Good morning from Pharma and Biotech Daily, the podcast that gives you only what's important to hear in the Pharma and Biotech world. French drugmaker Sanofi has announced positive results from a Phase II trial of its experimental drug frexalimab in relapsing multiple sclerosis (MS). The trial, published in the New England Journal of Medicine, showed that frexalimab significantly slowed disease activity in patients with relapsing MS. The drug targets a protein called CD40L, which is involved in the activation of immune cells that attack the protective covering of nerve fibers in patients with MS. Sanofi plans to continue clinical testing of frexalimab and aims for peak annual sales of $5 billion for the drug.In other news, biopharma companies Catalent, Aurinia, and Sandoz have recently announced staff cuts. Biospace is tracking these layoffs and providing updates on the latest industry developments.Moving on to funding news, biotech company Freenome has raised $254 million in a fundraising round led by Roche. Freenome is developing blood-based tests for cancer detection and aims to advance its tests as pivotal readouts approach. Another biotech company, Firefly Bio, has emerged from stealth mode with $94 million in Series A funding. Firefly Bio is focused on developing antibody-drug conjugates and protein degraders for targeted cancer therapies.Lastly, Bristol Myers Squibb is leading the future of protein degradation with its three-pronged approach to developing targeted protein degraders. The company aims to design next-generation degraders that can attack disease targets with precision and agility.These developments highlight the progress being made in the biopharma industry in areas such as multiple sclerosis treatment, cancer detection, targeted cancer therapies, and protein degradation.