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Apollo buying stake in Bayer unit 

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The week that was

Other deals of the week

Pipeline picks

Chart of the week

Apollo Global Management agreed to buy a minority stake in Bayer's contraceptives business for $3.43 billion, the companies said yesterday.

The big picture: It's the latest reshuffling of reproductive health assets as investors and Big Pharma weigh their broader women's health strategies.

Zoom in: Bayer will retain a majority stake in the unit, which includes intrauterine device brands Mirena, Kyleena and Jaydess. 

The unit booked €1.37 billion in sales in 2025, driven by strong U.S. demand.

The size of the stake sold or the financial details of the business were not disclosed.

Zoom out: Drugmakers and investors are looking to monetize mature, cash-generating products or build scale in women's health.

Sun Pharma agreed to buy women's health leader Organon for $11.75 billion in April, giving Sun its Nexplanon contraception implant. 

Viatris sold its women's health business, primarily comprising oral and injectable contraceptives, to Insud Pharma in 2024. 

Meanwhile, Foundation Consumer Healthcare sold a portion of its OTC consumer wellness brands, but held onto the unit housing Plan B One-Step emergency contraception.

1 big thing: Apollo buying stake in Bayer unit

🔬 Katalyze AI raises $10.5M seed for pharma workflow software

Investors are increasingly backing companies that automate the management of pharma bottlenecks, as patent cliffs drive demand for faster development and manufacturing.

👀 Pharma dealmakers looking beyond drugs

A multi-year funding boom in AI drug discovery is starting to pay off for investors through licensing deals and exits.

Katalyze AI raises $10.5M seed for pharma workflow software

2. The week that was

Illustration of a piggy bank and DNA surrounded by abstract shapes and money.

• Leo Cancer Care, a U.K.-based maker of radiation therapy devices for cancer patients, raised $65m in Series D funding. Yu Galaxy led, joined by Eventide Asset Management. Go deeper

• Cyllene Therapeutics, a Paris-based neurology company, raised €33m in Series C funding. GordonMD Global Investments and M Ventures led. Andera Partners SAS, Bpifrance Investissement through its InnoBio 3 Fund, and Lamond Ventures joined. Go deeper

• CurifyLabs, a Finnish startup focused on personalized medicine manufacturing, raised €12m in Series A funding. Sandwater and HealthCap led, joined by Tesi and Lifeline Ventures. Go deeper

• Surplus Solutions, an NMS Capital portfolio company, acquired DCM BioServices, a Frederick, Md.-based provider of laboratory automation solutions. Go deeper

• TJP, a Renovus Capital Partners portfolio company, acquired FX2 Virtual, a life sciences commercial operations agency. Go deeper

• EQT agreed to buy Corza Biosurgery, maker of a patch to stop surgical bleeding, from GTCR portfolio company Corza Medical. Go deeper

• Decathlon Capital Partners invested in Amprion, a provider of neurodegenerative disorder diagnostics. Go deeper

• Advent International, EQT, and KKR are among those circling Qiagen (Paris: QIA), a European molecular testing company, per Bloomberg. Go deeper

• United Therapeutics (Nasdaq: UTHR) acquired Thymmune, a Cambridge, Mass.-based developer of regenerative thymic cell therapies, for up to $300m ($140m upfront). Thymmune raised $7m in 2023 from backers like Pillar VC and George Church. Go deeper

• Novartis (NYSE: NVS) will pay up to $1.5b ($1.1b upfront) to acquire Myricx Bio, a London developer of antibody-drug conjugates that had raised $114m in Series A funding from Abingworth, Novo Holdings, Brandon Capital, and Sofinnova Partners. Go deeper

• Hologic, owned by TPG and Blackstone, is seeking to sell its surgical unit for more than $4b, per the FT. Go deeper

• MeiraGTx (Nasdaq: MGTX), a developer of gene therapies, raised up to $400m from Oberland Capital. Go deeper

3. Other deals of the week

Illustration of people shaking hands with pill bottles as sleeves.

🗯️ Trump's federal grant overhaul plan draws strong pushback — Axios

📋 Trump plan could make drug ad safety warnings even longer — Axios

💰Lilly was already pharma's biggest company. Now it's doing deals to match — EndPoint News

📈 Biotech M&A surge seen as going beyond blockbuster beals — Bloomberg

🇨🇳 Biopharma divides over China response — Axios

4. Pipeline picks

Illustration of a hand cursor pointing at a bottle of prescription pills. 

Data: PitchBook; Chart: Natalie Breymeyer/Axios

VC funding slowed in Q1 amid operational disruptions at the FDA and a broader shift in capital toward exits, including IPOs and Big Pharma M&A. 

It rebounded in Q2 as crossover investors and asset managers rotated back into biopharma, drawn by improving liquidity and upsized public listings.

5. Chart of the week

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July 11, 2026

1 big thing: Apollo buying stake in Bayer unit