Biotech M&A Tracker 2026

Live tracker of biotech/biopharma acquisitions announced in 2026 — target, acquirer, deal value, structure, premium, and a one-line “why it matters.” The page focuses on control transactions at the company level across public and private biotech/biopharma names. BioBucks updates the tracker as new deals are announced; the daily newsletter adds the read-through on what those deals signal for valuation, risk appetite, and strategic priorities. Last updated: 22 Apr 2026

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Kelonia Therapeutics 19-Apr-2026

Acquirer: Eli Lilly and Company

Total deal value: Up to US$7.0B | Upfront: US$3.25B cash

Structure: Acquisition (cash upfront + clinical, regulatory, and commercial milestones) | Type: Private | 1D Premium: N/A

Therapeutic area: Oncology / Cell therapy | Stage / lead assets: KLN-1010 and Kelonia’s in vivo CAR-T platform using engineered lentiviral particles to reprogram T cells inside the patient

Why it matters: Lilly is making another major platform bet to expand beyond obesity and deepen its oncology footprint, this time around in vivo CAR-T. Strategically, the deal signals real appetite for approaches that could simplify cell-therapy logistics and potentially widen access if in vivo delivery proves clinically durable.

Source | Reuters

Neurona Therapeutics 17-Apr-2026

Acquirer: UCB

Total deal value: Up to US$1.15B | Upfront: US$650M cash

Structure: Acquisition (cash upfront + milestone payments) | Type: Private | 1D Premium: N/A

Therapeutic area: Neurology / Epilepsy / Regenerative medicine | Stage / lead assets: NRTX-1001, a clinical-stage regenerative cell therapy being developed for drug-resistant mesial temporal lobe epilepsy and other focal epilepsies

Why it matters: UCB is using M&A to push beyond conventional epilepsy pharmacology and establish a position in advanced regenerative therapies. The read-through is that large-cap CNS buyers are increasingly willing to underwrite platform and modality risk when it could produce disease-modifying benefit in entrenched, high-burden neurological conditions.

Source | Reuters

CrossBridge Bio 14-Apr-2026

Acquirer: Eli Lilly and Company

Total deal value: Up to US$300M | Upfront: Undisclosed

Structure: Acquisition (cash consideration with milestone-based biobucks potential) | Type: Private | 1D Premium: N/A

Therapeutic area: Oncology / ADCs | Stage / lead assets: CBB-120, a potential best-in-class TROP2-targeting TOP1i / ATRi dual-payload ADC anticipated to enter the clinic in 2026, plus the broader dual-payload ADC platform

Why it matters: Another sign that Lilly is actively building oncology depth through targeted tuck-ins rather than waiting only for large public takeouts. The strategic logic is platform-driven: dual-payload ADCs could offer a path to more durable responses and better resistance management in solid tumors.

Source | Coverage

Tubulis 07-Apr-2026

Acquirer: Gilead Sciences

Total deal value: Up to US$5.0B | Upfront: US$3.15B cash

Structure: Acquisition (cash upfront + milestone payments) | Type: Private | 1D Premium: N/A

Therapeutic area: Oncology / ADCs | Stage / lead assets: TUB-040, a NaPi2b-targeting ADC in clinical development for ovarian cancer and other solid tumors, plus TUB-030 and the broader Tubulis ADC platform

Why it matters: Gilead is expanding beyond cell therapy and immunology into a deeper ADC capability set, buying not just a clinical ovarian-cancer asset in TUB-040 but also differentiated linker-payload and conjugation technology. The read-through is that buyers are still willing to pay heavily for clinically anchored oncology platforms when they can strengthen a broader franchise rather than add a single isolated asset.

Source | Reuters

Soleno Therapeutics 06-Apr-2026

Acquirer: Neurocrine Biosciences

Total deal value: Approximately US$2.9B equity value | Upfront: US$53.00/share in cash

Structure: Cash tender offer + second-step merger | Type: Public | 1D Premium: ~34% to prior close

Therapeutic area: Rare disease / Endocrinology / Metabolic disease | Stage / lead assets: VYKAT XR (diazoxide choline) extended-release tablets, the first FDA-approved treatment for hyperphagia in Prader-Willi syndrome

Why it matters: Neurocrine is buying a newly launched, already de-risked rare-disease product and using M&A to extend beyond neuroscience into endocrinology / metabolic disease. The read-through is that buyers are still willing to pay meaningful control premiums for approved assets with visible commercial traction, especially where the target opens a new franchise lane rather than just adding pipeline optionality.

Source | Reuters

Apellis Pharmaceuticals 31-Mar-2026

Acquirer: Biogen

Total deal value: Approximately US$5.6B | Upfront: US$41.00/share in cash

Structure: All-cash acquisition + up to US$4.00/share in CVRs tied to SYFOVRE sales milestones | Type: Public | 1D Premium: ~140% to prior close

Therapeutic area: Immunology / Rare disease / Ophthalmology / Nephrology | Stage / lead assets: EMPAVELI (pegcetacoplan), approved in PNH and C3G / primary IC-MPGN; SYFOVRE (pegcetacoplan), approved in geographic atrophy

Why it matters: Biogen is buying immediate commercial revenue plus a broader complement platform at a time when it needs new growth vectors beyond legacy MS. Strategically, the deal adds approved rare-disease and retinal assets today while also giving Biogen a more credible foothold in nephrology ahead of its broader immunology build-out.

Source | Reuters

Centessa Pharmaceuticals 31-Mar-2026

Acquirer: Eli Lilly

Total deal value: Up to US$7.8B | Upfront: US$38.00/share in cash

Structure: All-cash acquisition + one CVR worth about US$9.00/share | Type: Public | 1D Premium: ~37.8% to prior close

Therapeutic area: Neuroscience / Sleep medicine | Stage / lead assets: Cleminorexton (formerly ORX750), a Phase 2 OX2R agonist for narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia

Why it matters: Lilly is paying up to secure a clinically de-risking orexin agonist platform and enter sleep medicine with a potential best-in-class wakefulness asset. The read-through is that large-cap buyers are willing to underwrite differentiated neuroscience mechanisms when there is a clear biology, sizable commercial white space, and room to build a broader franchise around the lead program.

Source | Reuters

Transcend Therapeutics 27-Mar-2026

Acquirer: Otsuka Pharmaceutical

Total deal value: Up to US$1.225B | Upfront: US$700M cash

Structure: Acquisition (cash upfront + sales milestones) | Type: Private | 1D Premium: N/A

Therapeutic area: CNS / Neuropsychiatry | Stage / lead assets: TSND-201 (methylone), an investigational rapid-acting neuroplastogen for PTSD and other neuropsychiatric conditions

Why it matters: Otsuka is making a meaningful bet on the next wave of neuropsychiatry by buying a company built around rapid-acting, psychedelic-adjacent medicines. Strategically, it signals that large buyers are willing to underwrite differentiated CNS mechanisms where the clinical need is large and the commercial white space remains open.

Source | Fierce

Excellergy 27-Mar-2026

Acquirer: Novartis

Total deal value: Up to US$2.0B | Upfront: Undisclosed upfront + milestone payments

Structure: Acquisition (upfront + milestones) | Type: Private | 1D Premium: N/A

Therapeutic area: Immunology / Allergy | Stage / lead assets: Exl-111, a next-generation anti-IgE program for food allergy and other IgE-driven diseases

Why it matters: Novartis is doubling down on allergy with a differentiated anti-IgE asset that could help defend and extend the franchise around proven IgE biology as Xolair matures. The key strategic question is whether Exl-111 can offer a meaningfully better efficacy / convenience profile and become the next-generation backbone in food allergy and adjacent IgE-driven settings.

Source | Reuters

Terns Pharmaceuticals 25-Mar-2026

Acquirer: Merck

Total deal value: Approximately US$6.7B | Upfront: US$53.00/share in cash

Structure: All-cash acquisition | Type: Public | 1D Premium: ~6% to prior close

Therapeutic area: Oncology / Hematology | Stage / lead assets: TERN-701, an oral BCR-ABL inhibitor in development for chronic myeloid leukemia (CML)

Why it matters: Merck is paying up for a late-enough oncology asset with a plausible commercial lane in CML as it works to deepen its post-Keytruda pipeline. The message is that strategic buyers still want differentiated hematology/onco assets, especially where there is a credible best-in-class argument.

Source

Ouro Medicines 23-Mar-2026

Acquirer: Gilead Sciences

Total deal value: Up to US$2.18B | Upfront: US$1.68B cash + up to US$500M milestones

Structure: Acquisition (cash upfront + milestones) | Type: Private | 1D Premium: N/A

Therapeutic area: Immunology / Autoimmune disease | Stage / lead assets: OM336 (gamgertamig), a clinical-stage BCMAxCD3 T-cell engager for autoantibody-driven autoimmune disease

Why it matters: Gilead is leaning harder into autoimmune disease with an “immune reset” style asset that could broaden its inflammation franchise beyond its historical core and adds another meaningful strategic use of capital soon after the Arcellx deal.

Source | Reuters

Day One Biopharmaceuticals 06-Mar-2026

Acquirer: Servier

Total deal value: Approximately US$2.5B equity value | Upfront: US$21.50/share in cash

Structure: Cash tender offer + second-step merger | Type: Public | 1D Premium: 68% to prior close; 86% to one-month VWAP

Therapeutic area: Oncology / Rare oncology | Stage / lead assets: OJEMDA™ (tovorafenib), FDA-approved for relapsed/refractory pediatric low-grade glioma; pipeline programs in pediatric and adult cancers

Why it matters: Servier is buying a commercial rare-oncology platform rather than just a development story, pairing pediatric low-grade glioma with its existing neuro-oncology footprint and paying a clear control premium for an already de-risked asset base.

Source | Reuters

Corstasis Therapeutics 03-Mar-2026

Acquirer: Esperion Therapeutics

Total deal value: US$75M upfront cash + up to US$180M regulatory/commercial milestones + royalties | Upfront: US$75M cash

Structure: Acquisition (cash upfront + milestones + royalties) | Type: Private | 1D Premium: N/A

Therapeutic area: Cardiovascular | Stage / lead assets: Enbumyst™ (bumetanide nasal spray), an FDA-approved nasal diuretic asset

Why it matters: Not a classic venture-biotech platform buyout, but strategically important: Esperion is using M&A to add a commercial cardiovascular product and broaden its franchise beyond cholesterol-lowering.

Source | Deal summary

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