The FGFR inhibitor beats prior entrants on efficacy in cholangiocarcinoma, although Relay presented data at ESMO for its investigational RLY-4008 showing especially high efficacy and tolerability.

Biopharma stock prices overall are trending down again, but standout firms are raising cash, including the first company to price an IPO over $100m since May, Third Harmonic. Also, Sarepta and Alnylam launched large note offerings, totaling $1bn and $900m, respectively.

The new data bolster the company’s hypothesis that more specific targeting of FGFR2 can overcome the toxicity limitations of other FGFR inhibitors.

The European cancer congress returns in-person, with companies big and small presenting new agents and combinations across tumor types.