The Weekly Term Sheet (2026-W05)

The first week of February 2026 delivered an active transaction period. Four IPOs collectively raised $987 million — the busiest single week for biotech public offerings in roughly twelve months. Alongside the IPO burst, more than a dozen M&A transactions were announced or closed, several high-value cross-border licensing agreements were executed, and private financings continued at a robust pace. A fifth IPO filing (Generate:Biomedicines) added to the momentum. Total disclosed deal value for the week exceeded $5 billion.

Geographically, activity spanned North America, Europe, Asia-Pacific, and the Middle East. Asia-origin assets featured prominently in licensing, with both Eisai–Henlius and Genentech–SanegeneBio underscoring the continued westward flow of Chinese innovation. Private equity sponsors (Carlyle, OMERS, Ares, TPG, Trive Capital) drove consolidation in healthcare services and medtech.

Royalty financing structures were notably absent from the week's new transactions — a brief pause following a record-setting 2025 in which the royalty funding market reached $10 billion in aggregate deal value, powered by synthetic royalty structures and development funding agreements from Royalty Pharma, Blackstone Life Sciences, and Healthcare Royalty Partners (HCRx, in which KKR acquired a majority stake in mid-2025).

Mergers & Acquisitions

Medtech & Diagnostics

Resonetics → Resolution Medical — undisclosed (PE-sponsored, announced February 2026)

Resonetics, backed by Carlyle Group, GTCR, and Arcline Industries, agreed to acquire Resolution Medical, a manufacturer of complex Class II and Class III medical devices specializing in neuromodulation and structural heart. Resolution Medical brings approximately 240 employees, including more than 100 engineers, along with end-to-end design, prototyping, and cleanroom production capabilities.

The combined entity will be positioned as a comprehensive development and high-volume manufacturing partner for the interventional cardiology and neuromodulation device markets, consolidating contract design and manufacturing capabilities under a single PE-backed platform at a time when medtech OEMs are increasingly outsourcing complex manufacturing to specialist partners. Financial terms were not disclosed. Advisors: Piper Sandler & Co. (financial advisor to Resolution Medical); Bass, Berry & Sims PLC and Fredrikson & Byron P.A. (legal counsel to Resolution Medical); Nelson Mullins Riley & Scarborough (legal counsel to Resonetics).

Nuwellis → RendiaTech — undisclosed (announced week of February 3, 2026)

Nuwellis (NASDAQ: NUWE), a fluid management device company, announced plans to acquire RendiaTech, a developer of a real-time kidney monitoring system. The acquisition was disclosed via 8-K filing with the SEC during the week of February 3. This tuck-in deal expands Nuwellis from its core ultrafiltration therapy platform into critical care diagnostics, adding an automated urine output monitor designed to detect early renal stress in intensive care settings. The combination reflects a broader trend toward integrating real-time monitoring with therapeutic intervention in critical care nephrology.

Digital Health & Healthcare Services

Sword Health → Kaia Health — $285 million (announced February 2026)

Sword Health, a virtual musculoskeletal (MSK) care provider, acquired Kaia Health for $285 million. The transaction was financed by existing investors including General Catalyst, Khosla Ventures, Transformation Capital, and Founders Fund.

Sword gains Kaia's AI-driven at-home musculoskeletal and pulmonary rehabilitation programs and, critically, Kaia's access to Germany's reimbursed Digital Health Applications (DiGA) pathway — Germany's pioneering regulatory framework that allows digital therapeutics to be prescribed and reimbursed through statutory health insurance. The DiGA pathway represents one of the world's first scalable reimbursement models for prescription digital therapeutics and gives Sword an immediate commercial foothold in continental Europe.

Sword will migrate Kaia's U.S. members onto its proprietary "AI Care" platform, unifying the combined 70 million-plus covered lives across the United States and European Union. The deal blends automated coaching with clinician oversight across a unified AI-enabled remote services platform, creating one of the largest virtual MSK care providers globally. Financing supporters: General Catalyst, Khosla Ventures, Founders Fund, Transformation Capital.

Premise Health (OMERS/Ares) ↔ Crossover Health (Gurnet Point Capital) — undisclosed (merger, announced February 2026)

Premise Health, a portfolio company of OMERS Private Equity and Ares Management, agreed to merge with Crossover Health, backed by Gurnet Point Capital. The combined entity will operate approximately 900 on-site, near-site, and virtual primary care centers serving over 400 employers across the United States. The merger integrates Premise's pharmacy services, virtual chronic care management, and occupational health capabilities with Crossover's advanced primary care model, care navigation platform, and employer-based health engagement infrastructure.

The strategic rationale centers on creating a scaled, team-based, value-driven primary care delivery platform capable of reducing employer healthcare costs while improving access and outcomes. Financial terms were not disclosed.

Spring Health → Alma — undisclosed (PE-sponsored, announced February 2026)

Spring Health, an AI-driven precision mental health benefits platform, announced it will acquire Alma, a nationwide network and practice management platform for therapy providers.

The combination unites Spring's employer-facing mental health benefits platform — which uses proprietary algorithms to match employees with optimal treatment modalities and providers — with Alma's clinician-facing infrastructure, including its provider credentialing network, insurance panel integrations, and practice management tools. The companies describe the combined entity as an "AI-enabled lifelong mental health" solution designed to expand in-network mental health care access at a time when therapist supply shortages and insurance credentialing bottlenecks remain among the most significant barriers to behavioral health access in the United States.

Advisors: J.P. Morgan Securities LLC (exclusive financial advisor to Spring Health); Cooley LLP (legal counsel to Spring Health); MTS Health Partners, L.P. (exclusive financial advisor to Alma); Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP (legal counsel to Alma). Financial backers: Generation Investment Management, Tiger Global, Thoma Bravo, Kinnevik, Cigna Ventures, Optum Ventures.

NOCD → Rebound Health — undisclosed (announced February 2026)

NOCD, a virtual OCD treatment platform, acquired Rebound Health, a PTSD-focused virtual therapy provider. NOCD, which employs a large base of licensed therapists and has delivered over one million OCD therapy sessions annually through its evidence-based Exposure and Response Prevention (ERP) protocol, will leverage its AI-powered clinical infrastructure (the "Noto" platform) to scale Rebound's trauma therapy services across the United States. The acquisition extends NOCD's clinical model from OCD into adjacent anxiety and trauma-related disorders.

Kodiak Solutions (TPG Capital) → BESLER — undisclosed (announced February 2026)

Kodiak Solutions, a TPG Capital portfolio company specializing in hospital financial operations technology, acquired BESLER, a provider of revenue recovery software and DRG (Diagnosis-Related Group) underpayment analytics for hospitals. The acquisition adds BESLER's reimbursement consulting capabilities and automated billing analytics onto Kodiak's hospital finance platform, targeting hospital CFO workflow automation, underpayment identification, and revenue cycle optimization. Advisors: Brentwood Capital Advisors (exclusive financial advisor to BESLER); Day Pitney LLP (legal counsel to BESLER).

Premier Radiology ↔ NRAD (National Radiology Solutions) — undisclosed (merger, announced February 2026)

Premier Radiology agreed to merge with NRAD to form a nationwide teleradiology network. The transaction consolidates two established players in remote radiology interpretation services. Terms were not disclosed.

Choice Health at Home (Trive Capital) → Cy-Fair Health Care + Alliant Hospice — undisclosed (announced February 2026)

Choice Health at Home, backed by Trive Capital, continued its home health roll-up strategy by acquiring Cy-Fair Health Care and Alliant Hospice, expanding its footprint across the Southwest. Terms were not disclosed.

Biotech M&A

PrimeGen US → public via DT Cloud Star SPAC (NASDAQ: DTSQ) — $1.5 billion enterprise value (announced February 4, 2026)

PrimeGen, a U.S.-based cell-therapy biotech specializing in stem cell-derived therapies, agreed to merge with DT Cloud Star Acquisition Corp. (NASDAQ: DTSQ) in a SPAC transaction valuing PrimeGen at $1.5 billion enterprise value. The definitive agreement was filed via 8-K with the SEC on February 4, 2026, and the transaction is expected to close in H2 2026. PrimeGen represents the continued use of alternative public-market pathways in biotech, even as the traditional IPO window has reopened.

Tempest Therapeutics → Factor Bioscience CAR-T assets — undisclosed (all-stock, closed February 4, 2026)

Tempest Therapeutics closed its previously announced all-stock acquisition of Factor Bioscience's CAR-T cell therapy portfolio on February 4, 2026. The acquired assets include TPST-2003, a dual-targeting CD19/BCMA chimeric antigen receptor T-cell therapy currently in a Phase 1 clinical trial, along with additional preclinical CAR-T programs. Factor Bioscience received Tempest equity as consideration and will fund Chinese development of the acquired programs, extending Tempest's cash runway into 2027. The transaction transforms Tempest's pipeline by adding cell therapy assets to its existing oncology portfolio. Advisors: MTS Health Partners (financial advisor and fairness opinion to Tempest); Cooley LLP (legal counsel to Tempest).

Licensing & Partnerships

Cross-Border Licensing

Eisai ↔ Henlius (China) — Serplulimab (anti-PD-1 mAb) for Japan — total deal value approximately $388 million (announced February 2026)

Eisai Co., Ltd. (TSE: 4523) licensed exclusive Japanese commercial rights to Shanghai Henlius Biotech's serplulimab, a novel anti-PD-1 monoclonal antibody marketed as HANSIZHUANG in China and Hetronifly® in the European Union. The transaction marks the first entry of a China-developed PD-1 checkpoint inhibitor into the Japanese market.

Financial terms include a $75 million upfront payment (approximately ¥11.6 billion), up to $80.01 million in regulatory milestones, up to $233.3 million in sales-based milestones, and double-digit percentage royalties on net sales in Japan. Under the deal structure, Eisai holds exclusive commercialization rights in Japan while Henlius retains responsibility as Marketing Authorization Holder with co-exclusive development and manufacturing rights.

Serplulimab is reported to possess a unique binding epitope on PD-1 that is distinct from existing approved anti-PD-1 agents (pembrolizumab, nivolumab, cemiplimab). In China, Henlius holds regulatory approvals across four oncology indications: squamous non-small cell lung cancer (sqNSCLC), extensive-stage small cell lung cancer (ES-SCLC), non-squamous NSCLC (nsNSCLC), and esophageal squamous cell carcinoma (ESCC). In the European Union, serplulimab is approved for ES-SCLC, making it the first anti-PD-1 antibody globally authorized as a first-line treatment for this aggressive malignancy, where median overall survival remains below 13 months with existing regimens. Henlius reported H1 2025 China sales of approximately ¥0.6 billion for the product and has out-licensed serplulimab in over 100 countries worldwide.

In Japan, Henlius is conducting a Phase II bridging study for ES-SCLC, with regulatory submission targeted for Eisai's fiscal year 2026 based on bridging pharmacokinetic and safety data combined with the pivotal Phase III datasets that supported the Chinese and European approvals. A Phase III multinational clinical trial for non-MSI-High (microsatellite-stable) metastatic colorectal cancer is also underway, and Henlius plans to conduct a perioperative gastric cancer study in Japan. The estimated addressable patient population in Japan includes approximately 13,000 ES-SCLC patients and 28,000 non-MSI-High mCRC patients, both representing areas of significant unmet medical need.

Genentech (Roche) ↔ SanegeneBio (USA/China) — undisclosed RNAi therapeutic — $200 million upfront, up to $1.7 billion total (announced February 2, 2026)

SanegeneBio granted Genentech (a member of the Roche Group) exclusive worldwide rights to one of its proprietary siRNA programs under a global licensing collaboration announced February 2, 2026. SanegeneBio will handle early-stage development, while Genentech will lead all subsequent clinical development and worldwide commercialization.

Financial terms comprise a $200 million upfront payment plus up to $1.5 billion in development and commercialization milestone payments and tiered royalties on net sales, for a total potential deal value of approximately $1.7 billion. The specific molecular target and therapeutic indication covered by the licensed program were not publicly disclosed.

SanegeneBio's proprietary RNAi platform — branded LEAD™ (tissue-selective RNAi delivery technology) — incorporates novel nucleic acid chemistries and GalNAc (N-acetylgalactosamine)-conjugated siRNA delivery systems designed to enable durable gene silencing with infrequent subcutaneous dosing (as few as twice per year). The platform is engineered to expand RNA interference therapeutics beyond traditional hepatocyte-targeted applications into broader tissue types.

SanegeneBio's broader clinical pipeline encompasses approximately 20 programs across multiple therapeutic areas. Lead clinical-stage assets include SGB-3908, targeting angiotensinogen (AGT) for hypertension, which is in Phase I with preliminary data presented at the American Heart Association (AHA) Scientific Sessions 2025 showing sustained AGT inhibition and antihypertensive effects; and SGB-7342, targeting Inhibin Beta E (INHBE) for obesity via hepatocyte gene silencing to reduce Activin E signaling in lipid metabolism, which entered Phase I in January 2026. Additional programs are advancing in autoimmune nephropathies and cardiometabolic indications, with five candidates in the clinic to date.

The Genentech deal represents Genentech's fourth licensing agreement with a China-based drug developer since October 2025, reflecting a systematic effort to in-license differentiated clinical assets from Chinese biotech companies. For SanegeneBio, the transaction follows its $1.2 billion RNAi research and licensing agreement with Eli Lilly announced in November 2025 — meaning the company has secured approximately $2.9 billion in total potential deal value from two Big Pharma partners within a span of roughly three months. SanegeneBio closed a $110 million Series B financing in December 2025. Founded in 2021 by a team of RNAi veterans, the company operates R&D facilities in Boston, Shanghai, and Suzhou, exemplifying the distributed R&D model now standard for Chinese-origin platform companies seeking global partnerships.

AdvanCell (Australia) ↔ 48Hour Discovery (Canada) — Lead-212 radiotherapeutic for GI cancer — undisclosed (announced February 2026)

AdvanCell Isotopes, an Australian radiopharmaceutical company, entered a collaboration and exclusive licensing agreement with 48Hour Discovery, a Canadian peptide discovery company, to develop a novel peptide-targeted Lead-212 (²¹²Pb) alpha-emitting radiotherapeutic for gastrointestinal cancer. AdvanCell obtained exclusive worldwide development and commercialization rights, leveraging 48Hour's peptide discovery platform alongside its own proprietary lead-212 radioisotope supply and conjugation technology.

The partnership aims to advance a candidate into Phase 1 clinical trials by 2027, expanding AdvanCell's radioligand therapy portfolio following positive Phase 1b results for its lead prostate cancer radiotherapy program. The deal reflects the broader industry acceleration into targeted alpha-emitting radiopharmaceuticals following the commercial success of Novartis's Pluvicto (lutetium-177 PSMA-617).

Strategic Collaborations & R&D Partnerships

InterAx Biotech (Switzerland) ↔ Alveus Therapeutics (USA) — GPCR drug discovery for metabolic disease (announced February 5, 2026)

InterAx Biotech, a Swiss computational pharmacology company, and Alveus Therapeutics, a U.S.-based drug discovery company, announced a strategic research and licensing agreement on February 5, 2026, combining InterAx's computational GPCR (G protein-coupled receptor) pharmacology platform with Alveus's therapeutic candidates targeting metabolic disease. The deal grants InterAx certain licensing rights to advance differentiated GPCR-targeted therapeutic candidates. Specific financial terms were not disclosed.

Breckenridge Pharmaceutical (Towa) ↔ Medichem (Spain) — generic injectable portfolio (announced February 2026)

Breckenridge Pharmaceutical, the U.S. generics subsidiary of Japan's Towa Pharmaceutical Co., Ltd. (TSE: 4553), formed a strategic collaboration with Medichem S.A. of Spain to co-develop and supply a portfolio of injectable hospital drugs covering anesthesia and critical care. Medichem will manufacture sterile injectables at its new fill-finish facility in Asturias, Spain, while Breckenridge will market the products in the United States.

No upfront payment was reported, suggesting a profit-sharing or supply-based economic arrangement. The partnership highlights the growing role of European CDMO collaborations in strengthening generic drug pipelines for acute-care hospital settings.

IPOs & Public Offerings

Four biotech IPOs priced during the week of January 31 – February 7, 2026, collectively raising $987 million — the busiest single week for biotech offerings in approximately 12 months. All four priced at or above their marketed ranges, a strong indicator that institutional and generalist investors are re-engaging with biotech equity risk. A fifth company, Generate:Biomedicines, filed its S-1 during the same week.

Eikon Therapeutics — $381 million IPO (NASDAQ: EIKN, priced February 4, 2026)

Eikon Therapeutics, a Millbrae, California-based oncology company, netted $381 million in 2026's largest biotech IPO, pricing approximately 21.15 million shares at $18 each — above the marketed range. The company is led by CEO Roger Perlmutter, M.D., Ph.D., the former President of Merck Research Laboratories, with Roy Baynes, M.D., Ph.D. (also formerly of Merck) serving as Chief Medical Officer. Shares rose on debut.

Eikon's lead asset, EIK1001, is an intravenously administered small-molecule dual TLR 7/8 (Toll-like receptor 7 and 8) agonist licensed from Seven and Eight Biopharmaceuticals in 2023. The compound represents a mechanistic departure from prior TLR agonist approaches that failed clinically using local or subcutaneous administration. EIK1001 is administered systemically and targets both plasmacytoid and myeloid dendritic cells to activate innate and adaptive immune pathways, with the goal of complementing PD-1 checkpoint inhibitors by broadening immune activation and overcoming primary and acquired resistance.

In the Phase 2 TeLuRide-005 study (NCT06246110), EIK1001 in combination with pembrolizumab (Keytruda®, Merck) and platinum-doublet chemotherapy as first-line therapy in patients with stage IV non-small cell lung cancer (NSCLC) demonstrated a 64% overall response rate (ORR) in 50 evaluable patients — including 75% ORR in squamous histology and 59% in non-squamous histology — with no dose-limiting toxicities observed.

A successful end-of-Phase-2 meeting with the FDA was completed in 2025. EIK1001 is now in a seamless Phase 2/3 registrational trial (TeLuRide-006, NCT06697301) in advanced melanoma in combination with pembrolizumab, with the first interim analysis expected in H2 2026. A global Phase 2/3 NSCLC study is expected to begin dosing in H2 2026.

The broader pipeline includes EIK1003 (PARP inhibitor, Phase 1/2), EIK1004 (PARP, early clinical), and EIK1005 (WRN helicase inhibitor, early clinical). Eikon's drug discovery engine employs proprietary single-molecule tracking (SMT) technology, leveraging Nobel Prize-winning super-resolution microscopy to visualize and measure real-time protein movement and dynamics in living cells — a differentiated approach to target identification and drug mechanism characterization.

Pre-IPO cash was $336 million; approximately $100 million of IPO proceeds are earmarked for EIK1001 clinical development. Pre-IPO backers include RA Capital Management and The Column Group. Underwriters: Morgan Stanley, J.P. Morgan, Bank of America Securities (joint book-running managers).

Veradermics Inc. — $256.3 million upsized IPO (NYSE: MANE, priced February 4, 2026)

Veradermics, a Stamford, Connecticut-based dermatology biotech, raised $256.3 million in an upsized IPO, selling approximately 15 million shares at $17 each — above the marketed range of $14–$16, implying a post-IPO market capitalization of approximately $596 million.

The company is developing VDPHL01, a late-stage extended-release topical minoxidil formulation designed for the treatment of pattern hair loss. The formulation aims to address known compliance challenges with existing topical minoxidil products (which require twice-daily application) by providing a sustained-release delivery system.

In a notable strategic signal, Eli Lilly and Company indicated interest to acquire approximately 4.9% of shares (roughly $30 million) at the IPO price as a cornerstone investor — an unusual move for a major pharmaceutical company in a dermatology IPO and potentially indicative of Lilly's interest in the broader aesthetics and consumer health space. The stock doubled on its first day of trading, closing at $37.75 on February 4 — a 122% first-day return that represented the strongest debut performance among the week's IPOs. Underwriters: Jefferies, Leerink Partners, Citigroup, Cantor Fitzgerald (joint book-running managers).

Agomab Therapeutics — $200 million IPO (NASDAQ: AGMB, priced February 5, 2026)

Agomab Therapeutics, a Belgian biotech headquartered in Ghent, raised $200 million by pricing 12.5 million American Depositary Shares (ADS) at $16 each — one of the larger European biotech cross-listings on Nasdaq in recent memory. The company had raised approximately $300 million in venture capital pre-IPO from investors including Andreessen Horowitz (a16z), Pfizer Ventures, and others.

Agomab's lead asset, ontunisertib (AGMB-129), is an orally available small-molecule kinase inhibitor targeting ALK5 (also known as TGF-β type I receptor kinase or TGFBR1). ALK5 mediates fibrotic signaling downstream of TGF-β, and its inhibition is hypothesized to reduce tissue fibrosis and promote regenerative repair. Ontunisertib is currently in a Phase 2 clinical trial for fibrostenotic Crohn's disease — a particularly difficult-to-treat manifestation of Crohn's disease characterized by intestinal strictures resulting from chronic inflammation and fibrosis, for which no approved anti-fibrotic therapy exists.

The company is also conducting a Phase 1 trial of ontunisertib in idiopathic pulmonary fibrosis (IPF). Underwriters: Bank of America Securities, Jefferies, Leerink Partners (joint book-running managers).

SpyGlass Pharma — $150 million IPO (NASDAQ: SGP, priced February 5, 2026)

SpyGlass Pharma, an Aliso Viejo, California-based ophthalmology company founded in 2019 by Malik Y. Kahook, M.D. and Glenn Sussman, raised $150 million by pricing 9,375,000 shares at $16 each — at the midpoint of the $15–$17 marketed range. Trading commenced on February 6, 2026, under the ticker "SGP" on the Nasdaq Global Select Market. SpyGlass also granted underwriters a 30-day option to purchase up to 1,406,250 additional shares. The offering is expected to close on February 9, 2026. Pre-IPO backers include NEA, Vensana Capital, and Nordwest.

SpyGlass is developing the Bimatoprost Drug Pad-IOL System (BIM-IOL System), a novel, non-bioerodible drug delivery platform comprising proprietary drug pads attached to an intraocular lens (IOL). The system is designed to be implanted during routine cataract surgery to provide sustained delivery of bimatoprost — a prostaglandin analog (PGA) approved for topical ophthalmic use by the FDA since 2001 — to reduce elevated intraocular pressure (IOP) in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT).

The BIM-IOL System is designed to deliver approximately three years of continuous bimatoprost release, eliminating the need for daily topical eye drop administration — a significant advance given that poor patient adherence to topical IOP-lowering drops is one of the most pervasive clinical challenges in glaucoma management, affecting the estimated one million glaucoma and OHT patients expected to undergo cataract surgery in the United States annually.

In November 2025, SpyGlass reported positive 36-month first-in-human (FIH) trial results, demonstrating a 37% mean reduction in IOP across evaluable patients in all dose groups, with 95% of patients off all topical IOP-lowering drops at 36 months and 100% of lens implants remaining clear and stable. Three-month Phase I/II data were also supportive.

On January 20, 2026, the company announced that the first patients had been randomized in two registrational Phase III clinical trials — SGP-005 and SGP-006 — which are prospective, multicenter, randomized, masked, controlled studies evaluating the efficacy and safety of the BIM-IOL System. Each trial targets approximately 400 participants and is designed to demonstrate non-inferiority of the BIM-IOL System versus standard-of-care topical IOP-lowering therapy in patients with OAG or OHT undergoing cataract surgery. Enrollment is expected to complete in 2027, with an NDA submission tentatively targeted for 2028.

SpyGlass is also developing a non-IOL-based, ring-shaped sustained-release bimatoprost implant that could be placed in a standalone procedure for patients who have already undergone cataract surgery.

Underwriters: Jefferies, Leerink Partners, Citigroup, Stifel (joint book-running managers). Legal counsel to SpyGlass Pharma: Wilson Sonsini Goodrich & Rosati.

IPO Filing

Generate:Biomedicines — S-1 filed February 4, 2026 (NASDAQ: GENB)

Generate:Biomedicines, a clinical-stage generative biology company incubated by Flagship Pioneering, filed its S-1 with the SEC on February 4, 2026, targeting a $100 million-plus raise.

Generate's lead asset, GB-0895, is a long-acting anti-TSLP (thymic stromal lymphopoietin) monoclonal antibody designed for twice-yearly subcutaneous dosing in severe asthma. The Phase 3 trial dosed its first patient on January 26, 2026 — just nine days before the S-1 filing, in a sequence designed to demonstrate clinical momentum ahead of the public offering. GB-0895 competes in the anti-TSLP space currently anchored by AstraZeneca/Amgen's tezepelumab (Tezspire®), but with a differentiated dosing schedule enabled by Generate's protein engineering approach.

The pipeline includes GB-4362, an antibody-drug conjugate that received FDA Fast Track designation on January 23, 2026, and GB-5267, a MUC16-targeted cell therapy for ovarian cancer. All programs were designed using Generate's proprietary machine-learning platform, which applies generative AI to protein design — enabling the computational creation of novel therapeutic proteins rather than relying solely on traditional discovery methods.

The company has raised $805 million in preferred equity and $110 million in collaboration payments from Novartis and Amgen. CEO Mike Nally previously served as Merck's Chief Marketing Officer and Global Vaccines President; CFO Jason Silvers is a former Goldman Sachs partner. Underwriters: Goldman Sachs and Morgan Stanley (lead book-running managers).

Venture Capital & Private Financings

Cellares — $257 million Series D (announced February 2026)

Cellares, a South San Francisco-based cell therapy manufacturing platform company, secured $257 million in Series D funding, bringing total capital raised to $612 million. The round was co-led by funds managed by BlackRock and Eclipse Ventures, with new investors including T. Rowe Price, Baillie Gifford, Duquesne Family Office, Intuitive Ventures (the corporate venture arm of Intuitive Surgical), EDBI (Singapore's Economic Development Board investment arm), and Gates Frontier. Existing investors DCVC, DFJ Growth, and Willett Advisors participated.

Cellares is developing the "Cell Shuttle," an automated end-to-end cell therapy manufacturing system designed to replace the highly manual, cleanroom-intensive workflows that currently constrain cell therapy production capacity and economics.

The platform holds FDA Advanced Manufacturing Technology designation and is backed by a $380 million global capacity agreement with Bristol Myers Squibb. Proceeds from the Series D will fund expansion of IDMO (Integrated Drug Manufacturing Operations) facilities in South San Francisco, New Jersey, the Netherlands, and Japan, targeting commercial-scale production by 2027.

Endeavor BioMedicines — $132 million Series F (announced approximately January 30–31, 2026)

Endeavor BioMedicines closed a $132 million Series F to fund Phase 2 trials of its idiopathic pulmonary fibrosis (IPF) drug and antibody-drug conjugate (ADC) oncology candidate. The round was reportedly oversubscribed, scaled back from approximately $250 million in investor demand. It was led by Andreessen Horowitz (a16z) and Omega Funds, with other participants likely including existing investors Dimension Capital and Pfizer Ventures. The financing extends cash runway through 2026.

Nature's Toolbox (NTx) — $47.5 million Series B (announced February 2026)

Nature's Toolbox, a New Mexico-based synthetic biology contract development and manufacturing organization (CDMO), raised $47.5 million to commercialize its mRNA and protein production platforms. Lead investor: Northpond Ventures (unconfirmed); prior investors DCVC and others participated. The funding supports NTx's effort to scale up cell-free and enzymatic manufacturing processes that could offer cost and speed advantages over traditional biomanufacturing approaches.

Twogee Biotech (Germany) — €2.16 million seed round (announced February 2026)

Twogee Biotech, a German industrial biotech startup, raised a €2.16 million (approximately $2.4 million) seed round co-led by b.value AG and High-Tech Gründerfonds (HTGF) to develop biomass-to-chemicals bioconversion technology.

New Fund Closings

Santé Ventures Fund V — $330 million (announced February 2026)

Santé Ventures, an Austin, Texas-based early-stage life sciences venture capital firm, closed its fifth fund at $330 million — above its $300 million target and the firm's largest fund to date. Fund V will invest across biotech, medtech, and digital health startups at preclinical and clinical stages.

The close follows other notable 2026 fund launches including a16z's $700 million Bio+Health fund and new vehicles from Novo Nordisk Foundation and Servier. Santé described the fundraising environment as reflecting "a steady influx of new funds suggesting things are trending positive" for the life sciences investment environment and added new managing directors to deploy the fund.

Bankruptcies, Restructurings & Wind-Downs

No new biotech or pharmaceutical bankruptcy filings, Chapter 11 petitions, or formal wind-down announcements were identified during the January 31 – February 7, 2026 reporting period.

SEC Filings of Note

Most Active Advisors & Investors

Advisors & Underwriters

Investors

Market Context

The SPDR S&P Biotech ETF (XBI) continued its rally in early 2026, supported by reopening equity markets and favorable macroeconomic conditions. Several of the week's IPOs ranked among the largest since 2024, and all priced at or above their marketed ranges — an indicator that generalist investors are re-engaging with biotech equity risk after a prolonged period of caution that characterized much of 2023 and early 2024.

China-to-West licensing continues to accelerate. The Eisai–Henlius deal represents the first Japan entry for a China-developed PD-1 inhibitor, while the Genentech–SanegeneBio RNAi collaboration — Genentech's fourth licensing deal with a China-based developer since October 2025 — reflects the distributed R&D model (Boston, Shanghai, Suzhou) now standard for Chinese-origin assets.

SanegeneBio's $1.2 billion Lilly deal (November 2025) and $1.7 billion Genentech deal within three months illustrate how platform-based RNAi companies with differentiated delivery technology are commanding blockbuster-scale economics from multiple Big Pharma partners simultaneously, a dynamic that would have been almost unimaginable for Chinese biotech five years ago.

Private equity consolidation in healthcare services intensified during the week, with Carlyle, OMERS, Ares, TPG, and Trive Capital all active in medtech manufacturing and healthcare services M&A. The digital health transactions (Sword–Kaia, Premise–Crossover, Spring–Alma) were notably driven by venture backers doubling down on consolidation rather than pursuing IPOs for their portfolio companies — suggesting that the current market favors scale-driven platform plays in digital health over standalone public listings.

The IPO window is open. Four sizable pricings in one week, plus Generate:Biomedicines' S-1 filing, suggest a pipeline of IPO-ready biotechs that had been waiting since late 2024 are now accessing public markets.

Veradermics' 122% first-day return and Eli Lilly's strategic cornerstone investment underscore strong investor demand for differentiated clinical-stage assets. The diversity of therapeutic areas represented — oncology immunotherapy (Eikon), dermatology (Veradermics), fibrosis/GI (Agomab), ophthalmology (SpyGlass), and respiratory/generative biology (Generate) — suggests broad-based demand rather than concentration in any single hot sector.

No royalty financing transactions were identified during the reporting period, marking a brief pause in what has been record-breaking activity for royalty monetization in the biopharma sector.

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.