Tracked deals
666
666 tracked deals across 2006-2026.
Top Biotechnology Acquirers (2006-2026)
Buyer mix
Strategic-led
579 strategic · 204 pe
Top trend
Volume peaked in 2022
114 tracked deals announced in 2022.
Primary Insight
What Stands Out
- Revvity is expanding drug discovery and preclinical research tooling via the planned acquisition of Human Cell Design (France).
- Pipeline-focused consolidations appear in deals like Tarsus Pharmaceuticals acquiring Alkeus Pharmaceuticals (retina; gildeuretinol/ALK-001 for Stargardt).
- Platform and capability-building themes show up in Holiferm + Organica UK, combining biosurfactant technology with formulation and finished-product capabilities.
- Large-capital strategic options and structured payments are reflected in Johnson & Johnson’s exclusive option to acquire Sail Biomedicines.
- Deal activity includes cross-border combinations, with notable recent locations in the United States, UK, France, Germany, and Iceland.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Ampersand Capital Partners | 23 | Middle-market private equity firm focused on growth-orien... | PE |
| Eli Lilly and Company | 21 | Global pharmaceutical company that discovers, develops an... | Strategic |
| AbbVie | 7 | Global biopharmaceutical company focused on discovery, de... | Strategic |
| ARCHIMED | 6 | Healthcare-focused private equity firm investing in Europ... | PE |
| Charles River Laboratories International, Inc. | 6 | Global provider of preclinical and clinical support, labo... | Strategic |
| Novartis | 6 | Global pharmaceutical company developing and commercializ... | Strategic |
| AstraZeneca | 5 | Global, science-led biopharmaceutical company focused on ... | Strategic |
| Calibre Scientific | 5 | Diversified global provider of life‑science reagents, too... | Strategic |
| GHO Capital Partners LLP | 5 | London-based specialist private equity investor focused o... | PE |
| Gilead Sciences, Inc. | 5 | Research-based biopharmaceutical company that discovers, ... | Strategic |
Acquisition Volume in Biotechnology by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
September 18, 2026
- Buyer
- North Immunology
- Target
- Aethlon Medical, North Immunology
- Industry
- Biotechnology
- Type
- Buyout
Aethlon Medical has entered into a definitive agreement to merge with privately held biotechnology company North Immunology in an all-stock transaction. The deal also includes an oversubscribed $180 million private placement to fund North Immunology’s lead atopic dermatitis program, NOR-101, through multiple clinical readouts.
-
September 12, 2026
- Buyer
- Holiferm, Organica UK
- Target
- Holiferm, Organica UK
- Industry
- Biotechnology
- Location
- United Kingdom
- Type
- Buyout
Holiferm and Organica UK announced a strategic combination that brings together Holiferm’s biosurfactant technology and manufacturing with Organica’s formulation and finished-product capabilities. The combined platform will span ingredient development through product manufacturing and commercialization, supported by a continuing commercial partnership with Sadorp.
-
September 11, 2026
- Buyer
- Revvity
- Target
- Human Cell Design
- Industry
- Biotechnology
- Location
- France
- Type
- Buyout
Revvity has entered into a definitive agreement to acquire Human Cell Design (HCD), a France-based biotechnology company focused on human pancreatic beta cell models and preclinical research solutions for diabetes and metabolic diseases. The acquisition is expected to expand Revvity’s capabilities for drug discovery, screening, and preclinical research, including next-generation GLP-1 therapies, with closing targeted for Q4 2026 subject to approvals.
-
September 9, 2026
- Buyer
- Daesang
- Target
- AMINO GmbH
- Industry
- Biotechnology
- Location
- Lower Saxony, Germany
- Type
- Buyout
Daesang, a Korean food and biotechnology company, acquired Germany-based AMINO GmbH to expand into the biopharmaceutical sector. The acquisition adds pharmaceutical-grade amino acid purification technology, European regulatory expertise, and a global customer network, supporting Daesang’s push from general-purpose amino acids into high-purity materials for medical infusion solutions, clinical nutrition, and biopharmaceuticals.
-
August 21, 2026
- Buyer
- Slate Medicines (combined company operating entity)
- Target
- Fulcrum Therapeutics, Slate Medicines
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
Fulcrum Therapeutics and Slate Medicines entered into a definitive all-stock merger agreement to combine into a Nasdaq-listed biotechnology company focused on next-generation migraine treatments. The transaction includes an oversubscribed $245 million private placement led by Frazier Life Sciences, with the combined company expected to trade under the ticker SLTE and close in the fourth quarter of 2026, subject to approvals and conditions.
-
August 6, 2026
- Buyer
- Ensysce Biosciences, Inc.
- Target
- Cy Biopharma, Inc.
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Ensysce Biosciences completed its acquisition of Cy Biopharma in a stock-for-stock merger. Concurrently, Ensysce entered into a definitive private placement financing expected to raise about $21.5 million at initial close, plus an additional up to $38.6 million upon a clinical milestone, to fund development of Cy Biopharma’s lead program CY200 for complex regional pain syndrome.
-
August 6, 2026
- Buyer
- Tarsus Pharmaceuticals, Inc.
- Target
- Alkeus Pharmaceuticals, Inc.
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
Tarsus Pharmaceuticals, Inc. has entered into a definitive agreement to acquire privately held retinal disease-focused biotechnology company Alkeus Pharmaceuticals, Inc. The deal will expand Tarsus’ presence in retina and adds gildeuretinol (ALK-001), a differentiated Phase 3 oral investigational therapy for Stargardt disease.
-
- Buyer
- Johnson & Johnson
- Target
- Sail Biomedicines
- Industry
- Biotechnology
- Location
- United States
- Type
- Growth capital
Johnson & Johnson entered into strategic agreements with Sail Biomedicines to collaborate on in vivo CAR-T therapies and secured an exclusive option to acquire Sail for $2.58 billion. The deal includes initial payments totaling $785 million (including a $465 million equity investment) and up to $140 million in additional development milestone payments, with the $2.58 billion payable if the option is exercised.
-
July 31, 2026
- Buyer
- Processa Pharmaceuticals, Inc.
- Target
- Vidya Therapeutics, Inc.
- Industry
- Biotechnology
- Location
- Florida, United States
- Type
- Buyout
Processa Pharmaceuticals acquired Vidya Therapeutics in a stock-for-stock transaction to bring Vidya’s CNS-penetrant, once-daily BTK inhibitor VT-7208 into Processa’s pipeline. Concurrently, Processa entered into a definitive agreement for an approximately $200 million private placement, with proceeds intended to fund VT-7208’s parallel Phase 2 proof-of-concept studies across food allergy, chronic spontaneous urticaria (CSU), and relapsing multiple sclerosis (RMS).
-
- Buyer
- Yarrow Bioscience, Inc.
- Target
- VYNE Therapeutics Inc.
- Industry
- Biotechnology
- Type
- Buyout
Yarrow Bioscience announced the completion of its merger with VYNE Therapeutics, with the combined company operating as Yarrow Bioscience, Inc. The transaction follows previously announced private financings totaling approximately $200 million and includes the initiation of dosing in a Phase 2a/2b trial of YB-101 for Graves' disease and thyroid eye disease.
-
- Buyer
- Scancell Holdings
- Target
- Neuphoria Therapeutics
- Industry
- Biotechnology
- Location
- United Kingdom
- Type
- Buyout
Scancell Holdings and Neuphoria Therapeutics have entered an all-share merger agreement in which Scancell will acquire Neuphoria. The combined company is expected to operate under the Scancell name and list on Nasdaq, alongside Scancell’s existing AIM listing, and finance the transaction with up to $89 million in equity and debt.
-
July 23, 2026
- Buyer
- Synaptiq Therapeutics, Sanos Group, Arctic Therapeutics, AxUM Securities, Nobias Therapeutics (equity retained)
- Target
- Nobias Therapeutics, NB-001 program (now SYN-001)
- Seller
- Nobias Therapeutics
- Industry
- Biotechnology
- Location
- Iceland
- Type
- Buyout
Synaptiq Therapeutics, a newly launched privately held clinical-stage biotechnology company, was formed through the acquisition of Nobias Therapeutics’ lead clinical program NB-001, which is now called SYN-001. The entity brings together European and US investors and operational capabilities from partners including Arctic Therapeutics (development platform and clinical operations) and Sanos Group (clinical development and CRO capabilities) to advance SYN-001 through late-stage development for neuropsychiatric symptoms in 22q11DS.
-
- Buyer
- Eli Lilly and Company, Apeiron Investment Group, Ltd
- Target
- AtaiBeckley Inc.
- Industry
- Biotechnology
- Location
- New York, United States
- Type
- Buyout
Eli Lilly and Company has entered into a definitive agreement to acquire AtaiBeckley, a clinical-stage biopharmaceutical company developing rapid-acting neuroplastogens for mental health conditions. Under the terms, Lilly will pay $6.75 per share in cash plus up to $2.50 per share in contingent value rights tied to development and regulatory milestones for BPL-003 and VLS-01, with the deal expected to close in the third quarter subject to customary approvals. A later update indicates Lilly has completed the acquisition following AtaiBeckley shareholder approval, integrating the clinical-stage pipeline into Lilly’s neuroscience R&D organization.
-
July 17, 2026
- Buyer
- NextCure, Avere Therapeutics
- Target
- Avere Therapeutics, NextCure
- Industry
- Biotechnology
- Type
- Buyout
NextCure and Avere Therapeutics have entered into a definitive all-stock merger that will create a publicly traded biotechnology company focused on developing once-weekly oral therapies for inflammatory diseases driven by interleukin-23. The transaction is supported by a concurrent $320 million private placement led by Fairmount and Hansoh Pharmaceutical Group to fund key clinical milestones through Phase 2b and into Phase 3 development.
-
- Buyer
- Jasper Therapeutics, Inc.
- Target
- Kira Pharmaceuticals
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Jasper Therapeutics has completed the acquisition of Kira Pharmaceuticals in an all-stock transaction, forming a combined company focused on advancing a consolidated immunology pipeline. Concurrent with the deal, Jasper arranged a $132 million private placement and Kira out-licensed KP-301 and KP-402 to Mirador Therapeutics for $12 million upon signing, with potential development and sales milestones.
-
- Buyer
- Glucotrack, Inc.
- Target
- Lōkahi Therapeutics, Glucotrack, Inc.
- Industry
- Biotechnology
- Location
- New Jersey, United States
- Type
- Buyout
Glucotrack, Inc. completed its strategic business combination with Lōkahi Therapeutics to establish a publicly listed, capital-efficient healthcare assets platform. The structure makes Lōkahi Therapeutics the operating and controlling business of the combined company, with Lōkahi Therapeutics securityholders receiving Glucotrack stock; they are expected to hold about 90% on a fully diluted basis.
-
- Buyer
- Tarsus Pharmaceuticals
- Target
- iRenix Medical
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Tarsus Pharmaceuticals announced it has acquired iRenix Medical, adding late-stage investigational ocular antiseptic IRX-101 to its eye care pipeline. Under the agreement, Tarsus will pay about $75 million upfront (cash and stock) and make additional regulatory and commercial milestone payments up to $490 million.
-
- Buyer
- Novartis
- Target
- Myricx Bio
- Seller
- Sofinnova Partners
- Industry
- Biotechnology
- Location
- United Kingdom
- Type
- Buyout
Sofinnova Partners’ portfolio company Myricx Bio has agreed to be acquired by Novartis in a deal valued at up to $1.5 billion, including $1.1 billion in cash upfront plus potential milestone payments. Myricx Bio is a UK-headquartered biotech developing NMTi payloads and lead ADC assets targeting B7-H3 and HER2 for solid tumors.
-
July 3, 2026
- Buyer
- United Therapeutics
- Target
- Thymmune Therapeutics
- Industry
- Biotechnology
- Location
- Massachusetts, United States
- Type
- Buyout
United Therapeutics announced it has acquired Thymmune Therapeutics, a privately held preclinical-stage biotechnology company developing thymic regenerative cell therapies. The deal includes $140 million paid in cash upfront, plus potential earn-out payments of up to $160 million tied to clinical and regulatory milestones through 2031.
-
- Buyer
- Hanmi Pharmaceutical Co. Ltd., HS North America Ltd.
- Target
- Aptose Biosciences Inc.
- Industry
- Biotechnology
- Location
- Ontario, Canada
- Type
- Buyout
Hanmi Pharmaceutical Co. Ltd., via wholly owned subsidiary HS North America Ltd., completed a plan of arrangement under which it acquired all outstanding shares of Aptose Biosciences that it did not already own. Aptose shareholders received C$2.41 in cash per common share, representing a 28% premium over the prior 30-day VWAP.
-
June 29, 2026
- Buyer
- Zymeworks Inc., OMERS Life Sciences
- Target
- Theravance Biopharma, Inc.
- Industry
- Biotechnology
- Location
- Ireland
- Type
- Buyout
Zymeworks entered into a definitive agreement to acquire Theravance Biopharma in an all-cash transaction valued at approximately $929 million, or $17.00 per share. Theravance Biopharma shareholders will also receive a contingent value right (CVR) worth 80% of net proceeds from any future monetization of ampreloxetine over the next 10 years.
-
June 29, 2026
- Buyer
- JATT II Acquisition Corp, Access Biotechnology, Bain Capital Life Sciences, Deep Track Capital, RA Capital Management, Janus Henderson Investors, Vianti Capital, Farallon Capital Management, JATT Ventures II L.P.
- Target
- Talawar Therapeutics, Talawar Tx Inc
- Industry
- Biotechnology
- Location
- New Jersey, United States
- Type
- Buyout
Talawar Therapeutics entered into a definitive business combination agreement with JATT II Acquisition Corp to create a publicly listed biotechnology company focused on developing bispecific antibodies for immunology and inflammatory diseases. The transaction is expected to close in the second half of 2026 and includes an oversubscribed $225 million PIPE alongside $60 million held in JATT II’s trust account (assuming no redemptions).
-
- Buyer
- Serapha Bio, Boundless Bio
- Target
- Serapha Bio, Boundless Bio
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
Boundless Bio and Serapha Bio entered into a definitive agreement to merge in an all-stock transaction. Serapha will combine with Boundless Bio, with the combined company expected to operate as Serapha Bio and trade on Nasdaq under ticker AATD, following a pre-closing $230 million private investment led by RA Capital Management and RTW Investments.
-
June 22, 2026
- Buyer
- AbbVie
- Target
- Apogee Therapeutics
- Industry
- Biotechnology
- Location
- Massachusetts, United States
- Type
- Buyout
AbbVie entered into a definitive agreement to acquire Apogee Therapeutics in an all-cash transaction valued at approximately $10.9 billion ($135.11 per share). The deal is intended to deepen AbbVie’s immunology portfolio and expand its clinical presence in respiratory diseases, with Apogee’s lead program zurilokibart (APG777) targeting IL-13 for atopic dermatitis and its pipeline including APG273 for asthma. Closing was expected in Q3 2026, subject to customary regulatory and shareholder approvals; AbbVie later announced completion on Sept. 3, 2026.
-
- Buyer
- 10x Genomics, Inc.
- Target
- Proteintech Genomics (a division within Proteintech Group)
- Seller
- Proteintech Group
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
10x Genomics announced it has acquired Proteintech Genomics, a division within Proteintech Group, to expand its proteomics capabilities for single-cell and spatial multiomics workflows on 10x platforms. The deal adds Proteintech Genomics’ Human Discovery Panel technology and supports 10x’s strategy of integrating transcriptomic and proteomic measurements, including capabilities planned for its Atera platform. Financial terms were not disclosed.
-
- Buyer
- Copley Acquisition Corp, Ignite Proteomics Holdings (newly formed public holding company)
- Target
- Ignite Proteomics, LLC
- Seller
- Aditxt, Inc.
- Industry
- Biotechnology
- Location
- Colorado, United States
- Type
- Buyout
Copley Acquisition Corp and Ignite Proteomics (a wholly owned subsidiary of Aditxt) have entered into a definitive business combination agreement to take Ignite public. The transaction values Ignite at an implied equity value of approximately $150 million and is expected to create a newly formed holding company (Ignite Proteomics Holdings) with listings on the NYSE, with Ignite expected to become an independent public company following closing.
-
- Buyer
- Johnson & Johnson
- Target
- Firefly Bio, Inc.
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Johnson & Johnson entered into a definitive agreement to acquire Firefly Bio, Inc. for $1 billion in cash. The deal is intended to expand Johnson & Johnson’s oncology pipeline using Firefly Bio’s proprietary Firelink degrader antibody conjugate platform, including preclinical candidates for KRAS-driven and other hard-to-treat solid tumors.
-
- Buyer
- Incyte
- Target
- Vega Therapeutics
- Seller
- Star Therapeutics, LLC
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Incyte has entered into a definitive agreement to acquire Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics, for $1.25 billion upfront, with up to $750 million in additional milestone payments for total potential consideration of up to $2.0 billion. The deal is intended to add Vega’s Phase 3 monoclonal antibody candidate VGA039 for von Willebrand disease to Incyte’s hematology portfolio.
-
- Buyer
- Rallybio Corporation
- Target
- Avenzo Therapeutics, Inc.
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Rallybio Corporation entered into a definitive merger agreement to acquire Avenzo Therapeutics, with the combined company expected to operate as Avenzo Therapeutics, Inc. and trade on Nasdaq under the ticker symbol AVZO. The transaction includes a concurrent, oversubscribed $215 million private placement with participation from healthcare institutional investors and mutual funds, and is expected to close in Q4 2026 subject to customary conditions.
-
- Buyer
- Eli Lilly and Company
- Target
- Vaccine Company, Inc.
- Industry
- Biotechnology
- Location
- Maryland, United States
- Type
- Buyout
Vaccine Company, Inc. announced it has entered into a definitive agreement to be acquired by Eli Lilly and Company in a deal valued at up to $1.55 billion, including upfront and milestone-based payments. The acquisition is intended to accelerate development of Vaccine Company’s next-generation in vivo nanoparticle (IVN) vaccine platform, led by a Phase 1-ready Epstein-Barr virus (EBV) vaccine candidate targeting infectious mononucleosis and longer-term EBV-linked diseases.
-
May 23, 2026
- Buyer
- Eli Lilly and Company
- Target
- Engage Biologics Inc.
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Eli Lilly and Company has acquired Engage Biologics in a deal valued at up to $202 million in cash, including an upfront payment and milestone-based payments. The acquisition is intended to strengthen Lilly’s genetic medicines capabilities by integrating Engage’s non-viral DNA delivery Tethosome platform with Lilly’s broader development portfolio.
-
- Buyer
- InMed Pharmaceuticals, Inc., Fairmount, Commodore Capital, Deep Track Capital, Janus Henderson Investors, a16z Bio + Health, Venrock Healthcare Capital Partners, Wellington Management, TCGX, Blackstone Multi-Asset Investing, BB Biotech, Farallon Capital, RTW Investments, Vivo Capital, Perceptive Advisors, Sirenia Capital Management LP, Oruka Therapeutics (Oruka Therapeutics executive board involvement)
- Target
- Mentari Therapeutics, Inc.
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
InMed Pharmaceuticals (NASDAQ: INM) entered into a definitive all-stock merger agreement with privately held Mentari Therapeutics, creating a publicly traded migraine-focused biotech under the Mentari name. The transaction is supported by an oversubscribed $290 million private placement led by Fairmount to fund operations through 2028.
-
May 19, 2026
- Buyer
- Quince Therapeutics, Inc.
- Target
- Orphai Therapeutics Inc.
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
Quince Therapeutics, Inc. announced it has acquired Orphai Therapeutics Inc. in a stock-for-stock merger, bringing Orphai’s inhaled rapamycin (LAM-001) pulmonary pipeline into Quince. Concurrently, Quince entered into a definitive agreement for a private placement financing raising up to $187 million gross proceeds (including $115 million upfront), expected to fund clinical development milestones through 2028.
-
May 13, 2026
- Buyer
- Zydus Worldwide DMCC, Zydus Lifesciences Limited, Zara Merger Sub Inc.
- Target
- Assertio Holdings, Inc.
- Industry
- Biotechnology
- Location
- Illinois, United States
- Type
- Buyout
Zydus Worldwide DMCC, a subsidiary of Zydus Lifesciences Limited, has entered into a definitive agreement to acquire all outstanding shares of Assertio Holdings, Inc. for $23.50 per share in cash, valuing the deal at approximately $166.4 million. The transaction is structured as a tender offer followed by a second-step merger at the same price and is expected to close in the second quarter of 2026 (2026–27 financial year in some reports), subject to customary conditions.
-
May 7, 2026
- Buyer
- Bayer
- Target
- Perfuse Therapeutics
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
Bayer announced an agreement to acquire Perfuse Therapeutics for up to $2.45 billion, including a $300 million upfront payment plus development, regulatory, and commercial milestone payments. The deal is intended to strengthen Bayer’s ophthalmology pipeline by adding PER-001, an investigational therapy in Phase II for glaucoma and diabetic retinopathy.
-
- Buyer
- Blackstone Life Sciences
- Target
- Anagram Therapeutics
- Industry
- Biotechnology
- Location
- Massachusetts, United States
- Type
- Growth capital
Blackstone Life Sciences (BXLS) announced a $250 million investment in clinical-stage biotech Anagram Therapeutics to advance and commercialize its oral recombinant enzyme replacement therapy, ANG003, for exocrine pancreatic insufficiency (EPI) related to cystic fibrosis and other disorders. The funding is intended to support development through regulatory approval and market launch, including planned mid-stage clinical trials.
-
- Buyer
- UCB
- Target
- Candid Therapeutics
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
UCB, a global biopharmaceutical company, has signed a definitive agreement to acquire Candid Therapeutics for up to $2.2 billion. The deal includes $2.0 billion in upfront payments and up to $200 million in potential milestone payments, and is expected to close by the end of Q2 or early Q3 2026, subject to antitrust clearance and customary conditions.
-
May 3, 2026
- Buyer
- UCB
- Target
- Candid Therapeutics
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
UCB has agreed to acquire Candid Therapeutics, a clinical-stage biotechnology company focused on T-cell engagers for autoimmune and inflammatory diseases, for up to $2.2 billion including $2.0 billion upfront. Two River and Vida Ventures, part of the Bellco Health ecosystem, highlighted their roles in founding and early development of Candid following the announced acquisition.
-
April 30, 2026
- Buyer
- XTL Biopharmaceuticals
- Target
- Psyga Bio
- Industry
- Biotechnology
- Location
- Israel
- Type
- Buyout
XTL Biopharmaceuticals has entered into a definitive share purchase agreement to acquire 100% of Psyga Bio. The deal is structured as a share exchange with no cash consideration at closing, with XTL issuing ADSs representing 40% of Psyga Bio’s issued and outstanding share capital plus milestone-based ADSs up to an additional 10%.
-
April 29, 2026
- Buyer
- Chiesi Farmaceutici S.p.A., Chiesi Group
- Target
- KalVista Pharmaceuticals, Inc.
- Industry
- Biotechnology
- Location
- Massachusetts, United States
- Type
- Buyout
Chiesi Farmaceutici S.p.A./Chiesi Group entered into a definitive agreement to acquire KalVista Pharmaceuticals, Inc. for approximately $1.5 billion (about $1.9 billion at closing), paying $27.00 per share in cash via a tender offer and subsequent merger. The acquisition was completed on June 11, 2026, with KalVista becoming a wholly owned subsidiary and its stock ceasing to trade on Nasdaq.
-
April 28, 2026
- Buyer
- Eli Lilly
- Target
- Profluent
- Industry
- Biotechnology
- Type
- Growth capital
Air Street Capital portfolio company Profluent announced a multi-program strategic partnership with Eli Lilly to develop AI-designed recombinases for genetic medicine. Profluent will receive an upfront payment, committed R&D funding, and is eligible for up to $2.25 billion in development and commercial milestones, plus tiered royalties on net sales.
-
April 27, 2026
- Buyer
- Ligand Pharmaceuticals Incorporated
- Target
- XOMA Royalty Corporation
- Seller
- XOMA Royalty stockholders (including entities affiliated with BVF Partners, referenced for voting agreement)
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Ligand Pharmaceuticals entered into a definitive agreement to acquire XOMA Royalty for $39.00 per share in cash, valuing the deal at approximately $739 million. The transaction is structured to provide XOMA Royalty stockholders with a contingent value right (CVR) linked to a portion of net proceeds from certain pending litigation, and was expected to close in Q3 2026.
-
- Buyer
- Telomir Pharmaceuticals, Inc.
- Target
- TELI Pharmaceuticals, Inc.
- Seller
- Certain former TELI shareholders (received milestone-based contributions and Telomir stock)
- Industry
- Biotechnology
- Location
- Florida, United States
- Type
- Buyout
Telomir Pharmaceuticals completed its previously announced stock-for-stock acquisition of TELI Pharmaceuticals. The deal makes Telomir the sole holder of global rights to Telomir-1 (Telomir-Zn), consolidating worldwide development and commercialization under one structure.
-
April 20, 2026
- Buyer
- Eli Lilly and Company, Eli Lilly
- Target
- Kelonia Therapeutics
- Industry
- Biotechnology
- Location
- Massachusetts, United States
- Type
- Buyout
Eli Lilly has announced a definitive agreement to acquire Kelonia Therapeutics, a clinical-stage biotechnology company developing in vivo CAR-T cell therapy via its proprietary gene delivery platform. The deal is valued at up to $7 billion, including a $3.25 billion upfront payment, with additional clinical, regulatory, and commercial milestone payments. Closing is expected in the second half of 2026, subject to customary approvals.
-
- Buyer
- Frazier Life Sciences, Novartis Venture Fund, OrbiMed, Life Sciences at Goldman Sachs Alternatives, DCVC Bio, Samsara BioCapital, Longwood Fund, Astellas Venture Management, Alexandria Venture Investments
- Target
- Sidewinder Therapeutics
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Growth capital
Sidewinder Therapeutics, a biopharmaceutical company developing next-generation bispecific ADCs for cancer, announced the closing of an oversubscribed $137 million Series B financing. The round was co-led by Frazier Life Sciences and Novartis Venture Fund with participation from OrbiMed and new investors including Goldman Sachs Alternatives (Life Sciences), DCVC Bio, Samsara BioCapital, Longwood Fund, Astellas Venture Management, and others.
-
April 14, 2026
- Buyer
- Eli Lilly and Company
- Target
- CrossBridge Bio
- Industry
- Biotechnology
- Location
- Texas, United States
- Type
- Buyout
Eli Lilly and Company has entered into a definitive agreement to acquire CrossBridge Bio, a Houston-based pre-clinical biotechnology company developing next-generation dual-payload antibody-drug conjugates (ADCs). The deal provides for up to $300 million in total consideration, including upfront and milestone-based payments, to advance CrossBridge Bio’s TROP2-targeting TOP1i/ATRi ADC platform led by CBB-120.
-
- Buyer
- Gilead Sciences
- Target
- Tubulis
- Seller
- EQT Life Sciences (LSP 7 fund)
- Industry
- Biotechnology
- Location
- Germany
- Type
- Buyout
Gilead Sciences entered into a definitive agreement to acquire Tubulis, a Munich-based clinical-stage biotechnology company developing next-generation antibody-drug conjugates (ADCs), for $3.15 billion upfront in cash plus up to $1.85 billion in contingent milestone payments. Following completion, Tubulis will operate as a dedicated ADC research organization within Gilead, with the Munich site serving as a hub for ADC innovation.
-
- Buyer
- Anthropic
- Target
- Coefficient Bio
- Seller
- Dimension
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
Anthropic acquired stealth-stage biotech AI startup Coefficient Bio in an all-stock transaction valued at just over $400 million. The Coefficient Bio team (fewer than 10 employees) will be integrated into Anthropic’s healthcare and life sciences division to enhance Claude for Life Sciences for drug discovery and regulatory workflows.
-
April 1, 2026
- Buyer
- Korsana Biosciences, Inc.
- Target
- Cyclerion Therapeutics, Inc.
- Industry
- Biotechnology
- Location
- United States
- Type
- Buyout
Cyclerion Therapeutics and Korsana Biosciences entered into a definitive all-stock merger agreement under which the combined company will operate as Korsana Biosciences, Inc. and trade on Nasdaq under the ticker “KRSA.” The deal is supported by an oversubscribed ~$380 million private placement expected to close immediately prior to the merger, funding operations into 2029 as Korsana advances its lead Alzheimer’s program KRSA-028.
-
- Buyer
- Aurinia Pharmaceuticals Inc., Aurinia Pharma U.S., Inc., Aurinia Merger Sub, Inc.
- Target
- Kezar Life Sciences, Inc.
- Industry
- Biotechnology
- Location
- California, United States
- Type
- Buyout
Aurinia Pharmaceuticals has entered into a definitive merger agreement to acquire Kezar Life Sciences in a cash tender offer followed by a merger. Kezar shareholders will receive $6.955 per share in cash plus a non-transferable contingent value right (CVR) tied to potential future milestones and proceeds from Kezar’s legacy assets/collaborations.
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Frequently Asked Questions
What types of biotechnology acquisitions are represented here?
The page highlights acquisitions and mergers involving drug discovery/preclinical tools, clinical-stage or program-focused companies, and broader platform combinations spanning ingredients, formulation, manufacturing, and commercialization capabilities.
Which buyers appear repeatedly in these biotechnology deals?
Recurring buyer names include Gilead Sciences, Inc., Avista Capital Partners, Ampersand Capital Partners, Lonza AG, Windjammer Capital Investors, and Ensign-Bickford Industries, Inc., along with Kite (a Gilead Company).
Which geographies show up in the most recent biotechnology transactions?
Recent deal locations referenced here include the United States, the United Kingdom, France, Lower Saxony, Germany, California and Florida in the U.S., and Iceland.
Do these deals usually include financing alongside the acquisition?
Several recent transactions are paired with private placements or structured financing plans—for example, deals featuring oversubscribed private placements or financing intended to fund development of acquired programs.
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