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Big Pharma thinks small

Illustration of a grid consisting of colorful rectangles, the back of a one hundred dollar bill, and photographs of a prescription pill bottle, a microscope, and a hand holding a molecular genetics testing tray.

The week that was

Other deals of the week

Pipeline picks

Quote of the week

Rumors of an AstraZeneca-Bristol Myers Squibb deal seem at odds with investors' emerging preference for targeted growth assets.

The big picture: Big Pharma has increasingly been funneling money into bolt-on acquisitions rather than megadeals. 

State of play: Multibillion-dollar pharma deals over the last 12 months have been for narrowly focused, often identifiable assets, franchises or technology platforms.

Novartis acquired Avidity Biosciences, a rare neuromuscular genetic disorders drugmaker, for around $12 billion in February.

Merck acquired flu prevention biotech Cidara Therapeutics for about $9.2 billion in November.

Merck also acquired rare blood and bone cancer biotech Terns for $6.7 billion in March.

Johnson & Johnson acquired Halda Therapeutics, a precision cancer treatment startup, for $3.05 billion in November.

Zoom in: Before its sale to Novartis, Avidity spun off its early-stage cardiology programs.

What they're saying: Smaller deals give drugmakers more precision, especially as more companies and competing therapies enter the space. 

"It's an opportunity to be more targeted and acquire exactly the asset you want, rather than buying a whole portfolio where some assets are strategic and others are less relevant to the acquirer," says Seligman portfolio manager Kosta Kleyman. 

Catch up quick: The potential $400 billion tie-up would create the world's biggest drugmaker by revenues.

The last megamerger was Bristol Myers' $74 billion acquisition of Celgene in 2019, which also drew investor pushback. 

1 big thing: Big Pharma thinks small

👀 Scoop: Goldman-backed 4G Clinical on the block

The clinical trial software space has drawn meaningful deal interest as drugmakers increasingly rely on software to manage more complex studies.

The metabolic-disease drug developer sold 6.3 million shares. The offering values the company at about $180.8 million.

💰Oncology biotech InduPro raises $77M Series B round

Cancer and autoimmune drugmakers continue to command an outsized share of biotech venture dollars.

🤳 Exclusive: Remepy raises $36M Series A for drug-software platform

Remepy is betting it can improve drug efficacy while helping drugmakers extend the commercial life of existing medicines.

💊 Khartis raises $50M Series B for oral immunology medicines

Biotechs are increasingly trying to offer alternatives to established injectable biologics.

Scoop: Goldman-backed 4G Clinical on the block

Oncology biotech InduPro raises $77M Series B round

Exclusive: Remepy raises $36M Series A for drug-software platform

Khartis raises $50M Series B for oral immunology medicines

2. The week that was

Illustration of a hand pouring out a test tube full of liquid money.

• Vaderis Therapeutics, a Swiss biotech focused on rare vascular diseases, raised $152m in Series B funding. Goldman Sachs Alternatives and TCGX led, joined by Omega Funds, EQT Life Sciences, Perceptive Advisors, Kalehua Capital, Medicxi, and Droia. Go deeper

• Aureka Biotechnologies, a Laguna Hills, Calif.-based developer of biological foundation models for drug discovery, raised $100m in Series B funding. Granite Asia led, joined by HighLight Capital, MPCi and NRL Capital. Go deeper

• Epicrispr, an SF-based developer of programmable epigenetic medicines, raised $90m in Series C funding. Octagon Capital and Janus Henderson Investors led, joined by Fidelity, Cormorant Asset Management, Duquesne Family Office, Sanofi Ventures, Abrdn, Angelini Ventures, and Readout Capital. Go deeper

• Infinimmune, an Alameda, Calif.-based developer of antibody therapeutics, raised $75m in Series A funding. Regeneron Ventures and Playground Global led, joined by RA Capital Management, Goldcrest Capital, Forge Life Science Partners, Godfrey Capital, and Wild Tree Ventures. Existing investors Merck Global Health Innovation Fund, Everbright Biofund, Civilization Ventures, and Pear VC. Go deeper

• Boulevard Bio, an NYC-based precision immunology startup, raised $65m from Deerfield Management. Go deeper

• K2 Therapeutics, a Boston- and Singapore-based drug licensor, raised $50m in seed funding from MPM BioImpact, and is seeking $250m in Series A funding, per Endpoints. Go deeper

• Beyang Therapeutics, a Chinese AI drug R&D company, raised a $30m Series A co-led by Legend Capital and Shanghai Healthcare Capital. Go deeper

• Amplifica, a San Diego, Calif.-based hair growth treatment developer, raised a $26m Series B round led by Tasso Partners and joined by Eli Lilly and Scopia Capital. Go deeper

• Bios Life, a virtual cancer surveillance startup, raised a $25m seed round from Redmile, Vsquared Ventures, and Kindred Capital. Go deeper

• Remedium Bio, a Boston-based protein therapeutics biotech, held a first close on a planned $10m Series A round. Lifespan Vision Ventures led, joined by Eli Lilly and HKX Capital. Go deeper

• Ayati Devices, an Indian developer of diagnostic devices, raised $1.5m in seed funding led by Inflexor Ventures. Go deeper

• Gridiron Capital acquired van den Boom & Associates, a San Diego-based provider of outsourced back-office solutions for life sciences companies. Go deeper

• Jazz Pharmaceuticals (Nasdaq: JAZZ) agreed to acquire Actio Biosciences, a San Diego-based neurological biotech, for $820m upfront (plus up to $500m in earnouts). Actio had raised $121m from Regeneron Ventures, Deerfield, Canaan Partners, Droia Ventures, and Euclidean Capital. Go deeper

• PTC Therapeutics (Nasdaq: PTCT) agreed to acquire Sangamo Therapeutics' Fabry disease gene therapy program for $111m upfront, plus up to $100m in milestones. Eli Lilly agreed to pay $50m for Sangamo's capsid delivery, zinc finger and MINT platforms and its prion disease program. Go deeper

• Skye Bioscience (Nasdaq: SKYE) agreed to acquire Redx Pharma, a U.K.-based fibrotic diseases biotech. The combined company, operating as Fibrx Therapeutics, raised about $125m, including a $68m PIPE and $36m Series A led by Abingworth and joined by British Business Bank, Redmile, NEXTBio Capital and 5AM Ventures. Go deeper

• Wise Equity acquired a 60% stake in E-pharma Trento, an Italian CDMO. Go deeper 

• Nikhil Goel, formerly at UBS Group, will join Wells Fargo as managing director of health care M&A. Go deeper

3. Other deals of the week

💉 Trump signs executive order to split up MMR vaccine — Axios

🤖 AI brings savings to clinical trials: study — Axios

⚖️ Eli Lilly sues sellers of black market weight-loss drugs — Wall Street Journal

4. Pipeline picks

Illustration of a social media notification with a pill inside

"The great majority of patients would prefer the convenience of a pill over an injection."

August 15, 2026

1 big thing: Big Pharma thinks small