Madrigal Pharmaceuticals has entered into an exclusive global license agreement with China's CSPC Pharmaceutical Group Limited to develop an oral GLP-1 receptor agonist, with the deal valued at over $2 billion. Madrigal plans to initiate clinical development of the drug in the first half of 2026. Meanwhile, Apellis Pharmaceuticals received FDA approval for EMPAVELI (pegcetacoplan), the first treatment for rare kidney diseases C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) in patients aged 12 and older. EMPAVELI has demonstrated a 68% reduction in proteinuria and stabilizes kidney function, offering a new therapeutic option for approximately 5,000 affected patients. Apellis' approval includes a broad label for kidney disease, positioning it as a competitor to Novartis in this space. Additionally, Takeda reported positive Phase 3 results for rusfertide in polycythemia vera and oveporexton in narcolepsy type 1, with plans to submit US filings for both drugs in the second half of the fiscal year 2026. Takeda is also awaiting results from two pivotal Phase 3 trials evaluating zasocitinib.