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.”
Last updated: 23 Feb 2026
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February 2026
Arcellx
23-Feb-2026
Acquirer: Gilead Sciences
Total deal value: US$7.8B implied equity value (payable at closing)
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Upfront: US$115/share cash (+ US$5/share CVR contingent)
Structure: Tender offer + second-step merger (all-cash + CVR)
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Type: Public
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1D Premium: 68% (to 30-day VWAP)
Therapeutic area: Oncology / Hematology
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Stage / lead assets: BLA accepted anito-cel (anitocabtagene autoleucel; ddBCMA CAR-T) for relapsed/refractory multiple myeloma
Why it matters: Gilead buys out its partner to take full control/economics of anito-cel ahead of a potential launch, accelerating development + commercialization while eliminating the existing profit-share, milestones, and royalties.
Orna Therapeutics
09-Feb-2026
Acquirer: Eli Lilly and Company
Total deal value: Up to US$2.4B (cash; upfront + clinical development milestones)
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Upfront: Undisclosed
Structure: Acquisition (cash upfront + contingent clinical milestone payments)
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Type: Private
Therapeutic area: Autoimmune / Immunology (in vivo cell therapy)
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Stage / lead assets: ORN-252 (CD19) in vivo CAR-T (clinical-trial-ready / preclinical)
Why it matters: Lilly’s entry into in vivo CAR-T—aiming to turn cell therapy from a bespoke, ex vivo manufacturing model into something more scalable (and potentially usable across broader autoimmune indications).
January 2026
Surf Bio
28-Jan-2026
Acquirer: Halozyme Therapeutics
Total deal value: Up to US$400M
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Upfront: US$300M (subject to customary purchase price adjustments)
Structure: Acquisition (cash upfront + milestones)
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Type: Private
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1D Premium: N/A
Therapeutic area: Drug delivery / formulation platform
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Stage / lead assets: “Hyperconcentration” formulation tech enabling ultrahigh drug concentrations (reported up to ~500 mg/mL) for single-shot SC delivery via standard autoinjectors
Why it matters: Broadens Halozyme’s delivery stack beyond ENHANZE, adding a differentiated formulation capability that could expand the set of biologics feasible for at-home SC dosing and support additional partnering/royalty pathways.
Note: acquisition completed in late Dec 2025; first publicly disclosed 28-Jan-2026.
RAPT Therapeutics
20-Jan-2026
Acquirer: GSK
Total deal value: US$2.2B ($1.9B net of cash acquired)
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Upfront: US$2.2B
Structure: Tender offer + second-step merger (all-cash)
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Type: Public
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1D Premium: 65%
Therapeutic area: Allergy / Immunology
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Stage / lead assets: Phase 2b ozureprubart (long-acting anti-IgE mAb) for prophylactic protection against food allergens
Why it matters: Bolt-on to deepen GSK’s immunology pipeline with a clinically validated target and a potential longer-dosing-interval anti-IgE profile.
Ventyx Biosciences
07-Jan-2026
Acquirer: Eli Lilly and Company
Total deal value: US$1.2B
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Upfront: US$1.2B
Structure: All-cash merger
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Type: Public
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1D Premium: 2%
Therapeutic area: Immunology / Inflammation
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Stage / lead assets: NLRP3 inhibitor programs (e.g., VTX2735 Phase 2 recurrent pericarditis; VTX3232 Phase 2 CV risk factors + Phase 2 biomarker study in early Parkinson’s); plus Phase 2 IBD assets (S1P1R modulator tamuzimod/VTX002; TYK2 inhibitor VTX958)
Why it matters: Adds a clinical-stage oral inflammation pipeline (notably NLRP3 + IBD mechanisms) to extend Lilly’s immunology footprint beyond incretins.
Dark Blue Therapeutics
06-Jan-2026
Acquirer: Amgen
Total deal value: Up to US$840M
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Upfront: Not disclosed (includes CVR)
Structure: Acquisition (undisclosed terms; includes CVR)
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Type: Private
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1D Premium: N/A
Therapeutic area: Oncology (Heme-onc; AML)
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Stage / lead assets: Preclinical targeted protein degrader program for AML (MLLT1/3 degrader)
Why it matters: Expands Amgen’s oncology pipeline with a first-in-class targeted protein degradation approach in AML, a high unmet-need setting.
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