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: 02 Apr 2026

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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

35Pharma 25-Feb-2026

Acquirer: GSK

Total deal value: US$950M cash | Upfront: US$950M cash

Structure: Acquisition (all-cash) | Type: Private | 1D Premium: N/A

Therapeutic area: Cardiopulmonary / Pulmonary hypertension | Stage / lead assets: HS235, a clinical-stage activin signalling inhibitor for cardiopulmonary diseases / pulmonary hypertension

Why it matters: GSK is paying a meaningful sum for a private clinical-stage cardiopulmonary asset that could strengthen its respiratory and inflammation franchise, and the mechanism puts it into an increasingly important pulmonary hypertension strategic lane.

Source | Reuters

Arcellx 23-Feb-2026

Acquirer: Gilead Sciences

Total deal value: US$7.8B implied equity value (payable at closing) | Upfront: US$115/share cash (+ US$5/share CVR contingent)

Structure: Tender offer + second-step merger (all-cash + CVR) | Type: Public | 1D Premium: 68% (to 30-day VWAP)

Therapeutic area: Oncology / Hematology | 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.

Source | IR Release

Faeth Therapeutics 18-Feb-2026

Acquirer: Sensei Biotherapeutics

Total deal value: Not disclosed | Upfront: Not disclosed; concurrent US$200M private placement announced

Structure: Company acquisition / merger transaction | Type: Private target / public acquirer | 1D Premium: N/A

Therapeutic area: Oncology / Tumor metabolism | Stage / lead assets: PIKTOR, an all-oral multi-node PI3K/AKT/mTOR pathway inhibitor in endometrial and breast cancer

Why it matters: This is more merger-like than a classic cash buyout, but it still represents a control transaction that recapitalizes a struggling public biotech around a new oncology asset base and fresh private financing.

Source | Coverage

Orna Therapeutics 09-Feb-2026

Acquirer: Eli Lilly and Company

Total deal value: Up to US$2.4B (cash; upfront + clinical development milestones) | Upfront: Undisclosed

Structure: Acquisition (cash upfront + contingent clinical milestone payments) | Type: Private

Therapeutic area: Autoimmune / Immunology (in vivo cell therapy) | 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).

Source | Company PR

Surf Bio 28-Jan-2026

Acquirer: Halozyme Therapeutics

Total deal value: Up to US$400M | Upfront: US$300M (subject to customary purchase price adjustments)

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

Therapeutic area: Drug delivery / formulation platform | 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.

Source | Presentation

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) | 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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