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🚛 Forward Air intermodal rebounds

Cyber-testing rules stir up dealmaking

Illustration of a padlock made of circuitry lines and a photo realistic shackle.

Bryan Frist-led VC firm raising $75M

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Fintech supercycle delayed

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Driving the day

Final numbers

Forward Air this week disclosed that its intermodal business has rebounded, ahead of a planned sale.

What we're watching: Potential acquirers could include J.B. Hunt, Hub Group or Schneider.

The business is expected to fetch about $300 million, Stifel analysts wrote in an investor note.

Catch up quick: Forward Air pivoted to divestitures after an attempt to sell the full company stalled and activist investor Ancora dumped its shares.

Zoom in: Intermodal had its best quarter in over a year and its best margin in six quarters as it increased rates on several accounts, Forward Air CEO Shawn Stewart said.

The company offloaded two legacy Omni Logistics businesses in Q2 for a combined $27 million.

What they're saying: Intermodal "is being rewarded more appropriately for its premium positioning, especially as the drayage market tightens," per Stifel.

What's next: The divestiture, which we previously reported as a possibility, is on track for year-end, execs said. 

1. 🚛 Forward Air intermodal rebounds

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Penetration testing is the latest hot spot for cybersecurity dealmaking. 

The big picture: Companies face growing regulatory pressure to conduct more mock attacks that test cyber defenses.

Driving the news: Horizon3.ai raised a $250 million Series E this week, tripling its valuation to more than $2 billion.

Horizon3.ai's penetration testing platform, NodeZero, uses AI to find and exploit attack paths in production systems so companies can fix vulnerabilities.

State of play: Over the last few years, the European Union's Digital Operational Resilience Act (DORA) has implemented a rigid testing schedule in the financial sector, and Network and Information Security Directive 2 (NIS 2) mandated more security checks for companies.

The U.S. National Institute of Standards and Technology also has strengthened its recommendations for penetration testing and security resilience.

What they're saying: "In many ways we're Zoom in COVID," Horizon3.ai CEO Snehal Antani tells Axios Pro. 

"Our ability to validate, improve resilience, and be proactive at a time when boards are demanding it. Regulators are demanding it."

Zoom out: M&A has picked up, too, with CrowdStrike last month buying XM Cyber's continuous threat exposure management technology.

Valiant Solutions last month agreed to acquire penetration testing and threat emulation firm BreakPoint Labs, while Bugcrowd said late last year it would acquire AI-powered security testing startup Mayhem Security. 

What we're watching: Startups like Insight Partners-backed Pentera and One Peak Partners-backed Cymulate could draw interest from sponsors and strategics alike.

2. Cyber-testing rules stir up dealmaking

Bryan Frist is trying to institutionalize, raising $75 million for a new health tech-focused venture capital fund.

It's under the banner of Friale, which has operated quietly since 2016 — backing such companies as ambient clinical documentation startup Ambience and genetic testing platform BillionToOne.

But this would be the first time Friale, whose other partner is Nick Alexander, will broaden its LP base to outside investors.

Driving the news: Friale recently led a $5 million investment in Blaze.tech, a software startup helping health apps stay HIPAA-compliant.

"Everyone's talking about AI, but we think AI can impact health care in the biggest and fastest way over the next five years," says Frist, whose father is Frist Cressey Ventures co-founder and former U.S. Senate Majority Leader Bill Frist.

Follow the money: The firm's plans were first revealed in a February SEC filing.

Friale declined to share how much has already been raised or invested.

3. Bryan Frist-led VC firm raising $75M

A few months ago, FT Partners forecast a "liquidity supercycle" for fintech, driven by IPOs, M&A and secondaries.

Reality check: Thus far, the market seems to be driven more by a handful of large private rounds than broad liquidity.

By the numbers: Private fintech financing totaled $17.7 billion in Q2, up 10% from Q1 and flat year over year, according to FT Partners data.

Yes, but: Deal count fell to 696, down 14% from Q1 and 29% from a year earlier.

Six $500 million-plus rounds accounted for about $4.2 billion, nearly one-quarter of the total.

State of play: Public market activity paused after five U.S.-listed fintech IPOs raised $2 billion in Q1.

Fintech M&A fell 26% from Q1 and 67% from a year earlier to $24.3 billion, with no transactions topping $15 billion.

The bottom line: Fintech funding is concentrating among a small group of proven leaders, leaving other companies with fewer exit paths.

4. Fintech supercycle delayed

💊 Latigo Biotherapeutics raises $345.6M in IPO (Natalie Breymeyer)

Its non-opioid treatment is a potential competitor for Vertex.

🎗️ BlossomHill Therapeutics raises $150M in IPO (Natalie Breymeyer)

It's another test of the market's appetite for early-stage biotechs.

📺 FCC votes to lift broadcast ownership cap (Sara Fischer)

The party-line vote clears the way for local broadcasters to merge.

⚡ Future of the NextEra-Dominion megadeal (Ben Geman, Karri Peifer)

The Virginia governor's formal involvement could have a major impact.

❌ White House revives effort to remove Fed governor (Courtenay Brown)

The administration continues to allege mortgage fraud.

5. Driving the day

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Data: Nasdaq; Note: Percent change in daily closing price from July 31, 2026. July 31 = 0%; Chart: Natalie Breymeyer/Axios

Conflicting reports about a potential $400 billion merger between pharma giants AstraZeneca and Bristol Myers Squibb jolted both stocks this week.

Driving the news: The Financial Times reported on Sunday that the two were in talks over what would be one of the largest pharma mergers in history.

AstraZeneca shares fell in the wake of deal reports while Bristol Myers stock rose.

Reuters reported Wednesday that there were no ongoing discussions, citing a "senior source" that said there was no deal and never had been one to pursue.

AstraZeneca shares rebounded on Wednesday while BMY shares fell.

The latest: AZN closed at $161.42 today, while BMY closed at $64.72.

Between the lines: The FT report raised questions about AstraZeneca's confidence in its standalone plan to reach $80 billion in revenue by 2030.

BMY, meanwhile, is trying to navigate key upcoming patent expirations for drugs like Eliquis and Opdivo.

August 07, 2026

1. 🚛 Forward Air intermodal rebounds