This week in charts: RA’s insatiable appetite, Novartis’ big slide and a reverse merger spree

RA Capital has already participated in four biotech financings in September. Meanwhile, Janus Henderson has been the year's most prolific backer of biotech reverse merger deals, according to Gilmartin Group.

By Jacob Bell • Sept. 11, 2026

A booming business on Wall Street would love more biotechs to quietly die

Once disparaged, reverse mergers have become so popular that some deal experts question whether there are enough quality shell companies to meet the demand.

By Jacob Bell • Sept. 10, 2026

This week in charts: China deals, stock flatlines and Lilly’s M&A spree

Deals with Chinese drugmakers are continuing at a steady pace, while two mid-cap biotechs' stock prices took a tumble this week. Meanwhile, Lilly has outpaced other pharmas in dealmaking this year.

By Gwendolyn Wu • Sept. 4, 2026

GSK wagers up to $1.3B on a different kind of cancer drug

With its latest foray into China, GSK acquired rights from Hutchmed to an “antibody-targeted therapy conjugate” impacting two well-known cancer drivers, EGFR and KRAS.

By Delilah Alvarado • Sept. 3, 2026

Mid-cap biotechs join Trump’s latest round of drug pricing deals

Focused on Medicaid, the new pacts now involve more than just large pharmaceutical companies, but still aren’t expected to meaningfully impact drugmaker profits.

By Jonathan Gardner • Sept. 1, 2026

Lilly adds to immune drug pipeline with $2.9B Merida buyout

The big drugmaker’s latest company acquisition this year is centered around a technology designed to degrade proteins that malfunction in autoimmune disorders.

By Jonathan Gardner • Aug. 31, 2026

Biohaven trades cash for ‘upside’ with $795M epilepsy drug deal

Faced with a dwindling bank account after a series of research setbacks, Biohaven is letting go of its most advanced experimental drug in a deal one analyst viewed as a “surprising” transaction.

By Kristin Jensen • Aug. 26, 2026

Roche commits to lean-mass preservation with Hanmi obesity deal

For $190 million up front and as much as $2.3 billion overall, the Swiss drugmaker is building its portfolio with a shot that aims to spur weight loss but spare muscle tissue.

By Jonathan Gardner • Aug. 24, 2026

BioMarin acquires experimental drug for rare bone disorder in $275M deal

The Alesta buyout helps restock BioMarin's pipeline with an asset it says could “reach our largest addressable patient population,” joining other muscle and skeletal disease treatments in development.

By Jonathan Gardner • Aug. 18, 2026

AstraZeneca scores in lung cancer; Sandoz inks a China deal

A combination of AstraZeneca’s Tagrisso and Hutchmed’s Orpathys extended survival for some lung cancer patients. Elsewhere, MapLight floated the idea of partnering on its autism drug.

By BioPharma Dive staff • Aug. 18, 2026

Leo Pharma buys rare skin disease drug in $435M deal

Tanabe Pharma has already asked the FDA to approve the medicine for two conditions that cause severe reactions to sunlight.

By Kristin Jensen • Aug. 18, 2026

Slate, Fulcrum to combine in reverse merger

Fulcrum announced in June it would seek strategic alternatives after U.S. regulators expressed concern over the viability of its sickle cell drug.

By Gwendolyn Wu • Aug. 17, 2026

PTC takes a chance on Sangamo’s Fabry disease gene therapy

Wall Street analysts view the deal as a risky, high-reward bet on a treatment that’s nearing a possible regulatory approval and could be superior to existing medications.

By Kristin Jensen • Aug. 13, 2026

Ex-Legend CEO takes helm at biotech startup scouring the globe for drugs

Ying Huang is now running K2 Therapeutics, which has licensed multiple prospects from China-based biotechs and is searching for more “high-potential” medicines.

By Jonathan Gardner • Aug. 11, 2026

Jazz to buy rare epilepsy drugmaker in potentially $1.3B deal

Actio Biosciences, which will receive $820 million up front in the deal, adds to a major upswing in private biotech buyouts seen throughout this year.

By Jacob Bell • Aug. 10, 2026

Alkeus, an unorthodox eye drug startup, acquired by Tarsus for up to $800M

Alkeus brought to late-stage testing a Stargardt disease therapy that former executive chairman and Vertex founder Josh Boger once called, “if it works, the most perfect drug I’ve ever seen.” 

By Ben Fidler • Aug. 6, 2026

An AstraZeneca-Bristol Myers megamerger? Wall Street isn’t thrilled.

In fact, the former lost tens of billions of dollars in market value following reports of a potential tie-up between the pharmaceutical giants.

By Jacob Bell • Aug. 3, 2026

Supernus, Indivior merge to beef up brain drug portfolio

The transaction combines two companies marketing nearly a dozen neurological drugs that bring in steady, but not blockbuster sales for conditions such as opioid use disorder and Parkinson's.

By Jonathan Gardner • Aug. 3, 2026

J&J nabs option to buy ‘in vivo’ CAR-T maker Sail for nearly $2.6B

The deal with the buzzy Flagship Pioneering-backed startup makes J&J the latest large drugmaker to bet that the technology might be able to treat autoimmune conditions.

By Gwendolyn Wu • July 30, 2026

AbCellera, Vertex partner on next-gen T-cell engagers

The deal adds to a growing streak of partnerships involving new types of T cell engagers and gives Vertex another chance to broaden a business still reliant on cystic fibrosis medicines.

By Delilah Alvarado • July 29, 2026

Argenx to acquire Forte in $2.2B deal for ‘differentiated’ immune drug

The deal gives Argenx a drug prospect aimed at the protein target CD122, an approach that’s recently gained traction among multiple developers.

By Delilah Alvarado • July 27, 2026

Vertex was sole bidder in high-premium Crinetics acquisition

Analysts expect new details on the lead-up to the deal “are likely to reignite” investor scrutiny that Vertex overpaid in what’s poised to be its largest-ever transaction.

By Jacob Bell • July 22, 2026

Tempus to acquire cancer test maker Personalis for $1.5B

Tempus AI’s planned acquisition follows recent interest in blood-based cancer tests across the medtech industry.

By Elise Reuter • July 20, 2026

Jasper gets a lifeline in merger with immune drugmaker Kira

The acquisition, which involves a concurrent licensing deal with startup Mirador, gives Jasper a chance to rebound from setbacks that have wiped out most of its market value.  

By Delilah Alvarado • July 17, 2026

Lilly to buy AtaiBeckley for $2.8B, further validating psychedelics

The latest in a prolific streak of buyouts by Lilly is the strongest sign yet that large pharmaceutical companies may finally be embracing a long-dismissed field of research.

By Jacob Bell • July 16, 2026