Chinese drug developer Sipurui has granted Merck exclusive worldwide rights to develop, manufacture and commercialize SPR2015, an investigational oral KRAS G12D (ON) inhibitor. Sipurui receives an upfront payment of $400 million and is eligible for development, commercialization and other milestone payments tied to multiple indications, bringing the deal's total potential value to up to $2.13 billion.
SciBrunch Therapeutics (Shanghai) has granted Merck Sharp & Dohme a global exclusive licence for SPR2015, a preclinical oral KRAS G12D(ON) inhibitor. SciBrunch will receive $400 million upfront and is eligible for milestone payments tied to development, commercialisation and other activities across multiple indications. The company focuses on RAS-pathway therapies for pancreatic, colorectal and lung cancers.
The Medicines Patent Pool, a U.N.-backed agency, has signed sub-licensing deals with 11 manufacturers to develop, make and supply generic versions of Roche's influenza treatment Xofluza in 129 countries, covering nearly all low- and middle-income nations. The manufacturers will receive technical data, reference products for bioequivalence studies and other support to help secure regulatory approval, as part of pandemic preparedness efforts.
Genentech will pay Earendil Labs $55 million upfront to discover and develop several bispecific antibody cancer therapies, in a deal that could exceed $1.5 billion including milestones, plus tiered royalties. Earendil leads antibody discovery and early clinical research on pre-agreed target combinations, while Genentech handles global development and commercialization; oncology indications have not been named. Roche also struck a $70 million upfront deal with Atavistik Bio the same day.
Enveda, a company applying artificial intelligence to drug discovery, has raised $311 million from AI and biotech investors. The financing, announced via Business Wire, is intended to support its effort to modernise pharmaceutical research and development. No trial data, pipeline specifics or timelines were disclosed alongside the raise.
Roche has struck a licensing deal worth up to $2 billion with Atavistik Bio to discover allosteric small molecules for cardiovascular, renal and metabolic diseases. Roche pays $70 million up front, with up to $1.9 billion in milestones; the partners will use Atavistik's AMPS platform, with Atavistik handling discovery and Roche taking over preclinical work and beyond. The deal extends Roche's CVRM push, which includes the zilebesiran partnership with Alnylam, the $3.5 billion purchase of 89bio and the $2.7 billion Carmot takeover.
Eli Lilly will pay InnoCare Pharma $100 million in upfront and near-term payments for a five-target drug discovery collaboration, with up to $3.25 billion in potential milestones plus single-digit tiered royalties on net sales. Beijing-based InnoCare will apply its drug discovery platform to targets the partners have not disclosed, beyond saying the programs address critical unmet medical needs. The deal extends a Lilly deal spree funded by GLP-1 cash.
The U.S. Department of War has awarded Flagship Pioneering a $47 million contract over five years to develop medical countermeasures through its OnTarget program. Initial work goes to two Flagship-founded biotechs: Apriori Bio, whose AI-driven Octavia platform predicts viral evolution for vaccine design, and Prologue Medicines, whose Delve platform identifies immunomodulatory proteins. Additional Flagship projects may follow.
Boehringer Ingelheim has expanded its collaboration with Seattle-based genomics biotech Variant Bio to cover cardiovascular disease, on top of the original January deal worth $120 million for cardiorenal and kidney disease. Variant will receive an additional upfront payment and is eligible for license and milestone payments totaling more than $250 million. The partners will use Variant's AI-powered Inference platform to identify genetically supported targets for potential first-in-class cardiovascular treatments.
Iambic Therapeutics, a San Diego AI drug discovery biotech, has filed with the SEC to go public after raising a $100 million series B in 2023 and a similar round in November 2025. IPO proceeds would chiefly fund IAM1363, an oral brain-penetrant HER2 inhibitor in a phase 1 study in advanced HER2-altered solid tumors, with a registrational trial planned for early 2027. The company had $207.9 million in the bank at the end of June and partnerships including a Takeda deal worth up to $1.7 billion.
Telix Pharmaceuticals is acquiring German radiopharma company ITM Isotope Technologies Munich in an all-stock deal valuing ITM at $1.65 billion on a cash- and debt-free basis. ITM shareholders will receive about $1.25 billion in Telix shares and are eligible for $700 million in additional payouts. The combined company gains global scale, manufacturing capabilities and an oncology product that could soon reach the market.
Telix has agreed to acquire ITM Isotope Technologies Munich for $1.65 billion upfront, gaining an R&D pipeline led by a competitor to Novartis' Lutathera and a radiopharmaceutical supply network. Analysts cited in the coverage are described as extremely bullish on the deal.
Why it matters: The $1.65 billion upfront payment and a pipeline positioned as a direct rival to Novartis' Lutathera are key facts for assessing the deal's industrial reach in radiopharmaceuticals.
Telix Pharmaceuticals has agreed to acquire Germany-based ITM Isotope Technologies Munich SE for about $1.65 billion on a cash-free, debt-free basis, according to a September 21 Reuters report. ITM shareholders are expected to receive about $1.25 billion in Telix shares priced at $11.84 per share. After completion, existing Telix shareholders will hold about 76.3% of the combined company and ITM shareholders about 23.7%.
Telix Pharmaceuticals will acquire all shares of ITM Isotope Technologies Munich SE in a merger worth at least $1.65 billion, with up to $700 million more payable to ITM shareholders if ITM's lead drug meets regulatory and sales goals. The deal combines two radiopharmaceutical companies and creates a well-resourced player in a field dominated by Novartis, which launched two radioactive isotope cancer treatments in 2018 and 2022.
Inflammation-focused biotech Electra Therapeutics listed on the Nasdaq, raising its IPO proceeds to $350 million. Electra becomes another biotech this year to exceed its IPO pricing target.
Roche has signed a collaboration agreement with Dualitas Therapeutics worth up to $1 billion to screen over 300,000 novel bispecific antibody combinations in immunology and inflammation diseases, aiming to discover new treatments. Roche will pay Dualitas an upfront fee of $36.5 million.
Novartis has paid Sironax $125 million to exercise its option to acquire the company's blood-brain barrier crossing platform. The platform is used to deliver large-molecule drugs to targets in the central nervous system.
Johnson & Johnson is in talks to sell its orthopedics business DePuy Synthes to Apollo for about $20 billion, which would shift ownership of what the report calls the world's largest orthopedic device business. As of publication, neither side has officially confirmed the negotiations and no deal is final. A breakup, a higher competing bid, or a return to a tax-free spin-off and IPO remain possible outcomes.
Novo has walked away from a $285 million pact with Ascendis to develop a monthly GLP-1 obesity drug, ending the collaboration after less than two years. The deal had aimed to develop a longer-acting monthly weight loss treatment. The article gives no further details on what happens next.
Why it matters: Novo terminated a $285 million GLP-1 obesity partnership with Ascendis, altering the competitive landscape for monthly weight loss drugs.
Electra Therapeutics aims to raise up to $341.9 million in an IPO to advance phase 3 clinical development of ipsoprubart, its drug for inflammatory diseases. Proceeds will go directly toward supporting ipsoprubart's advancement into phase 3 trials.
