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    Deep Dive

    Biotech M&A is accelerating. Track the deals that are happening here.

    Both Biogen’s $5.6 billion Apellis purchase and Lilly’s $6.3 billion Centessa bid use “CVRs,” a voucher-like security that’s seen renewed interest as a way to bridge buyers and sellers on price.

    Updated March 27, 2026
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    Sponsored by Revvity Signals

    Trustworthy AI in clinical oversight

    AI can accelerate clinical work and preserve traceability, but only if users can trust it.

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    Ambrosia adds a megaround for obesity drugs

    The $100 million Series B round will be used to bring the biotech’s oral GLP-1 into early human testing.

    Updated an hour ago
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    Blackstone closes $6.3B fund for life sciences investing

    It's the biggest life sciences private fund ever raised, coming in nearly 40% larger than its Blackstone predecessor vehicle.

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    Merck strikes deal with antibody discovery startup

    In an R&D collaboration worth as much as $838 million, Merck will lean on Infinimmune to discover immune cell-directed antibodies for multiple targets.

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    Deep Dive // IPO window

    Biotech IPOs are the industry’s lifeblood. Track how they’re performing.

    Obesity drugmaker Kailera Therapeutics, which raised $1 billion in venture funding since its launch in 2024, is the latest biotech company to file plans for an IPO.

    Updated March 30, 2026
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    Viridian tumbles on positive data for key eye drug prospect

    The data did not meet investor expectations, and could bring “fierce investor debate on commercial feasibility,” according to an analyst.

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    Obesity drugmaker Kailera plans an IPO

    The company, led by Ron Renaud, raised $1 billion in venture funding to develop a competitor to Wegovy and Zepbound that’s now in late-stage testing.

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    Tracker

    10 clinical trials to watch in the first half of 2026

    After a lengthy downturn, the biotech industry finally gathered momentum in 2025. Key readouts in obesity, infectious disease and many rare conditions could help it continue.

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    Deep Dive // Emerging biotech

    Biotech startups are built on venture capital. Track funding rounds here.

    OrbiMed and RA Capital — which teamed up last week to back oral peptide drugmaker Pinnacle Medicines — have been the most active investors this quarter among the firms tracked by BioPharma Dive.

    Updated March 26, 2026
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    Sanofi eczema drug weighed down by mixed results, safety concerns

    Despite hitting key goals across three late-stage studies, the drug, which targets the “OX40” ligand, raises safety and efficacy questions that had at least one analyst lower his sales forecast.

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    Lilly’s AI commitment expands through deal with Insilico

    A collaboration “across multiple therapeutic areas” could net the Hong Kong-based biotech more than $2 billion as Lilly seeks to sustain its industry lead.

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    News roundup

    United rises on IPF results; Biogen scores positive lupus data and an approval

    Tyvaso, a marketed PAH therapy from United Therapeutics, continued to show potential in another lung condition. Elsewhere, Aurinia inked an acquisition and Lilly built its case for Ebglyss.

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    China competition

    Drugs from China are reshaping biotech. Track the licensing deals here.

    Sanofi reached a deal for rights to a drug already on the market in China, while UCB is the latest to bet on the ability of T cell engagers to treat autoimmune conditions.

    Updated March 4, 2026
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    Courtesy of Novartis
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    Emerging biotech

    Novartis targets Xolair successor in buyout of startup Excellergy

    Worth up to $2 billion, the deal is centered around a drug that could lead to faster and more complete control of allergic conditions than Novartis and Roche’s popular medicine. 

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    AstraZeneca lung drug gets ‘surprise’ win in COPD trials

    The treatment, tozorakimab, succeeded where other similar therapies failed and could help a broader group of COPD patients than Dupixent. 

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    Brain drug revival

    Otsuka picks up PTSD drug with $700M Transcend buy

    The buyout, which includes another $525 million in floated payouts, hands Otsuka a medicine it sees as a possibly “paradigm-shifting therapy” in psychiatry.

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    Merck’s deal for Terns sparks debate over a possible biotech bidding war

    Some investors and analysts believe the pharma’s $6.7 billion offer is justified given Terns’ recent stock run. Others are convinced a better proposal is coming. 

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    News roundup

    Wave crashes on obesity drug update; Kodiak’s reboot pays dividends

    Wave’s drug, which is meant to improve body composition, disappointed investors but was defended by analysts. Elsewhere, Kodiak’s revived vision loss treatment succeeded in a second Phase 3 trial.

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    Rocket gene therapy cleared by FDA for rare immune disorder

    Though the therapy, Kresladi, isn’t seen as a big seller, its clearance is a step forward for a company that’s lost most of its value since 2021 amid several setbacks.  

    FDA
  • A Sarepta logo is displayed on a building in Cambridge, Massachusetts on Sept. 5, 2024.
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    Sarepta sees early success with RNAi drugs from Arrowhead

    Long-awaited results from Phase 1/2 studies lifted Sarepta’s stock and, according to the company, suggest potential for two medicines to treat muscle-weakening conditions.

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    Merck to buy Terns in $6.7B bet on a ‘differentiated’ leukemia drug

    If consummated, the deal would hand Merck a treatment that could challenge Novartis’ fast-selling Scemblix. But the low purchase premium — which one analyst described as a "steal" — may leave room for a competing bid.

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    FDA clears Denali drug in ‘clear step’ for rare disease biotechs

    The approval of Denali’s Hunter syndrome treatment, Avlayah, comes after a series of drug rejections and delays that had led to criticism of the FDA’s stance on rare disease therapies.

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    Maze tumbles despite positive data for kidney disease drug

    Investors had reservations about data for a drug that could compete with a candidate from Vertex in APOL1-mediated kidney disease.

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    Beam posts positive data on base editing treatment for AATD

    Updated data showed the biotech's approach to the rare lung and liver condition helped restore functional protective proteins in a small study.

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    Q&A

    How former Acorda CEO Ron Cohen landed at a Parkinson’s cell therapy startup

    Cohen says he looked at around two dozen companies since Acorda wound down. Oryon Cell Therapies, with its funding, data and “autologous” approach, stood out amongst the crowd.