Kodiak Sciences staged a dramatic comeback this week, four years after its lead asset failed a head-to-head trial against Regeneron’s Eylea and wiped out $2 billion in market value. New data show that the drug, now called Zenkuda, was non-inferior to Eylea in wet age-related macular degeneration when dosed at intervals as long as six months. The company’s share price more than doubled, adding $3 billion in market capitalization, and it plans to ask the FDA for approval by the end of the year.
A key part of the success was a diagnostic tool that identified patients likely to need more frequent injections based on fluid levels in the eye, allowing the trial to show that many patients could go longer between doses. The result positions Zenkuda as a potential longer-acting alternative to Eylea and Roche’s Vabysmo.
Separately, the article highlights Hengrui’s continued dealmaking with Western drugmakers. Novo agreed to pay $300 million up front and up to $2.6 billion total for an oral obesity drug that could compete with Eli Lilly’s Zepbound. It is the sixth deal Hengrui has signed since early 2025, spanning cardiovascular, respiratory, and reproductive medicine. The report notes that such transactions are under heightened scrutiny as U.S. policymakers debate China’s perceived advantages in early drug development.