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Today, we look at how a China biotech crackdown could benefit Europe, what a rival drug failure might mean for Alnylam, the algorithm behind the Moderna-Merck cancer vaccine, and a landmark approval in pancreatic cancer.

RIP, Tim Curry. I shall mourn how humbly you buttle.

The need-to-know this morning

Moderna is raising $2 billion in convertible debt. The new financing comes one week after the Phase 3 success of its personalized cancer vaccine.