Deals
Argenx, a Netherlands-based biotechnology company focused on antibody drugs, has agreed to acquire Unnatural Products, a California-based protein specialist, in a deal potentially worth over $1 billion. The acquisition includes $550 million in upfront cash and up to $595 million in milestone payments. Unnatural Products' platform uses machine learning and screening to engineer macrocyclic peptides, which are larger and more complex than small molecules but can still be taken orally. Argenx plans to use the platform to develop oral, durable medicines for serious immune-mediated diseases. The deal is expected to close before the end of the year. Argenx CEO Karen Massey said the capabilities are highly complementary to the company's antibody engineering. The acquisition follows Argenx's potentially $2.2 billion purchase of Forte Biosciences and signals further focus on pipeline growth and diversification. Shares of Argenx rose nearly 3% by late Monday morning.
Karyopharm Therapeutics, a cash-strapped cancer drugmaker, has filed for Chapter 11 bankruptcy to sell itself and reorganize. Through the filing, Karyopharm intends to hold an auction with Ayrmid, parent of cell therapy maker Gamida Cell, as the lead bidder. Karyopharm will continue operating during the proceedings with a $55 million bankruptcy loan from its lenders, and an acquisition should close in early 2027. Karyopharm sells the blood cancer drug Xpovio, approved for multiple myeloma in 2019 and later for a common lymphoma, with potential myelofibrosis approval pending. Despite bringing a drug to market, Karyopharm has not turned a profit and reported $115 million in 2025 net Xpovio sales, $196 million in losses, and a $1.8 billion accumulated deficit. The company warned it only had cash to last through mid-2026 and faces $15.8 million in debt due. Ayrmid CEO Joe Wiley said adding Xpovio to Gamida Cell's blood cancer cell therapies could build a broader hematology business. Karyopharm shares fell 83% to 11 cents, giving a market value of $2.5 million, with $55 million in cash as of June 30.
Ferring Pharmaceuticals has agreed to buy fertility treatment startup Gameto in a potentially $1.4 billion deal. The acquisition includes Fertilo, a stem cell-derived technology that aims to simplify and shorten IVF cycles by reducing the need for hormone injections. Fertilo is cleared in Australia and parts of Latin America, with Phase 3 trials underway in the U.S. Gameto is also developing Deovo and Ameno. The deal includes milestone payments and the companies will operate independently until closing.
Merck KGaA announced a $1.3 billion buyout of Silence Therapeutics, paying $20 per U.S.-listed share—a 130% premium—to acquire divesiran, an RNAi therapy that delivered positive Phase 2 data in polycythemia vera. Key shareholders holding 14% of voting power have agreed to the deal, expected to close in Q1 2027. Divesiran, which silences TMPRSS6 to raise hepcidin levels, could compete with Takeda and Protagonist Therapeutics' Mimrylo and older treatments like Jakafi. Analysts from Cantor Fitzgerald suggest divesiran may be best-in-class and could require fewer patients in Phase 3 than Mimrylo's trial. Merck KGaA CEO Kai Beckmann framed the deal as part of transforming the pipeline toward high-specialization areas, following last year's Springworks Therapeutics acquisition.
Roche has entered a partnership with Hansoh Pharmaceutical Group potentially worth $15 billion, focusing on antibody-drug conjugates. Veradermics' experimental oral minoxidil drug succeeded in a second late-stage study for male pattern baldness. European regulators recommended approval of Revolution Medicines' pancreatic cancer drug Rasonque with tighter restrictions than the FDA. Nouscom raised $135 million in Series D financing for its cancer immunotherapy. OrbiMed raised nearly $3 billion across two funds for life sciences and healthcare investments. Ultragenyx sold a priority review voucher for $203 million.
BioPharma Dive's latest charts show Moderna's dramatic turnaround in 2026, with shares up more than 600% following positive Phase 3 results for intismeran autogene, a melanoma vaccine co-developed with Merck. The stock has far outpaced the XBI biotech index's 23% gain. Meanwhile, Roche has accelerated dealmaking with Chinese drugmakers, forming five alliances worth over $5 billion since late August, placing it ahead of other large pharma companies like GSK and AstraZeneca in China deal activity.
Lakefront Biotherapeutics, formerly Galapagos, has sold its cell therapy assets to Armed Cell Therapeutics, a new Belgian startup chaired by former Galapagos CEO Paul Stoffels. The deal includes two armed CAR-T therapies nearing human testing for non-Hodgkin lymphoma and small cell lung cancer, plus three confidential preclinical projects. Armed Cell is paying €8 million upfront with up to $230 million in future milestones. The sale revives research that Lakefront had decided to wind down after Stoffels announced his retirement. Armed Cell also named Willemijn Kremer, formerly Galapagos' VP of cell therapy corporate development, as CEO, succeeding Stoffels as interim CEO.
Velaris Therapeutics, a Paragon Labs spinout focused on heart and lung diseases, has gone public through a reverse merger with Alaunos Therapeutics. The deal, which includes a $350 million private stock offering led by Fairmount Funds, will fund Velaris' research into 2029. The combined company will prioritize Velaris' drug programs, with four of five board directors from or picked by Fairmount. This is the ninth Paragon spinout and the latest in a wave of biotech reverse mergers, which have surged to more than two dozen in 2026 compared to 10 in all of 2025.
Roche has signed its fifth deal with a China-based drugmaker since August, agreeing to pay Rona Therapeutics $100 million upfront for full rights to an RNA interference obesity drug targeting ALK7. The deal includes up to $1 billion in development, regulatory, and commercial milestones, plus sales royalties. The drug joins Roche's pipeline of obesity medicines as the company seeks to compete in a market dominated by Eli Lilly and Novo Nordisk. Rona launched in 2022 with backing from Lilly Asia Ventures and licensed RNA technology from Sanofi.
Viatris announced Thursday it will acquire Pacira BioSciences for $1.65 billion, paying $36.50 per share in cash—a 45% premium over Wednesday's closing price. The deal, expected to close by the end of 2026, adds Pacira's post-surgical pain drug Exparel and osteoarthritis knee pain therapy Zilretta, which together booked $692 million in 2025 sales, growing about 4% over 2024. Viatris plans to leverage its global infrastructure to expand the products' reach. The acquisition fits Viatris' strategy of purchasing on-market commercial assets and is expected to be immediately accretive to revenue and earnings into the 2030s, according to Leerink analyst Daniel Clark. However, Exparel faces generic erosion starting in early 2030 due to patent settlements with Fresenius Kabi and a Hengrui Pharma subsidiary, while Zilretta's patents expire in 2031. Viatris says it will use its intellectual property expertise to extend product lifecycles and sustain sales after generics arrive.