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The week that was

Other deals of the week

Pipeline picks

Quote of the week

Demand for oral GLP-1s and recent FDA approvals are fueling licensing deals.

🎯 Altis Labs raises $25M Series A for AI clinical trial endpoint

AI has shown more progress finding drug candidates than in proving they work in patients, leaving room for tools that could speed clinical development.

🔬 Exclusive: Polyphron raises $20M for tissue models

AI can identify promising drug candidates, but researchers still need to determine whether those predictions hold up in human biology.

🤝 GSK to acquire cancer treatment from Chimagen Biosciences for up to $750 million

China-origin biotech deals are continuing a record run, raising questions over how the U.S. should respond to the country's rapid gains.

🧪 Evvy raises $40M for at-home women's health testing

After a funding pullback last year, women's health tech financing is projected to rebound in 2026.

⚙️ Exclusive: Mithrl raises $20M Series A for biopharma AI infrastructure

Pharma AI spending is broadening beyond individual tools to systems designed to work across R&D functions.

Private equity sponsors have been slowly rolling up companies in radiopharma, a sector with a still-limited track record of sponsor exits.

Altis Labs raises $25M Series A for AI clinical trial endpoint

Exclusive: Polyphron raises $20M for tissue models

GSK to acquire cancer treatment from Chimagen Biosciences for up to $750 million

Evvy raises $40M for at-home women's health testing

Exclusive: Mithrl raises $20M Series A for biopharma AI infrastructure

1 big thing: The week that was

Illustration of a hand holding a supplement pill in the shape of a dollar bill

• Shennon Biotechnologies, an SF-based developer of precision immunotherapies for cancer, raised $12m from Future Ventures, NextGen Venture Partners, Samos Investments, Atypical Ventures, Saras Capital, DCVC, Foundation Capital, and AV8 Ventures. axios.link/4h3uGNd

• Nix Biosensors, a developer of hydration biosensors, raised $17m in Series A funding from such backers as Shorewind Capital, Great Oaks Venture Capital, Oregon Sports Angels, White Road Investments, Anne Wojcicki, and Len Blavatnik. axios.link/4cQbIbL

• Sling Therapeutics, an Ann Arbor, Mich.-based developer of oral treatments for thyroid eye disease, raised $123m in Series C funding. Forbion led, joined by TPG Life Sciences Innovations and Sectoral Asset Management. axios.link/4hds4g2

• Circle Pharma, an SF-based cancer therapy biopharmaceutical company, raised $92.5m in Series E funding. The Column Group led, joined by Nextech Invest, RA Capital Management, Euclidean Capital, and Eli Lilly. Go deeper

• RegCell, an Emeryville, Calif.-based T-cell therapy biotech, raised $44m in Series A funding led by Playground Global. Go deeper

• Fize Medical, an Israeli smart fluid monitoring medtech, held its first close on a planned $20m Series B, led by Asahi Kasei Medical and Rapha Capital Management. Go deeper

• Emerald Square Ventures made a majority investment in H Clinical, a clinical research operating platform in Latin America. Go deeper

• CVC Capital Partners is in talks to buy the mainland China unit of contact lens maker Ginko International from EQT for $700m-$800m (including debt), per Reuters. axios.link/4yw3AWg

• Danforth Health, an Avesi Partners portfolio company, acquired Ambit RD, a Morristown, N.J.-based provider of patient identification services for biopharma. axios.link/4h6csuP

• Ivy Fertility, backed by InTandem Capital Partners, acquired Santa Barbara Fertility Center. axios.link/4yVnsT9

• Endpoint Clinical, an Arsenal Capital Partners portfolio company, acquired Bluefin, a Boston-based provider of clinical supply forecasting and planning tech. axios.link/4xZVi9k

• Everest Clinical Research, an Arlington Capital Partners portfolio company, acquired the biometrics and data services unit of Firma DS, a Northlane Capital portfolio company. axios.link/3TBDQZJ

• NMS Capital acquired both Endoscopy Corp of America and Medical Optics from Probo Medical, forming a new surgical suite MRO platform called Asurgence Medical. Go deeper

• Kincell Bio and Cellipont Bioservices merged to form Kincellis, a CDMO focused on cell therapies. Kincell investor NewSpring Capital led financing for the deal, joined by Cellipoint backers Kineticos Life Sciences, HealthQuest Capital and Great Point Partners. axios.link/4yORkAy

• Electra Therapeutics, an SF-based biotech focused on immunology and cancer, set IPO terms to 21.67m shares at $14-$16. It would have a $917m market cap at the midpoint, plans to list on the Nasdaq (ETRA), and has raised $300m from OrbiMed (9% pre-IPO stake), Westlake BioPartners (7.1%), Redmile (7.1%), Aventus (6.2%), EQT LSP (6.2%), and New Leaf Ventures (4.4%). axios.link/46Up6YX

• GE HealthCare (Nasdaq: GEHC) is in talks to buy Sofie Biosciences, a Dulles, Va.-based maker of cancer scan chemicals, for around $1b, per the FT. Sofie backers include Trilantic. axios.link/4h5M2ta

• GSK (NYSE: GSK) agreed to acquire a trispecific T-cell engager from Chimagen Biosciences, a Chinese biotech whose backers include Foresite Capital, for up to $750m. axios.link/4rbyCjV

• Holly Atallah joined NaviMed Capital as CFO and VP of compliance. She previously was with BroadOak Capital Partners. Go deeper

• Ed Jones joined RoundTable Healthcare Partners as an operating partner. He previously was president and CEO of HealthTrust Performance Group. axios.link/46lDsS2

2. Other deals of the week

Illustration of a hundred dollar bill with Benjamin Franklin dressed as a doctor and holding a prescription pill bottle.

💊 AI is not yet driving drug development — Axios

🧪 FDA effort aims to speed up drug development — Axios

🚧 Biosimilars stuck in a rut — Axios

🧐 U.K. government committees call for probe into U.S. pharma deal — Endpoints News

3. Pipeline picks

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

"We need more data for models of biology. We need regulatory reform to move faster. And when we have the cellular data and more population data, and eventually quantum computing, it will fundamentally disrupt the industry."

— Robert Nelsen of Arch Venture Partners, on what AI drug developers require to move the needle

September 19, 2026

1 big thing: The week that was