Gilead's $7.8B acquisition of Arcellx and its CAR-T therapy anito-cel headlines this week — a PDUFA date of December 2026 signals a major cell therapy outsourcing wave ahead. The FDA also launched its bespoke gene therapy pathway, opening a new regulatory road for gene editing and RNA-based rare disease treatments. Plus: the GLP-1 war heats up as Novo's CagriSema falls to Zepbound, Pfizer licenses a Chinese GLP-1 for $495M, and Astellas bets $1.7B on a masked T-cell engager for prostate cancer.