Skip to content
中文EN

Deals & financing

M&A, licensing, partnerships and financings: upfronts, milestones and pricing logic.

202 picksRelatedADCs & conjugatesAutoimmuneCardiometabolic

Latest picks

21–36 of 202
Oct 16Fri
  1. BioSpace57

    Estuary sails into kidney disease space with $103M for gene therapies

    Estuary Biotherapeutics emerged from stealth with $103 million in financing for two lead gene therapies targeting autosomal dominant polycystic kidney disease (ADPKD). The total comprises a $93 million series A led by RA Capital Management and a $10 million seed from 4BIO Capital and GV. EST-201, a full-length PKD2 gene therapy delivered via AAV, enters the clinic in 2027 in PKD2-mutation ADPKD patients, while AAV-delivered EST-101 is expected to enter the clinic in 2028.

    Why it matters: New entrant with substantial financing targets the root cause of the most common genetic kidney disease.

  2. BioPharma Dive65

    Next-gen RNAi drugmaker City prices $200M IPO

    City Therapeutics raised $200 million in its IPO, selling just over 11.1 million shares at $18 each, and begins Nasdaq trading Friday under ticker CTY. Co-founded by former Alnylam CEO John Maraganore, the company develops RNA interference therapies, with lead candidate CITY-FXI targeting Factor XI for thromboembolic diseases and a first Phase 2 trial in knee-replacement patients expected next year. Its CITY-RBP4 program for Stargardt disease enters Phase 1 later this year, and an anemia of chronic disease program starts an early-stage study in 2027.

    Why it matters: IPO pricing by an RNAi startup led by a well-known biotech founder, with pipeline milestones scheduled through 2027.

  3. WeChat65

    insitro and AstraZeneca Strike Global Exclusive AI Drug Discovery Collaboration for MASH and Cardiomyopathy

    AI drug discovery company insitro has entered a global exclusive research collaboration with AstraZeneca on October 15 to discover new targets and develop candidates for MASH and cardiomyopathy. insitro receives a $40 million upfront payment and is eligible for up to about $1.46 billion in R&D and commercialization milestone payments plus single-digit royalties on future global sales. insitro will use its Virtual Human platform to identify disease-driving mechanisms and advance AstraZeneca-nominated targets to development candidate stage, while AstraZeneca handles clinical development, regulatory filings and commercialization.

    Why it matters: A large AI-driven discovery deal signals how big pharma is paying for machine-learning target discovery.

  4. WeChat64

    CSL and Alentis Sign Up to $1.6 Billion Deal for Claudin-1 Antibody Lixudebart

    CSL and Alentis Therapeutics have struck a global collaboration worth up to roughly $1.6 billion to develop lixudebart, a monoclonal antibody targeting Claudin-1, a protein linked to tissue barriers, cell signaling and organ fibrosis. The programme will focus on rare kidney diseases and liver diseases, where inflammation and fibrosis drive pathology. Further details on trial plans and deal milestones were not disclosed.

    Why it matters: Large-pharma licensing of a fibrosis-targeting antibody for rare kidney and liver diseases.

Oct 15Thu
  1. BioSpace69

    AstraZeneca bulks up MASH, cardio work in up to $1.5B AI partnership with insitro

    AstraZeneca will pay insitro up to $1.5 billion to discover drug targets for metabolic dysfunction-associated steatohepatitis and cardiomyopathies using insitro's Virtual Human AI platform. Insitro receives $40 million upfront and up to $1.46 billion in milestones plus royalties, while AstraZeneca advances any candidates through development. The deal adds to AstraZeneca's MASH work, which includes the Phase 1 anti-fibrotic asset AZD2389.

    Why it matters: A large pharma-AI target discovery deal in MASH and cardiomyopathies, indications where AstraZeneca has recent setbacks.

  2. BioSpace49

    Stoffels strikes up new biotech in return to Galapagos cell therapy mission

    Former Galapagos CEO Paul Stoffels has founded Armed Cell Therapeutics in Belgium to acquire the CAR T cell therapy programs that Galapagos, now Lakefront Biotherapeutics, abandoned in October 2025. Armed pays about $9 million upfront plus $230 million in milestones and royalties, just under $240 million in total, for the preclinical assets, which originated from AboundBio and target non-Hodgkin lymphoma and small cell lung cancer. Stoffels will chair the board, Willemien Kremer becomes CEO, and the company aims to move the programs into the clinic.

    Why it matters: Out-licensed CAR T assets and a high-profile founder returning to abandoned programs are relevant to industry readers.

  3. WeChat69

    Gilead Licenses Vir Biotechnology PRO-XTEN Technology in $1.9 Billion Solid Tumor T-cell Engager Deal

    Vir Biotechnology has signed a collaboration and licensing agreement with Gilead Sciences worth up to $1.9 billion, announced October 14, 2026 in San Francisco. Vir will discover, design and optimize three PRO-XTEN double-masked T-cell engager candidates against selected solid tumor-associated antigens, while Gilead obtains an exclusive license to develop, manufacture and commercialize candidates arising from the work.

    Why it matters: Large-value oncology licensing deal between two named companies covering solid tumor T-cell engagers.

  4. WeChat68

    Zealand Pharma Pays $1.2 Billion for Generate Biomedicines AI-Designed Multispecific Proteins to Extend Obesity Pipeline

    Zealand Pharma is paying $1.2 billion to bring Generate Biomedicines' AI-designed multispecific proteins into its obesity pipeline, adding a new modality alongside petrelintide, a long-acting amylin analogue, and survodutide, a glucagon/GLP-1 dual receptor agonist, both in Phase III. The Danish biotech's move comes after recent Phase III data for both candidates fell short of analyst expectations, putting pressure on its shares.

    Why it matters: A $1.2 billion licensing deal adds an AI-designed protein modality to a prominent obesity pipeline after weak Phase III results.

  5. BioPharma Dive61

    Iambic, an AI drug discovery specialist, banks $150M in an IPO

    Iambic Therapeutics, an AI drug discovery startup, raised $150 million in an IPO, selling close to 9.4 million shares at $16 each and trading on the Nasdaq from Thursday under the ticker "IAM." The company has drawn $462 million in private funding since 2019 and will use the proceeds to advance its first drug, IAM1363, an oral tyrosine kinase inhibitor for HER2-positive solid tumors that showed anti-tumor activity and encouraging safety in a Phase 1 study, with a registrational trial possibly beginning in 2027. Behind it are IAM217, targeting KIF18A in ovarian and triple-negative breast cancers, and a CDK2/CDK4-targeting prospect, both potentially entering testing next year.

    Why it matters: The offering adds to a wave of AI drug discovery startups testing whether public investors will back the technology.

  6. WeChat70

    Gilead Pays $1.875 Billion for Exclusive License to Vir's Three Dual-Masked Solid Tumor TCEs

    Vir Biotechnology has granted Gilead an exclusive license to develop and commercialize three novel PRO-XTEN dual-masked T cell engagers (TCEs) targeting selected solid tumor antigens, under a collaboration and license agreement announced October 14 in San Francisco. The deal is worth $1.875 billion. The companies will work to discover and design the three development candidates.

    Why it matters: Large licensing deal for solid tumor TCEs between Gilead and Vir Biotechnology.

  7. WeChat71

    Roche licenses Rona Therapeutics' ALK7 RNAi candidate for obesity in deal worth up to $1.16 billion

    Rona Therapeutics granted Roche an exclusive global license on October 13, 2026 to an RNAi candidate targeting ALK7 (ACVR1C), developed on its APOLLO extra-hepatic delivery platform, for the treatment of obesity and metabolic diseases. The deal carries potential total payments of up to $1.16 billion plus tiered royalties on global sales. Roche takes on worldwide development and commercialization rights.

    Why it matters: Large biotech-pharma licensing deal for a differentiated obesity-targeting RNAi asset.

Oct 14Wed
  1. BioSpace63

    Zealand pens up to $1.2B deal with Generate for AI-designed obesity, metabolic drugs

    Zealand Pharma will pay Generate:Biomedicines $30 million upfront, up to $35 million in early preclinical milestones and nearly $1.2 billion in development, regulatory and commercial milestones, plus tiered royalties, to access Generate's generative AI platform for designing protein therapeutics for obesity and metabolic diseases. Generate handles research through candidate selection; Zealand leads clinical development, regulatory and commercialization. The deal follows mixed Zealand readouts for petrelintide and survodutide.

    Why it matters: Large AI drug-discovery alliance in obesity adds Generate's platform to Zealand's metabolic pipeline after mixed trial results.

  2. VBData86

    Samsung Biologics' $1.8 Billion PolyPeptide Takeover Clears Acceptance Hurdle

    Samsung Biologics' all-cash tender offer for the Swiss peptide CDMO PolyPeptide Group AG at CHF 44.31 per share, valuing it at about CHF 1.46 billion (roughly $1.8 billion), cleared its key hurdle when 87.59% of shares were tendered by the October 12 deadline. The deal, the largest ever in Korea's pharma and biotech industry, extends Samsung Biologics into peptides including GLP-1 services, backed by PolyPeptide's six GMP plants. Definitive interim results come October 16, with an additional acceptance period through October 30 and completion expected by end of 2026, followed by a squeeze-out and delisting from the Swiss exchange.

    Why it matters: Largest pharma M&A deal in Korean history extends Samsung Biologics into the fast-growing GLP-1 peptide CDMO market.

  3. BioPharma Dive56

    Another Paragon spinout goes public through reverse merger

    Alaunos Therapeutics acquired Velaris Therapeutics, Paragon Labs' ninth spinout, in a reverse merger that takes the cardiopulmonary disease drug developer public. Fairmount Funds, which founded Paragon in 2021, led a concurrent private placement of about $350 million, with investors including Venrock, Wellington Management and T. Rowe Price accounts, funding operations into 2029. Four of the combined company's five board directors will come from or be picked by Fairmount, and the business will advance Velaris' programs plus an obesity and metabolic disorder drug from Alaunos.

    Why it matters: Reverse mergers have surged to more than two dozen announced this year, matching IPO counts, and Velaris extends the Paragon-Fairmount model.

  4. STAT71

    STAT+: BlackRock to buy majority stake in Humana’s CenterWell clinics for $2.8 billion

    BlackRock is buying Welsh, Carson, Anderson & Stowe's majority stake in Humana's CenterWell Senior Primary Care, a network of 150 Medicare Advantage-focused clinics, in a $2.8 billion transaction announced Tuesday. Welsh Carson, which has invested at least $1.8 billion since 2020, is exiting after more than six years. Humana said the deal will over the next two years fund clinic operations, new clinics and other strategic acquisitions.

    Why it matters: A $2.8 billion ownership change at 150 Medicare Advantage clinics reshapes who funds Humana's primary care growth.

  5. WeChat76

    Novartis pays up to $7.775 billion for global rights to Abogen's ABO2203

    On October 2, 2026, Novartis secured exclusive worldwide rights to ABO2203, an mRNA-encoded CD19xCD3 T-cell engager still in Phase I, from Abogen Biological, paying $575 million upfront and up to about $7.2 billion in milestones, a deal totaling roughly $7.775 billion. Novartis also gained exclusive licensing options on other programs from Abogen's RNA platform. The deal extends its pipeline of next-generation B-cell depletion therapies in autoimmune disease.

    Why it matters: Large licensing deal for a Phase I autoimmune asset shows how pharma is paying for mRNA-based T-cell engagers.

CBACBA Frontier Insights (CFI)Chinese Biopharmaceutical Association (CBA)www.cba-usa.org