BioBucks • Tracker

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: 22 Jan 2026

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The tracker refreshes weekly — the BioBucks newsletter flags new deals and credible rumours daily (in ~5 mins). Read by 2,000+ VC, BD&L, and public biotech investors. No spam. Unsubscribe anytime.

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IO Biotech ↔ Exploring sale RUMOUR 21-Jan-2026

Reported value: N/A | Status: Company-announced strategic review

Report  — company press release (GlobeNewswire via Nasdaq).

Sun Pharma ↔ Organon RUMOUR 19-Jan-2026

Reported value: ~US$10B | Status: Reported / exploring; Sun Pharma called reports “speculative”

Report  — plus Sun Pharma clarification carried by Economic Times.

Eli Lilly ↔ Abivax RUMOUR 12-Jan-2026

Reported value: ~US$17.5B | Status: Reported (French press) / denied (“noise”; no talks) in follow-up coverage

Report  — per Reuters (re: La Lettre); later Reuters follow-up quotes Abivax CEO dismissing the chatter (20-Jan-2026).

Sanofi ↔ Ocular Therapeutix RUMOUR 15-Jan-2026

Reported value: ~$3.4B (~$16/share approach; a higher bid rumored) | Status: Reported / preparing improved bid; no comment

Report  — citing French outlet La Lettre.

Merck (MSD) ↔ Revolution Medicines RUMOUR 08-Jan-2026

Reported value: US$28B–$32B | Status: In talks (not final; other bidders interested)

Report  — per Reuters (citing FT).

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RAPT Therapeutics 20-Jan-2026

Acquirer: GSK

Total deal value: US$2.2B ($1.9B net of cash acquired) | Upfront: US$2.2B

Structure: Tender offer + second-step merger (all-cash) | Type: Public | 1D Premium: 65%

Therapeutic area: Allergy / Immunology | 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.

Source | M&A Presentation

Ventyx Biosciences 07-Jan-2026

Acquirer: Eli Lilly and Company

Total deal value: US$1.2B | Upfront: US$1.2B

Structure: All-cash merger | Type: Public | 1D Premium: 2%

Therapeutic area: Immunology / Inflammation | 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.

Source

Dark Blue Therapeutics 06-Jan-2026

Acquirer: Amgen

Total deal value: Up to US$840M | Upfront: Not disclosed (includes CVR)

Structure: Acquisition (undisclosed terms; includes CVR) | Type: Private | 1D Premium: N/A

Therapeutic area: Oncology (Heme-onc; AML) | 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.

Source

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