Data presented during the weekend at WCLC for Lumakras with Keytruda or Tecentriq raised questions about elevated liver toxicity and a lackluster response rate.

Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.

A World Conference on Lung Cancer abstract shows responses to Lumakras with a SHP2 inhibitor but closely watched results for anti-PD-1/L1 combinations are under embargo until the meeting next month.

Deal Snapshot: The licensing deal worth up to $905m is on top of the companies’ existing partnership to develop BBP-398 together with BMS’s PD-1 inhibitor Opdivo and shows growing pharma interest in SHP2.