Korsana Biosciences Merges with Cyclerion Therapeutics

Seraxis Holdings to Merge with Sernova Biotherapeutics

September 8, 2026

Biotechnology

Seraxis Holdings, Inc. entered into a definitive agreement to acquire Sernova Biotherapeutics Inc. in a merger of equals, with shareholders of each company expected to own approximately 50% of the combined company. The combined business is expected to operate as BetaNova Biotherapeutics, with the transaction subject to shareholder, court, and regulatory approvals and expected to close in November 2026.

Ensysce Biosciences Acquires Cy Biopharma

August 6, 2026

Biotechnology

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.

Scancell Holdings Merges With Neuphoria Therapeutics Under $89 Million Financing Plan

July 24, 2026

Biotechnology

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.

Eli Lilly Acquires Kelonia Therapeutics for Up to $7 Billion

April 20, 2026

Biotechnology

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.

Neurocrine Biosciences to Acquire Celeno Therapeutics

April 7, 2026

Healthcare Services

Neurocrine Biosciences entered into a definitive all-cash agreement to acquire Celeno Therapeutics for approximately $2.9 billion. The deal is structured as a tender offer and is expected to close within ~90 days, subject to Hart-Scott-Rodino antitrust clearance and a majority of Celeno shares being tendered.

Rallybio Corporation Acquires Candid Therapeutics

March 5, 2026

Biotechnology

Rallybio Corporation entered into a definitive agreement to acquire clinical-stage biotechnology company Candid Therapeutics in a merger transaction. The combined company will operate as Candid Therapeutics, Inc. and is expected to trade on Nasdaq under the ticker symbol CDRX, with the deal targeted to close in mid-2026 subject to customary conditions and approvals. Concurrently, Candid arranged an oversubscribed private financing of more than $505 million from a syndicate of healthcare institutional investors and mutual funds, expected to fund operations through 2030.