Norgine Acquires Theravia

Cycle Pharmaceuticals (Cycle Group) Acquires Applied Therapeutics, Inc.

February 3, 2026

Pharmaceuticals

Cycle Group Holdings Limited (Cycle Pharmaceuticals) has completed the acquisition of NASDAQ-listed Applied Therapeutics, a clinical-stage biopharmaceutical company focused on novel CNS-penetrant therapies for rare metabolic diseases. The transaction was funded from Cycle's cash on hand and brings Applied's lead candidate govorestat and rare-disease pipeline into Cycle's rare metabolic disease platform.

The Vistria Group Acquires BioCare, Inc.

November 8, 2021

Healthcare Services

The Vistria Group has acquired BioCare, Inc., a Tempe-based specialty pharmaceutical distributor, specialty pharmacy and pharmaceutical logistics provider. The deal is Vistria’s first investment from its $2.68 billion Fund IV and aims to support BioCare’s growth — both organically and via acquisitions — to expand access to therapies for rare and orphan diseases.

Astorg Acquires Majority Stake in Avania

June 20, 2022

Healthcare Services

Astorg has acquired a majority stake in Avania from Kester Capital, with Kester expected to retain a minority position and management also reinvesting. Avania, a Bilthoven-headquartered MedTech-focused clinical CRO, will use Astorg's capital and network to accelerate organic growth and pursue M&A to build a scaled, global MedTech CRO platform.

Boehringer Ingelheim Acquires Nerio Therapeutics

August 6, 2024

Biotechnology

Boehringer Ingelheim agreed to acquire Nerio Therapeutics, a San Diego-based preclinical biotech focused on PTPN2/N1 phosphatase inhibitors for immuno-oncology, for up to $1.3 billion. Nerio was invested/incubated by Viva BioInnovator and backed by a syndicate including Avalon Ventures; the deal is intended to accelerate development of Nerio’s preclinical program as a cornerstone of Boehringer’s immuno-oncology portfolio.

The Vistria Group, Nautic Partners and General Atlantic Acquire PANTHERx Rare

July 26, 2022

Healthcare Services

An investor consortium led by The Vistria Group, with Nautic Partners and General Atlantic, completed the acquisition of PANTHERx Rare, a Pittsburgh-based specialty pharmacy focused on rare and orphan diseases, closing on July 14, 2022. Following the close, Vistria Senior Operating Partner Nick Loporcaro was appointed Chairman of PANTHERx's board; the deal expands the buyers' capabilities in pharma services and rare-disease specialty pharmacy.

Novartis Acquires Vedere Bio

September 30, 2020

Biotechnology

Novartis has acquired Vedere Bio, a Cambridge-based optogenetics AAV gene therapy company, for $150 million upfront plus up to $130 million in potential regulatory and clinical milestones (total consideration of $280 million). The deal includes Vedere Bio's lead preclinical intravitreal AAV programs focused on pan-genotypic vision restoration; earlier-stage assets were spun out into a newly formed independent company, Vedere Bio II.