Eli Lilly announced its plan to acquire an experimental cancer therapy from Scorpion Therapeutics for a total consideration of up to $2.5 billion in cash, aiming to significantly expand its oncology pipeline.

The core asset in the agreement is STX-478, an oral treatment currently undergoing early-stage clinical trials. This therapy is being developed for use against breast cancer and other advanced solid tumors.

The deal structure includes an upfront payment to Scorpion, followed by contingent payments tied to the achievement of specified regulatory approvals and subsequent sales milestones.

As part of the transaction, Scorpion Therapeutics will establish a new, independent entity to house all its pipeline assets and employees not related to the PI3K pathway. This newly formed company will be owned by Scorpion’s existing shareholders, with Eli Lilly also holding a minority equity stake.

A representative from Lilly Oncology stated that the company looks forward to capitalizing on the progress made by the Scorpion team and combining it with Lilly’s established expertise in breast cancer to rapidly advance STX-478 through development.

The Swiss pharmaceutical giant Novartis has reached an agreement to acquire Anthos Therapeutics, a biopharmaceutical firm majority-owned by the life sciences unit of Blackstone, for a total value of up to $3.1 billion. The transaction is expected to conclude in the first half of this year.

Novartis will pay $925 million upfront, with contingent payments potentially reaching an additional $2.15 billion upon the achievement of specific development milestones. Blackstone confirmed that this represents the largest sale to date of a majority-owned company originating from its Life Sciences business.

Anthos was co-founded by Novartis and Blackstone’s Life Sciences business in 2019 specifically to develop and commercialize abelacimab, an investigational therapy aimed at preventing strokes and the recurrence of blood clots.

The acquisition underscores Novartis’s continued commitment to cardiovascular therapies, one of its five key focus areas, as its top-selling heart failure drug, Entresto, is set to lose patent protection this year. Furthermore, the deal concludes a notable partnership between a major drug developer and a private equity firm, highlighting a successful application of an emerging funding model in the biopharma industry.

Abelacimab belongs to a novel class of Factor XI inhibitors. These drugs are designed to compete with established, multi-billion dollar blood thinners currently marketed by companies like Bristol Myers-Squibb/Pfizer (Eliquis) and Johnson & Johnson/Bayer (Xarelto).

Anthos is currently conducting several Phase 3 clinical studies for abelacimab, with data anticipated in the second half of 2026. Novartis confirmed that it already held a minor equity interest in Anthos prior to the agreement. The Factor XI inhibitor class is also a target for competitors, with Bristol-Myers Squibb/Johnson & Johnson advancing milvexian and Merck & Co. progressing a mid-stage candidate.

Source: https://www-reuters-com.translate.goog/markets/deals/novartis-agrees-acquire-anthos-up-31-bln-2025-02-11/?_x_tr_sl=en&_x_tr_tl=vi&_x_tr_hl=vi&_x_tr_pto=tc

Merck has successfully completed its previously announced $3.4 billion acquisition of SpringWorks Therapeutics, a biopharmaceutical company based in Stamford, Connecticut. The deal, which was first made public in April 2025, closed after receiving necessary regulatory approvals.

The integration is projected to immediately boost Merck’s revenue and positively impact its earnings per share (EPS pre) starting in 2027. This move aligns with Merck’s strategic goal of strengthening its healthcare division in the US and globally through targeted acquisitions of innovative compounds. The acquisition will allow SpringWorks to utilize Merck’s vast global resources to access markets outside the US.

SpringWorks brings a valuable pipeline focused on rare tumors with limited treatment options. Key therapies include:

• OGSIVEO (nirogacestat): Approved by the US Food and Drug Administration (FDA) for adult patients with progressing desmoid tumors. The European Medicines Agency’s human medicines committee (CHMP) also recently issued a favorable opinion recommending its approval.

• GOMEKLI (mirdametinib): The only FDA-approved therapy for both adult and pediatric patients (aged two and over) with neurofibromatosis type 1-associated plexiform neurofibromas. The CHMP also endorsed its approval in May 2025.

The acquisition of SpringWorks represents the largest M&A transaction for Merck’s Healthcare business sector in nearly 20 years. Merck’s CEO affirmed the company’s commitment to identifying further M&A opportunities across all three business sectors, prioritizing long-term value creation.

The combined portfolios aim to address significant treatment gaps for patients with rare tumors. Merck also holds global rights to pimicotinib, an investigational therapy for tenosynovial giant cell tumor being developed with Abbisko Therapeutics.

Following the closure of the transaction, Merck assumes full ownership, and SpringWorks’ shareholders receive $47 per share in cash, with the company’s shares ceasing trade on Nasdaq.

Source: https://www.worldpharmaceuticals.net/news/merck-completes-3-4bn-acquisition-of-springworks-therapeutics/?cf-view

Roche has announced its plan to acquire 89bio, a San Francisco-based biotechnology firm, in a strategic move valued at approximately $3.5 billion. The agreement includes an upfront cash payment of $14.50 per share, totaling $2.4 billion, with shareholders eligible for an additional $6.00 per share tied to achieving specific commercial and sales milestones. The transaction is anticipated to conclude in the fourth quarter of 2025.

The primary asset driving the acquisition is pegozafermin, 89bio’s flagship drug candidate. Pegozafermin is an analogue of fibroblast growth factor 21 (FGF21) and is currently undergoing Phase III clinical trials for the treatment of moderate to severe Metabolic Dysfunction-associated Steatohepatitis (MASH).

This acquisition is central to Roche’s broader ambition to establish itself as a leader in the treatment of cardiovascular and metabolic (CVRM) diseases. A company spokesperson emphasized that the deal provides Roche with a competitive edge by securing an FGF21 analogue with a unique mode of action and a promising safety profile for MASH patients. Roche sees the potential for pegozafermin to excel as a monotherapy and to be integrated into combination therapies, creating valuable synergies with the company’s existing CVRM portfolio.

While the company refrained from commenting on exact revenue forecasts, it expressed confidence that pegozafermin has the potential to become a large, multi-billion dollar commercial opportunity. An analyst at RBC Capital Markets independently projects that the drug could reach $2.1 billion in peak annual sales.

The purchase of 89bio builds upon Roche’s recent strategic focus on CVRM, following earlier investments and collaborations with entities like Alnylam, Carmot, and Zealand Pharma. The acquisition also aligns with Roche’s strategy to strengthen its pipeline through external innovation in defined therapeutic areas.

Furthermore, the investment is part of a larger push by Roche to consolidate its market position in the United States, where the company is committing $50 billion over five years to pharmaceutical and diagnostics sectors. Roche emphasized its long-standing roots and comprehensive operations—including research, development, and production facilities—across the US.

Source: https://www.bioxconomy.com/partnering/roche-invests-3-5bn-to-mash-fatty-liver-disease

Global pharmaceutical giant Novo Nordisk has significantly strengthened its position in the treatment landscape for Metabolic Dysfunction-associated Steatohepatitis (MASH) with the planned acquisition of Akero Therapeutics for up to $5.2 billion. The Danish company agreed to pay approximately $4.7 billion upfront, reflecting the urgency and high value placed on the target asset.

The core of the deal is efruxifermin (EFX), a Phase III fibroblast growth factor 21 (FGF21) analogue developed by Akero. EFX is currently in late-stage clinical trials for the treatment of moderate to advanced liver fibrosis (F2-F3) and cirrhosis (F4) due to MASH.

Key Clinical Data Driving the Valuation: EFX’s strong clinical profile, particularly in advanced liver disease, was the primary factor for the high price. Preliminary 96-week data from the Phase IIb SYMMETRY trial showed that 39% of patients treated with 50 mg EFX achieved reversal of cirrhosis (F4) with no worsening of MASH, compared to 15% in the placebo group. This performance in the late-stage F4 segment, coupled with positive results in the F2-F3 group (HARMONY trial), positions EFX as a potential “leading treatment option,” according to Novo Nordisk’s leadership.

The company already markets Wegovy (semaglutide), a GLP-1 agonist, which received FDA approval for MASH treatment in adults with moderate-to-advanced liver fibrosis (F2-F3). However, EFX is anticipated to offer greater efficacy than incretins (like Wegovy) in more advanced fibrosis cases.

Escalating MASH Market Competition: The acquisition occurs amidst fierce competition in the MASH space:

• Madrigal Pharmaceuticals holds the first-to-market advantage with the accelerated approval of Rezdiffra™(resmetirom) for noncirrhotic MASH (F2-F3).

• Roche recently moved to expand its pipeline by agreeing to acquire 89bio for up to $3.5 billion, securing another Phase III FGF21 analogue, pegozafermin. Regulatory filings suggest Roche intensified its due diligence on 89bio after reviewing Akero’s positive EFX data.

• GlaxoSmithKline (GSK) also entered the space in July, acquiring the Phase IIb candidate efimosfermin for up to $2 billion.

Analysts suggest Novo Nordisk is the ideal fit for EFX due to its deep expertise in metabolic indications, setting it apart from competitors less focused on the MASH sector.

Investor Reaction and Deal Terms: Despite the strategic value, Akero’s stock saw only a moderate 16% surge on the news, a smaller jump than typically seen in major biotech buyouts. The deal offers investors an upfront payment of $54 per share plus a non-transferable contingent value right (CVR) of an additional $6 per share tied to EFX’s U.S. regulatory approval for compensated cirrhosis (F4) by mid-2031. Novo Nordisk’s own shares on NASDAQ Copenhagen saw a slight decline following the announcement of its largest-ever merger-and-acquisition deal.

Intellia Leads Surge in Gene Editing Stocks Following Positive Clinical Data

Breakthrough Therapy Designation Boosts BeOne; Tvardi Plummets After Disappointing IPF Results

The broader biopharma market experienced significant movements driven by clinical data releases:

• Intellia Therapeutics shares jumped 19% last week after presenting positive clinical updates on two key gene editing candidates.

  • Lonvoguran ziclumeran (lonvo-z), targeting hereditary angioedema (HAE), demonstrated durable efficacy in Phase I/II, with the 50 mg dose achieving a complete response in 70% of patients. Lonvo-z is now in the fully enrolled Phase III trial, with regulatory submission expected in the second half of 2026.

  • Nexiguran ziclumeran (nex-z), for hereditary transthyretin amyloidosis (ATTRv-PN), showed “rapid, deep, consistent, and durable” reduction in serum TTR levels (mean 92% at 24 months) and demonstrated improvements in patient neuropathy scores.

  • Other gene editing stocks, including Prime Medicine, Editas Medicine, and CRISPR Therapeutics, also registered significant monthly gains.

• BeOne Medicines (formerly BeiGene) shares rocketed 70% after the FDA granted Breakthrough Therapy Designation for its next-generation BCL2 inhibitor, sonrotoclax, for treating relapsed or refractory mantle cell lymphoma (MCL). The decision was based on data from a Phase I/II trial.

• In contrast, Tvardi Therapeutics stock cratered 84% after the company reported preliminary data from its Phase II REVERT trial assessing TTI-101 in idiopathic pulmonary fibrosis (IPF). The analysis showed no statistically significant differences in efficacy between the treatment and placebo arm.

Source: https://www.genengnews.com/topics/translational-medicine/stockwatch-novo-nordisk-raises-mash-bet-with-up-to-5-2b-akero-acquisition/

Merck successfully completed its $10 billion acquisition of Verona Pharma last month, a deal notable for the absence of a competitive bidding process. According to a filing by the British company with the Securities and Exchange Commission, Merck was the sole entity to submit a formal offer for the company.

The lack of competitive interest is surprising, considering Verona had secured a significant FDA approval a year prior for its medicine, Ohtuvayre. This treatment, administered twice daily via a hand-held nebulizer, is the first new option for chronic obstructive pulmonary disorder (COPD) in over a decade. The drug received favorable regulatory clearance for use either as a standalone therapy or in combination with other COPD maintenance drugs, with annual peak sales potential projected at up to $5 billion.

Verona’s attempts to attract potential partners or acquirers, starting in early 2023, yielded minimal results. Outreach conducted by Verona and its investment advisors drew interest from only one unidentified third party in July 2023, which signed a nondisclosure agreement but ultimately never made an offer. A subsequent round of outreach, beginning in December 2023, failed to attract any substantial interest for over a year.

Discussions with Merck intensified in February of the current year, leading to a new nondisclosure agreement. The engagement, including meetings with Merck’s Human Health International chief, initially centered on potential collaboration or ownership rights for Ohtuvayre within specific territories. Separately, in early June, Verona received nonbinding term sheets from multiple third parties regarding a potential collaboration, but these documents did not constitute formal offers to acquire.

The transaction was finalized quickly after Merck submitted a firm offer of $104 per share on July 3, setting a five-day deadline. Following a counteroffer of $112 per share from Verona, Merck raised its bid to $107 per share. The companies ultimately reached an agreement on July 8. The agreed-upon price represented a 23% markup on Verona’s market close price that day and a 39% premium over the company’s 60-day volume-weighted average price.

This acquisition is the second-largest biopharma deal this year, following Johnson & Johnson’s purchase of Intra-Cellular Therapies for $14.6 billion—another transaction reportedly secured by a lone bid. Merck’s investment is consistent with its strategy to diversify its pipeline and mitigate the future revenue impact from the loss of exclusivity for its major cancer drug, Keytruda, which currently accounts for over half of the company’s revenue. Merck has recently pursued several large-scale acquisitions, including Acceleron ($11.5 billion in 2021) and Prometheus ($10.8 billion in 2023).

Source: https://www.fiercepharma.com/pharma/its-10b-buyout-verona-merck-was-lone-ranger

Global healthcare leader Johnson & Johnson (J&J) commenced the J.P. Morgan Healthcare Conference by announcing its intent to acquire Intra-Cellular Therapies in an all-cash transaction valued at $14.6 billion. The offer to purchase all outstanding shares stands at $132 per share, representing a premium of approximately 39% over Intra-Cellular’s closing stock price from the previous Friday.

Intra-Cellular, a biopharmaceutical firm specializing in treatments for central nervous system (CNS) disorders, focuses on developing and marketing products in this therapeutic area. The 23-year-old company’s market capitalization had seen significant growth, doubling since late 2022 to approximately $10 billion prior to the announcement.

The core value of the acquisition centers on Intra-Cellular’s key marketed product, Caplyta (lumateperone), a treatment for schizophrenia and bipolar depression. The therapy generated $481 million in revenue for the first nine months of 2024, marking a 45% increase year-over-year. Analysts anticipate that Caplyta’s potential approval for treating major depressive disorder (MDD) could significantly boost its sales outlook, with some projections reaching a peak of $6 billion.

The timing of the deal follows a favorable legal development for Intra-Cellular. A recent patent settlement extended Caplyta’s market exclusivity until 2040, a significant increase from the previous expiration date of 2036. This extension was noted by financial analysts as a factor that likely enhanced the company’s appeal as a strategic target and added substantial long-term value to Caplyta’s revenue potential.

J&J’s CEO stated that the acquisition is expected to differentiate the company’s portfolio, acting as a strategic growth catalyst for both the near and long term. This move marks the largest acquisition of a biotech company since Pfizer’s purchase of Seagen in March 2022, and the largest in the biopharma sector since Novo Nordisk acquired Catalent in February 2024. The latest deal continues a trend of major strategic purchases by J&J, including the acquisitions of Shockwave Medical and Abiomed in the medtech space in recent years.

Source: https://www.fiercepharma.com/pharma/johnson-johnson-makes-jpm-splash-buying-out-intra-cellular-146b

The global pharmaceutical corporation Pfizer Inc. has announced the successful conclusion of its acquisition of the clinical-stage biotechnology firm, Metsera, Inc. This transaction formally establishes Metsera as a wholly owned subsidiary of Pfizer. Following the market close on the day of the acquisition, Metsera’s common stock ceased trading on the NASDAQ exchange.

Metsera specializes in the research and development of next-generation medicines targeting obesity and cardiometabolic diseases.

According to statements from Pfizer’s Chairman and Chief Executive Officer, the acquisition is a deliberate, strategic decision to invest resources into one of the most impactful and high-growth therapeutic areas in medicine’s future. The stated objective is to integrate Metsera’s innovative research pipeline with Pfizer’s global infrastructure for development, manufacturing, and commercialization, accelerating the delivery of promising therapies to patients worldwide.

The agreement adds a range of promising therapeutic candidates, strengthening Pfizer’s existing Internal Medicine pipeline. Notable candidates include:

• MET-097i: A weekly or monthly injectable GLP-1 receptor agonist (RA), positioned to commence Phase 3 development.

• MET-233i: A monthly amylin analog candidate, currently under evaluation in Phase 1 as both a monotherapy and in combination with MET-097i.

• An oral GLP-1 RA candidate also in Phase 1 development.

• Several preclinical nutrient-stimulated hormone therapeutics.

Pfizer paid $65.60 in cash for each outstanding share of Metsera’s common stock, valuing the enterprise at approximately $7.0 billion. Metsera shareholders are also eligible for up to an additional $20.65 per share via a Contingent Value Right (CVR), contingent upon the achievement of three specified clinical and regulatory milestones.

The company disclosed that the transaction is projected to be dilutive to earnings through 2030, primarily due to the necessary further investment in several late-stage pipeline candidates. An update to Pfizer’s financial outlook will be provided later this year, coinciding with the 2026 guidance release.

Source: https://www.businesswire.com/news/home/20251112938725/en/Pfizer-Completes-Acquisition-of-Metsera