Vivace Therapeutics, a biotechnology company based in the San Francisco Peninsula, has successfully raised $35 million to advance its mesothelioma drug, VT3989, into late-stage trials. This funding marks a significant step for the company as it aims to develop a first-in-class TEAD inhibitor. The announcement follows a series of developments in the biotech sector, including Legend Biotech's plans to ramp up production of its CAR-T therapy, Carvykti, which generated $963 million in sales last year and is expected to achieve blockbuster status in 2025. In a related move, Johnson & Johnson and Legend Biotech are set to invest $150 million in a new cell therapy facility in Belgium, indicating a strong commitment to expanding their capabilities in cancer treatment amidst a challenging market environment for biotech firms. Reports suggest that the mood in the biotech industry has soured in 2025, with difficulties in fundraising and increased operational costs leading some companies to consider selling to private equity or larger pharmaceutical firms.