Shots:
Eli Lilly has entered into a definitive agreement to acquire Adverum Biotechnologies, incl. its asset Ixo-vec
As per the deal, Lilly will acquire Adverum for $3.56/share plus a CVR of ~$8.91 per share, tied to milestones: for ~$1.78 per CVR on Ixo-vec’s FDA approval within 7yrs. of closing & ~$7.13 per CVR upon achieving $1B…
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Novartis has agreed to acquire Avidity Biosciences, strengthening its neuroscience pipeline with Avidity’s Antibody Oligonucleotide Conjugates (AOCs) platform & 3 late-stage programs
As per the deal, Novartis will acquire Avidity for $72/share, valuing the company at ~$12B with an enterprise value of ~$11B; closing expected in H1’26
Before the merger, Avidity will transfer its early-stage precision…
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Alkermes has entered into a definitive agreement to acquire Avadel, incl. its asset Lumryz, accelerating its entry into the sleep medicine market
As per the deal, Alkermes will acquire Avadel for $18.5/share, along with one non-tradeable CVR of $1.5/share tied to Lumryz’s US FDA approval for idiopathic hypersomnia in adults by 2028 end, representing…
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Ipsen enters into a definitive share purchase agreement with ImCheck Therapeutics to acquire later's all issued and outstanding shares, including lead candidate ICT01, a P-I/II therapy for 1L AML pts ineligible for intensive CT
As per the deal, shareholders of ImCheck Therapeutics will receive €350M ($406.62M) in closing purchase price, with additional deferred payments…
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Boston Scientific has entered into a definitive agreement to acquire Nalu Medical, expanding its neuromodulation portfolio for chronic pain with the Nalu Neurostimulation System
As per the deal, Boston Scientific will acquire the remaining equity of Nalu Medical for ~$533M in cash, in which it has been a strategic investor since 2017; closing expected…
Shots:
Hologic has agreed to be acquired by Blackstone and TPG for up to $79 per share, valuing the deal at up to $18.3B. The deal is expected to close in H1'26
As per the deal, Blackstone and TPG will acquire all Hologic shares for $76 per share in cash plus a non-tradable CVR worth…
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BioCryst Pharmaceuticals has entered into a definitive agreement to acquire Astria Therapeutics, strengthening its allergic & immunology portfolio
As per the deal, Astria shareholders will receive $8.55 in cash + 0.59 BioCryst shares, valuing Astria at $13/share with an enterprise value of ~$700M (equity value: ~$920M), plus Astria shareholders will hold ~15% of pro…
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BMS has entered into a definitive agreement to acquire Orbital, strengthening & diversifying its cell therapy portfolio
As per the deal, BMS will acquire Orbital, incl. its asset, OTX-201 & RNA platform, in an all-cash transaction of $1.5B
OTX-201 is a preclinical circular RNA therapy encoding a CD19 CAR for in vivo expression delivered via…
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Novo Nordisk will acquire Akero Therapeutics, incl. its lead asset efruxifermin (EFX), to expand its metabolic dysfunction-associated steatohepatitis (MASH) portfolio
As per the deal, Novo Nordisk will acquire Akero for $54/share in an all-cash transaction totaling ~$4.7B, along with one non-tradeable CVR of $6/share (~$0.5B) tied to EFX’s US FDA approval for compensated cirrhosis due…
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Halozyme Therapeutics has entered into a definitive agreement to acquire Elektrofi, incl. its Hypercon technology, which enables biologic formulations at concentrations of 400-500mg/ml
As per the deal, Elektrofi will receive $750M upfront, with up to three $50M milestone payments contingent on regulatory approvals of three separate Hypercon products; closing expected in Q4’25
As a result…

