The Weekly Term Sheet (2026-W03)
The third week of January, recorded over $10 billion in confirmed and potential transaction value across 30+ biotech, pharmaceutical, and healthcare deals globally. GSK's $2.2 billion acquisition of RAPT Therapeutics headlined M&A activity, while Shionogi's $2.125 billion investment to double its ViiV Healthcare stake (as Pfizer exited for $1.875 billion) reshaped HIV therapeutics ownership. BioCryst's $920 million Astria Therapeutics merger consolidated the HAE market.
In venture capital, the GLP-1/obesity sector attracted significant investment with Corxel's $287 million Series D1, while healthcare AI continued its momentum with OpenEvidence's $250 million raise at a $12 billion valuation. On the licensing front, Novavax's Matrix-M adjuvant deal with Pfizer (up to $530 million) and Bristol Myers Squibb's Janux collaboration (up to $850 million) demonstrated continued appetite for platform technologies and next-generation immunotherapies.
Global health philanthropy also featured prominently, with the Gates Foundation, Novo Nordisk Foundation, and Wellcome committing $60 million to antimicrobial resistance research, while CEPI funded a $30 million Ebola vaccine collaboration with MSD, SK Bioscience, and Hilleman Labs.
Mergers & Acquisitions
GSK Acquires RAPT Therapeutics | $2.2 Billion
Announcement Date: January 20, 2026 | Expected Close: Q1 2026 | Press Release
| Field | Details |
|---|---|
| Acquirer | GSK plc (LSE/NYSE: GSK) |
| Target | RAPT Therapeutics, Inc. (NASDAQ: RAPT) |
| Headquarters | Brentford, UK / South San Francisco, CA |
| Aggregate Equity Value | $2.2 billion |
| Enterprise Value | $1.9 billion (net of cash) |
| Price Per Share | $58.00 cash |
| Premium | 65.2% to $35.10 closing price (Jan 16) |
| Structure | Tender offer + second-step merger |
| Financial Advisor (GSK) | Evercore |
| Financial Advisor (RAPT) | J.P. Morgan Securities LLC |
| Legal Counsel (GSK) | A&O Shearman |
| Legal Counsel (RAPT) | Cooley LLP |
Lead Asset: Ozureprubart (RPT904)
Mechanism of Action: Ozureprubart is a novel, half-life extended anti-immunoglobulin E (IgE) monoclonal antibody designed to inhibit both free and cell-bound human IgE. The antibody targets the same epitope as omalizumab (Xolair) but incorporates modifications that extend pharmacokinetic and pharmacodynamic properties, enabling less frequent dosing.
Scientific Rationale: IgE mediates approximately 94% of severe food allergic reactions. When IgE antibodies bound to mast cells and basophils encounter food allergens, these immune cells release histamine and inflammatory mediators, causing symptoms ranging from hives to anaphylaxis. By neutralizing IgE, ozureprubart aims to prevent this effector phase cascade.
| Clinical Parameter | Details |
|---|---|
| Indication | IgE-mediated food allergy (prophylactic protection) |
| Dosing | Every 8–12 weeks (vs. Xolair every 2–4 weeks) |
| Current Trial | Phase 2b prestIgE (NCT07220811) |
| Enrollment | ~100 patients with peanut, milk, egg, walnut, or cashew allergy |
| Primary Endpoint | Proportion achieving target threshold at Week 24 double-blind, placebo-controlled oral food challenge (DBPCFC) |
| Treatment Duration | 24 weeks (Part 1); extension to 48 weeks (Part 2) |
| Data Readout | Expected 2027 |
| Sites | US, Canada, Australia |
Competitive Positioning: The asset offers potential best-in-class profile against Genentech/Novartis' Xolair, which generated ~CHF 2.23 billion in the first nine months of 2025 across all indications. Ozureprubart's extended dosing interval addresses significant treatment burden given that ~65% of severe food allergy patients are children and adolescents.
Geographic Rights: GSK acquires global rights excluding mainland China, Macau, Taiwan, and Hong Kong, which are retained by Shanghai Jeyou Pharmaceutical Co., Ltd. (Jemincare subsidiary). GSK assumes milestone and royalty obligations to Jeyou.
Additional Pipeline Assets:
- Tivumecirnon (FLX475): Small molecule CCR4 antagonist in Phase 2 for gastric cancer in combination with pembrolizumab
- CCR4 preclinical program: Inflammatory disease applications
BioCryst Completes Astria Therapeutics Acquisition | $920 Million
Key Dates: Stockholder approval January 21, 2026 | Close January 23, 2026 | Press Release
| Field | Details |
|---|---|
| Acquirer | BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) |
| Target | Astria Therapeutics, Inc. (NASDAQ: ATXS) |
| Headquarters | Research Triangle Park, NC / Boston, MA |
| Implied Equity Value | ~$920 million |
| Enterprise Value | ~$700 million (net of cash) |
| Consideration | $8.55 cash + 0.5909 BioCryst shares per Astria share |
| BioCryst Shares Issued | ~37.3 million shares |
| Debt Financing | ~$396.6 million from Blackstone credit facility |
| Financial Advisor (BioCryst) | BofA Securities, Inc. |
| Financial Advisor (Astria) | Evercore |
| Legal Counsel (BioCryst) | Covington & Burling LLP |
| Legal Counsel (Astria) | Sidley Austin LLP |
Lead Asset: Navenibart (STAR-0215)
Mechanism of Action: Navenibart is a monoclonal antibody inhibitor of plasma kallikrein designed for subcutaneous administration. Plasma kallikrein is a serine protease that cleaves high-molecular-weight kininogen to release bradykinin, a potent vasodilator responsible for the edema characteristic of hereditary angioedema (HAE) attacks. By inhibiting plasma kallikrein, navenibart prevents bradykinin generation and subsequent vascular permeability increases.
Scientific Rationale: HAE Types 1 and 2 result from deficiency or dysfunction of C1-inhibitor, leading to uncontrolled plasma kallikrein activity. Current prophylactic therapies require administration daily (oral) to every 2–4 weeks (subcutaneous). Navenibart's extended half-life enables quarterly to biannual dosing, representing a significant reduction in treatment burden.
| Clinical Parameter | Details |
|---|---|
| Indication | Hereditary angioedema (HAE) Types 1 and 2 prophylaxis |
| Dosing Regimens | Q3M (every 3 months) and Q6M (every 6 months) |
| Phase 3 Trial | ALPHA-ORBIT (NCT06376240) |
| Phase 3 Design | Randomized, double-blind, placebo-controlled |
| Enrollment | Up to 135 adults + 10 adolescents (open-label) |
| Treatment Period | 6 months |
| Dose Arms | 600mg + 300mg Q3M; 600mg Q6M; 600mg Q3M; placebo |
| Data Readout | Top-line results expected early 2027 |
| Long-term Study | ORBIT-EXPANSE (NCT07204938) initiated |
Phase 1b/2 ALPHA-STAR Results (n=16):
- Mean monthly attack rate reduction: 90–95% at 6 months
- Overall attack-freedom: 50% over 6 months
- No severe or serious treatment-emergent adverse events
- No discontinuations
- Supports both Q3M and Q6M dosing regimens
Strategic Rationale: BioCryst markets ORLADEYO (berotralstat), an oral plasma kallikrein inhibitor for HAE prophylaxis. Navenibart complements the portfolio by offering injectable long-acting option for patients preferring infrequent dosing.
Additional Pipeline Assets:
- STAR-0310: Monoclonal antibody OX40 antagonist in clinical development for atopic dermatitis
BioStem Acquires BioTissue Surgical and Wound Care Business | Up to $40 Million
Announcement Date: January 21, 2026 | Press Release
| Field | Details |
|---|---|
| Acquirer | BioStem Technologies, Inc. (OTC: BSEM) |
| Target | Surgical and Wound Care business of BioTissue Holdings, Inc. |
| Headquarters | Fernandina Beach, FL / Doral, FL |
| Deal Type | Asset purchase agreement |
| Upfront Cash | $15 million at closing |
| Regulatory Milestone | Up to $10 million (upon 510(k) clearance) |
| Commercial Royalty Milestones | Up to $15 million |
| Total Potential Value | Up to $40 million |
| Legal Counsel (BioTissue) | Bass, Berry & Sims |
Acquired Assets
Product Lines: The transaction includes the Neox® and Clarix® cryopreserved amniotic membrane allograft product lines used for chronic wounds, acute surgical wounds, and soft tissue repair applications. These products utilize human amniotic membrane tissue processed to preserve biological properties that support wound healing.
Commercial Infrastructure: BioStem acquires a nationwide commercial organization comprising 20 direct sales representatives and more than 30 independent sales agents, along with GPO contract assignments. The acquired business generated approximately $29 million in 2025 sales.
Strategic Rationale: The acquisition provides BioStem with immediate access to the acute hospital wound care market and surgical applications, complementing its existing dehydrated wound care portfolio. BioTissue retains its ocular-focused products (Prokera®, AmnioGraft®) and will continue manufacturing Neox® and Clarix® under a supply agreement with BioStem.
Note: This transaction falls outside core pharmaceutical M&A but represents significant activity in the adjacent regenerative medicine/wound care sector.
Healthcare Triangle Acquires Teyame AI CX Platforms | Up to ~$50 Million
Announcement Date: January 22, 2026 | Press Release
| Field | Details |
|---|---|
| Acquirer | Healthcare Triangle, Inc. (Nasdaq: HCTI) |
| Target | Teyame 360 SL and Datono Mediacion SL (via Teyame AI LLC) |
| Headquarters | Pleasanton, CA / Madrid, Spain |
| Deal Type | Definitive acquisition agreement |
| Total Consideration | Up to approximately $50 million |
| Structure | Cash, HCTI common stock, non-voting convertible preferred stock, and contingent earnout |
| Advance Payment | $3 million paid December 2025 |
| Accounting Effective Date | January 1, 2026 |
| Expected Close | January 29, 2026 (subject to shareholder approval) |
Target Profile
Business Description: Teyame AI operates an AI-powered omnichannel customer experience (CX) platform headquartered in Madrid, Spain. The platform currently serves banking and insurance clients while piloting healthcare applications. The technology enables automated customer interactions across voice, chat, email, and digital channels.
Financial Metrics: The acquired assets generated approximately $32 million in revenue and approximately $3.6 million in EBITDA in FY2025.
Strategic Rationale: The acquisition transforms Healthcare Triangle from a back-end healthcare IT specialist (cloud infrastructure, data management) to a front-line AI-powered patient engagement platform. Teyame's platform will integrate with HCTI's QuantumNexis/Ziloy AI engine and Ezovion EHR system. Management projects approximately $38 million in incremental revenue and approximately $5 million in incremental EBITDA over the next twelve months.
Note: This transaction represents healthcare IT consolidation rather than core pharmaceutical M&A.
IO Biotech Announces Strategic Alternatives
Announcement Date: January 21, 2026 | Press Release
| Field | Details |
|---|---|
| Company | IO Biotech, Inc. (NASDAQ: IOBT) |
| Headquarters | Copenhagen, Denmark / New York, NY |
| Market Cap | ~$10–15 million |
| Cash Position | $30.7 million (through Q1 2026) |
| Workforce | Reduced ~50% (September 2025) |
| Options | Merger, business combination, asset sale, or dissolution |
Background
IO Biotech is a clinical-stage immuno-oncology company developing T-win® technology, a T cell–based immunotherapy platform designed to target regulatory T cells (Tregs) and myeloid-derived suppressor cells (MDSCs) that enable tumor immune evasion. The lead asset, IO102-IO103, combines peptides targeting indoleamine 2,3-dioxygenase (IDO) and programmed death-ligand 1 (PD-L1).
Recent Clinical Results: Phase 3 IOB-013/MM1636 trial in first-line metastatic melanoma failed to meet its primary endpoint of improved progression-free survival (PFS) in August 2025, leading to the workforce reduction and strategic review announcement.
M&A Class Action Investigation Alerts
Several securities law firms announced investigations into potential breaches of fiduciary duty and/or securities law violations related to recent or pending M&A transactions. These announcements represent investigation alerts, not confirmed shareholder litigation or deal challenges:
| Company | Investigation Focus | Status |
|---|---|---|
| Boston Scientific Corporation | Acquisition-related fiduciary duty investigation | Investigation announced |
| SoftBank Group Corp. | Potential securities violations investigation | Investigation announced |
| Additional targets | Various M&A-related investigations | Ongoing |
Note: These class action investigation alerts are standard practice following significant M&A announcements and do not necessarily indicate wrongdoing or deal impediments. They represent law firm marketing activities seeking potential plaintiffs rather than filed litigation.
Equity Stake Transactions
Shionogi Increases ViiV Healthcare Stake | $2.125 Billion
Announcement Date: January 20, 2026
| Field | Details |
|---|---|
| Investor | Shionogi & Co., Ltd. (TSE: 4507) |
| Target | ViiV Healthcare (GSK subsidiary) |
| Stake Increase | 10% → 20% |
| Investment Amount | $2.125 billion |
| Funding Source | Cash on hand |
| Transaction Structure | Share purchase from GSK |
| Expected Close | H1 2026 |
Transaction Context
Shionogi's investment doubles its ownership in ViiV Healthcare as Pfizer simultaneously exits the joint venture. The transaction reflects Shionogi's conviction in ViiV's long-acting HIV treatment portfolio, particularly Cabenuva (cabotegravir + rilpivirine) and the investigational lenacapavir competitor programs.
Strategic Rationale: Shionogi originally developed dolutegravir, the backbone of ViiV's Tivicay and Triumeq franchises. Increasing the stake from 10% to 20% provides greater economic participation in ViiV's commercial performance and future pipeline development.
Pfizer Exits ViiV Healthcare | $1.875 Billion
Announcement Date: January 20, 2026
| Field | Details |
|---|---|
| Seller | Pfizer Inc. (NYSE: PFE) |
| Stake Sold | Entire ViiV Healthcare interest |
| Sale Price | $1.875 billion |
| Buyer | GSK plc |
| Post-Transaction Ownership | GSK 80%, Shionogi 20% |
Background
Pfizer's ViiV stake originated from the 2009 formation of ViiV Healthcare as a joint venture combining the HIV assets of GSK, Pfizer, and Shionogi. Pfizer contributed maraviroc (Selzentry) and other legacy HIV compounds. The $1.875 billion exit price values ViiV at approximately $18.75 billion implied enterprise value (based on the 10% stake).
Strategic Rationale: The divestiture aligns with Pfizer's ongoing portfolio optimization following the Seagen acquisition ($43 billion, 2023). Proceeds support Pfizer's deleveraging objectives and capital allocation toward oncology, vaccines, and internal medicine growth priorities.
Research Collaborations & Partnerships
Bristol Myers Squibb – Syngene International | Discovery Partnership Extension Through 2035
Announcement Date: January 21, 2026 | Press Release
| Field | Details |
|---|---|
| Partners | Bristol Myers Squibb (NYSE: BMY) and Syngene International Limited (NSE: SYNGENE) |
| Deal Type | Multi-year research collaboration extension |
| New Term | Extended through 2035 |
| Financial Terms | Not disclosed |
| Operating Model | Full-time equivalent (FTE) basis with annual renewals |
| Facility | Biocon BMS Research Center (BBRC), Biocon Park, Bangalore |
Partnership Scope
Service Areas: The collaboration encompasses integrated drug discovery services spanning chemistry, biology, DMPK (drug metabolism and pharmacokinetics), translational sciences, pharmaceutical development, clinical biomarkers, and manufacturing support.
Therapeutic Focus: Research activities support BMS programs in cardiovascular diseases, fibrosis, immunology, and oncology.
Relationship History: The collaboration originated in 1998, making this one of the longest-standing pharma-CRO partnerships globally. The Biocon BMS Research Center was established in 2007 and has grown to become BMS's largest R&D facility outside the United States, employing approximately 700 Syngene scientists who operate as an integrated extension of BMS's global research organization.
Previous Extensions: The partnership has been extended multiple times, including renewals in 2014, 2017, and 2021, demonstrating sustained value creation for both parties.
Analyst Commentary: Macquarie maintained an "outperform" rating on Syngene International following the announcement, noting that the 2035 extension provides exceptional long-term revenue visibility and demonstrates strong client confidence in Syngene's integrated contract research, development, and manufacturing (CRDMO) capabilities.
Bristol Myers Squibb – Janux Therapeutics | TRACTr Bispecific License
Announcement Date: January 22, 2026 | Press Release
| Field | Details |
|---|---|
| Licensor | Janux Therapeutics, Inc. (NASDAQ: JANX) |
| Licensee | Bristol Myers Squibb |
| Upfront Payment | $50 million |
| Development Milestones | Up to $300 million |
| Commercial Milestones | Up to $500 million |
| Total Potential Value | Up to $850 million |
| Royalties | Tiered, up to low double-digits on net sales |
| Legal Counsel (Janux) | Cooley LLP |
Platform Technology: TRACTr
Mechanism: TRACTr (Tumor-activated T cell Engager) is Janux's proprietary technology platform for developing tumor-activated bispecific antibodies. The platform incorporates masking technology that limits T cell engagement in healthy tissues while enabling activation within the tumor microenvironment. This conditional activation addresses the therapeutic index limitations that have constrained T cell engager utility in solid tumors.
Scientific Rationale: Conventional T cell engagers (TCEs) face significant safety challenges in solid tumors due to on-target, off-tumor toxicity. TRACTr's protease-activated masking approach aims to improve the therapeutic window by restricting cytotoxic activity to tumor sites where relevant proteases are overexpressed.
Collaboration Scope: BMS gains rights to develop and commercialize novel TRACTr-based bispecific programs directed at undisclosed solid tumor targets. Janux retains full rights to its existing pipeline, including JANX007 (PSMA-targeting) and JANX008 (EGFR-targeting) programs.
CEPI – MSD – SK Bioscience – Hilleman Laboratories | Ebola Vaccine Development
Announcement Date: January 22, 2026 | Press Release
| Field | Details |
|---|---|
| Funder | CEPI (Coalition for Epidemic Preparedness Innovations) |
| Partners | MSD (Merck), SK Bioscience, Hilleman Laboratories |
| Funding Commitment | Up to $30 million |
| Vaccine | Second-generation Zaire ebolavirus vaccine (ERVEBO derivative) |
| Development Goal | Improved thermostability for LMICs |
Partner Roles
| Organization | Role |
|---|---|
| CEPI | Primary funder; strategic coordination; part of 100 Days Mission |
| MSD (Merck) | Pharmaceutical partner; holds ERVEBO (rVSVΔG-ZEBOV-GP); technical expertise |
| SK Bioscience | Manufacturing process development (with IDT Biologika affiliate) |
| Hilleman Laboratories | Clinical development lead (MSD-Wellcome joint venture) |
Vaccine Development Goals
Current Limitations: ERVEBO, the world's first licensed Ebola vaccine, requires ultra-cold storage (-60°C to -80°C), creating significant deployment challenges in Central and West African settings where Zaire ebolavirus outbreaks most frequently occur.
Target Product Profile:
- Standard refrigerator storage (2-8°C) enabling simplified cold chain logistics
- Enhanced manufacturing yield reducing production costs
- Reduced pricing for public-sector buyers in low- and middle-income countries
Context: Over 500,000 ERVEBO doses are currently maintained in the UNICEF global stockpile. The improved formulation aims to expand accessibility and enable more rapid outbreak response. The collaboration operates under CEPI's 100 Days Mission initiative, which aims to compress epidemic vaccine development timelines.
Allelica – Cambridge Enterprise | BOADICEA Breast Cancer Risk Model License
Announcement Date: January 22, 2026
| Field | Details |
|---|---|
| Licensee | Allelica, Inc. (San Francisco, CA) |
| Licensor | Cambridge Enterprise (University of Cambridge) |
| Asset | BOADICEA v7 breast cancer risk prediction algorithm |
| Financial Terms | Not disclosed |
| Application | Integration into Allelica clinical products |
What is BOADICEA?
Definition: BOADICEA (Breast and Ovarian Analysis of Disease Incidence and Carrier Estimation Algorithm) is a comprehensive, clinically-validated breast cancer risk prediction model developed by Professors Doug Easton and Antonis Antoniou at the University of Cambridge.
Model Components:
- Rare pathogenic variants: BRCA1, BRCA2, PALB2, CHEK2, ATM, and other high/moderate penetrance genes
- Polygenic risk score: 313-SNP panel capturing common genetic variation
- Family history: Detailed pedigree analysis
- Lifestyle/hormonal factors: Age, BMI, hormone replacement therapy, reproductive history
- Mammographic density: Breast tissue composition
Clinical Validation: BOADICEA is operationalized through the CanRisk web tool, which has performed over 1.4 million risk calculations since receiving CE marking in 2020. The model is endorsed by NICE (UK National Institute for Health and Care Excellence) and NCCN (US National Comprehensive Cancer Network) clinical guidelines for breast cancer risk assessment.
Commercial Applications: The license enables Allelica to deploy BOADICEA v7 within its clinical products, including the Breast Risk Reveal™ test and AbsoluteDx platform. Integration provides healthcare professionals with unified monogenic/polygenic risk assessment to inform breast cancer screening intervals, risk-reducing interventions, and patient counseling.
Gates Foundation – Novo Nordisk Foundation – Wellcome | AMR Antibiotic Discovery Consortium
Announcement Date: January 22, 2026 | Press Release
| Field | Details |
|---|---|
| Funders | Bill & Melinda Gates Foundation, Novo Nordisk Foundation, Wellcome |
| Consortium Name | Gram-Negative Antibiotic Discovery Innovator (Gr-ADI) |
| Program Manager | RTI International |
| This Announcement | $60 million to 18 projects across 17 countries |
| Broader Partnership | $300 million three-year global health R&D commitment (announced May 2024) |
| Individual Project Budgets | Up to $5 million over 3 years |
Scientific Focus
Target Pathogens: Gram-negative Enterobacteriaceae, with initial focus on Klebsiella species. Gram-negative bacteria present exceptional discovery challenges due to their double membrane structure, which limits compound penetration, and extensive efflux pump systems.
Research Areas:
- Novel target identification and validation
- Chemical starting point generation
- AI-enabled drug discovery tools
- Bacterial cell penetration chemistry and accumulation rules
Project Selection: Awards were made through the Gates Foundation's Grand Challenges platform, which received over 500 proposals. Selected projects operate under a consortium-wide data sharing agreement designed to accelerate collective progress.
AMR Context
Disease Burden: Antimicrobial resistance is directly responsible for an estimated 1.14 million deaths annually and contributes to 4.71 million additional deaths globally, making it the third-leading cause of death worldwide.
Pipeline Gap: Gr-ADI operates "upstream" of existing initiatives like CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator), which focuses on later-stage development. The consortium aims to generate novel chemical matter and validated targets that can feed into subsequent development programs.
Foundation Commitments: Each of the three foundations committed $100 million to the broader partnership announced in May 2024, addressing multiple global health priorities including AMR, neglected tropical diseases, and maternal/child health.
Novavax – Pfizer | Matrix-M Adjuvant License
Announcement Date: January 20, 2026 | Press Release
| Field | Details |
|---|---|
| Licensor | Novavax, Inc. (NASDAQ: NVAX) |
| Licensee | Pfizer Inc. (NYSE: PFE) |
| Upfront Payment | $30 million |
| Development Milestones | Up to $100 million |
| Commercial Milestones | Up to $400 million |
| Total Potential Value | Up to $530 million |
| Royalties | Tiered royalties on net sales |
| Scope | Exclusive license for next-generation COVID-19 combination vaccines |
Matrix-M Technology
Mechanism: Matrix-M is a saponin-based adjuvant derived from the Quillaja saponaria (soapbark) tree. The adjuvant forms cage-like nanoparticles that enhance antigen presentation and stimulate robust humoral and cellular immune responses. Matrix-M enables dose-sparing (reduced antigen requirements) while improving immunogenicity.
Clinical Experience: Matrix-M is a component of Novavax's authorized COVID-19 vaccine (Nuvaxovid/Covovax) and has been administered to millions of individuals globally. The adjuvant's safety and immunogenicity profile has been characterized across multiple clinical trials.
Strategic Rationale: Pfizer gains access to a clinically validated adjuvant platform to enhance next-generation respiratory virus vaccines. The deal provides Novavax with non-dilutive capital and validates Matrix-M as a platform technology with utility beyond Novavax's proprietary programs.
Novo Nordisk – Aspect Biosystems | Cell Therapy Strategic Partnership
Announcement Date: January 20, 2026
| Field | Details |
|---|---|
| Partners | Novo Nordisk A/S (CPH: NOVO-B) and Aspect Biosystems Ltd. |
| Deal Type | Strategic partnership and technology transfer |
| Financial Terms | Undisclosed |
| Focus | 3D bioprinting technology for diabetes cell therapy |
Transaction Structure
Novo Nordisk is transferring certain cell therapy technologies and intellectual property to Aspect Biosystems while maintaining financial participation in future development. The partnership reflects Novo Nordisk's strategic pivot toward a more focused cell therapy approach, leveraging Aspect's 3D bioprinting capabilities rather than pursuing fully internal development.
Aspect Biosystems Technology: Aspect has developed proprietary bioprinting technology capable of creating functional tissue constructs with complex architectures. The platform enables precise spatial organization of multiple cell types within biocompatible matrices.
Strategic Rationale: The partnership allows Novo Nordisk to maintain optionality in cell-based diabetes therapy while reducing internal R&D investment in manufacturing technologies outside its core competencies. Aspect gains access to Novo Nordisk's diabetes biology expertise and clinical development capabilities.
Guardant Health – Merck | Companion Diagnostics Collaboration
Announcement Date: January 19, 2026
| Field | Details |
|---|---|
| Partners | Guardant Health, Inc. (NASDAQ: GH) and Merck & Co., Inc. (NYSE: MRK) |
| Deal Type | Companion diagnostics collaboration |
| Financial Terms | Undisclosed |
| Focus | Liquid biopsy-based companion diagnostics for Keytruda |
Collaboration Scope
The partnership expands Guardant's existing relationship with Merck to develop liquid biopsy-based companion diagnostics supporting KEYTRUDA (pembrolizumab) indications. Guardant's circulating tumor DNA (ctDNA) technology enables minimally invasive biomarker testing from blood samples, addressing tissue biopsy limitations.
Strategic Rationale: Liquid biopsy companion diagnostics can accelerate patient identification and treatment initiation compared to tissue-based testing, which requires invasive procedures and may face sample adequacy challenges. The collaboration supports Merck's strategy to expand KEYTRUDA utilization through improved patient selection.
Dilafor – Exeltis | Tafoxiparin License
Announcement Date: January 21, 2026 | Press Release
| Field | Details |
|---|---|
| Licensor | Dilafor AB (Stockholm, Sweden) |
| Licensee | Exeltis (Insud Pharma group) |
| Asset | Tafoxiparin |
| Indication | Labor priming (cervical ripening) |
| Territory | Semi-global (excluding China, Japan) |
| Royalties | Tiered, up to double-digits |
Mechanism: Tafoxiparin is a low molecular weight heparin derivative designed to promote cervical ripening in late pregnancy. The compound modulates extracellular matrix remodeling in the cervix, facilitating the natural preparation for labor.
Healthcare Services & Technology Partnerships
Truemed – RokketMed | Strategic Partnership
Announcement Date: January 22, 2026 | Press Release
| Field | Details |
|---|---|
| Partners | Truemed (Austin, TX) and RokketMed Inc. (San Francisco, CA) |
| Deal Type | Strategic partnership (not acquisition) |
| Financial Terms | Not disclosed |
| Focus | HSA/FSA payment integration for hourly workers |
Partnership Structure
Truemed's clinical eligibility and compliance infrastructure will integrate into RokketMed's prepaid health debit card platform, enabling hourly and frontline workers to access Letters of Medical Necessity (LMN) for functional medicine and root-cause health interventions using HRA, HSA, or FSA dollars.
Truemed Profile: Founded in 2022, Truemed partners with consumer health brands including Peloton, Garmin, and 24 Hour Fitness to enable HSA/FSA purchases for wellness products and services. The company raised a $34 million Series A in December 2025 led by Andreessen Horowitz.
RokketMed Profile: Founded in 2015, RokketMed provides prepaid health debit cards supporting employers complying with San Francisco's Health Care Security Ordinance (HCSO). The company has achieved 86% utilization rates compared to typical program benchmarks, serving restaurant, hospitality, home healthcare, retail, and agriculture workers.
Target Market: The partnership addresses over $125 million in annual unused HCSO-designated funds in San Francisco due to program friction and complexity.
Note: This transaction represents healthcare fintech partnership activity rather than pharmaceutical industry transaction.
Licensing Agreements
Novavax – Pfizer | Matrix-M Adjuvant License
See Research Collaborations & Partnerships section above for full details.
Venture Capital & Private Financings
Corxel Therapeutics | $287 Million Series D1
Announcement Date: January 22, 2026
| Field | Details |
|---|---|
| Company | Corxel Therapeutics |
| Round | Series D1 |
| Amount Raised | $287 million |
| Focus | Oral GLP-1 receptor agonist |
| Stage | Clinical development |
Strategic Context: The financing reflects sustained investor appetite for oral alternatives to injectable GLP-1 therapies (Wegovy, Zepbound) despite Novo Nordisk's recent oral semaglutide approvals. Oral formulations address patient preference for non-injectable administration while potentially expanding the addressable market beyond current injectable-tolerant populations.
OpenEvidence | $250 Million Series D
Announcement Date: January 21, 2026
| Field | Details |
|---|---|
| Company | OpenEvidence |
| Round | Series D |
| Amount Raised | $250 million |
| Post-Money Valuation | $12 billion |
| Focus | Healthcare AI / clinical decision support |
Company Profile: OpenEvidence develops AI-powered clinical decision support tools that synthesize medical literature and evidence to assist healthcare providers with diagnostic and treatment decisions. The platform integrates with electronic health records and provides real-time, evidence-based recommendations.
Mendra | $82 Million Series A
Announcement Date: January 22, 2026
| Field | Details |
|---|---|
| Company | Mendra |
| Round | Series A |
| Amount Raised | $82 million |
| Focus | AI-powered rare disease drug development |
Strategic Context: Mendra's financing reflects continued investor interest in applying artificial intelligence to rare disease identification and therapeutic development. The rare disease space offers regulatory advantages (orphan drug designation, accelerated pathways) and reduced commercial competition balanced against smaller patient populations.
Think Bioscience | $55 Million Series A
Announcement Date: January 20, 2026
| Field | Details |
|---|---|
| Company | Think Bioscience |
| Round | Series A |
| Amount Raised | $55 million |
| Focus | AI-enabled drug discovery |
Public Offerings
BioAge Labs | $115 Million Public Offering
Pricing Date: January 22, 2026 | Press Release
| Field | Details |
|---|---|
| Issuer | BioAge Labs, Inc. (NASDAQ: BIOA) |
| Offering Type | Upsized public offering |
| Gross Proceeds | $115.0 million |
| Shares Offered | 5.9 million shares |
| Price Per Share | $19.50 |
| Focus | Metabolic diseases and aging |
Company Profile: BioAge Labs develops therapeutics targeting the biology of aging to treat metabolic diseases. The company's pipeline includes programs addressing obesity, type 2 diabetes, and age-related metabolic dysfunction.
Debt Financings
BridgeBio Pharma | $632.5 Million Convertible Notes
Closing Date: January 21, 2026 | Press Release
| Field | Details |
|---|---|
| Issuer | BridgeBio Pharma, Inc. (NASDAQ: BBIO) |
| Security | 0.75% Convertible Senior Notes due 2033 |
| Principal Amount | $632.5 million (including $82.5M initial purchaser option) |
| Net Proceeds | ~$619.3 million |
| Interest Rate | 0.75% per annum, semiannual |
| Conversion Price | ~$110.58 per share (45% premium to $76.26 offering price) |
| Offering Type | Rule 144A private placement |
| Concurrent Repurchase | $82.5 million (1,081,825 shares at $76.26/share) |
| Use of Proceeds | Refinance 2.50% Convertible Notes due 2027; general corporate |
| Ranking | Pari passu with existing convertible notes |
Company Context: BridgeBio markets Attruby (acoramidis), a transthyretin stabilizer approved November 2024 for ATTR-CM. Preliminary 2025 revenues: $362.4 million (full year); $146.0 million (Q4). 6,629 unique patient prescriptions from 1,632 prescribers as of December 31, 2025.
Bankruptcy & Restructuring
Genesis HealthCare | $996 Million Sale Approved
Court Approval Date: January 20, 2026
| Field | Details |
|---|---|
| Court | U.S. Bankruptcy Court, Northern District of Texas |
| Judge | Stacey Jernigan |
| Debtor | Genesis HealthCare (skilled nursing facility operator) |
| Chapter | Chapter 11 (filed July 2025) |
| Winning Bidder | 101 West State Street (investment group) |
| Sale Price | $996 million |
| Back-up Bidder | Genie 3 Partners LLC ($991 million) |
| Facilities | 175 nursing homes across 17–18 states |
| Total Debt | >$2 billion |
| Pending Litigation | 200+ malpractice/wrongful death lawsuits (~$259 million claims) |
| Recovery Rate | ~30 cents on the dollar (vs. ~17 cents from rejected insider bid) |
Key Therapeutic Trends
Immunology/Allergy: GSK's RAPT acquisition signals renewed Big Pharma appetite for allergy assets following Xolair's food allergy approval. The $9+ billion global food allergy market (projected mid-2030s) justifies premium valuations for differentiated profiles.
Rare Disease: BioCryst's Astria deal consolidates the HAE market as developers compete on dosing convenience. Extended-interval dosing (quarterly to biannual) represents the next competitive frontier beyond efficacy. Mendra's $82 million launch with AI-powered rare disease strategy signals continued investor appetite for the space.
HIV Therapeutics: The ViiV Healthcare restructuring—Pfizer's $1.88 billion exit and Shionogi's $2.125 billion investment to double its stake—positions the joint venture for intensified competition with Gilead in long-acting injectable HIV treatments and PrEP, where dosing convenience is the key battleground.
GLP-1/Obesity: Corxel's $287 million raise reflects sustained investor interest in oral alternatives to Wegovy and Zepbound. Novo Nordisk's oral Wegovy approval (January 2026) validates the category while intensifying competition.
Vaccine Technology: Pfizer's Matrix-M adjuvant license from Novavax demonstrates continued Big Pharma interest in vaccine platform technologies beyond COVID-19, particularly saponin-based adjuvants that enable dose-sparing and enhanced immunogenicity. The CEPI-funded Ebola vaccine collaboration underscores ongoing investment in pandemic preparedness infrastructure.
Precision Oncology: The Guardant-Merck companion diagnostics partnership underscores the ongoing integration of targeted therapies with molecular profiling—biomarker-driven patient selection remains central to oncology strategy. Cambridge Enterprise's BOADICEA license to Allelica extends precision medicine approaches to breast cancer risk stratification.
Cell Therapy: Novo Nordisk's strategic pivot transfers cell therapy technologies to Aspect while maintaining financial participation, suggesting selective retrenchment rather than full abandonment of the modality.
T Cell Engagers: BMS/Janux deal validates tumor-activated bispecific approaches as solutions to solid tumor TCE limitations. The masked/conditional activation strategy addresses the therapeutic index challenges that have limited TCE utility outside hematological malignancies.
Antimicrobial Resistance: The $60 million Gr-ADI consortium represents significant philanthropic investment in early-stage antibiotic discovery, addressing the critical pipeline gap for novel Gram-negative antibiotics.
Contract Research: BMS's extension of the Syngene partnership through 2035 validates the dedicated research center model for long-term pharma-CRO collaboration, with India continuing to attract sustained investment in drug discovery outsourcing.
Market Context
The week reflects continued momentum from 2025's record biopharma deal activity ($228.4 billion announced M&A vs. $132.3 billion in 2024). Year-to-date 2026 deal volume through mid-January reached $9.2 billion announced. Goldman Sachs forecasts a potentially record-breaking year; PwC projects 15% growth in deal volume.
The $170 billion patent cliff facing large pharmaceutical companies through 2030 continues to drive strategic BD activity, with particular focus on immunology, oncology, and cardiometabolic assets offering near-term revenue potential.
Global health philanthropy emerged as a notable theme during the week, with January 22 seeing over $90 million committed through the CEPI Ebola collaboration and Gates/Novo Nordisk/Wellcome AMR consortium—reflecting coordinated efforts to address infectious disease threats with limited commercial incentives.
Report compiled January 25, 2026. Transaction values represent announced figures; actual values may vary upon closing. Deals with undisclosed terms are noted but not included in aggregate value calculations. This report is for informational purposes only and does not constitute investment or legal advice.
Disclaimer: The author is not a lawyer or financial adviser. This content is not investment or legal advice. Past performance does not guarantee future results. Consult qualified professionals before making investment decisions.
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