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Hello, everyone. Damian here with an update on biotech’s silly season, a looming showdown in Washington, and the latest twist in the Ozempic panic. This newsletter is taking the next couple days off in the spirit of the holiday, but we’ll be back in your inbox Monday morning.
The need-to-know this morning
• Freeline Therapeutics, a cash-strapped developer of gene therapies, is being taken private in a transaction with Syncona Ltd., a life sciences investment fund. The acquisition, which values Freeline at $28 million, will enable the company to continue developing a gene therapy for Gaucher disease.
• Evelo Biosciences has shut down as a result of multiple drug-development setbacks and insurmountable financial troubles.