Shots:
Roche has entered into a definitive merger agreement to acquire PathAI, building on their 2021 partnership, which scaled up in 2024 to incl. the development of AI-enabled companion diagnostic algorithms
As per the deal, Roche will acquire PathAI for $750M upfront & ~$300M in additional milestone payments; closing is expected in H2’26
The acquisition…
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Angelini Pharma has entered into a definitive agreement to acquire all outstanding shares of Catalyst, marking Angelini’s entry into the US market
As per the deal, Angelini will acquire Catalyst for $31.5 per share in cash, for a total equity value of ~$4.1B; closing is expected in Q3’26
The acquisition will strengthen Angelini’s Brain Health…
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Bayer has entered into an agreement to fully acquire Perfuse Therapeutics, incl. its asset PER-001, complementing Bayer’s pipeline & expertise in ophthalmology
As per the deal, Bayer will acquire Perfuse for ~$2.45B, incl. $300M upfront payment & additional development, regulatory, & commercial milestone payments;
PER-001 (intravitreal implant), a small molecule endothelin receptor antagonist, is…
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Esperion Therapeutics & ARCHIMED have entered a definitive agreement under which ARCHIMED-managed funds will acquire Esperion, delisting it from NASDAQ
As per the deal, Esperion’s shareholders will receive $3.16/share in cash, plus the right to participate in CVR of ~$100M tied to future sales, valuing the transaction at up to ~$1.1B in fully diluted…
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UCB has entered into a definitive agreement to acquire Candid Therapeutics, expanding its immunology pipeline with novel T-cell engagers (TCE)
As per the deal, UCB will acquire Candid for $2B upfront & ~$200M in potential future milestone payments; closing is expected by end of Q2 or early Q3’26
Acquisition will add cizutamig, a BCMA…
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LEO Pharma has entered into a definitive agreement to acquire Replay, expanding its dermatology pipeline with Replay’s herpes simplex virus-based gene therapy platform for rare genetic skin disorders
As per the deal, LEO will acquire Replay for $50M upfront, plus milestone payments & tiered single-digit royalties, while adding Replay’s HSV design and manufacturing expertise…
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Chiesi Group has entered into a definitive agreement to acquire KalVista Pharmaceuticals, expanding Chiesi's rare immunology portfolio
As per the deal, Chiesi will acquire KalVista for $27/share, representing the total deal value of ~$1.9B, with the transaction expected to close in Q3’26 & remaining shares acquired later via a second-step merger
Upon completion, Chiesi…
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Teva has entered into a definitive agreement to acquire Emalex Biosciences, incl. its lead asset, ecopipam, expanding its neuroscience pipeline & accelerating Teva’s pivot to growth strategy
As per the deal, Teva will acquire Emalex for $700M upfront, & ~$200M in commercial milestones, plus royalties on global net sales of ecopipam, subject to regulatory approval; closing is expected in Q3’26…
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Kestrel has entered into a strategic agreement with AbbVie, structured as a warrant deal, granting AbbVie an exclusive option to acquire Kestrel upon achievement of key development milestones
As per the deal, AbbVie will fund development of KST-6051, with an exclusive option to acquire Kestrel based on development & regulatory milestone completion, representing the…
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CareDx has entered into a definitive agreement to acquire Naveris, extending CareDx’s Precision Medicine Testing Services strategy into specialty oncology
As per the deal, CareDx will acquire Naveris for $160M upfront & up to $100M in revenue milestones; closing is expected in Q3’26
Naveris’ liquid biopsy platform uses TTMV DNA to detect viral DNA…

