The most gripping accusations of corporate espionage can be found in the dullest of companies.

• First it was between employee onboarding platforms Deel and Rippling.
• Now it's 401(k) management unicorns Human Interest and Guideline, the latter of which is in the midst of being acquired by Gusto.

Driving the news: Human Interest has sued rival Guideline for an alleged scheme to steal confidential company information.

• The case centers on three brothers, two of whom were junior sales people at Human Interest and a third who was a more senior staffer at Guideline.
• In short, it alleges that the two brothers repeatedly sent confidential HI data to the third brother, who then "funneled" it to top Guideline executives. As one of the brothers messaged another: "We are like the main topic and objective for guideline."
• For the first two brothers, it appears to have been a play-to-pay scheme, as they eventually got better jobs at Guideline (although they allegedly accessed and solicited HI info even after their surprise resignations).

Zoom in: HI originally filed suit only against one of the brothers, but this month expanded the defendant pool to include a second brother and Guideline itself after coming to believe that both the company's CEO and CFO were personally involved.

• It also alleges that Guideline put select assets up for sale after agreeing to be purchased by Gusto. But when H1 inquired about buying some of them, it was told by Guideline's CFO that it wouldn't be possible unless the initial lawsuit was dropped.
• The lawsuit's claims include breach of contract, breach of trade secret, computer fraud and RICO.

By the numbers: Human Interest has raised over $700 million, including last year at a $1.4 billion valuation, from such backers as Baillie Gifford, Marshall Wace, SoftBank, TPG, and Wing VC.

• Guideline has raised $340 million from VCs, including at a $1.2 billion valuation in 2021, from firms like General Atlantic, Generation Investment Management, Greyhound Capital, Felicis, and Propel Ventures.
• No word on the Gusto sale size, but TechCrunch pegged the price at $600 million. Gusto most recently was valued by VCs at $9.3 billion.

What Guideline is saying: "Guideline believes allegations in this lawsuit are false and without merit. We are vigorously defending ourselves and we look forward to presenting the facts and showing that these claims are unfounded."

What Gusto is saying: "Joining forces with Guideline means that payroll and 401(k) management will become more seamlessly integrated, all in one place, for the small businesses we serve — and we're excited about that future.

• "We are aware of the lawsuit filed against Guideline. Gusto is not a party to the suit and has no involvement in the allegations."

Primary sources: Read the lawsuit

The bottom line: All civil complaints sound quite terrible, and this one is no different. It's what lawyers get paid to do, and Guideline's own counsel will likely file a compelling reply.

• A big question in the meantime, however, is what Guideline is telling Gusto behind the scenes, to ensure that its deal doesn't fall apart.

Novartis (NYSE: NVS) has agreed to acquire Avidity Biosciences (Nasdaq: RNA), a San Diego-based drugmaker focused on rare neuromuscular genetic disorders, for around $12 billion in cash.

Why it's the BFD: This is the largest of four billion-dollar-plus acquisitions in 2025 by Novartis, which is boosting R&D as some of its top drugs get cheaper, generic rivals.

• It's also the year's second-largest biotech merger since 2023, behind only Johnson & Johnson buying Intra-Cellular Therapies for $14.6 billion.

Zoom in: Novartis will pay $72 per Avidity share, representing a 46% premium to Friday's closing price.

• Avidity also plans to spin off or sell its early-stage precision cardiology business before the Novartis deal closes in the first half of 2026, with Avidity shareholders to receive one SpinCo share per 10 Avidity shares.

The bottom line: "As the company's revamp efforts start to pay off, Novartis raised its profit outlook for the year in April and then again in July, driven by medicines for breast cancer, multiple sclerosis and psoriasis. The company is expected to report results on Tuesday." — Michelle Davis & Deirdre Hipwell, Bloomberg

🚑 Hemab Therapeutics, a Copenhagen, Denmark-based blood disorder biotech, raised $157m in Series C funding. Sofinnova Partners led, joined by Avoro Capital Advisors, an unnamed SWF and insiders RA Capital Management, Novo Holdings, Access Biotechnology, Deep Track Capital, HealthCap, Invus, Avoro Ventures, Maj Invest Equity, and Rock Springs Capital. axios.link/478HUVs

🌍 Stardust Solutions, an Israeli solar geoengineering startup, raised $60m. Lowercarbon Capital led, joined by Exor, Matt Cohler, Future Ventures, Never Lift Ventures, Starlight Ventures, Nebular, Lauder Partners, Attestor, Kindred Capital, Orion Global Advisors. Future Positive Capital, and Earth.now. axios.link/4hpUWkO

• Valthos, an SF-based biodefense startup, raised $30m in seed funding from OpenAI Startup Fund, Lux Capital, and Founders Fund. axios.link/42Wk90q

🚑 Cellcolabs, a Swedish startup focused on industrial-scale production of mesenchymal stem cells, raised $12m from Titian Capital. axios.link/47Hf3aR

• Ares Management and Makorora Management agreed to buy Plymouth Industrial REIT (NYSE: PLYM) for $2.1b in cash, or $22 per share. axios.link/4nu280J

🚑 Blackstone is among the suitors for Optum's U.K. unit, owned by UnitedHealth Group (NYSE: UNH), per Sky News. axios.link/3JhnW1C

⚡ Blackstone completed its $1.6b purchase of Shermco, an Irving, Texas-based provider of lectrical equipment services, from Gryphon Investors. axios.link/45LAgOX

⚡ Brookfield Asset Management is in talks to buy two inactive nuclear reactors from South Carolina's Santee Cooper, per the WSJ. axios.link/47bjPNR

⚡ Buffalo Biodiesel, a Buffalo, N.Y.-based used-cooking-oil recycler and renewable green energy fuel producer, secured a $300m minority investment from Verite Capital Partners. axios.link/3LrGBbw

• Centerbridge Partners completed its $2b take-private buyout of MeridianLink, a Costa Mesa, Calif.-based credit reporting and lending platform. axios.link/4hwAhvu

⚡ KPS Capital Partners agreed to acquire a control stake in Ketjen, a refining catalyst solutions business owned by Albemarle (NYSE: ALB). axios.link/43xWtiT

• Nordic Capital agreed to buy BMLL, a U.K provider of historical market data and analytics. Sellers include Optiver. axios.link/4oBP2zg

🍔 Restaurant Brands International (NYSE: QSR) shortlisted HSG and CPE for a control stake in Burger King's China business, per Bloomberg. axios.link/4nIychH

• Vista Equity Partners agreed to acquire Nexthink, a Swiss provider of digital employee experience management software, for around $3b. Nexthink had raised around $350m from Permira, Highland Europe, Index Partners, Auriga Partners, Bryant Stibel, and Flexstone. axios.link/4otbKKF

• Wendel is in exclusive talks to acquire a majority stake in French secondaries firm Committed Advisors for €258m. axios.link/48OpiLz

• LaFayette Acquisition, a SPAC led by Christophe Charlier, raised $100m in its IPO. axios.link/41JHl17

• Lenskart, an Indian omnichannel eyewear retailer, plans to raise up to $829m in its domestic IPO. Backers include SoftBank, Temasek, and Fidelity. axios.link/479KkDd

🚑 MapLight Therapeutics, a Redwood City, Calif.-based Phase 2 biotech focused on CNS disorders, raised $251m in its IPO. It will list on the Nasdaq (MPLT), and had raised around $660m from firms like Forbion, Goldman Sachs Alternatives, Sanofi, T. Rowe Price, Avego BioScience Capital, Novo Holdings, 5AM Ventures, and Blue Owl Healthcare Opportunities. axios.link/4huJ9Sb

• Pan Africa, an Africa-focused SPAC led by ex-Tapestry CEO Jide Zeitlin, filed for a $125m IPO. axios.link/4hDeDFV

🚀 Space Asset Acquisition, a space SPAC led by Peter Ort (Cambrium Capital Management), filed for a $200m IPO. axios.link/4ox7ZDm

• American Water Works (NYSE: AWK) and Essential Utilities (NYSE: WTRG) agreed to an all-stock merger that would value the combined water and wastewater utility at around $40b. axios.link/4oaU8D9

💎 Angola's government offered to buy a majority stake in Anglo American (LSE: AAL) unit De Beers, per Reuters. axios.link/47o9jkV

🚑 Eli Lilly (NYSE: LLY) agreed to buy Redwood City, Calif.-based gene therapy developer Adverum Biotechnologies (Nasdaq: ADVM) for $262m. axios.link/4o81KpF

• Huntington Bancshares (Nasdaq: HBAN) of Columbus, Ohio, agreed to buy Houston and Tupelo, Mo.-based Cadence Bank (NYSE: CADE) for $7.4b. axios.link/4oFC9o5

• Perpetua Resources (Nasdaq: PPTA), an Idaho-based gold explorer, secured a $75m equity investment from JPMorganChase's new "Security and Resiliency Initiative." axios.link/4qswgfJ

• Accel and Prosus launched an investment partnership to invest in early-stage Indian startups. axios.link/47atpjT

• SYN Ventures has secured over $200m for its third fund, which is raising up to $300m, per an SEC filing. axios.link/3LuackD

• Wind Point Partners is raising up to $2.5b for its 11th midmarket PE fund, per SEC filing. axios.link/42Y5KRc

• Kevin Brunner joined JPMorgan as global chair of investment banking and M&A. He previously was a tech banker with BofA. axios.link/4o9UN7R

• Ben Kirrage joined ECI Partners as an investment manager. He previously was with FNZ. axios.link/4qtBJmh

• OMERS laid off its Asia buyout team, per Bloomberg. axios.link/3Lvq3zm

• Tawfiq Popatia was named sole head of Onex Partners, following last month's deal of co-head Nigel Wright. axios.link/48P8og2

Apollo and KKR today announced an agreement to invest $7b into Keurig Dr Pepper (Nasdaq: KDP), to help support its $18 billion takeover of Peet's.

• That deal is expected to close next year, after which the company would split into a pair of independent, publicly traded companies: One focused on coffee and the other on pop.

Zoom in: KKR and Apollo are co-leads on a $4 billion investment in a manufacturing joint venture for K-Cups, as part of the coffee unit.

• The two firms also will buy $3 billion of convertible preferred stock for the other business.