in milestones, per Fierce, which also reports a European filing submitted September 15 and US availability expected this year. The approval follows three complete response letters on Elevar’s separate camrelizumab and rivoceranib liver cancer program, making Lyrfigtu the company’s first US approval.
Why did Acadia’s remlifanserin narrowly miss in RADIANT?
Remlifanserin (ACP-204) missed statistical significance on the primary endpoint of the Phase 2 portion of RADIANT in Alzheimer’s disease psychosis: a 12.6 point improvement on the SAPS-H+D scale at week 6 for the 60 mg dose versus 10.4 points on placebo, an effect size of 0.26, p equal to 0.0603 against a 0.05 bar.
Figures from Acadia’s September 24 release:
| Endpoint (week 6, 60 mg vs placebo) | Drug | Placebo | Effect size | p value |
|---|---|---|---|---|
| SAPS-H+D change from baseline (primary) | −12.6 | −10.4 | 0.26 | 0.0603 |
| CGI-S-ADP change from baseline (key secondary) | −1.3 | −0.9 | 0.37 | 0.0077 (nominal) |
Safety supported continuation: adverse event rates similar to placebo, no QT prolongation signal, no deaths, and no cognitive or motor impairment. Acadia is continuing both ongoing Phase 3 RADIANT studies and dropping the 30 mg dose through protocol amendments. Per Fierce Biotech, the company plans enrollment criteria targeting modestly higher baseline psychosis severity, an adjustment that lifted the retrospective Phase 2 effect size to 0.33; analysts had looked for 0.35 to 0.40, and BMO Capital called the result a near miss. Remlifanserin is a serotonin 2A receptor inverse agonist designed to improve on Nuplazid’s profile. ACAD closed at $22.18, down 12.8% (our arithmetic against Wednesday’s $25.43 close), with the readout as same day context.
What did Merck report from the Brunello trial?
Per BioPharma Dive, Merck said remigromig, the Wnt pathway agonist formerly called Restoret that came with its $1.3 billion EyeBio acquisition, met noninferiority on visual acuity versus Roche’s Lucentis in the Phase 2b/3 Brunello trial in diabetic macular edema, while disclosing higher rates of proliferative diabetic retinopathy, vitreous hemorrhage, and discontinuations versus the comparator.
No numbers were released; full results are due at a medical congress on October 10, and a second pivotal trial in the indication is ongoing. The safety disclosure is attributed reporting, not a company release we have fetched, so we hold all figures until October 10. MRK closed at $147.98.
What did FDA nominee Heidi Overton tell senators?
At her September 24 Senate HELP confirmation hearing, Overton said the MMR vaccine and mifepristone are safe and effective, citing FDA determinations, while repeatedly declining to say the president was wrong on vaccine claims. She backed faster clinical trials. The committee has not yet scheduled its vote.
Per Fierce Biotech and Endpoints coverage: Senator Bill Cassidy pressed her on statutory obligations if asked to act against vaccine science; Senator Maggie Hassan sought and did not get direct contradictions of the president’s statements; Senator Chris Murphy raised political interference concerns in tobacco product decisions. For the industry, the practical takeaways are her stated support for swifter trial designs and the unresolved question of FDA independence, which senators from both parties treated as the central issue.
What other deals and moves crossed on September 24?
A direct answer first: three more China linked transactions crossed the tape, and the money moved in both directions, in licensing capital flowing into Chinese discovery while a multinational sold Chinese manufacturing capacity at a deep discount to invested capital.
Henlius and Amberstone. Shanghai based Henlius signed a collaboration worth up to $440 million with California based Amberstone Biosciences for conditionally activated T cell engagers against up to two Henlius selected solid tumor targets, using Amberstone’s acidity switched T-Mate platform. The upfront was not disclosed, per Fierce Biotech; Henlius takes development and commercialization.
Boehringer Ingelheim. Boehringer agreed to sell its Shanghai biologics CDMO unit, established 2014 with 6,000 liter commercial capacity, to Raas Blood Products for up to 20 million yuan, about $3 million, per Fierce Pharma. The unit’s registered capital is $66 million and it lost $38.5 million in 2025, a stark datum on China biologics manufacturing overcapacity. The buyer plans to use the site for its hemophilia antibody SR604.
Washington context. Senator Todd Young argued for a federal biotech coordinator with direct presidential access, citing China’s biopharma scale up, per Fierce Biotech, the same day Lilly wrote InnoCare into its discovery pipeline.
How did life sciences stocks close on September 24?
All closes are exchange settled prices; percentage changes are our arithmetic against September 23 closes. Where no disclosure exists for a move, we say so rather than assigning a cause: our search found no dated September 24 company disclosures for Celldex, Xenon, or Biohaven as of roughly 8 pm ET.
| Ticker | Sept 24 close | Change | Context (reported, cause not assigned unless disclosed) |
|---|---|---|---|
| GRAL | $125.21 | +15.4% vs last trade | First reaction session after the panel vote; halted Wednesday |
| GH | $176.45 | +0.1% | Muted MCED readacross, second flat session |
| VKTX | $36.75 | −11.8% | Priced upsized $500M offering at $35.00 pre open |
| ACAD | $22.18 | −12.8% | RADIANT Phase 2 near miss released same day |
| LLY | $1,181.89 | +2.7% | InnoCare deal announced same day; cause not assigned |
| NVO | $38.62 | +1.2% | ADRs; snaps three straight declines; EASD opens Monday |
| CLDX | $31.48 | +1.2% | First up session since the readout; slide still unexplained, cumulative −16.9% from Monday |
| XENE | $38.06 | +4.1% | Recovers Wednesday’s unexplained decline; no new disclosure found |
| BHVN | $13.19 | −3.5% | Second straight decline; no new disclosure found |
| VERA | $33.34 | +0.9% | Sefaxersen session two; stabilizing |
| IONS | $43.81 | −0.3% | Sefaxersen session two |
| IMVT | $34.00 | −1.6% | Session two after the cutaneous lupus exit |
| TLX | $11.31 | +0.4% | Nasdaq listed shares; 4.5% below the $11.841 ITM strike, referendum unsettled |
| ETRA | $11.82 | −6.7% | New low, 21.2% below the $15.00 issue price (our arithmetic) |
| SRRK | $48.61 | −2.5% | Still no Isembyld pricing document |
| RARE | $14.77 | −0.7% | Still no Fayuvi pricing document |
| TVTX | $60.62 | +1.3% | CEO successor watch continues |
| AMGN | $406.04 | Flat | |
| NVS | $143.57 | +0.6% | |
| RHHBY | $54.80 | −0.5% | ADRs |
| ABBV | $265.12 | Level only | Full CERVINO etentamig data due Friday at the IMS meeting |
| MRK | $147.98 | Level only | Brunello disclosure day |
What happened across deadline gauntlet week?
The week’s premise, set in Monday’s edition, was that five dated disclosures would force the tape without any company choosing to move. Through Thursday the scoreboard reads: documents delivered, panel delivered, settlement delivered, with two dates still ahead.
| Event | Date | Status | Tape result |
|---|---|---|---|
| Grail briefing documents | Monday, Sept 21 | Delivered | GRAL +33.7% |
| Galleri advisory panel | Wednesday, Sept 23 | Delivered: 10 to 0, 6 to 4, 7 to 2 with one abstention | Halted through the session |
| First reaction session | Thursday, Sept 24 | Settled | GRAL +15.4% to $125.21; +55.0% on the week |
| AbbVie full CERVINO etentamig data | Friday, Sept 25 (IMS meeting) | Pending; no early release found through Thursday evening | Pending |
| Section 232 pharma tariffs (all others) | Tuesday, Sept 29 | Pending | Pending |
| GENEROUS Medicaid opt in; GSK flu window closes | Wednesday, Sept 30 | Pending | Pending |
Frequently asked questions
How did GRAL stock react to the FDA advisory committee vote?
GRAL closed at $125.21 on September 24, up 15.4% from its last traded price of $108.52, in the first session after the vote. The stock was halted throughout September 23, the panel day, so Thursday’s close is the first market price reflecting the outcome.
What were the final Galleri panel vote counts?
The FDA’s Molecular and Clinical Genetics Devices Panel voted 10 to 0 that Galleri is safe, 6 to 4 that it is effective, and 7 to 2 with one abstention that its benefits outweigh its risks, per Grail’s September 23 release. The vote is advisory and not binding.
When will the FDA decide on Galleri’s premarket approval?
Grail says the FDA’s final decision on the premarket approval application is expected in the coming months. The application was submitted January 29, 2026, the first PMA for a multi cancer early detection test. The indication wording, especially the phrase early detection, is the item to watch.
How much did Viking Therapeutics raise in September 2026?
Viking priced $500 million total on September 24: 7,857,143 common shares at $35.00 for $275.0 million gross, and $225.0 million of 2.00% convertible senior notes due 2032, upsized from a combined $400 million. Estimated combined net proceeds are about $476.2 million before underwriter options.
Why did Viking Therapeutics stock fall on September 24?
VKTX fell 11.8% to $36.75 the day it priced the offering at $35.00, about 16% below the prior close. The pricing followed Tuesday’s 35.7% gain on oral VK2735 maintenance data, and the stock remains above its pre data level.
What are the terms of the Eli Lilly and InnoCare collaboration?
InnoCare receives up to $100 million in upfront and near term payments, up to approximately $3.25 billion in milestones, and single digit tiered royalties for a discovery collaboration on up to five cancer and autoimmune targets. Lilly holds development and commercialization rights.
What is Lyrfigtu and who makes it?
Lyrfigtu (lirafugratinib) is a covalent, FGFR2 selective inhibitor from Elevar Therapeutics, a subsidiary of South Korea’s HLB Group. The FDA approved it September 23, 2026 for previously treated cholangiocarcinoma with FGFR2 fusions or rearrangements.
What data supported Lyrfigtu’s FDA approval?
In the single arm REFOCUS study, 116 previously treated patients had a 46% objective response rate with a median duration of response of 11.8 months, per the FDA’s approval notice. Dosing is 70 mg once daily.
Why is the Lyrfigtu approval significant for Korean biotech?
It is the first novel cancer drug from a Korean company to win FDA approval, per Fierce Pharma, arriving after Elevar’s separate liver cancer combination collected three complete response letters. It marks Korean pharma’s transition from biosimilars and generics into FDA approved novel oncology.
Did Acadia’s remlifanserin fail in Alzheimer’s disease psychosis?
The Phase 2 portion of RADIANT missed its primary endpoint at p equal to 0.0603 against a 0.05 threshold, a near miss rather than a clean fail. A key secondary endpoint was nominally significant at p equal to 0.0077, and safety looked clean, so Acadia is continuing its two Phase 3 studies.
What happens next for remlifanserin?
Acadia is continuing both ongoing Phase 3 RADIANT studies with the 60 mg dose, dropping the 30 mg arm, and refining enrollment toward patients with somewhat higher baseline psychosis severity, per Fierce. No new timelines were given in the release.
What did Merck report from the Brunello eye trial?
Per BioPharma Dive, remigromig met noninferiority on visual acuity versus Lucentis in diabetic macular edema, with higher rates of proliferative diabetic retinopathy, vitreous hemorrhage, and discontinuations. Full data arrive October 10.
What did FDA commissioner nominee Heidi Overton say at her hearing?
She called the MMR vaccine and mifepristone safe and effective per FDA determinations, endorsed faster clinical trials, and declined to say the president was wrong on vaccine claims. The Senate HELP committee vote is not yet scheduled.
When is AbbVie presenting full CERVINO data?
AbbVie presents full Phase 3 CERVINO etentamig data at the International Myeloma Society meeting on Friday, September 25. Topline results released September 3 reported both primary endpoints met in relapsed or refractory multiple myeloma; the withheld medians are the disclosure to watch.
What is on the life sciences calendar for next week?
EASD runs September 28 to October 2 in Milan with 44 Novo abstracts. Section 232 pharma tariffs extend to all companies Tuesday, September 29. The GENEROUS Medicaid opt in deadline and GSK’s self stated flu Phase 3 window both land Wednesday, September 30.
Sources
Primary sources:
- Exchange settled closing prices, September 24, 2026 (Robinhood market data)
- Viking Therapeutics pricing release, September 24, 2026, 7:05 am ET (carried in full by StockTitan)
- InnoCare Pharma release, September 24, 2026 (GlobeNewswire, carried by BioSpace)
- FDA approval notice for lirafugratinib, September 23, 2026 (fda.gov)
- Acadia Pharmaceuticals RADIANT topline release, September 24, 2026 (acadia.com)
- Grail vote release, September 23, 2026, 6:17 pm ET (PR Newswire and grail.com)
Trade press and market coverage (September 23 to 24, 2026):
- Fierce Biotech: Lilly and InnoCare; Acadia RADIANT; Overton hearing; Henlius and Amberstone; Senator Young remarks
- Fierce Pharma: Elevar Lyrfigtu approval; Boehringer Ingelheim Shanghai CDMO divestment
- BioPharma Dive: Merck remigromig Brunello disclosure
- Endpoints News: Overton hearing; Elevar approval; Acadia
- BioSpace: Acadia; InnoCare release carry
- Investing.com: Canaccord Genuity reiteration on Grail (attributed)
