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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 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 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…
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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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 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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Recordati has received a non-binding indication of interest from CVC Capital Partners for a voluntary tender offer to acquire all outstanding shares & delist the company, subject to due diligence, financing, & partner identification
Recordati expanded into rare diseases with its 2021 acquisition of EUSA Pharma for ~$845M, strengthening its rare cancer portfolio
The…
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Otsuka, via its subsidiary Otsuka America, has entered into an agreement to fully acquire Transcend, with an aim to expand its portfolio in psychiatric & neurological indications
As per the deal, Otsuka will acquire Transcend for $700M upfront, & ~$525M in sales milestones, representing the total deal value of ~$1.225B; closing is expected in…
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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…

