Latest Deals
MSD has been expanding its pipeline to prepare for the looming loss of exclusivity of blockbuster immunotherapy Keytruda (pembrolizumab). Credit: HJBC/Shutterstock.com
MSD spends $6.7bn to buy Terns Pharmaceuticals in cancer pipeline reinforcement
SD will buy cancer specialist Terns Pharmaceuticals in a deal worth $6.7bn, as the drugmaker continues its string of multibillion-dollar acquisitions to prepare for a future without Keytruda-enabled oncology dominance. MSD, known as Merck & Co. in the US, will acquire Terns for $53 per share in cash, representing a 6% premium on the biopharma’s last market close of $50 on 24 March. The transaction is expected to close in Q2 2026.
Gilead outlays $5bn to acquire ADC specialist Tubulis
Gilead will acquire antibody-drug conjugate (ADC) developer Tubulis in a deal worth up to $5bn, continuing the big pharma company’s recent string of high-profile M&A activity in 2026. As per the agreement, Gilead will pay $3.15bn upfront and up to $1.85bn in milestones to buy the German biotech.
Biogen uplifts rare disease pipeline with $5.6bn Apellis buyout
Biogen has forged a $5.6bn deal to acquire immunology and rare disease specialist Apellis Pharmaceuticals. As per the agreement, Biogen will pay $41 per share in cash at closing, a near 140% premium on the company’s 30 March closing stock price, to absorb a vast proportion of Apellis’ employee base and its portfolio of medicines.
Neurocrine to acquire Soleno in $2.9bn transaction
Neurocrine Biosciences has signed a definitive agreement to acquire Soleno Therapeutics for $53.00 per share in cash, which represents $2.9bn in total transaction equity value. The transaction will expand Neurocrine’s portfolio in endocrinology and rare diseases via the addition of Soleno’s lead product, Vykat XR (diazoxide choline), for Prader-Willi syndrome (PWS).
