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Happy Saturday, and welcome back to Endpoints Weekly. Our senior biopharma journalist Elizabeth Cairns covered a flurry of readouts this week from Eli Lilly and Novo Nordisk. We’ve summarized the data below, as well as Elizabeth’s thoughts on how Novo Nordisk might navigate what Jefferies managing director Michael Leuchten called a “strategic conundrum.” Keep reading for John Carroll’s breakdown on the top 100 venture investors in biotech, plus more details on Doug Ingram’s decision to step down from Sarepta and the end of Roctavian’s commercial saga. Endpoints’ Max Bayer and Zachary Brennan also reported this week that the FDA is using an outside investigator to look into complaints against CBER Director Vinay Prasad. And don’t forget to submit your nominations to Endpoints’ fifth annual LGBTQ+ Leaders in Biopharma special report. Nominations are due by March 25. — Nicole DeFeudis It was a busy week for Eli Lilly and Novo Nordisk. Things kicked off with news about CagriSema, Novo’s GLP-1 plus amylin therapy. The Danish pharma company announced that in a head-to-head trial testing CagriSema against Lilly’s Zepbound in obesity, Zepbound came out on top . Patients who were taking CagriSema lost 20.2% of their weight after 84 weeks, while those taking Lilly’s drug lost 23.6%. Then, Novo followed up with results about UBT251, its triple-G agonist going after the GLP-1, GIP and glucagon receptors. In a Phase 2 study, the data looked slightly better than Lilly’s more advanced triple-G, retatrutide, in its own similar trial. (These drugs were not pitted head-to-head.) Novo’s study was conducted by its partner United Therapeutics in China and enrolled about 200 patients. Despite the positive results for Novo, UBT251 will likely reach the market after retatrutide. And in a third trial, looking at oral GLP-1 drugs, Lilly’s orforglipron again came out on top over Novo’s Rybelsus pill. These data came from a trial conducted by Lilly in type 2 diabetes patients that isn’t intended to support approval, but could encourage doctors to prescribe orforglipron off-label. Patients given 12 mg or 36 mg of orforglipron for a year had their blood sugar levels cut by 1.71% and 1.91%, respectively. Those given Novo’s drug at 7 mg and 14 mg doses saw reductions in blood sugar of 1.23% and 1.47%, respectively. So what does this all mean? Senior biopharma journalist Elizabeth Cairns attempted to answer that question , and how Novo Nordisk and new CEO Maziar Mike Doustdar are navigating a “strategic conundrum.” Despite reaching heights that began to reshape Denmark’s economy in 2023, Novo’s stock price is now approaching a five-year low. Read more here. Endpoints founding editor John Carroll was surprised to see OrbiMed jump to number one on our most recent annual list of top venture investors in the life sciences sector. OrbiMed, which finished fourth in 2024, more than doubled the number of rounds it participated in last year, and total funding in those rounds rose from $4.5 billion in 2024 to $5.9 billion in 2025. RA Capital, which was in the top slot for 2024 and 2023, pulled back in 2025, taking second place. It participated in 37 rounds and invested $4.2 billion, down from 49 deals and $5.6 billion the year prior. There were other notable changes, including ARCH’s slide out of the top 10. The company landed at 11th with 26 deals in 2025, down from 33 the year before. The list highlights the growing role of big rounds in biotech. There were 103 venture rounds over $100 million in biopharma in 2025, compared to 93 in 2024 and 69 in 2023. That boost came as M&A sped up last year and the industry geared up for another round of IPOs. Click here to see John’s full breakdown of the top 100. In a surprising move, Sarepta CEO Doug Ingram said he would step down from his position at the end of the year, unless a replacement is found before then. Ingram said he is retiring for family reasons, as two of his immediate family members were diagnosed with myotonic dystrophy type 1, a progressive genetic muscle disease. Ingram’s decision ends a brash tenure in which he brought several Duchenne muscular dystrophy products to market and later presided over a spiraling share price amid intense safety and regulatory questions. The announcement came as a shock during the company’s earnings call, with no official press release or mention in the company’s earnings report earlier that afternoon. He became a contentious figure in the rare disease field. Sarepta won three new drug approvals using limited and often murky data, generating billions in revenue. Last year, the company faced intense scrutiny over patient deaths on its gene therapies, and ultimately pulled its Duchenne gene therapy Elevidys for older boys. Read more from reporter Lei Lei Wu, as she takes a bird’s-eye view of Ingram’s tenure — and what’s next for Sarepta. The FDA has been using an outside investigator in a probe of workplace complaints against CBER Director Vinay Prasad, Endpoints’ Max Bayer and Zachary Brennan reported this week. The Wall Street Journal previously reported the existence of some workplace behavior complaints against Prasad. Max and Zach reported that among the complaints are that Prasad created a toxic workplace, verbally berated staff and retaliated against staff pushback. The details come as FDA leadership continues to publicly defend Prasad against criticism. Commissioner Marty Makary called Prasad “a genius” in a recent CNBC interview. A spokesperson for HHS said in a statement to Endpoints that “this story is part of a PR campaign against Dr. Prasad.” Read more here. For all its blockbuster hopes and high-profile status in the gene therapy field, Roctavian’s commercial saga has ended, senior biopharma correspondent Andrew Dunn writes . After a few months of seeking to divest Roctavian, BioMarin said this week it failed to find “a qualified buyer” for the gene therapy and will voluntarily withdraw it from the market. The commercial failure is a reminder of the gap between promising science and a viable drug. Roctavian was never able to find a foothold in the market for severe hemophilia A, a genetic blood-clotting disorder. The drug brought in $36 million in 2025 revenue, up from $26 million the year before — but far less than the company and Wall Street initially hoped. DON’T MISS