John­son & John­son ex­ec­u­tives be­lieve the worst of the biosim­i­lar pres­sure fac­ing Ste­lara is be­hind them, and feel con­fi­dent enough to pre­dict sig­nif­i­cant growth through the end of the 2020s.

But Wall Street may need con­vinc­ing.

On Tues­day morn­ing's first-quar­ter earn­ings call, J&J lead­ers re­peat­ed­ly and ea­ger­ly trum­pet­ed the re­cent ap­proval of Ico­tyde as a game-chang­ing mo­ment for the com­pa­ny. CEO Joaquin Du­a­to even made the bold claim that plaque pso­ri­a­sis pill Ico­tyde “has the po­ten­tial to be one of our largest prod­ucts ever.”

In ad­di­tion, con­tin­ued strong sales of the im­munol­o­gy drug Trem­fya and the can­cer ther­a­py Darza­lex, as well as oth­er new­er ap­provals for In­lex­zo and Ry­bre­vant in on­col­o­gy, col­ored Tues­day’s call with a clear sense of op­ti­mism. It’s a de­par­ture for the nor­mal­ly tight-lipped com­pa­ny, which usu­al­ly prefers to let peo­ple read be­tween the lines.

An­oth­er stock of­fer­ing blitz is adding more fu­el to biotech in­vestors' be­lief in the sec­tor.

Rev­o­lu­tion Med­i­cines an­chored Mon­day's of­fer­ing surge, while Spyre Ther­a­peu­tics and Al­lo­gene Ther­a­peu­tics al­so joined in. The trio is plan­ning to raise al­most $1.5 bil­lion through stock or debt sales as they look to fund fur­ther pipeline ac­tiv­i­ty af­ter pos­i­tive da­ta read­outs from key pro­grams.

Rev­o­lu­tion rep­re­sents a huge chunk of the cash, in­tend­ing to raise $1 bil­lion that would be split be­tween a $750 mil­lion stock of­fer­ing and a sep­a­rate $250 mil­lion sale of con­vert­ible se­nior notes.

It's all part of a con­tin­ued up­ward trend in fundrais­ing. At the tail end of 2025, sev­en biotechs se­cured $3.2 bil­lion through stock sales, a sin­gle-day record that beat an ini­tial $2.3 bil­lion tar­get. Eq­ui­ty of­fer­ings had been on the rise for months at that point, re­vers­ing a year-long slump in the wake of the pan­dem­ic. Star­tups are al­so get­ting in on the fa­vor­able en­vi­ron­ment with mul­ti­ple megarounds in the last two weeks.

Biotech en­tre­pre­neur Michael Tor­res is sell­ing his an­ti­body-drug con­ju­gate start­up Cross­Bridge Bio to Eli Lil­ly in a deal worth up to $300 mil­lion, the two com­pa­nies an­nounced Tues­day.

Tor­res, a PhD bi­ol­o­gist who pre­vi­ous­ly co-found­ed Re­Code Ther­a­peu­tics, start­ed Cross­Bridge in 2023 and on­ly raised a $10 mil­lion seed round be­fore Tues­day's deal an­nounce­ment. The six-em­ploy­ee, Hous­ton-based biotech made speedy progress in build­ing bet­ter link­ers for an­ti­body-drug con­ju­gates, or AD­Cs, which caught the at­ten­tion of Lil­ly.

In an in­ter­view with End­points News, Tor­res said talks with mem­bers of Lil­ly's deals team es­ca­lat­ed quick­ly in­to an ac­qui­si­tion. The two sides met this Jan­u­ary at the JP Mor­gan Health­care Con­fer­ence, fol­low­ing up from a pre­vi­ous in­tro­duc­to­ry meet­ing at JPM in 2025, Tor­res said. Lil­ly will pay up to $300 mil­lion, split be­tween an undis­closed up­front pay­ment and a de­vel­op­ment mile­stone-con­tin­gent pay­ment.