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Servier to Acquire Day One Biopharmaceuticals for ~$2.5B

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…
March 9, 2026

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Gyre Therapeutics to Acquire Cullgen for ~$300M

Shots: 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…
March 3, 2026

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GSK to Acquire 35Pharma for $950M

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…
February 25, 2026

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Gilead Sciences to Acquire Arcellx for $7.8B

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…
February 23, 2026

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Eli Lilly to Acquire Orna Therapeutics for ~$2.4B

Shots: 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…
February 10, 2026

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GSK to Acquire RAPT Therapeutics for ~$2.2B

Shots: 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…
January 20, 2026

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Boston Scientific to Acquire Penumbra for ~$14.5B

Shots: 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…
January 16, 2026

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Eli Lilly to Acquire Ventyx for ~$1.2B

Shots: 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.…
January 8, 2026

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