AI has been embraced as a godsend for drug discovery. But startup Formation Bio is betting it can transform what CEO Benjamine Liu sees as the biggest bottleneck to getting new medicines to market: clinical trials.

There’s been nearly a twofold increase in drug candidates in the past decade, but the number of drugs approved by the FDA each year has remained mostly the same, says Liu. Formation Bio has raised about $615 million from top investors to acquire stalled early-stage drug candidates and use AI to help them get back on track.

“It has the potential—the potential—of being one of these enormously significant companies in an industry whose apple cart has not been upset all that much by a young company,” says Michael Moritz, billionaire venture capitalist and former Sequoia chairman.

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Iran rejected a second round of peace talks negotiations with the U.S., saying it considers the American blockade of the Strait of Hormuz to be a violation of the ceasefire.

President Donald Trump said Sunday a U.S. military vessel had attacked and taken over an Iranian-flagged cargo ship that attempted to sail through the U.S. blockade.

Iran’s announcement that it would reopen the Strait of Hormuz to commercial shipping sent stock indexes on a tear Friday, but global crude oil prices shot up Monday amid the renewed tensions.

TARIFF REFUNDS UNLIKELY TO REACH CONSUMERS

Businesses are gearing up to reclaim some of the tariffs they paid as the government is set to launch its refund portal today. But consumers are unlikely to see much relief.

Nearly 90% of the economic burden of President Donald Trump’s sweeping levies fell on U.S. companies and consumers, according to a recent study from the Federal Reserve Bank of New York. In the wake of the Supreme........

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