Shots:
GSK has entered into an agreement to acquire 35Pharma, incl. its asset HS235, expanding scalable growth opportunities within its Respiratory, Immunology & Inflammation portfolio
As per the deal, GSK will acquire 100% of 35Pharma’s equity for $950M in cash, payable at closing
HS235, a therapy targeting the activin receptor signalling pathway, has completed P-I…
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Gilead Sciences has entered into a definitive agreement to acquire Arcellx, incl. anito-cel from their 2022 collaboration & Arcellx’s D-Domain CAR technology platform, for the implied equity value of $7.8B
As per the deal, Gilead, which owns ~11.5% of Arcellx, will launch a tender offer for $115/share, plus a non-transferable CVR of $5/CVR tied…
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Eli Lilly has entered into a definitive agreement to acquire Orna Therapeutics, gaining a broad platform to drive long-term innovation in genetic medicine & in vivo cell engineering
As per the deal, Lilly will acquire Orna, with Orna’s shareholders receiving up to $2.4B in cash, incl. an upfront & subsequent clinical development milestones payment
Acquisition…
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PrimeGen US has entered into a definitive business combination agreement with DT Cloud Star at an implied equity value of ~$1.5B, with closing expected in H2’26
After closing, the combined entity is expected to operate as PrimeGen US or a successor company & will be listed on Nasdaq under a new ticker symbol
PrimeGen…
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GSK has entered into a definitive agreement to acquire RAPT Therapeutics, incl. its P-II asset ozureprubart with data expected in 2027, strengthening GSK’s inflammatory & immunology pipeline
As per the deal, GSK will acquire RAPT for $58/share, representing the aggregate equity value of $2.2B & an estimated upfront investment of $1.9B cash; closing expected…
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Boston Scientific has entered into a definitive agreement to acquire Penumbra, expanding its cardiovascular portfolio
As per the deal, Boston Scientific will acquire Penumbra for $374/share, with Penumbra stockholders having the option to receive either $374 in cash or 3.8721 shares of Boston Scientific’s common stock, representing the enterprise value of ~$14.5B; closing expected…
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Eli Lilly has entered into a definitive agreement to acquire Ventyx, strengthening Lilly’s capabilities in inflammatory-mediated diseases
As per the deal, Eli Lilly will acquire Ventyx for $14/share in an all-cash transaction, representing an aggregate equity value of ~$1.2B; closing is expected in H1’26
Ventyx is advancing a pipeline of oral small-molecule therapies, incl.…
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Amgen has acquired Dark Blue Therapeutics, strengthening its early oncology discovery efforts & pipeline
As per the deal, Amgen acquired Dark Blue Therapeutics in a transaction valued at ~$840M, integrating Dark Blue into its existing research organization
Acquisition will add a preclinical small molecule that degrades MLLT1/3 in select acute myeloid leukemia subtypes, showing differentiated anti-cancer activity…
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Sanofi has entered into an agreement to acquire Dynavax, incl. Heplisav-B (adult hepatitis B vaccine), Z-1018 (differentiated shingles vaccine candidate) & additional vaccine pipeline projects
As per the deal, Sanofi will acquire Dynavax for $15.50/share in cash, representing the total equity value of ~$2.2B, after which a Sanofi subsidiary will merge with & into Dynavax…
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Samsung Biologics’ US subsidiary entered a definitive agreement to acquire 100% of Human Genome Sciences from GSK, securing its first US based manufacturing site in Rockville, Maryland
As per the deal terms, Samsung Biologics will acquire the Rockville assets for $280M, with closing expected by end of Q1’26, while retaining 500+ employees to ensure…

