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The week that was

Other deals of the week

Pipeline picks

Chart of the week

🏷️ Scoop: Martis Capital selling Alcanza Clinical Research

Clinical trial site networks have attracted private equity's attention because they don't have the reimbursement challenges currently plaguing other multi-site providers.

💰Three biotechs seek more than $500M in combined IPO proceeds

Biotech's IPO window is widening beyond isolated standouts.

👁️ Claris Bio unveils $118M raise and a new CEO

The funding gives the single-asset biotech enough runway to carry on after its planned late-stage trials.

🧪Argenx to acquire Forte Biosciences for $2.2B

The deal will bolster Argenx's immunology portfolio and follows a strategic investment it made during Forte's $150 million April IPO.

Scoop: Martis Capital selling Alcanza Clinical Research

Three biotechs seek more than $500M in combined IPO proceeds

Claris Bio unveils $118M raise and a new CEO

Argenx to acquire Forte Biosciences for $2.2B

1 big thing: The week that was

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

• Qureight, a U.K. clinical trials imaging startup, raised US$20m in Series B funding. Molten Ventures led, joined by insiders Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind, and Ascension. Go deeper

• Adjuvia Therapeutics, a SF-based biotech developing treatments for mitochondrial dysfunction, raised $8m in seed funding. Go deeper

• Bain Capital agreed to acquire London-based vitamins maker Vitabiotics. Go deeper

• BC Partners agreed to buy a co-control stake in Swiss biotech InfoRLife at a reported $1.5b valuation. Go deeper

• Curium, a French portfolio company of CapVest Partners, is in talks to buy Bedford, Mass.-based radiopharma company Lantheus (Nasdaq: LNTH) for around $7b, per Bloomberg. Go deeper

• Processa Pharmaceuticals acquired Vidya Therapeutics, a San Diego-based immunology biotech, alongside a $200m PIPE led by Bain Capital Life Sciences, Janus Henderson, RA Capital and others. Go deeper

• Johnson & Johnson (NYSE: JNJ) is investing $785m into Sail Biomedicines, a Cambridge, Mass.-based CAR-T cell therapy developer formed by Flagship Pioneering, via a deal that also gives J&J an acquisition option. Go deeper

• Apnimed, a Cambridge, Mass.-based developer of a pill for obstructive sleep apnea, set IPO terms to 10m shares at $14-$16. It would have a $665m fully diluted value, were it to price in the middle, and plans to list on the Nasdaq (APMD). The company raised over $430m from firms like Morningside, Alpha Wave, and Sectoral Asset Management. Go deeper

• Scribe Therapeutics, an Alameda, Calif.-based molecular engineering startup co-founded by Jennifer Doudna, raised $129m in its IPO. It priced at the high end of its $13-$15 range, and closed Friday trading (Nasdaq: SCTX) at $21.65. Scribe had raised $121m from a16z, Avoro Ventures, Eli Lilly, OrbiMed, T. Rowe Price, Perceptive Advisors, Wellington Management, RA Capital Management, and Menlo Ventures. Go deeper

• Attovia Therapeutics, a San Carlos, Calif.-based biotech focused on autoimmune diseases, set IPO terms to 12.5m shares at $15-$17. It would have a $649m fully diluted value, were it to price in the middle, plans to list on the Nasdaq (ATTO), and has raised $255m in VC funding from firms like Frazier Life Sciences, VenBio, Goldman Sachs, Deep Track Capital, Vida Ventures, Sanofi Ventures, and Mirae Asset Capital Life Science. Go deeper

• Braveheart Bio, an SF-based developer of therapeutics for hypertrophic cardiomyopathy, set IPO terms to 18.8m shares at $15-$17. It would have a $1.4b fully diluted value, were it to price in the middle, and plans to list on the Nasdaq (BRVE). It had raised $185m in VC funding from a16z, Forbion, OrbiMed, Enavate Sciences, and Frazier Life Sciences. Go deeper

2. Other deals of the week

Illustration of falling pills surrounded by abstract shapes and sections of dollars.

🏛️ The shaky health leadership reboot — Axios

💊 Trump's generic drug tariffs will test his pharma strategy — Axios

💭 BMS CEO Boerner doesn't 'feel any compulsion to chase deals' despite lack of M&A this year — Fierce Biotech

3. Pipeline picks

Illustration of a recipe box with a health plus on the front of the box. 

Data: PitchBook; Chart: Natalie Breymeyer/Axios

4. Chart of the week

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August 01, 2026

1 big thing: The week that was