Pharma Phriday (June 12, 2026). Oral drug delivery continued to reshape the obesity and HIV treatment landscapes. AI platform deals deepened beyond pilots into multi-year operational commitments. BD&L activity was substantial, spanning late-stage acquisitions, platform licensing, and preclinical bets. Regulatory milestones touched rare disease, oncology, and haematology. Several long-standing therapeutic hypotheses were either validated or refuted by Phase III data.