Aurinia Pharmaceuticals to Acquire Kezar Life Sciences for $6.955 Per Share Plus CVR

Jasper Therapeutics Acquires Kira Pharmaceuticals in All-Stock Merger

July 16, 2026

Biotechnology

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.

Zymeworks Acquires Theravance Biopharma

June 29, 2026

Biotechnology

Zymeworks agreed to acquire all outstanding equity of Theravance Biopharma for $17 per share in cash, representing an announced transaction value of approximately $929 million. Theravance shareholders are also entitled to a contingent value right covering 80% of net proceeds from any future monetization of ampreloxetine; Zymeworks completed the acquisition on September 23, 2026.

Merck & Co. (Merck Sharp & Dohme) Acquires Cidara Therapeutics

January 8, 2026

Biotechnology

Merck Sharp & Dohme LLC (Merck & Co., Inc.) completed its cash tender offer and follow-on merger to acquire Cidara Therapeutics, Inc. for $221.50 per share, valuing the deal at about $9.2 billion. The acquisition adds Cidara’s late-stage, long-acting, strain-agnostic influenza antiviral candidate CD388 to Merck’s respiratory pipeline.

Novo Nordisk to Acquire Akero Therapeutics for Up to $5.2 Billion

October 10, 2025

Pharmaceuticals

Akero Therapeutics announced it has entered into a definitive agreement to be acquired by Novo Nordisk A/S in a transaction valued at up to $5.2 billion in cash. Under the terms of the deal, Akero shareholders will receive $54.00 per share at closing plus a non-transferable Contingent Value Right (CVR) that could pay an additional $6.00 per share contingent on full U.S. regulatory approval of efruxifermin (EFX) for compensated cirrhosis associated with MASH.

Harmony Biosciences Acquires Zynerba Pharmaceuticals

August 14, 2023

Pharmaceuticals

Harmony Biosciences Holdings, Inc. has signed a definitive agreement to acquire Zynerba Pharmaceuticals, Inc. in a cash tender offer valued at $60 million at closing ($1.1059 per share) plus a non-tradeable contingent value right (CVR) with potential additional payments of up to $140 million, for total potential consideration of up to $200 million. The deal is expected to close in the fourth quarter of 2023, subject to customary closing conditions and tendering by at least a majority of Zynerba’s outstanding shares.

Merck to Acquire Acceleron Pharma Inc for $11.5B

September 30, 2021

Biotechnology

Merck (through a subsidiary) entered into a definitive agreement to acquire Acceleron Pharma Inc for $180 per share in cash, for an approximate total equity value of $11.5 billion. The transaction will be completed via a tender offer followed by a merger, and is expected to close in the fourth quarter of 2021, subject to conditions including regulatory approvals and tender of at least a majority of outstanding shares.