Shots:
Novartis has entered into an agreement to acquire Excellergy, incl. its asset Exl-111, strengthening Novartis immunology strategy in food allergy & other IgE-driven diseases
As per the deal, Novartis will acquire Excellergy for ~$2B, incl. upfront & milestone payments, with closing expected in H2’26
EXL-111 is engineered to dissociate receptor-bound IgE, enabling faster &…
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Merck has entered into a definitive agreement to acquire Terns, incl. its asset TERN-701 asset, expanding its oncology pipeline
As per the deal, Merck will acquire Terns for $53/share in cash, representing a total equity value of ~$6.7B (~$5.7B net of acquired cash); closing is expected in Q2’26
TERN-701 is being evaluated in the…
Shots:
Gilead to acquire Ouro for a total of $1,675M in upfront cash & up to $500M in contingent milestone payments. Acquisition will add Ouro’s P-I/II asset OM336 (gamgertamig) to Gilead’s inflammation portfolio, with registrational studies to begin in 2027
Also, Gilead is in advanced discussions with Galapagos for a potential R&D collaboration on the…
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Embecta has entered into a definitive agreement to acquire Owen Mumford, expanding drug-delivery capabilities & strengthening global presence in the chronic care market
As per the deal, Embecta will acquire Owen Mumford for ~£150M (~$199.9M), incl. £100M (~$133.2M) upfront & up to £50M (~$66.6M) in sales-based milestones tied to Aidaptus, with closing expected in…
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Medtronic has entered into a definitive agreement to acquire Scientia Vascular, expanding its neurovascular device portfolio
As per the deal, Medtronic will acquire Scientia Vascular for $550M, with potential undisclosed earn-out & milestone payments post-acquisition
Acquisition will integrate Scientia’s access platform with Medtronic’s neurovascular therapies to support the full procedural workflow for hemorrhagic &…
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Agilent Technologies has entered into a definitive agreement to acquire Biocare Medical from investor groups led by Excellere Partners & GHO Capital Partners
As per the deal, Agilent will acquire Biocare in an all-cash transaction valued at $950M, with closing anticipated by Q4’26, after which Biocare will become a part of the Agilent Life…
Shots:
Servier has entered into a definitive agreement to acquire Day One Biopharmaceuticals
As per the deal, Servier will acquire Day One for $21.5/share in cash, representing the total equity value of ~$2.5B, with remaining shares acquired later via a second-step merger; closing expected in Q2’26
Acquisition will strengthen Servier’s leadership in pediatric low-grade glioma…
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Gyre has entered into an agreement to acquire Cullgen in an all-stock transaction valued at ~$300M, making it a wholly owned subsidiary upon deal completion in Q2’26
Following the acquisition’s close, the combined company will operate as a fully integrated biopharma organization with US & China capabilities across discovery, manufacturing, & commercialization, addressing inflammatory…
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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…
Shots:
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…

