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Garda to Acquire Assertio for ~$125.1M Upfront

Shots: Garda Therapeutics has entered into a definitive agreement to acquire Assertio, delisting it from Nasdaq As per the deal, Garda will acquire Assertio for $18/share in cash (~$125.1M) plus a non-tradeable CVR related to potential future milestones for Sprix, with the deal expected to close in Q2’26 & remaining shares acquired later via a…

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Gilead to Acquire Tubulis for ~$5B

Shots: Gilead has entered into a definitive agreement to acquire Tubulis, making it an ADC research organization within Gilead, with the Munich site serving as a hub for ADC innovation As per the deal, Gilead will acquire Tubulis for $3.15B upfront & ~$1.85B in contingent milestone payments; closing is expected in Q2’26 Acquisition will expand…

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Neurocrine Biosciences to Acquire Soleno Therapeutics for $2.9B

Shots: Neurocrine Biosciences has entered into a definitive agreement to acquire Soleno, expanding its endocrinology & rare disease portfolio As per the deal, Neurocrine will acquire Soleno for $53/share in cash, representing a total transaction equity value of $2.9B Acquisition will add Vykat XR (diazoxide choline) to Neurocrine's portfolio for the treatment of hyperphagia with Prader-Willi…

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PharmaShots Quarterly Outlook: The Forces Reshaping Biopharma in Q1 2026 

Headlines, Trends, and the Signals Shaping the Future of Biopharma  A Quarter That Reset the Biopharma Narrative  The first quarter of 2026 did not simply continue the momentum of the global biopharmaceutical industry; it redefined its direction.  From multi-billion-dollar acquisitions and accelerating rare disease breakthroughs to AI-powered discovery collaborations and gene therapy approvals, the industry demonstrated a clear shift toward precision innovation, strategic consolidation, and next-generation…

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Apellis

Biogen to Acquire Apellis Pharmaceuticals for ~$5.6B

Shots: Biogen to acquire Apellis, incl. its assets Empaveli, Syfovre & felzartamab, for $41/share plus a non-transferable CVR, representing an upfront equity consideration of ~$5.6B, with remaining shares acquired later via a second-step merger CVR holders will receive $2/CVR if Syfovre achieves $1.5B sales (2027-2030), an additional $2 if it reaches $2B in the same…

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Eli Lilly to Acquire Centessa Pharmaceuticals in a Deal Valued at ~$7.8B

Shots: Eli Lilly has entered into a definitive agreement to acquire Centessa Pharmaceuticals incl. its asset cleminorexton & ORX142, expanding Lilly's neuroscience portfolio & capabilities into sleep medicine As per the deal, Lilly will acquire all issued & to-be-issued share capital of Centessa (incl. ADSs) for $38/share in cash (~$6.3B upfront), plus a non-transferable CVR of…

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Novartis to Acquire Excellergy for ~$2B

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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