The Weekly Term Sheet (2026-W04)
The final week of January 2026 delivered the largest licensing deal of the year so far, a collapsed mega-merger, and continued momentum in venture fundraising and IPO activity. AstraZeneca committed up to $18.5 billion for obesity assets from China, while Merck walked away from a potential $30 billion acquisition. New healthcare funds launched on both sides of the Atlantic as investor appetite for life sciences remains robust despite selective deployment. Meanwhile, AI platform licensing emerged as a distinct asset class, regulatory milestones in MASH and presbyopia signaled paradigm shifts in underserved therapeutic areas, and next-generation antibody technologies commanded premium valuations.
Licensing & Partnership Deals
AstraZeneca & CSPC Pharmaceutical — $18.5 Billion Obesity Collaboration
The week's headline transaction came on January 30 when AstraZeneca signed a strategic collaboration with CSPC Pharmaceutical Group worth up to $18.5 billion across eight obesity and diabetes programs.
| Element | Detail |
|---|---|
| Partner | CSPC Pharmaceutical Group (HKEX: 1093) |
| Upfront payment | $1.2 billion |
| R&D milestones | Up to $3.5 billion |
| Commercial milestones | Up to $13.8 billion |
| Total potential value | $18.5 billion |
| Geography | Global ex-China |
| Expected close | Q2 2026 |
The deal grants AstraZeneca exclusive global rights outside China to CSPC's weight management portfolio, anchored by SYH2082, a clinical-ready long-acting GLP-1R/GIPR dual agonist designed for once-monthly dosing now entering Phase I. The agreement also covers three additional preclinical programs with differing mechanisms, access to CSPC's proprietary LiquidGel sustained-release delivery technology, and access to an AI-driven peptide drug discovery platform with optionality for future metabolic programs.
The Science: SYH2082 operates through the same dual receptor mechanism as Eli Lilly's blockbuster Zepbound (tirzepatide) but with a critical differentiator in dosing frequency. The molecule is designed to simultaneously activate both glucagon-like peptide-1 receptors (GLP-1R) and glucose-dependent insulinotropic polypeptide receptors (GIPR). GLP-1R activation slows gastric emptying and promotes satiety signals in the brain, while GIPR activation enhances insulin sensitivity and may contribute additional metabolic benefits. The CSPC platform applies AI-driven peptide engineering and LiquidGel sustained-release technology to extend the pharmacokinetic profile, potentially enabling monthly rather than weekly dosing. This extended dosing interval addresses a key barrier to long-term treatment adherence, as current GLP-1 therapies require weekly injections and show high discontinuation rates beyond 12 months.
The $1.2 billion upfront payment ranks among AstraZeneca's largest ever. The transaction builds on AstraZeneca's $15 billion China investment announced the previous day and its existing $5.2 billion CSPC collaboration from June 2025. AstraZeneca's current obesity pipeline includes elecoglipron (oral GLP-1 agonist), AZD6234 (selective amylin receptor agonist), and AZD9550 (dual GLP-1/glucagon agonist), all in Phase II. The CSPC deal adds once-monthly injectable modalities to complement these oral and weekly assets.
Eli Lilly & Seamless Therapeutics — $1.12 Billion Gene Therapy Deal
Announced January 28, Eli Lilly formed a global collaboration with Dresden-based Seamless Therapeutics potentially worth over $1.12 billion to develop programmable recombinase-based gene therapies for hearing loss.
| Element | Detail |
|---|---|
| Partner | Seamless Therapeutics (Germany) |
| Therapeutic area | Genetic hearing loss |
| Technology | Programmable recombinase platform |
| Total potential value | >$1.12 billion (excluding royalties) |
| Structure | Upfront + R&D funding + milestones |
Seamless will design site-specific recombinases to correct mutations in hearing-related genes, while Lilly receives exclusive development and commercialization rights.
The Science: Recombinases are enzymes that catalyze site-specific DNA rearrangements, including excision, insertion, and translocation. Unlike CRISPR-Cas9 gene editing, which relies on cellular DNA repair pathways after making a double-strand break, recombinases cut and rejoin DNA directly in a single step without depending on endogenous repair machinery. This distinction is clinically significant because CRISPR's reliance on non-homologous end joining or homology-directed repair can introduce unwanted mutations at the target site or elsewhere in the genome.
Seamless has engineered programmable recombinases that can be directed to specific genomic sequences through a dual targeting mechanism, which the company claims virtually eliminates off-target activity. The platform enables large, precise DNA insertions that exceed the payload capacity of conventional AAV (adeno-associated virus) gene therapy vectors, typically limited to approximately 4.7 kilobases. For genetic hearing loss, where mutations in genes like OTOF (otoferlin) cause hereditary deafness, the ability to insert full-length corrected sequences rather than truncated versions could enable treatment of conditions currently beyond the reach of AAV-based approaches.
The deal extends Lilly's hearing loss portfolio alongside assets from the 2022 Akouos acquisition. Seamless CEO Albert Seymour noted that animal study data demonstrating functional correction were central to Lilly's decision to commit to the collaboration.
Eli Lilly & Repertoire Immune Medicines — $1.93 Billion Autoimmune Collaboration
Announced January 29, Lilly and Cambridge-based Repertoire Immune Medicines formed a strategic collaboration to develop tolerizing T-cell therapies for autoimmune diseases. Lilly paid $85 million upfront, with Repertoire eligible for up to $1.84 billion in milestones plus tiered sales royalties, for a total potential value of $1.93 billion.
| Element | Detail |
|---|---|
| Partner | Repertoire Immune Medicines (Cambridge, MA) |
| Upfront | $85 million |
| Milestones | Up to $1.84 billion |
| Total potential | $1.93 billion |
| Focus | Tolerizing therapies for autoimmune diseases |
| Platform | DECODE TCR-epitope discovery |
Repertoire will lead collaboration activities until development candidate nomination using its DECODE platform, after which Lilly will lead clinical development, manufacturing, regulatory affairs, and commercialization.
The Science: The DECODE platform maps the complete immune synapse—the interaction between T-cell receptors (TCRs) and their cognate antigenic epitopes—to understand how T cells recognize and bind to specific targets on diseased cells. This comprehensive mapping enables Repertoire to identify the precise molecular interactions driving autoimmune pathology in individual diseases.
Current autoimmune therapies typically achieve disease control through generalized immune suppression, which carries risks including increased infection susceptibility and malignancy. Repertoire's tolerizing approach aims instead to "reset" the immune system by restoring immune homeostasis at the disease's root cause. Rather than suppressing the entire immune response, these therapies would selectively induce tolerance to specific self-antigens that trigger autoimmune attack, potentially achieving durable remission without ongoing immunosuppression.
Repertoire was founded by Flagship Pioneering in 2019 and operates sites in Cambridge and Zurich. The company has now secured platform validation from four major pharmaceutical partners: Bristol Myers Squibb ($1.8 billion potential, April 2024), Genentech ($765 million potential, April 2025), Pfizer, and now Lilly.
Boehringer Ingelheim & Simcere — $1.26 Billion IBD Bispecific
Announced January 26-27, Boehringer Ingelheim entered a license and collaboration for Simcere's preclinical bispecific antibody SIM0709, which targets TL1A and IL-23 for inflammatory bowel disease. Boehringer gains global rights ex-China, while Simcere is eligible for up to €1.058 billion (approximately $1.26 billion) in upfront, development, regulatory, and sales milestones, plus tiered royalties.
| Element | Detail |
|---|---|
| Partner | Simcere Pharmaceutical Group (HKEX: 2096) |
| Asset | SIM0709 (TL1A/IL-23p19 bispecific antibody) |
| Stage | Preclinical |
| Total potential | Up to €1.058 billion (~$1.26 billion) |
| Territory | Global ex-Greater China |
The Science: SIM0709 is a long-acting humanized bispecific antibody developed using Simcere's proprietary multi-specific antibody platform. It simultaneously blocks two cytokine pathways that drive IBD pathogenesis:
IL-23p19: Interleukin-23 is a proinflammatory cytokine that plays a central role in driving Th17 cell differentiation and maintaining pathogenic T-cell responses in the gut. Several IL-23p19 inhibitors are already approved for IBD, including Johnson & Johnson's Tremfya (guselkumab), AbbVie's Skyrizi (risankizumab), and Eli Lilly's Omvoh (mirikizumab).
TL1A (TNFSF15): Tumor necrosis factor ligand superfamily member 15 is a cytokine that promotes intestinal inflammation and fibrosis through multiple mechanisms, including T-cell activation and innate lymphoid cell stimulation. TL1A has emerged as a high-interest target with multiple Phase III programs underway, including Merck's tulisokibart, Sanofi/Teva's duvakitug, and Roche's afimkibart.
The bispecific approach aims to overcome the "efficacy ceiling" observed with single-target therapies in IBD. Despite multiple approved biologics, approximately 30-40% of IBD patients fail to achieve adequate disease control. In preclinical cell and animal studies, SIM0709 demonstrated superior synergistic efficacy compared to the combination of corresponding single-target monotherapies, suggesting the bispecific format may offer advantages beyond simply combining two mechanisms.
This represents Simcere's fifth international licensing agreement in recent weeks, with combined potential value around $4.6 billion across all deals.
Boehringer Ingelheim & CDR-Life — $570 Million Autoimmune B-Cell Depleter
Boehringer Ingelheim acquired a global, exclusive license to CDR-Life's CDR-111 for autoimmune diseases in a deal valued at up to CHF 456 million (~$570 million). The agreement includes CHF 38 million (~$48 million) in upfront and near-term payments plus CHF 418 million in development and commercial milestones, with tiered royalties on future sales.
| Element | Detail |
|---|---|
| Partner | CDR-Life (Zurich, Switzerland) |
| Asset | CDR-111 (trispecific M-gager antibody) |
| Targets | CD19, BCMA, and CD3 |
| Upfront + near-term | CHF 38 million (~$48 million) |
| Total potential | CHF 456 million (~$570 million) |
| Indications | Systemic lupus erythematosus, multiple sclerosis, certain arthritides |
The Science: CDR-111 is a trispecific M-gager antibody simultaneously targeting CD19, BCMA, and CD3—a differentiated approach to B-cell depletion. Unlike rituximab and ocrelizumab (both anti-CD20 monoclonal antibodies that rely on macrophages, NK cells, and complement for killing), CDR-111 redirects patients' own T cells to eliminate target B cells through direct cytotoxicity.
This mechanism offers key advantages over existing therapies:
CD20-negative cell coverage: Plasmablasts and plasma cells express CD19 but not CD20, escaping rituximab; BCMA targeting addresses mature plasma cells directly.
Improved tissue penetration: T cells naturally colocalize with B cells in lymphoid tissues and inflammatory sites (joints, kidneys), whereas anti-CD20 antibodies may struggle in tissues with limited macrophage/NK cell access.
Deeper depletion potential: Dual B-cell targeting reduces antigen escape risk.
Boehringer is pursuing CDR-111 in systemic lupus erythematosus, multiple sclerosis, and certain forms of arthritis, aiming for an "immune reset" that delivers durable disease modification. Zurich-based CDR-Life, which raised $76 million in Series A funding, already has a separate Boehringer partnership: CDR-202 (BI 771716) for geographic atrophy is in Phase 2 trials.
Gilead & Tubulis — $465 Million ADC Option Agreement
Gilead Sciences secured an exclusive option and license agreement with German ADC specialist Tubulis for a topoisomerase I inhibitor-based antibody-drug conjugate targeting an undisclosed solid tumor antigen.
| Element | Detail |
|---|---|
| Partner | Tubulis (Munich, Germany) |
| Upfront payment | $20 million |
| Option exercise fee | $30 million |
| Development/commercial milestones | Up to $415 million |
| Total potential | $465 million |
| Royalties | Mid-single to low double-digit tiered |
The Science: The collaboration grants Gilead access to Tubulis's proprietary Tubutecan platform, which combines novel P5 ethynylphosphonamidate conjugation chemistry with exatecan (a potent topoisomerase I inhibitor) as the payload. The P5 chemistry generates ultra-stable ADCs with a homogeneous drug-to-antibody ratio of 8, superior to conventional maleimide linkers. Critically, Tubutecan-based ADCs demonstrate fully stable linkers in serum—unlike approved TOP1 ADCs such as Enhertu and Trodelvy, which rapidly shed payload. Preclinical data show Tubutecan doubles tumor exatecan exposure while eliminating off-target liver accumulation.
Tubulis has now raised over $615 million across six funding rounds, including a $361 million Series C in October 2025. The Munich-based company has multiple clinical-stage assets: TUB-040 (NaPi2b-targeting for platinum-resistant ovarian cancer) received FDA Fast Track designation and presented encouraging Phase 1/2a data at ESMO 2025, while TUB-030 (5T4-targeting) dosed its first patient in January 2025. Bristol Myers Squibb's Tubulis-partnered candidate entered Phase 1 in May 2025 under a separate agreement worth over $1 billion in potential milestones.
Insilico Medicine & Qilu Pharmaceutical — $120 Million AI Drug Discovery
Announced January 27, Insilico Medicine and Qilu Pharmaceutical entered a collaboration focused on AI-developed small molecule inhibitors for cardiometabolic diseases.
| Element | Detail |
|---|---|
| Partner | Qilu Pharmaceutical |
| Total milestones | ~$120 million |
| Royalties | Tiered |
| Focus | Cardiometabolic small molecules |
| Platform | Insilico's Pharma.AI |
The Science: Insilico's Pharma.AI platform integrates generative chemistry, target discovery, and clinical trial prediction capabilities. The system uses deep learning models trained on molecular structures, biological activity data, and clinical outcomes to identify novel drug candidates and optimize lead compounds. For cardiometabolic targets, the platform can rapidly generate and screen virtual molecular libraries to identify compounds with desired binding profiles while predicting ADMET (absorption, distribution, metabolism, excretion, toxicity) properties early in the discovery process.
AI & Data Platform Collaborations
The week saw an unusual concentration of AI platform deals, with several transactions pointing to AI licensing as an emerging distinct asset class in biotech.
Eli Lilly TuneLab Platform Expansion
BigHat Biosciences (January 7, 2026): Eli Lilly expanded its collaboration with BigHat Biosciences to develop a generalizable antibody developability foundation model through Lilly TuneLab. Building on an April 2025 partnership that included a Lilly equity investment, the expansion leverages BigHat's Milliner platform—an integrated wet lab-ML system that designs, builds, and tests hundreds of recombinant antibodies weekly. Financial terms were not disclosed.
BigHat's contribution addresses a critical limitation: current antibody developability models struggle to generalize to novel sequences because they're trained on inconsistent datasets. Milliner will generate high-quality, diverse datasets suitable for training broadly applicable foundation models. BigHat, which has raised over $140 million from investors including a16z, Amgen Ventures, and Bristol Myers Squibb, plans to advance a next-gen ADC for GI cancers into clinical trials in 2026.
Revvity (January 9, 2026): Lilly partnered with Revvity to deliver TuneLab's AI models through the Signals Xynthetica platform as a Models-as-a-Service offering. The companies will jointly fund access for selected biotechs, including software licenses and modeling credits, lowering barriers for smaller organizations.
TuneLab provides access to 16 predictive ADMET models trained on proprietary data from experiments with hundreds of thousands of unique molecules—datasets Lilly estimates cost over $1 billion to generate. The partnership uses federated learning infrastructure (built on NVIDIA FLARE) that allows biotechs to fine-tune models and contribute diverse data without sharing proprietary information. Pre-registration opened for H1 2026 early access programs. As Lilly's global TuneLab head noted: "More biotechs using the models means more diverse training data"—creating a flywheel effect that improves models through broader adoption.
Noetik & GSK — $50 Million Virtual Cell License
GSK secured a 5-year, non-exclusive license to Noetik's OCTO-VC (Oncology Counterfactual Therapeutics Oracle) virtual cell models for $50 million upfront plus near-term milestones, with additional annual subscription fees. This represents a landmark "pure-play AI licensing deal"—a new asset class in biotech.
| Element | Detail |
|---|---|
| Partner | GSK |
| Upfront | $50 million |
| Structure | 5-year non-exclusive license + annual subscription |
| Technology | OCTO-VC virtual cell models |
| Therapeutic areas | Non-small cell lung cancer, colorectal cancer |
| Company funding | ~$62 million raised |
The Science: Noetik's foundation models are trained on billions of tokens derived from proprietary spatial omics data from thousands of cancer patients' tumor tissue. The models simulate gene expression, cell states, and tumor-immune interactions to answer questions like which patients will respond to immunotherapy based on specific cancer cell and fibroblast phenotypes. GSK gains access to models for non-small cell lung cancer and colorectal cancer, plus bespoke data generation in strategic areas. The San Francisco company, founded by ex-Recursion scientists, has raised approximately $62 million.
Bayer & Cradle — Generative AI Antibody Optimization
Bayer entered a 3-year strategic collaboration with Amsterdam-based Cradle to integrate generative AI into therapeutic antibody optimization. Financial terms were not disclosed.
The Science: Cradle's platform uses machine learning algorithms trained on experimental wet lab data to simultaneously optimize multiple properties—binding affinity, thermostability, and expression—in a single campaign. The company claims its approach can accelerate R&D by up to 12× while reducing costs by 90%. Bayer will deploy the platform to reduce optimization cycles and bring higher-quality molecules into clinical development faster. Cradle has raised over $100 million and counts 6 of the top 25 global pharma companies as customers.
Immunai & Bristol Myers Squibb — Clinical Immunotherapy Analysis
Bristol Myers Squibb partnered with Immunai to analyze clinical immunotherapy trial data using the AMICA-OS platform. Financial terms were not disclosed, but the agreement includes options to expand into additional programs based on initial success.
| Element | Detail |
|---|---|
| Partner | Bristol Myers Squibb |
| Platform | AMICA-OS (AI-powered operating system) |
| Dataset | AMICA (Annotated Multiomic Immune Cell Atlas) — ~40,000 patient samples, 800+ cell types, 500+ diseases |
| Applications | Immune-driven mechanisms of action, patient stratification, biomarker discovery, clinical decision-making |
| Immunai funding | ~$270 million raised to date |
| Employees | 190+ |
| Headquarters | New York City (with Tel Aviv operations) |
The Science: AMICA-OS integrates one of the world's largest single-cell immune datasets with AI models that link immune cell behavior to treatment response. The platform combines multiomics single-cell data with foundation models trained on the AMICA (Annotated Multiomic Immune Cell Atlas) dataset, which is doubling every year as Immunai collects samples from patients undergoing treatment for cancer, autoimmune, and inflammatory conditions.
In this collaboration, Immunai will process and analyze high-dimensional immune profiles from BMS clinical trials to help identify variations in patient responses and uncover immune-related biological patterns relevant to therapeutic development. The work is intended to deepen understanding of patient biology and variability in treatment outcomes, informing clinical decision-making during drug development.
"Understanding the immune system at the level required to guide clinical development remains one of the most complex challenges in drug development," said Noam Solomon, Ph.D., CEO of Immunai. "Through our collaboration with BMS, we will apply AMICA-OS to translate complex immune data into actionable insights that can support clinical decision-making and ultimately help advance better therapies for patients."
Strategic Context: The BMS partnership extends Immunai's ongoing efforts to scale its immune system modeling across both commercial and academic programs. The company has established partnerships with multiple major pharma companies: AstraZeneca (expanded to $85 million in September 2024), Teva (multi-year partnership announced November 2024), and Pfizer. Former Pfizer chief scientist Mikael Dolsten joined Immunai's board in March 2025 to support integration of AI-driven immunology in drug development.
HanchorBio & WuXi Biologics — Strategic Manufacturing Partnership
Announced January 26, Taiwan-based HanchorBio (TPEx: 7827) and WuXi Biologics (2269.HK) entered a strategic collaboration agreement for the development and manufacturing of multiple next-generation bi- and multi-functional fusion proteins from HanchorBio's pipeline.
| Element | Detail |
|---|---|
| Partner | WuXi Biologics (CRDMO) |
| Focus | Multi-functional fusion proteins |
| Therapeutic areas | Oncology, autoimmune diseases |
| Services | Cell line development, process/bioassay development, DP formulation, GMP manufacturing |
| Platform | HanchorBio's FBDB™ (Fc-Based Designer Biologics) |
The Science: HanchorBio's FBDB™ platform enables rational design of multi-functional fusion proteins that modulate both innate and adaptive immunity. These complex biologics require specialized manufacturing expertise due to their multi-domain architecture and the need for precise post-translational modifications. WuXi Biologics brings extensive experience in complex modalities—approximately 60% of its 945 active projects involve bi-/multi-specific antibodies, ADCs, and fusion proteins—along with proprietary platforms such as WuXia™ TrueSite (targeted integration CHO cell line development) and WuXiHigh™ (high-throughput formulation development).
The partnership reflects the broader trend of clinical-stage biotechs securing integrated CDMO relationships earlier in development to ensure manufacturing scalability and quality from early clinical stages through commercialization.
MS Pharma Group & Hetero Group — MENA Biosimilars Partnership
Announced January 26, MS Pharma Group and Hetero Biopharma entered a strategic partnership to localize five biosimilar products for the Algeria and broader MENA market, representing approximately $45 million in market value in Algeria alone.
| Biosimilar | Active Ingredient | Reference Product | Category |
|---|---|---|---|
| Rilast | Rituximab | Rituxan/MabThera (Roche) | Hematology/Immunology |
| Bevaas | Bevacizumab | Avastin (Roche) | Oncology |
| Pamera | Adalimumab | Humira (AbbVie) | Immunology |
| Traswel | Trastuzumab | Herceptin (Roche) | Oncology |
| Hufegra | Pegfilgrastim | Neulasta (Amgen) | Supportive care |
This marks Hetero's first local partnership in Algeria. MS Pharma will handle local registration, sales, and distribution, leveraging its established commercial infrastructure across North Africa and the Middle East.
Mergers & Acquisitions
Failed: Merck & Revolution Medicines — $28-32 Billion Talks Collapse
On January 25-26, reports confirmed Merck ended acquisition discussions with Revolution Medicines after failing to agree on valuation.
| Element | Detail |
|---|---|
| Proposed target | Revolution Medicines (NASDAQ: RVMD) |
| Discussed valuation | $28-32 billion |
| Lead asset | Daraxonrasib (RAS-targeting oral cancer drug) |
| Significance | Would have been largest biotech deal since Pfizer/Seagen ($43B) |
| Status | Talks paused; could restart or another suitor may emerge |
The collapse triggered approximately a 20% drop in Revolution's stock price. Merck had been pursuing the deal to address its looming Keytruda patent cliff in 2028.
Strategic Context: Keytruda generated approximately $31.6 billion in 2025 sales, representing roughly half of Merck's annual revenue. With patent expiration in 2028 and biosimilar competition expected shortly thereafter, Merck faces one of the industry's largest revenue replacement challenges. Revolution's lead asset daraxonrasib is a RAS(ON) multi-selective inhibitor targeting oncogenic RAS mutations, which drive approximately 25% of all human cancers but have historically been considered "undruggable" until recent advances in covalent inhibitor chemistry and allosteric binding strategies.
Completed and Announced Deals
| Acquirer | Target | Deal Value | Notes |
|---|---|---|---|
| Illumina | SomaLogic (proteomics assays) | $350M upfront + $75M earnouts; 2% royalty | Divestiture by Standard BioTools. Advisors: Goldman Sachs (Illumina), Centerview (Std BioTools) |
| Siegfried Holding | Noramco Group (APIs) | Undisclosed (EV/EBITDA <10×) | SK Capital exit. Advisors: Jefferies, RBC, Rothschild |
| Bridgefield Capital | Philips Emergency Care | Not disclosed | Relaunched as Heartstream. Advisor: Mintz (Philips legal) |
| Bridgepoint & Triton | Spire Healthcare (UK) | ~£1.2-1.5B (rumored) | Talks ongoing, early-stage. Advisor: Rothschild |
Illumina Acquires SomaLogic
Illumina's purchase of SomaLogic from Standard BioTools completed on January 30, bringing Illumina new proteomics assay capabilities. The deal closed for $350 million upfront cash plus $75 million in earnouts, and grants Illumina a 2% royalty stream on related kit sales.
The Science: SomaLogic's SomaScan platform uses modified DNA aptamers (SOMAmer reagents) to simultaneously measure thousands of proteins from small sample volumes. Unlike mass spectrometry-based proteomics, the aptamer approach enables high-throughput, standardized protein quantification across large clinical cohorts. The acquisition gives Illumina a multi-omics capability spanning genomics (DNA sequencing) and proteomics (protein measurement), enabling integrated biomarker discovery and companion diagnostic development.
Siegfried Acquires Noramco Group
Switzerland's Siegfried Holding agreed to acquire SK Capital's Noramco, Purisys, and Extractas drug-substance businesses. The assets include API manufacturing sites in Delaware, Georgia, and Tasmania, expanding Siegfried's U.S. footprint. The valuation was not disclosed but reported at less than 10× EBITDA, with the buyout debt-funded. SK Capital retains the Halo Pharma unit, focusing on finished-dose CDMO services.
Bridgefield Capital Completes Philips Emergency Care Acquisition
Bridgefield Capital completed the acquisition of Philips' Emergency Care division covering defibrillators and AEDs. The business has been relaunched as Heartstream via a new platform called Emergency Care Holdings under a multi-year Philips brand license. The deal, initially announced late 2025, closed by mid-January 2026.
Spire Healthcare Buyout Discussions
U.K. hospital operator Spire Healthcare confirmed it is in discussions with buyout firms Bridgepoint and Triton regarding a potential takeover. The talks are part of Spire's strategic review begun in 2025, with reports suggesting an offer up to £1.5 billion (about 13× EBITDA) is being considered. Spire emphasized that talks are preliminary with no certainty of an offer. Rothschild is advising Spire on its review.
Venture Financing & Fundraising
Cellares — $257 Million Series D
Cellares closed a $257 million Series D led by BlackRock and Eclipse on January 28, bringing total capital raised to $612 million.
| Element | Detail |
|---|---|
| Round | Series D |
| Amount | $257 million |
| Lead investors | BlackRock, Eclipse |
| Other investors | T. Rowe Price, Baillie Gifford, Duquesne Family Office, Intuitive Ventures, EDBI, Gates Frontier |
| Existing investors | DC Global Ventures, DFJ Growth, Willett Advisors |
| Total raised | $612 million |
| Use of proceeds | Complete facilities in US, Netherlands, Japan |
| Timeline | Clinical manufacturing H1 2026; commercial 2027; IPO targeted Q4 2027 |
The Science: Cellares has developed the Cell Shuttle platform, a fully automated, closed-system manufacturing platform for cell therapies including CAR-T cells. Traditional cell therapy manufacturing is labor-intensive, requiring highly trained technicians to perform multi-day processes in cleanroom environments. This manual approach limits throughput, introduces variability, and drives per-patient costs above $300,000 for commercial CAR-T therapies.
The Cell Shuttle automates the complete vein-to-vein cell therapy manufacturing workflow—from patient cell collection through genetic modification, expansion, formulation, and quality testing—within a single enclosed system. The Cell Q platform automates in-process and release testing for thousands of patients per year. Together, these systems deliver approximately 10-fold higher throughput and lower per-patient costs compared to conventional CDMO facilities of similar scale. The platform received FDA Advanced Manufacturing Technology (AMT) designation in 2025, which can enable expedited regulatory review.
Cellares has secured a $380 million global manufacturing agreement with Bristol Myers Squibb reserving commercial capacity in the US, Europe, and Japan for BMS's CAR-T therapies Abecma and Breyanzi.
Tenpoint Therapeutics — $235 Million Series B + Credit Facility
Announced January 28 alongside FDA approval of YUVEZZI for presbyopia, Tenpoint Therapeutics secured $235 million through a combined Series B round and Hercules Capital credit facility.
| Element | Detail |
|---|---|
| Equity | Series B ($85 million, led by Janus Henderson, EQT Nexus, Hillhouse) |
| Debt | Hercules Capital credit facility ($150 million) |
| Total | $235 million |
| Product | YUVEZZI (first-in-class presbyopia eye drop) |
| Launch | US Q2 2026 |
TRex Bio — $50 Million Series B Extension
TRex Bio extended its Series B by $50 million on January 27, bringing total capital raised to $134 million.
| Element | Detail |
|---|---|
| Round | Series B extension |
| Amount | $50 million |
| New investors | Janus Henderson Investors, Balyasny Asset Management L.P., Affinity Asset Advisors |
| Existing investors | Eli Lilly, Johnson & Johnson (JJDC), Pfizer Ventures, SV Health Investors, Delos Capital, Alexandria Venture Investments, Avego BioScience Capital, Agent Capital |
| Total raised | $134 million |
| Lead program | TRB-061 for atopic dermatitis (Phase 1a/b) |
| Pipeline | TRB-071, TRB-081 (Phase 1 expected 2027) |
The Science: TRB-061 is a purpose-engineered TNFR2 (tumor necrosis factor receptor 2) agonist designed to selectively activate regulatory T cells (Tregs) in inflammatory diseases affecting skin and other barrier tissues. TNFR2 is a co-stimulatory receptor preferentially expressed on the most suppressive Tregs in skin and gut. Unlike current autoimmune therapies that achieve disease control through generalized immune suppression, TRB-061 is designed to selectively agonize TNFR2, activating tissue-licensed Tregs to restore immune balance without broad immunosuppression.
In preclinical models, TRB-061 selectively activated TNFR2 signaling in Tregs without stimulating other immune cells including natural killer cells, effector T cells, or macrophages. This selective activity translated to potent expansion of effector Tregs in blood and tissue without unwanted immune activation. TRexBio's Deep Biology Platform identified TRB-061 through high-resolution transcriptomic mapping and ex vivo validation of TNFR2-driven Treg activity in atopic dermatitis lesions.
Clinical Status: The single ascending dose portion of the ongoing Phase 1a/b trial has been completed, with the multiple ascending dose portion now underway. Safety, pharmacokinetic, and pharmacodynamic data from healthy volunteers are anticipated in H1 2026. Following Phase 1a completion, TRexBio plans to initiate a Phase 1b proof-of-concept trial in patients with moderate-to-severe atopic dermatitis.
Market Opportunity: Atopic dermatitis affects up to 20% of children and 10% of adults, approximately 204 million people worldwide. Despite multiple approved biologics, more than half of patients discontinue current therapies within two years due to ineffectiveness and long-term side effects, highlighting significant unmet need for new mechanisms of action.
Partnerships: TRexBio has validated its platform through collaborations with major pharma: TRB-051 is currently in Phase 1 under a collaboration with Eli Lilly, and Johnson & Johnson exercised its option on a separate program earlier this year.
4DMedical — $100 Million+ Institutional Placement
Australian respiratory imaging company 4DMedical (ASX: 4DX) completed a US$100 million+ (AU$150 million) institutional placement on January 26, with new shares priced at A$3.80.
| Element | Detail |
|---|---|
| Amount | US$100M+ (AU$150M) |
| Structure | Institutional placement |
| Pro forma cash | US$130M+ (AU$200M+) |
| Lead product | CT:VQ™ (FDA-cleared lung imaging software) |
| Key adopters | Stanford, Cleveland Clinic, U Miami, UC San Diego Health |
The Science: 4DMedical's CT:VQ™ is an FDA-cleared SaaS platform that extracts ventilation and perfusion insights from standard CT imaging without requiring additional contrast agents or specialized scanning protocols. The software applies proprietary algorithms and AI to quantify regional lung function, supporting diagnosis and treatment planning for respiratory conditions including COPD, pulmonary embolism, and post-COVID lung damage. Within four months of FDA clearance, CT:VQ had been deployed at four elite U.S. academic medical centers.
The funding will accelerate U.S. commercial expansion, support R&D to extend the company's technology leadership in functional lung imaging, and strengthen partnerships including an existing collaboration with Philips.
Antheia — $24 Million Series C Second Close
Antheia, the advanced biosynthesis company, announced January 27 it raised an additional $24 million to complete its Series C financing. Combined with additional capital and U.S. government project agreements, the company has secured more than $175 million over the past year.
| Element | Detail |
|---|---|
| Round | Series C (second close) |
| Amount | $24 million |
| Lead investors | ATHOS KG, America's Frontier Fund |
| Other participants | Global Health Investment Corporation (GHIC), EDBI |
| Total raised (12 months) | >$175 million |
| Use of proceeds | U.S. manufacturing expansion, pipeline commercialization |
The Science: Antheia's biomanufacturing platform uses engineered microorganisms to produce pharmaceutical ingredients through fermentation rather than traditional chemical synthesis or plant extraction. The company's first commercial product is thebaine, the key starting material for naloxone (Narcan), oxycodone, and other opioids. Biosynthesis enables more sustainable, domestically produced ingredients that address supply chain vulnerabilities exposed during pandemic-era shortages. Antheia's pipeline includes 70+ biosynthetic pharmaceutical ingredients spanning seven therapeutic areas, with several programs including oripavine and scopolamine in pre-commercial development.
The investment aligns with U.S. government priorities to onshore critical pharmaceutical manufacturing, with America's Frontier Fund specifically backing companies that strengthen domestic industrial capacity and supply chain security.
New Healthcare Funds Launched
Bertelsmann Healthcare Investments — Bertelsmann Investments unveiled a new dedicated health-tech fund, consolidating its healthcare venture activities into BHI. The transatlantic fund has an initial size of $200 million and will back high-growth healthcare companies with technology-driven business models in Europe and the U.S. The move builds on Bertelsmann's existing healthcare businesses (Relias, Afya, Arvato with €1.5 billion in revenue) and several years of digital health investments. BHI's mandate is to leverage Bertelsmann's operational expertise and global network to scale innovative healthcare startups, with a focus on AI-enabled services, digital care delivery, and health data platforms. The fund is led by Managing Director Thorsten Wirkes and Partner Tim Schneider.
Epidarex Capital Fund IV — UK/US venture firm Epidarex Capital announced the first close of its fourth fund at more than $145 million, surpassing its previous fund's total. The British Business Bank anchored this fund with a £50 million commitment as cornerstone investor. Epidarex IV will finance early-stage therapeutics and medtech startups across the UK and U.S., targeting approximately 15 new companies. The fund will prioritize breakthrough science in oncology, cardiometabolic, autoimmune, and neurology, aiming to translate academic innovations into venture-stage companies.
IPO Activity
AgomAb Therapeutics — $212.5 Million Nasdaq Filing
Belgium-based immunology biotech AgomAb filed for a Nasdaq IPO on January 29, aiming to raise up to $212.5 million. AgomAb plans to sell approximately 12.5 million American Depositary Shares at $15–$17 each under ticker AGMB, which would value it around $828 million at the top end. Net proceeds at midpoint price are approximately $182 million, to be used to advance AgomAb's lead ALK5 inhibitor ontunisertib in fibrostenotic Crohn's disease entering Phase IIb and a second program (AGMB-447) in idiopathic pulmonary fibrosis. If underwriters exercise overallotment, AgomAb could raise an additional $30 million.
| Element | Detail |
|---|---|
| Amount | $212.5 million (12.5 million ADS at $15-17) |
| Valuation | Up to $828 million |
| Bookrunners | J.P. Morgan, Morgan Stanley, Leerink Partners, Van Lanschot Kempen |
| Listing | Nasdaq Global Market (AGMB) |
| Key backers | EQT Life Sciences, Fidelity, Pfizer, Sanofi, Invus |
| Prior funding | ~€300 million raised (incl. $89M Series D, Oct 2024) |
| CEO | Tim Knotnerus |
| CMO | Philippe Wiesel |
The Science — Ontunisertib (AGMB-129): Ontunisertib is an oral, gastrointestinal (GI)-restricted small molecule inhibitor of ALK5 (TGF-βR1), a key receptor in the transforming growth factor-beta signaling pathway that drives fibrotic tissue remodeling. The drug's GI-restricted design is central to its safety profile: rapid first-pass metabolism in the liver prevents clinically relevant systemic exposure, potentially avoiding the cardiovascular and other toxicities that have plagued systemically available TGF-β inhibitors.
STENOVA Phase 2a Trial Results (103 patients, November 2025):
| Endpoint | Ontunisertib 200mg BID | Ontunisertib 100mg QD | Placebo |
|---|---|---|---|
| Primary: Safety/tolerability | Met (AE incidence similar to placebo) | Met | — |
| Cardiac toxicity | None observed | None observed | — |
| Pro-inflammatory effects | None observed | None observed | — |
| Fibrotic pathway downregulation | Significant (p=0.0036) | Trend | — |
| Inflammatory pathway downregulation | Significant (p<0.0001) | Trend | — |
| Systemic exposure | Minimal (gut-restricted) | Minimal | — |
The trial achieved its primary endpoint of favorable safety and tolerability across both dose arms. Target engagement, measured through transcriptomics in mucosal biopsies at ileal stricture sites, showed significant downregulation of both fibrotic and inflammatory pathways in the high-dose cohort. Positive trends were observed across exploratory endpoints including Stricturing Patient-Reported Outcome (S-PRO) score and Simple Endoscopic Score of Crohn's Disease (SES-CD). Ontunisertib received FDA Fast Track Designation—the first drug to achieve this milestone in fibrostenotic Crohn's disease.
Market Opportunity: Approximately 46% of Crohn's disease patients develop fibrosis leading to stricture formation and intestinal obstruction, most frequently in the terminal ileum. Despite large unmet need, there are no approved pharmacological therapies for fibrostenotic Crohn's disease; current standard of care relies on anti-TNF biologics (infliximab, adalimumab) that address inflammation but not fibrosis. Many patients ultimately require endoscopic intervention or surgery. AgomAb's second program, AGMB-447, is an inhaled lung-restricted ALK5 inhibitor in Phase 1 for idiopathic pulmonary fibrosis.
Eikon Therapeutics — $273.5 Million Nasdaq Filing
On January 28, oncology biotech Eikon led by former Merck R&D head Roger Perlmutter disclosed IPO terms targeting $273.5 million gross proceeds. Eikon will offer approximately 17.65 million shares at $16-18 each, and has granted a standard 15% greenshoe of 2.65 million shares. If priced at the $18 cap and all overallotment shares sold, Eikon could raise up to $317.7 million, implying a valuation of up to $908 million. Proceeds will fund its four clinical-stage cancer programs, including a TLR7/8 agonist in Phase 2/3 trials with Keytruda and two PARP1 inhibitors licensed from China. Eikon's prior venture raises exceeded $1 billion cumulatively.
| Element | Detail |
|---|---|
| Amount | $273.5 million (up to $317.7 million with overallotment) |
| Shares | 17.65 million at $16-18 |
| Valuation | Up to $908 million |
| Bookrunners | J.P. Morgan, Morgan Stanley, BofA Securities, Cantor Fitzgerald, Mizuho |
| Listing | Nasdaq Global Market (EIKN) |
| Key backers | Lux Capital, Foresite Capital, The Column Group |
| Management | Roger Perlmutter, M.D., Ph.D. (CEO); Roy Baynes, M.D., Ph.D. (CMO) |
| Co-founders | Eric Betzig (Nobel Laureate), Xavier Darzacq, Luke Lavis, Robert Tjian |
The Science — EIK1001 (TLR7/8 Agonist): Eikon's lead asset, EIK1001, is a systemically administered dual agonist of Toll-like receptors 7 and 8 (TLR7/8). Unlike previous TLR7/8 programs that failed using local subcutaneous administration, EIK1001 is designed for systemic delivery to stimulate broad immune activation. The molecule activates myeloid and plasmacytoid dendritic cells, triggering both innate and adaptive immune responses through a pathway distinct from checkpoint inhibitor effects on PD-1/PD-L1. This dual activity is designed to enhance T-cell recognition and tumor killing when combined with checkpoint inhibitors.
| Trial | Phase | Indication | Status |
|---|---|---|---|
| TeLuRide-006 | Phase 2/3 | Advanced melanoma (with pembrolizumab) | Enrolling; 740-patient adaptive trial |
| TeLuRide-005 | Phase 2 | Stage 4 NSCLC (with pembrolizumab + chemo) | FDA end-of-Phase-2 meeting successful |
| EIK1003-001 | Phase 1 | Advanced solid tumors (selective PARP1 inhibitor) | Dose escalation ongoing |
| EIK1004-001 | Phase 1/2 | Solid tumors incl. brain metastases (CNS-penetrant PARP1 inhibitor) | First patient dosed |
| EIK1005 | Phase 1/2 | MSI-high tumors (WRN helicase inhibitor) | Initiated Q1 2026 |
The melanoma trial (TeLuRide-006) is a 740-patient global, randomized, double-blind study comparing EIK1001 + pembrolizumab vs placebo + pembrolizumab, with PFS and OS as co-primary endpoints. Interim analysis expected H2 2026. The company acquired EIK1001 from Seven and Eight Biopharmaceuticals in 2023 and subsequently licensed two selective PARP1 inhibitors from Impact Therapeutics (China).
Platform Differentiation: Eikon was founded around Nobel Prize-winning super-resolution microscopy technology developed by co-founder Eric Betzig, which enables visualization of real-time protein movement in living cells. The proprietary single-molecule tracking (SMT) platform has enabled internal discovery of EIK1005 (WRN helicase inhibitor for MSI-high tumors) and EIK1006 (next-generation androgen receptor antagonist for prostate cancer).
The Science: Eikon's platform uses super-resolution microscopy to visualize protein dynamics in living cells at the single-molecule level. This approach enables the company to observe how potential drug targets move and interact within cells, revealing aspects of biology invisible to conventional screening methods. The TLR7/8 agonist activates toll-like receptors on innate immune cells to enhance anti-tumor immune responses, while PARP1 inhibitors block DNA repair enzymes essential for cancer cell survival, particularly in tumors with BRCA mutations or other DNA repair deficiencies.
Veradermics — $213.6 Million NYSE Filing
Veradermics set IPO terms on January 28 seeking up to $213.6 million at $14-16 per share on NYSE under ticker MANE. The dermatology biotech is developing an oral extended-release minoxidil formulation (VDPHL01) for pattern hair loss currently in Phase 3.
| Element | Detail |
|---|---|
| Amount | $213.6 million (13.4 million shares at $14-16) |
| Valuation | Up to ~$534 million |
| Bookrunners | Jefferies, Leerink Partners, Citi, Cantor Fitzgerald |
| Listing | NYSE (MANE) |
| Expected pricing | February 3, 2026 |
| Co-founders | Reid Waldman, M.D., Tim Durso, M.D. (dermatologists) |
| Prior funding | $150 million Series C (October 2025) |
| Headquarters | New Haven, CT |
The Science: Minoxidil is an established vasodilator that promotes hair growth through mechanisms including increased blood flow to hair follicles and activation of potassium channels. While topical minoxidil is widely available, oral formulations at low doses have shown superior efficacy in hair regrowth studies. Veradermics' extended-release oral formulation aims to provide consistent plasma levels while minimizing cardiovascular side effects associated with the drug's vasodilatory properties.
Helix Acquisition Corp. III — $172.5 Million SPAC IPO
Cormorant Asset Management's third healthcare-focused SPAC closed its $172.5 million IPO on January 26 on Nasdaq under ticker HLXC.
| Element | Detail |
|---|---|
| Amount | $172.5 million (including full overallotment exercise) |
| Structure | 17.25 million Class A shares at $10.00 |
| Sponsor | Helix Holdings III LLC (Cormorant affiliate) |
| Management | Bihua Chen (CEO/Chair), Caleb Tripp (CFO/COO) |
| Bookrunners | Leerink Partners, Oppenheimer & Co. |
| Listing | Nasdaq Global Market (HLXC), began trading January 23, 2026 |
Track Record: Unlike most SPACs, Helix III did not offer units with warrants or rights attached. The SPAC follows two successful predecessor vehicles from the Cormorant team: Helix Acquisition (merged with MoonLake Immunotherapeutics in April 2022, shares +56% from $10 offer price) and Helix Acquisition II (merged with BridgeBio Oncology Therapeutics in August 2025, shares +13% from $10 offer price). Cormorant manages over $2.4 billion in assets and has backed more than 50 portfolio companies through IPO, including later-acquired biotechs Prometheus Biosciences and MyoKardia.
Focus: Helix III intends to target healthcare or healthcare-related industries, particularly biotech, medtech, and life sciences sectors. In its prospectus, the company noted that the "underlying pace of scientific innovation" combined with a challenging funding environment for private and public drugmakers has created a "unique and attractive" opportunity for SPAC combinations. A total of $172.5 million from the IPO and concurrent $4.975 million private placement was placed in trust.
SpyGlass Pharma — $150 Million Nasdaq Filing
SpyGlass Pharma set IPO terms on January 30 seeking $150 million by offering 9.4 million shares at $15-17 on Nasdaq Global Select Market under ticker SGP. The company is developing IOL-mounted drug delivery technology for glaucoma.
| Element | Detail |
|---|---|
| Amount | $150 million (9.4 million shares at $15-17) |
| Valuation | ~$549 million (fully diluted at midpoint) |
| Bookrunners | Jefferies, Leerink Partners, Citigroup, Stifel |
| Listing | Nasdaq Global Select Market (SGP) |
| CEO | Patrick Mooney (former Novartis ophthalmic leader) |
| CMO/Chair | Malik Y. Kahook, M.D. (co-founder, University of Colorado) |
| CFO | Jean-Frédéric Viret (ex-NGM Bio, Coherus) |
| Prior funding | $75 million Series D (Summer 2025); >$200 million total |
| Headquarters | Aliso Viejo, CA (relocating to Irvine) |
The Science — BIM-IOL System: SpyGlass's lead candidate consists of proprietary non-bioerodible drug pads attached to an intraocular lens (IOL) designed for implantation during routine cataract surgery. The system delivers sustained release of bimatoprost, an FDA-approved prostaglandin analog, for up to three years—eliminating daily eye drop adherence, one of the most persistent challenges in glaucoma management.
| Trial | Timepoint | Mean IOP Reduction | Drop-Free Patients | Visual Acuity (≥20/30) |
|---|---|---|---|---|
| First-in-Human | 24 months | 42% (25.1→14.5 mmHg, p<0.0001) | 100% | 100% |
| First-in-Human | 36 months | 37% (sustained across all doses) | 95% | 100% |
| Phase 1/2 (78 mcg) | 3 months | 37% | 98% (49/50) | 100% |
| Phase 1/2 (39 mcg) | 3 months | 36% | 96% (22/23) | 100% |
The Phase 1/2 control group receiving standard IOL plus twice-daily timolol drops achieved 37% IOP reduction, demonstrating BIM-IOL's comparable efficacy while eliminating medication burden. SpyGlass plans two registrational Phase 3 trials (~400 patients each) with first patients randomized in January 2026, pursuing a 505(b)(2) NDA pathway. The company also has a second program, BIM-DRS, a ring-shaped non-IOL-based implant for retreatment or patients who have already undergone cataract surgery.
Market Opportunity: Approximately 80 million Americans have glaucoma or ocular hypertension, with the U.S. addressable market estimated at ~$13 billion for patients undergoing cataract surgery. Two-thirds of the approximately 10,000 U.S. cataract surgeons do not routinely perform minimally invasive glaucoma surgery, representing a significant adoption opportunity. SpyGlass targets FDA approval and commercial launch by 2029.
Litigation Note: The company disclosed ongoing litigation with Glaukos Corporation, which sued a former Glaukos executive (now at SpyGlass) for alleged trade secret misappropriation. SpyGlass states it has "meritorious defenses" and intends to defend vigorously.
The Science: The SpyGlass platform integrates sustained drug-release technology directly onto intraocular lenses (IOLs) implanted during cataract surgery. For glaucoma patients who also require cataract surgery, this approach could provide continuous intraocular pressure-lowering medication delivery without the need for daily eye drops, addressing the significant adherence challenges that limit real-world glaucoma treatment effectiveness.
Regulatory Milestones & Clinical Developments
YUVEZZI FDA Approval — First Dual-Agent Presbyopia Therapy
The FDA approved YUVEZZI (carbachol 2.75%/brimonidine tartrate 0.1%) on January 28, making it the first dual-agent topical treatment for presbyopia. Developed by Tenpoint Therapeutics (formed through the merger with Visus Therapeutics), the preservative-free formulation offers up to 10 hours of near vision improvement with once-daily dosing.
The Science: The dual mechanism creates a sustained "pinhole effect": carbachol constricts the pupil while brimonidine blocks dilation and enhances carbachol bioavailability in the aqueous humor. Phase 3 trials demonstrated statistically significant superiority over each component alone—required for fixed-dose combination approval.
Key efficacy data from BRIO-I (182 patients, crossover design):
| Timepoint | YUVEZZI (≥3 lines improvement) | Brimonidine alone | Carbachol alone |
|---|---|---|---|
| 1 hour | 49.4% | 22.7% (P<0.01) | 35.0% (P<0.01) |
| 4 hours | 32.0% | 22.2% (P=0.02) | 21.6% (P=0.01) |
| 6 hours | 22.5% | 14.8% (P=0.04) | 13.7% (P<0.01) |
The 12-month BRIO-II safety study (over 72,000 treatment days—the longest for presbyopia drops) showed no treatment-related serious adverse events. Notably, YUVEZZI achieved an ocular hyperemia rate of just 2.8% versus 10.7% with carbachol alone, addressing a key tolerability concern with competing products.
Compared to Vuity (AbbVie's pilocarpine 1.25%, approved October 2021), YUVEZZI offers longer duration (10 hours vs. 6 hours), lower redness rates, and preservative-free formulation. Tenpoint plans a Q2 2026 commercial launch.
Semaglutide MASH Approval — EMA CHMP Positive Opinion
The EMA's Committee for Medicinal Products for Human Use issued a positive opinion on January 26-29 recommending conditional marketing authorization for Kayshild (semaglutide 2.4 mg once weekly) for treatment of non-cirrhotic MASH with liver fibrosis stages F2-F3. This makes semaglutide the first GLP-1 receptor agonist approved for MASH in the EU.
The approval is based on the ESSENCE Phase 3 trial (1,197 patients, 253 sites across 37 countries). Week 72 interim results from 800 patients demonstrated:
| Endpoint | Semaglutide | Placebo | Difference |
|---|---|---|---|
| MASH resolution without worsening fibrosis | 62.9% | 34.3% | 28.7 pp (P<0.001) |
| Fibrosis improvement without worsening MASH | 36.8% | 22.4% | 14.4 pp (P<0.001) |
| Both endpoints achieved | 32.7% | 16.1% | 16.5 pp (P<0.001) |
| Mean weight loss | -10.5% | -2.0% | -8.5 pp (P<0.001) |
Liver enzyme improvements included ~40% reductions in ALT and GGT versus placebo. Safety was consistent with prior semaglutide trials, with gastrointestinal events (nausea, diarrhea, constipation) most common.
The Science: Unlike resmetirom (Rezdiffra)—the first MASH therapy, approved by FDA in March 2024—semaglutide works indirectly through weight loss, improved insulin sensitivity, and reduced adipose tissue lipolysis. GLP-1 receptors are not expressed in the liver; effects on hepatic steatosis and fibrosis result from systemic metabolic improvements. This creates potential for combination therapy, as the mechanisms are complementary: resmetirom directly accelerates hepatic lipid disposal while semaglutide provides systemic metabolic correction.
The MASH treatment market is projected to reach $31+ billion by 2033, with approximately 17.5 million U.S. patients currently affected. Semaglutide's existing infrastructure (manufacturing, prescriber familiarity, payer coverage for obesity/diabetes) positions it for rapid uptake once EC approval is finalized, expected within approximately two months.
Anaphylm PDUFA — FDA Identifies Deficiencies
Aquestive Therapeutics' Anaphylm (dibutepinephrine) sublingual epinephrine film faced its January 31 PDUFA date under a cloud after the FDA notified the company on January 9 of unspecified deficiencies that "preclude discussion of labeling and post-marketing commitments."
The Science: The novel formulation uses Aquestive's PharmFilm technology to deliver dibutepinephrine—an epinephrine prodrug—through the sublingual mucosa. The credit card-thin film offers transformative advantages over auto-injectors: no needle, no device, room-temperature storage, and discreet administration.
Clinical data demonstrated compelling pharmacokinetics:
| Parameter | Anaphylm | EpiPen/Auvi-Q/Manual Injection |
|---|---|---|
| Tmax | 12 minutes | 20-50 minutes |
| Absorption variability (IQR) | 5.0 minutes | 15-32 minutes |
| Peak concentration (Cmax) | ~470 pg/mL | Equivalent |
| Symptom resolution onset | Within 2 minutes (oral challenge) | N/A |
The needle-free approach addresses a critical real-world problem: fear of injection is a primary reason patients fail to carry or use epinephrine during anaphylaxis. Aquestive has approximately $120 million in cash and plans submissions to Health Canada (H1 2026) and EMA (H2 2026), with the EMA confirming no additional clinical trials are required.
Novartis/Argo Biopharma — BW-20829 Phase 2b Initiated
On January 25, Argo Biopharma announced the first patient dosed in a global Phase 2b clinical trial sponsored by Novartis evaluating DII235 (also known as BW-20829), an siRNA therapeutic for adults with elevated lipoprotein(a) [Lp(a)] and atherosclerotic cardiovascular disease (ASCVD). The milestone triggered payments to Argo under its September 2025 licensing agreement with Novartis, which had a total potential value of up to $5.2 billion.
| Element | Detail |
|---|---|
| Asset | BW-20829 / DII235 (siRNA) |
| Target | Lipoprotein(a) [Lp(a)] |
| Indication | Elevated Lp(a) with ASCVD |
| Stage | Phase 2b (first patient dosed Jan 25, 2026) |
| Original deal | $160M upfront + up to $5.2B milestones (Sept 2025) |
| Developer | Argo Biopharma (Shanghai) |
| Trial | NCT07235046 |
The Science: BW-20829 is an siRNA therapeutic developed from Argo's proprietary RADS™ (RNA Activated Delivery System) platform, designed for hepatic delivery with potent, durable gene silencing. Elevated Lp(a) is an independent, genetically determined risk factor for cardiovascular disease that affects approximately 20% of the global population. Unlike LDL cholesterol, Lp(a) levels cannot be meaningfully reduced through diet, exercise, or statins, creating substantial unmet need.
siRNA therapeutics work by degrading messenger RNA encoding the apolipoprotein(a) component of Lp(a), thereby reducing hepatic synthesis. Several Lp(a)-lowering siRNAs are in development, including Novartis's own pelacarsen (antisense) in Phase 3 and Eli Lilly's lepodisiran (siRNA), which showed 94% Lp(a) reduction in Phase 2. The BW-20829 program represents Novartis's continued buildout of cardiovascular RNA therapeutics alongside its marketed LDL-lowering siRNA Leqvio (inclisiran).
This is the sixth asset in Argo's pipeline to enter mid-stage global clinical development, underscoring the company's emergence as a significant China-based siRNA developer with multiple programs partnered to global pharma.
Roche CT-388 — Phase II Obesity Data
Roche reported positive Phase II results for CT-388 on January 27, showing 22.5% placebo-adjusted weight loss at 48 weeks at the highest dose tested (24mg), without a weight loss plateau.
| Endpoint | Result |
|---|---|
| Placebo-adjusted weight loss (24mg) | 22.5% at 48 weeks (efficacy estimand) |
| Treatment regimen estimand | 18.3% weight loss |
| ≥5% weight loss (24mg) | 95.7% of patients |
| ≥10% weight loss | 87% of patients |
| ≥20% weight loss | 47.8% of patients |
| ≥30% weight loss | 26.1% of patients |
| Obesity resolution (BMI <30) | 54% vs 13% placebo |
| Discontinuation for adverse events | 5.9% |
The Science: CT-388 is a dual GLP-1/GIP receptor agonist acquired through Roche's $2.7 billion purchase of Carmot Therapeutics in 2023. Unlike tirzepatide (Zepbound), CT-388 was designed with minimal β-arrestin recruitment on either receptor. β-arrestin recruitment typically leads to receptor internalization and desensitization over time. By engineering "biased agonism" that activates G-protein signaling while minimizing β-arrestin recruitment, CT-388 may maintain prolonged pharmacological activity without receptor desensitization.
The Phase III program (ENITH-1 and ENITH-2) is expected to begin in Q1 2026. CT-388 is also being evaluated as a combination partner with petrelintide, Zealand Pharma's amylin analog, to potentially provide complementary weight loss mechanisms with improved gastrointestinal tolerability.
Strategic & Financial Updates
Gimv Exits Life Sciences Investing
Mid-market investment firm Gimv NV declared it will halt new investments in Life Sciences as of January 26. This strategic refocus means Gimv's Life Sciences platform, which historically backed European biotech and medtech startups, will no longer make new deals, though Gimv will continue to actively manage its 11 existing life sciences portfolio companies to exit. The pivot aligns with Gimv's plan to concentrate on its four core platforms (Consumer, Healthcare, Smart Industries, Sustainable Cities) and Anchor minority investments. Life Sciences now represents only approximately 5% of Gimv's portfolio value. The decision marks the end of an era for Gimv, which had decades of biotech investing history, and underscores the challenging exit environment for early-stage biotechs.
Essity Secures €400 Million EIB Loan
Global hygiene and health products maker Essity secured a €400 million loan from the European Investment Bank with a 7-year tenor. Announced January 29, the financing will support R&D and innovation across all Essity business areas, including development of sustainable materials and advanced hygiene and medical solutions. Essity noted that the funds will strengthen its technological capabilities and competitiveness while also contributing to environmental sustainability goals in product development.
Smaller Transactions & Commercial Updates
Pulsenmore & Clalit Health Services — $4.5 Million IVF Monitoring Agreement
Pulsenmore (NASDAQ/TASE: PLSM) announced January 26 an additional strategic commercial agreement with Clalit Health Services, Israel's largest HMO, to supply Pulsenmore FC for at-home follicular monitoring in women undergoing IVF and fertility preservation. The agreement is potentially valued at approximately $4.5 million over five years following an 18-month pilot.
| Element | Detail |
|---|---|
| Partner | Clalit Health Services (Israel's largest HMO) |
| Product | Pulsenmore FC (at-home follicular monitoring) |
| Value | ~$4.5 million over 5 years |
| Deployment | Via Beilinson NEXT virtual hospital |
The Science: Pulsenmore FC enables eligible fertility patients to perform follicular monitoring scans at home using a patient-operated ultrasound device with smartphone app guidance. Scan data are transmitted securely for remote interpretation by specialists, supporting monitoring of follicle development and endometrial thickness for accurate timing of trigger injections and egg retrieval. The system addresses the burden of frequent in-clinic transvaginal ultrasound scans during fertility treatment. Pulsenmore also supplies Clalit with Pulsenmore ES, its FDA De Novo-authorized home prenatal ultrasound solution, with a binding agreement for 25,000 units over five years signed in October 2024.
Mair Therapeutics & Radboud University — Parkinson's Disease Collaboration
Dutch biotech Mair Therapeutics announced January 26 a scientific collaboration with Radboud University to accelerate discovery of small-molecule agonists of TMEM175, a lysosomal ion channel genetically linked to Parkinson's disease.
| Element | Detail |
|---|---|
| Partner | Radboud University (Donders Centre for Neuroscience) |
| Target | TMEM175 (lysosomal ion channel) |
| Indication | Parkinson's disease |
| Stage | Discovery/preclinical |
| Backers | Torrey Pines Investment, Oost NL |
The Science: TMEM175 plays a key role in maintaining lysosomal homeostasis, essential for clearing misfolded proteins such as alpha-synuclein—a hallmark of Parkinson's pathology. Genetic studies have linked TMEM175 dysfunction to increased Parkinson's risk, while protective variants reduce disease susceptibility. Under the collaboration, Dr. Marijn Kuijpers' laboratory will assess Mair's TMEM175-targeting compounds in human neuron models derived from Parkinson's disease and healthy donor cells, evaluating lysosomal pH regulation and degradation capacity.
Implantica — €1.2 Million Italian Public Tender Wins
Implantica AG (Nasdaq First North: IMP A SDB) announced January 27 over €1.2 million in public healthcare funding from two new multi-year public tender approvals in Italy for RefluxStop®, its CE-marked implant for gastroesophageal reflux disease (GERD).
| Element | Detail |
|---|---|
| Product | RefluxStop® (GERD implant) |
| Value | >€1.2 million (multi-year) |
| Hospitals | Policlinico Paolo Giaccone (Palermo), Ospedale di Brunico (South Tyrol) |
| Market | Italy (~12 million adult GERD sufferers) |
The Science: RefluxStop® is a laparoscopic implant that treats acid reflux by restoring and maintaining the lower esophageal sphincter in its natural position without encircling the food passageway—a key differentiator from standard surgical approaches like Nissen fundoplication, which are associated with side effects including swallowing difficulties and inability to belch or vomit. Five-year clinical data published in Surgical Endoscopy showed 95% of patients did not require daily PPI medication and 95.5% were satisfied with outcomes. Implantica is pursuing FDA premarket approval for the U.S. market.
FuturHealth — Oral Wegovy Distribution Expansion
FuturHealth, a personalized health and weight-loss platform, announced January 26 expansion of its care options to include the newly FDA-approved Wegovy® pill (oral semaglutide).
| Element | Detail |
|---|---|
| Product | Wegovy® pill (oral semaglutide 25mg) |
| Program cost | $198/month |
| Inclusions | Prescription, medical support, Apple Fitness+ access |
| Optional | Customized GLP-1 meal program |
The Science: The oral Wegovy formulation was FDA-approved in December 2025 as the first GLP-1 receptor agonist pill for weight management. Clinical trials showed average weight loss of approximately 17% when combined with lifestyle changes. FuturHealth's $198/month program combines the prescription with ongoing medical support, addressing the convenience barrier that has limited some patients from injectable GLP-1 therapies. The platform has helped hundreds of thousands of members with weight management through its integrated approach combining medication with nutritional guidance.
IPO Banks & Advisors Summary
Bookrunner Overview by Deal
| Company | Exchange | Target Raise | Lead Bookrunner(s) | Additional Bookrunners |
|---|---|---|---|---|
| Eikon Therapeutics | Nasdaq (EIKN) | $273.5M ($317.7M w/ greenshoe) | J.P. Morgan, Morgan Stanley | BofA Securities, Cantor Fitzgerald, Mizuho |
| Veradermics | NYSE (MANE) | $213.6M | Jefferies | Leerink Partners, Citi, Cantor Fitzgerald |
| AgomAb Therapeutics | Nasdaq (AGMB) | $212.5M | J.P. Morgan, Morgan Stanley | Leerink Partners, Van Lanschot Kempen |
| Helix Acquisition III | Nasdaq (HLXC) | $172.5M (closed) | Leerink Partners | Oppenheimer & Co. |
| SpyGlass Pharma | Nasdaq (SGP) | $150M | Jefferies | Leerink Partners, Citigroup, Stifel |
Bookrunner League Table (January 25–31, 2026)
| Rank | Bank | # of Deals | Total Volume | Lead Role | Notes |
|---|---|---|---|---|---|
| 1 | Leerink Partners | 4 | $748.6M | 1 | Dominant healthcare franchise; on all non-SPAC deals + Helix III |
| 2 | J.P. Morgan | 2 | $486.0M | 2 | Lead on two largest offerings (Eikon, AgomAb) |
| 3 | Morgan Stanley | 2 | $486.0M | 2 | Joint lead with JPM on Eikon and AgomAb |
| 4 | Jefferies | 2 | $363.6M | 2 | Lead on specialty therapeutics (derm, ophtho) |
| 5 | Cantor Fitzgerald | 2 | $487.1M | 0 | Eikon and Veradermics |
| 6 | Citi/Citigroup | 2 | $363.6M | 0 | Veradermics and SpyGlass |
| 7 | BofA Securities | 1 | $273.5M | 0 | Eikon only |
| 8 | Mizuho | 1 | $273.5M | 0 | Eikon only |
| 9 | Van Lanschot Kempen | 1 | $212.5M | 0 | AgomAb (European investor access) |
| 10 | Stifel | 1 | $150.0M | 0 | SpyGlass only |
| 11 | Oppenheimer & Co. | 1 | $172.5M | 0 | Helix III SPAC |
Key Investors by Deal
| Company | Lead/Anchor Investors | Strategic Investors | Prior Funding |
|---|---|---|---|
| Eikon Therapeutics | Lux Capital, Foresite Capital, The Column Group | — | >$1.1B (incl. $350.7M Series D, Feb 2025) |
| AgomAb Therapeutics | EQT Life Sciences, Fidelity, Invus | Pfizer, Sanofi | ~€300M (incl. $89M Series D, Oct 2024) |
| Veradermics | Undisclosed Series C leads | — | $150M Series C (Oct 2025) |
| Helix Acquisition III | Cormorant Asset Management (sponsor) | — | $172.5M IPO + $4.975M PIPE |
| SpyGlass Pharma | Undisclosed Series D leads | — | >$200M total (incl. $75M Series D, Summer 2025) |
Notable Patterns
- Leerink Partners appears as bookrunner on 4 of 5 offerings, reflecting the firm's dominant healthcare franchise
- J.P. Morgan and Morgan Stanley lead jointly on the two largest offerings (Eikon at $274M, AgomAb at $213M)
- Jefferies leads on both specialty therapeutics plays (Veradermics dermatology, SpyGlass ophthalmology)
- Van Lanschot Kempen's presence on AgomAb reflects the company's Belgian domicile and European investor base
- Cantor Fitzgerald appears on both bulge-bracket and mid-market deals (Eikon, Veradermics)
- Combined target proceeds: ~$1.02 billion across five offerings
Legal Counsel (where disclosed)
| Company | Company Counsel | Underwriter Counsel |
|---|---|---|
| Eikon Therapeutics | Cooley LLP | Davis Polk & Wardwell LLP |
| AgomAb Therapeutics | Goodwin Procter LLP | Latham & Watkins LLP |
| SpyGlass Pharma | Cooley LLP | Latham & Watkins LLP |
| Helix Acquisition III | Kirkland & Ellis LLP | Skadden, Arps, Slate, Meagher & Flom LLP |
Transaction Summary
| Category | Announced Value | Key Deals |
|---|---|---|
| Licensing & Partnerships | $27+ billion | AstraZeneca/CSPC ($18.5B), Lilly/Seamless ($1.12B), Lilly/Repertoire ($1.93B), Boehringer/Simcere ($1.26B), Boehringer/CDR-Life ($570M), Gilead/Tubulis ($465M), Insilico/Qilu ($120M), Noetik/GSK ($50M+), HanchorBio/WuXi Biologics |
| AI Platform Collaborations | $50M+ disclosed | Noetik/GSK ($50M), Lilly TuneLab/BigHat, Lilly TuneLab/Revvity, Bayer/Cradle, Immunai/BMS |
| Clinical Milestones | $5.2B deal trigger | Novartis/Argo BW-20829 Phase 2b initiated |
| Failed M&A | $28-32 billion (proposed) | Merck/Revolution Medicines |
| Completed M&A | $425M+ disclosed | Illumina/SomaLogic ($350M+), Siegfried/Noramco, Philips Emergency Care |
| Pending M&A | ~£1.2-1.5B (rumored) | Spire Healthcare |
| Venture Financing | $1,011+ million | Cellares ($257M), Tenpoint ($235M), BHI ($200M), Epidarex ($145M), 4DMedical ($100M+), TRex ($50M), Antheia ($24M) |
| IPOs | ~$1,022 million (targeted) | Eikon ($273.5M), Veradermics ($213.6M), AgomAb ($212.5M), Helix III ($172.5M), SpyGlass ($150M) |
| Smaller Deals | ~$7M+ | Pulsenmore/Clalit ($4.5M), Implantica Italy tenders (€1.2M), Mair/Radboud (Parkinson's), FuturHealth/Wegovy |
Analysis & Outlook
January 2026's final week reveals three dominant themes reshaping biotech dealmaking.
AI Platform Licensing Emerges as Distinct Asset Class. Noetik's $50 million GSK deal represents the first substantial pure-play AI licensing arrangement in biotech—a landmark transaction where the asset being licensed is neither a molecule nor a manufacturing capability but a computational model. Lilly's TuneLab partnerships with BigHat and Revvity demonstrate how federated learning can create value-generating ecosystems rather than one-off transactions. The $1 billion in data generation costs underlying TuneLab's 16 ADMET models suggests that AI capabilities built on proprietary experimental datasets may command increasingly significant valuations as the industry recognizes that "more users = better models" creates sustainable competitive advantages.
Next-Generation Antibody Technologies Command Premium Valuations. Tubulis's stable linker chemistry addresses known limitations of approved ADCs (premature payload release affecting both efficacy and safety), while CDR-Life's trispecific approach to B-cell depletion offers mechanistic advantages over established anti-CD20 therapies—both commanding multi-hundred-million-dollar deals at preclinical or early clinical stages. The week's bispecific and multispecific deals (Boehringer/Simcere, HanchorBio/WuXi) reflect continued industry conviction that complex modalities can overcome single-target efficacy ceilings.
Regulatory Milestones in MASH and Ophthalmology Signal Maturing Therapeutic Categories. Semaglutide's CHMP positive opinion positions the first GLP-1 agonist to compete with resmetirom in a MASH market projected to exceed $30 billion, while complementary mechanisms create potential for combination therapy. YUVEZZI's dual-agent approach addresses first-generation presbyopia drops' tolerability (2.8% vs 10.7% hyperemia) and duration (10 hours vs 6 hours) limitations, setting a new standard. The Anaphylm situation bears watching: a needle-free epinephrine alternative with superior pharmacokinetics (12-minute Tmax vs 20-50 minutes for auto-injectors) would address longstanding real-world barriers to anaphylaxis treatment, but FDA's deficiency notification introduces uncertainty despite strong clinical data.
Deal structures continue to feature substantial milestone-based payouts and earnouts, reflecting an environment where buyers seek to share risk while still committing significant capital to promising science. The concentration of licensing activity in China-sourced assets—with AstraZeneca, Boehringer, Novartis/Argo, Gilead/Tubulis (German, but illustrating global reach), and others all announcing major deals with international biotechs—reflects the industry's continued globalization of drug discovery.
Investors are raising new capital pools through vehicles like BHI and Epidarex even as long-time players like Gimv retrench, indicating healthy churn of capital into new hands. The week also saw significant late-stage financing activity with 4DMedical's $100M+ raise for respiratory imaging commercialization and Antheia's Series C completion for biosynthesis-based pharmaceutical manufacturing—both reflecting investor appetite for companies addressing healthcare infrastructure and supply chain challenges beyond traditional drug development.
The IPO pipeline shows continued momentum with multiple biotechs testing public markets, though offerings remain concentrated in companies with Phase II/III assets and clear paths to commercial value. With deal structures emphasizing milestone-based payouts, platform technologies attracting premium valuations, and AI capabilities emerging as licensable assets in their own right, 2026 biotech dealmaking reflects both strategic urgency from large pharma facing patent cliffs and renewed investor confidence in therapeutic innovation.
All information in this report was accurate as of the research date and is derived from publicly available sources including company press releases, SEC filings, regulatory announcements, and financial news reporting. Information may have changed since publication. This content is for informational purposes only and does not constitute investment, legal, or financial advice.
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