Deals
GSK wagers up to $1.3B on a different kind of cancer drug
GlaxoSmithKline (GSK) announced a licensing agreement worth up to $1.3 billion with Hutchmed to acquire majority rights to the latter's investigational therapy HMPL-A830. This therapy is a novel antibody-targeted conjugate drug designed to target both EGFR and KRAS, with potential for use in treating multiple tumor types. Hutchmed will be responsible for Phase I clinical trials, after which GSK will lead global development (excluding mainland China, Hong Kong, Macau, and Taiwan).
Mid-cap biotechs join Trump’s latest round of drug pricing deals
Nine mid-sized pharmaceutical companies announced on Monday an agreement with the White House to participate in a Medicaid demonstration project, aligning prices for specific drugs with payment levels in other countries and increasing U.S. domestic manufacturing, in exchange for exemptions from Section 232 tariffs. Specific terms of the agreement were not disclosed. Analysts noted that, since Medicaid accounts for less than 2% of sales for the relevant companies, the commercial impact of the agreement may be limited.
Lilly adds to immune drug pipeline with $2.9B Merida buyout
Eli Lilly announced on Monday the acquisition of privately held biotechnology company Merida Biosciences for nearly $2.9 billion in total, including milestone payments. Merida has developed technology that targets and eliminates abnormal antibodies involved in various autoimmune diseases. This acquisition is the 12th corporate deal announced by Eli Lilly since 2026 and its third transaction in the immunology field.
Biohaven trades cash for ‘upside’ with $795M epilepsy drug deal
Biohaven has entered into a strategic agreement with SK Biopharmaceuticals to sell the global rights to its Kv7 ion channel technology and lead asset opakalim (for focal epilepsy) for a total transaction value of up to $795 million. The deal includes a $350 million upfront payment, an additional $50 million in 2025, and up to $150 million in development and regulatory milestone payments, while SK will assume potential obligations to Knopp Biosciences. Biohaven retains royalties on future sales and plans to focus on other pipeline programs.
BioMarin acquires experimental drug for rare bone disorder in $275M deal
BioMarin Pharmaceutical will acquire Alesta Therapeutics in a deal valued at up to $490 million, securing ALE1, a Phase 1/2 oral candidate for hypophosphatasia. The transaction, expected to close by September 30, includes a $275 million upfront payment and potential milestone payments. Alesta will spin out its remaining pipeline into a separate company before the deal closes.
AstraZeneca scores in lung cancer; Sandoz inks a China deal
AstraZeneca and Hutchmed announced that the combination of Tagrisso and Orpathys improved overall survival versus chemotherapy in patients with EGFR-positive, MET-mutated non-small cell lung cancer who progressed on prior Tagrisso. Separately, Sandoz licensed three biosimilars from Shanghai Henlius Biotech in a deal valued up to $232 million. A federal appeals court revived a lawsuit by Celgene shareholders against Bristol Myers Squibb over contingent payments tied to Breyanzi. MapLight Therapeutics is considering partnerships for its experimental autism drug ML-004 after a mid-stage trial missed its primary endpoint.
Leo Pharma buys rare skin disease drug in $435M deal
Leo Pharma has agreed to acquire dersimelagon, an experimental oral treatment for two rare sun-sensitivity disorders, in a transaction that could reach $435 million in upfront and near-term payments. The deal adds a late-stage asset as the Danish dermatology company pursues an IPO and a goal of launching a new medicine every two to three years.
Slate, Fulcrum to combine in reverse merger
Slate Medicines and Fulcrum Therapeutics have reached a reverse merger agreement. Fulcrum is seeking strategic options after terminating its sickle cell disease drug pociredir, while Slate focuses on developing new migraine treatments. After the merger, Fulcrum shareholders will hold 5% of the shares, and Slate CEO Gregory Oakes will lead the new company. The transaction is expected to close by the end of 2026.
Ex-Legend CEO takes helm at biotech startup scouring the globe for drugs
K2 Therapeutics, a biotech startup founded by MPM BioImpact in 2024, has named former Legend Biotech CEO Ying Huang as its new leader. The company also secured $50 million in seed financing to support its strategy of in-licensing first-in-class and best-in-class therapeutic candidates from global sources, including recent deals with China-based Adcoris and Antengene.
Jazz Pharmaceuticals Plans to Acquire Rare Epilepsy Drug Developer for Potential $1.3 Billion
Jazz Pharmaceuticals announced it will acquire Actio Biosciences for an upfront payment of $820 million plus up to $500 million in milestone payments. The latter focuses on treatments for genetic epilepsy. The transaction is expected to close within the year, and Actio will simultaneously spin off an early-stage asset to form a new company.