The Weekly Term Sheet (41)
The week saw concentrated M&A activity focused on MASH and neurological assets totalling over $10 billion in deal value, alongside $665M in Series A venture rounds. No royalty financing deals announced during this specific week, though substantial partnership and manufacturing agreements supplemented major acquisitions.
Acquisitions and M&A
Novo Nordisk acquires Akero Therapeutics for $5.2B
Announced: October 9, 2025 | Expected Close: Year-end 2025
Novo Nordisk's largest MASH play targets efruxifermin, positioning against looming patent cliffs with a 19% premium deal.
| Component | Terms |
|---|---|
| Upfront Cash | $54.00/share ($4.7B equity value) |
| Premium | 19% to 30-day VWAP; 42% to May 19, 2025 close |
| CVR Payment | $6.00/share ($500M) |
| CVR Trigger | Full FDA approval of efruxifermin for compensated cirrhosis due to MASH by June 30, 2031 |
| Financing | Primarily debt-financed |
| Termination Fees | $165M (Akero); $185M reverse (Novo) |
Key Asset: Efruxifermin (EFX)—FGF21 analogue in Phase 3 SYNCHRONY program (~3,500 participants across 3 trials)
Advisors:
| Party | Financial Advisor | Legal Counsel |
|---|---|---|
| Novo Nordisk | BofA Securities | Ropes & Gray LLP |
| Akero Therapeutics | Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC (joint) | Kirkland & Ellis LLP |
Financial Impact: 2025 free cash flow negatively impacted by ~$4B USD; 2026 operating profit growth reduced ~3 percentage points
Bristol Myers Squibb acquires Orbital Therapeutics for $1.5B
Announced: October 10, 2025 | Close: Subject to HSR Act waiting period expiration
BMS secures next-generation CAR T-cell technology using circular RNA to expand autoimmune disease portfolio beyond legacy products.
| Component | Terms |
|---|---|
| Total Value | $1.5 billion cash at closing |
| Structure | All-cash, no CVRs or disclosed milestones |
Key Asset: OTX-201—investigational next-generation in vivo CAR T-cell therapy using circular RNA with lipid nanoparticle delivery for autoimmune diseases through B cell depletion. Currently in IND-enabling studies.
Advisors:
| Party | Financial Advisor | Legal Counsel |
|---|---|---|
| Bristol Myers Squibb | Not disclosed | Covington & Burling LLP |
| Orbital Therapeutics | Centerview Partners LLC (exclusive) | Goodwin Proctor LLP |
TransCode Therapeutics acquires Polynoma with $25M financing
Announced and Closed: October 8, 2025
TransCode secures Phase 3-ready cancer vaccine while obtaining critical capital, with CK Life Sciences gaining ~91% ownership post-transaction creating immuno-oncology and metastatic prevention company.
| Component | Terms |
|---|---|
| Acquisition Consideration | 83,285 common shares + 1,152.9568 Series A preferred shares (1:10,000 conversion) |
| Concurrent Financing | $25M ($20M cash + $5M promissory note) for 223.7337 Series B preferred shares |
| Post-Transaction Ownership | CK Life Sciences: ~91% fully diluted; Pre-deal stockholders: ~9% |
| Combined Equity Value | ~$165 million fully diluted |
| Conditional Milestones | Up to $95M to CK Life Sciences for clinical/regulatory/commercial milestones |
| CVR to TransCode Stockholders | 50% of Net Proceeds from TTX-MC138 partnering; 7-year term; record date Oct 20, 2025 |
Key Assets: Seviprotimut-L (Phase 3-ready polyvalent shed antigen vaccine for stage IIB/IIC melanoma, dosed in 1,000+ patients); TTX-MC138 (microRNA therapeutic in Phase 1a)
Advisors:
| Party | Financial Advisor | Legal Counsel |
|---|---|---|
| TransCode Therapeutics | Tungsten Advisors (exclusive placement agent) | Orrick, Herrington & Sutcliffe LLP |
| CK Life Sciences / Polynoma | Not disclosed | Not disclosed |
Leadership Changes: Philippe Calais appointed CEO; Elizabeth Czerepak appointed independent Board Member and Audit Committee Chairperson
Licensing and Partnership Deals
Zenas BioPharma licenses three programs from InnoCare for $2B+
Announced: October 8, 2025 | Agreement Executed: October 7, 2025 | PIPE Close: October 9, 2025
Zenas secures exclusive global MS rights to late-stage BTK inhibitor plus two preclinical assets with projected $12B peak sales potential in U.S. alone, funded by concurrent $120M PIPE.
Deal Structure:
| Component | Amount/Terms | Trigger |
|---|---|---|
| Upfront Cash | $35M | - |
| Upfront Equity | 5M Zenas shares (~10.6% pre-PIPE, ~9.3% post-PIPE) | - |
| Orelabrutinib Near-Term | $25M cash + 2M shares | Earlier of Phase 3 initiation (non-PPMS) or March 31, 2026 |
| ZB021 Near-Term | $20M | Regulatory milestones |
| ZB022 Near-Term | $20M | Regulatory milestones |
| Orelabrutinib Milestones | Up to ~$723M | Development, regulatory, commercial across territories |
| ZB021 Milestones | Up to ~$656M | Development, regulatory, commercial |
| ZB022 Milestones | Up to ~$656M | Development, regulatory, commercial |
| Total Potential | >$2 billion | Across all programs |
Royalty Structure:
- Orelabrutinib: High-single digits to high-teens on annual net sales
- ZB021 & ZB022: Mid-single digits to mid-teens on annual net sales
Licensed Assets:
- Orelabrutinib: Highly selective CNS-penetrant oral BTK inhibitor in Phase 3 for MS (PPMS trial initiated Q3 2025; SPMS trial expected Q1 2026). Approved in mainland China and Singapore for B-cell malignancies. Previously licensed to Biogen for $125M upfront + $812.5M milestones (July 2021), returned February 2023.
- ZB021: Novel oral IL-17AA/AF inhibitor (preclinical, IND expected 2026, Phase 1 data expected 2027)
- ZB022: Oral brain-penetrant TYK2 inhibitor (preclinical, IND expected 2026)
Territory Rights:
- Orelabrutinib MS field: Exclusive global
- Orelabrutinib non-oncology: Exclusive except Greater China and Southeast Asia
- ZB021: Exclusive worldwide except Greater China and Southeast Asia
- ZB022: Exclusive global (no geographic restrictions)
Concurrent PIPE Financing:
| Component | Details |
|---|---|
| Gross Proceeds | ~$120M (before fees) |
| Shares Issued | ~6.3M shares (~6.26M at $19.00 to institutional; 48,918 at $20.85 to directors/officers) |
| Placement Agents | Jefferies, Evercore ISI (exclusive) |
| Investors | Syndicate of new and existing investors (mutual funds, healthcare funds) |
Advisors:
| Party | Transaction | Advisor | Role |
|---|---|---|---|
| Zenas BioPharma | License Agreement | Sidley Austin LLP | Legal (Lead: Asher Rubin) |
| Zenas BioPharma | PIPE | Ropes & Gray LLP | Legal (Lead: Tom Danielski) |
| Zenas BioPharma | PIPE | Jefferies | Financial (placement agent) |
| Zenas BioPharma | PIPE | Evercore ISI | Financial (placement agent) |
| InnoCare Pharma | License Agreement | Not disclosed | - |
Lock-up Terms: InnoCare cannot transfer shares until October 7, 2026; thereafter limited to greater of 1% outstanding or 4-week average weekly volume
Cash Position: Zenas had ~$302M as of September 30, 2025; post-transaction sufficient through Q4 2026 (Q1 2027 with Royalty Pharma $75M milestone)
Chiesi partners with Arbor Biotechnologies in $2B+ rare disease deal
Announced: October 6, 2025
Chiesi's first gene editing partnership targets ultra-rare primary hyperoxaluria with exclusive worldwide rights to clinical-stage CRISPR therapy plus platform option for additional targets.
| Component | Terms |
|---|---|
| Upfront + Near-Term | Up to $115M |
| Milestones | Up to $2B (development, regulatory, commercial) |
| Royalties | Low double-digit tiered on net sales |
| Total Potential | Over $2.1B |
Key Asset: ABO-101—liver-targeted CRISPR gene editing therapy for primary hyperoxaluria type 1 (PH1). In Phase 1/2 redePHine trial (NCT06839235), first patient dosed July 30, 2025, primary completion March 2029. Target disease affects 1-3 per million people; PH1 accounts for ~80% of primary hyperoxaluria cases.
Platform Rights: Option to leverage Arbor's knockout (KO) and reverse transcriptase (RT) editing technology for limited number of additional undisclosed rare disease targets
Territory: Worldwide exclusive
Advisors: Not disclosed by either party
AstraZeneca partners with Algen Biotechnologies for $555M
Announced: October 6, 2025
Multi-target research collaboration leverages AI-driven functional genomics platform to identify immunology drug targets across chronic inflammatory conditions.
| Component | Terms |
|---|---|
| Total Potential | Up to $555M |
| Structure | Undisclosed upfront + near-term payments + development/regulatory/commercial milestones |
| Rights | Exclusive to develop and commercialize therapies against defined targets |
Technology: AlgenBrain™ platform—AI-driven functional genomics with advanced CRISPR gene modulation capturing billions of dynamic RNA changes in human disease-relevant cell types to map causal links between gene regulation and disease progression
Focus: Immunology, chronic inflammatory conditions, immune system-related disorders
Company Background: Algen spun out from Nobel Laureate Jennifer Doudna's lab at UC Berkeley; backed by Viking Global and Illumina; raised $11M prior funding
Strategic Context: Part of AstraZeneca's broader AI strategy following EsoBiotec acquisition (up to $1B, March 2025), Pathos AI/Tempus three-way deal ($200M, April 2025), CSPC Pharmaceutical AI partnership ($5.3B potential, June 2025)
Advisors: Not disclosed by either party
AviadoBio secures option for UgeneX retinitis pigmentosa therapy
Announced: October 9, 2025
Exclusive option and license agreement extends AviadoBio's portfolio from neurodegenerative conditions into ophthalmology with clinical-stage optogenetics gene therapy for global markets excluding Greater China.
| Component | Terms |
|---|---|
| Total Potential | Up to $413M |
| Structure | Upfront + R&D milestones + sales milestones + royalties |
| Territory | Worldwide excluding Greater China (UgeneX retains China rights) |
Asset: UGX-202—AAV-based gene therapy using optogenetics for retinitis pigmentosa (RP). One-time intravitreally-delivered therapy currently in investigator-initiated clinical study. Works irrespective of underlying genetic cause by reprogramming preserved retinal cells to replace lost photoreceptors. Second undisclosed indication entering clinic by year-end 2025.
Disease Background: RP affects >1.5M people worldwide; average diagnosis age ~35.1 years; many patients legally blind by age 40-50
Strategic Rationale: Expands AviadoBio portfolio from neurodegenerative conditions (FTD, ALS) to eye diseases while leveraging expertise in targeted delivery
UgeneX Background: Founded July 2021, Shanghai; >15 years combined experience; secured investments exceeding 100M RMB
Advisors: Not disclosed by either party
Legend Biotech and Janssen Pharmaceuticals manufacturing partnership
Announced: October 6, 2025
Component and product supply agreement supersedes February 2022 interim agreement for global cilta-cel CAR-T therapy manufacturing and supply, securing long-term commercial-scale production relationship.
| Component | Details |
|---|---|
| Deal Type | Manufacturing and supply agreement (CMO/CDMO) |
| Scope | Clinical and commercial use globally, excluding Greater China |
| Structure | Shared raw materials supply, production costs, manufacturing responsibilities |
| Financial Terms | Not disclosed |
Product: Ciltacabtagene autoleucel (cilta-cel)—CAR-T cell therapy
Strategic Rationale: Enhances Legend Biotech operational capabilities and strengthens position in global biotechnology market
Advisors: Not disclosed
Venture Capital Financing
Soufflé Therapeutics raises $200M Series A with four major pharma partnerships
Announced: October 7, 2025
Company emerges from stealth with $200M Series A plus partnerships totalling $3.5B+ to develop targeted cell-specific siRNA medicines, with preclinical programs advancing toward 2026 clinical trials.
| Component | Details |
|---|---|
| Series A | $200M |
| Total Value | $3.5B+ (including Series A + pharma partnerships) |
Complete Investor List (lead/co-lead designation not disclosed):
- Bessemer Venture Partners
- Janus Henderson Investors
- Invus
- Leaps by Bayer
- Breyer Capital
- Safar Partners
- T.A. Springer
- Temasek
- Arch Venture Partners
- Vida Ventures
- Polaris Partners
Platform Partnerships (separate from Series A, terms not disclosed):
- AbbVie
- Amgen
- Bayer
- Novo Nordisk
Leadership:
- CEO: Amir Nashat, Ph.D. (former Managing Partner, Polaris Partners)
- Founding President & CBO: Susan Langer (daughter of Robert Langer)
- Co-founder: Robert Langer, Ph.D. (Moderna co-founder)
- CTO: Vadim Dudkin, Ph.D. (former Merck and J&J)
- CSO & COO: Mark Angelino, Ph.D. (Third Rock Ventures veteran)
Use of Proceeds: Advance preclinical programs in metabolism disorders, muscular dystrophy (including FSHD), and cardiomyopathy toward clinical trials
Advisors: Not disclosed
Expedition Therapeutics raises $165M Series A
Announced: October 9, 2025
Oversubscribed and upsized round funds global Phase 2 COPD study for once-daily oral DPP1 inhibitor with first-in-class potential, following August 2025 exclusive worldwide rights acquisition from Fosun Pharma.
| Component | Details |
|---|---|
| Series A | $165M (oversubscribed and upsized) |
Investor Syndicate:
| Role | Investor |
|---|---|
| Co-Lead | Sofinnova Investments |
| Co-Lead | Novo Holdings |
| Participating | Forbion |
| Dawn Biopharma (KKR platform) | |
| Adage | |
| Balyasny | |
| Logos Capital | |
| Sanofi Ventures | |
| Existing | BVF Partners |
| Existing | Venrock Healthcare Capital Partners |
Board of Directors:
- Andrew Cheng, M.D., Ph.D. - Chairman (CEO of Akero Therapeutics; former CMO of Gilead Sciences)
- Erin Lavelle - Board member (former COO/CFO of ProfoundBio)
- Regina Salvat, Ph.D. - Board member (Principal, Forbion)
- Jonathan Leff, M.D. - Board member (Executive Partner, Sofinnova Investments)
- Ken Harrison, Ph.D. - Board member (Senior Partner, Novo Holdings)
- Gorjan Hrustanovic, Ph.D. - Board member (Partner, BVF Partners)
- Yi Larson - Board member (Founder & CEO, Expedition Therapeutics)
Key Asset: EXPD-101—next-generation once-daily oral DPP1 inhibitor for chronic obstructive pulmonary disease (COPD) with expansion into other neutrophil-driven inflammatory diseases. S-Infinity Pharmaceuticals (Fosun Pharma subsidiary) currently testing in Phase 2 bronchiectasis trial in China.
Platform Partnership: August 2025 acquired exclusive worldwide rights (excluding mainland China, Hong Kong, Macau) from Fosun Pharma for $17M upfront
Management Team:
- Yi Larson - Founder & CEO (former CFO, LianBio and Turning Point Therapeutics; Goldman Sachs with $100B+ M&A transactions)
- Geoff Gilmartin, M.D. - CMO (former AstraZeneca and Vertex; led benralizumab/Fasenra program)
- Eric Hu, Ph.D. - CBO (20+ years R&D and BD at Overland, Turning Point, Gilead, Mitsubishi Tanabe)
Scientific Advisory Board: James Chalmers, M.D., Ph.D. (leader); Alvar Agustí, M.D., Ph.D.; Mark Dransfield, M.D.; Dave Singh, M.D.; Surya Bhatt, M.D.
Use of Proceeds: Advance EXPD-101 through global Phase 2 COPD study; support indication expansion
Advisors: Not disclosed
Nilo Therapeutics raises $101M Series A
Announced: October 8, 2025
Launches with $101M to translate breakthrough neuro-immunology research from Columbia, Yale, and Harvard into drugs targeting "master regulator" brain-body circuits via vagus nerve pathways for autoimmune and inflammatory diseases.
| Component | Details |
|---|---|
| Series A | $101M |
Investor Syndicate:
| Role | Investor |
|---|---|
| Co-Lead | The Column Group (TCG) |
| Co-Lead | DCVC Bio |
| Co-Lead | Lux Capital |
| Participating | Gates Foundation |
| Alexandria Venture Investments |
Scientific Founders:
- Charles Zuker, Ph.D. - Columbia University (Principal Investigator and HHMI Investigator)
- Ruslan Medzhitov, Ph.D. - Yale University
- Steve Liberles, Ph.D. - Harvard University
Scientific Foundation: Zuker lab research published in Nature (2024) identifying specific vagal neurons that regulate systemic immune activation and inflammation
Leadership:
- Kim Seth, Ph.D. - CEO and Board Director (previously CBO at Repare Therapeutics; 25+ years biopharma; scaled Repare pre-Series A through IPO; led BD generating $250M+ financing through global partnerships with $4B+ total potential)
- Laurens Kruidenier, Ph.D. - CSO (former CSO at Cellarity and Prometheus Biosciences, acquired by Merck)
Therapeutic Approach: Develop small molecule drugs (not devices) targeting central "master regulator" brain-body circuits via vagus nerve pathways to modulate multiple immune pathways simultaneously vs. conventional immunosuppression, reducing therapeutic resistance risk
Use of Proceeds: Establish laboratories in New York City; grow interdisciplinary R&D team; advance preclinical programs
Advisors: Not disclosed
Other Financings
Karyopharm Therapeutics closes $100M structured financing
Announced: October 8, 2025 | Expected Close: October 10, 2025
Multi-faceted structured financing provides $100M in financial flexibility through term loans, convertible notes, deferrals, and covenant modifications to support Phase 3 SENTRY trial with March 2026 data.
Deal Structure:
| Component | Amount | Details |
|---|---|---|
| New Capital & Flexibility | $67.5M | $27.5M new term loan + convertible notes; $25M near-term interest/royalty deferrals; $15M temporary minimum liquidity covenant reduction |
| 2029 Note Exchange | $15M | Exchange for common stock or pre-funded warrants |
| October 2025 Note Exchange | $24.25M | Notes + accrued interest at discount for common stock or pre-funded warrants + warrants |
| Private Placement | $8.75M | 1,487,917 common shares + warrants to purchase 1,317,771 shares |
| Expected Gross Proceeds | ~$36M cash | - |
| Warrant Terms | Exercise $6.64/share | Exercisable within 30 days of XPORT-EC-042 top-line results (anticipated mid-2026) |
| Expected New Shares | 7.22M + warrants | Post-closing: ~15.93M shares outstanding |
Lenders/Investors:
- Existing senior lenders (including HealthCare Royalty Management LLC/HCRx based on prior relationship)
- Private placement equity investors (not disclosed individually)
- Convertible noteholders (not disclosed individually)
Advisors:
| Party | Financial Advisors | Legal Counsel |
|---|---|---|
| Karyopharm | Centerview Partners LLC; J. Wood Capital Advisors LLC | Sidley Austin LLP |
| Lenders | Not disclosed | Not disclosed |
Use of Proceeds: Support Phase 3 SENTRY trial in myelofibrosis (top-line March 2026); continue FL-501 and sirexatamab development; general corporate purposes
TORL BioTherapeutics announces $96M Series C
Announced: October 7, 2025
Series C brings total raised since 2019 founding to over $450M to advance CLDN6-targeted antibody-drug conjugate through pivotal Phase 2 CATALINA-2 study in platinum-resistant ovarian cancer and prepare for Phase 3 CATALINA-3 (initiating 2026).
| Component | Details |
|---|---|
| Series C | $96M |
| Total Raised | Over $450M since 2019 |
Investors: Not disclosed in press release
Historical Investors (from previous rounds, Series C composition unknown):
- Avidity Partners
- Blue Owl Capital
- Bristol-Myers Squibb
- Perceptive Advisors
- RA Capital Management
- Deep Track Capital (Series B-2 lead, April 2024)
- Goldman Sachs Alternatives
- UC Investments
- Vertex Ventures HC
- Moore Strategic Ventures
- Perceptive Xontogeny Venture Fund
Key Asset: TORL-1-23—Claudin 6-targeted antibody-drug conjugate with FDA Fast Track Designation. Phase 2 pivotal data readout expected 2027. Updated Phase 1 data presented at ESMO 2025 (October 19, Berlin).
Use of Proceeds: Advance TORL-1-23 through IND-enabling studies and early clinical development; support pivotal Phase 2 CATALINA-2 study; support Phase 3 CATALINA-3; expand pipeline
Advisors: Not disclosed (For Series B-2 April 2024: Crandon Law LLC and Schulte, Roth & Zabel LLP)
NanoPhoria Bioscience closes €83.5M Series A
Announced: October 6, 2025
Largest-ever Italian biotech Series A funds IND-enabling studies and GMP manufacturing for first-in-class peptide targeting cardiac L-type calcium channels via proprietary lung-to-heart nano-in-micro technology.
| Component | Details |
|---|---|
| Series A | €83.5M (~$98M USD) |
| Additional Prior Funding | €17.5M from European Innovation Council Accelerator (€2.5M grant + up to €15M conditional equity) |
Investor Syndicate:
| Role | Investor |
|---|---|
| Lead | XGEN Venture |
| Lead | Sofinnova Partners |
| Lead | CDP Venture Capital |
| Participating | Panakès Partners |
| Participating | One undisclosed investor |
Company Background:
- Founded 2022
- Founders: Daniele Catalucci, Michele Iafisco, Alessio Alogna, Claudio De Luca (CEO)
- Spin-off from Italy's National Research Council (CNR)
- Based in Milan
Key Asset: NP-MP1—first-in-class peptide targeting cardiac L-type calcium channels delivered via proprietary inorganic calcium phosphate nanoparticles for targeted lung-to-heart delivery. Initial indication: heart failure with reduced ejection fraction (HFrEF); exploring additional indications.
Use of Proceeds: Advance NP-MP1 through IND-enabling studies and early clinical development; GMP manufacturing scale-up; regulatory programs
Advisors: Not disclosed
Leap Therapeutics closes $58.88M PIPE with digital asset strategy
Announced: October 6, 2025 | Closed: October 9, 2025
Winklevoss Capital-led PIPE initiates digital asset treasury strategy alongside continued oncology therapeutic development with two Board seats and chairperson rights for lead investor.
| Component | Details |
|---|---|
| PIPE Amount | $58,888,888 |
| Securities Issued | 95,849,353 common shares or pre-funded warrants; warrants to purchase 71,887,008 shares |
| Warrant Exercise Price | $0.5335/share |
| Aggregate Exercise Price/Unit | $0.61439 |
Investor:
- Lead: Winklevoss Capital (led by Cameron and Tyler Winklevoss)
- Other participants not disclosed
Advisors:
| Party | Legal Counsel |
|---|---|
| Leap Therapeutics | Morgan, Lewis & Bockius LLP |
| Winklevoss Capital | Cooley LLP |
| Placement Agent | Parcrest |
Governance:
- Board expansion to 12 members
- Winklevoss Capital right to nominate two individuals
- One Winklevoss nominee serves as Board chairperson
Use of Proceeds:
- Primary: Initiate digital asset treasury strategy with strategic support from Winklevoss Capital
- Partial: Continue FL-501 (humanized mAb targeting GDF-15) and sirexatamab/DKN-01 (humanized mAb targeting DKK1) development
Company Context: Cambridge, MA-based; targeted and immuno-oncology therapeutics; ~$46M cash Q3 2025. Sirexatamab completed randomized Phase 2 in colorectal cancer (presented ESMO 2025, October 19).
Structure: Securities offered under Regulation D and Section 4(a)(2) exemptions; registration rights agreement executed
Notable Context: Ongoing Tender Offers
While not announced during October 6-11, two major tender offers were actively ongoing during this period:
Roche acquiring 89bio - Ongoing tender October 1-29, 2025
Announced: September 17, 2025 | Tender Commenced: October 1, 2025 | Expires: October 29, 2025
| Component | Terms |
|---|---|
| Cash Offer | $14.50/share |
| CVR | Up to $6.00/share for milestones |
| Total Potential | Up to $20.50/share |
Asset: Pegozafermin for MASH treatment
Novartis acquiring Tourmaline Bio - Ongoing tender Sept 29-Oct 27, 2025
Announced: September 9, 2025 | Tender Commenced: September 29, 2025 | Expires: October 27, 2025 | Expected Close: Q4 2025
| Component | Terms |
|---|---|
| Cash Offer | $48/share (~$1.4B equity value) |
| Premium | 59% to Sept 8 close; 127% to 60-day VWAP |
Asset: Pacibekitug—anti-IL-6 mAb for atherosclerotic cardiovascular disease
Advisors: Tourmaline engaged Leerink Partners (financial), Cooley LLP (legal)
Missing Deal Categories
No Royalty Financing Deals Found
Extensive searches of Royalty Pharma, HealthCare Royalty Partners (now majority-owned by KKR as of July 30, 2025), DRI Capital, and Sagard Healthcare revealed no royalty financing transactions announced during October 6-11, 2025.
Context:
- Royalty Pharma most recent deals: September 2, 2025 ($300M to Zenas BioPharma for obexelimab royalty); August 25, 2025 ($885M acquisition of Amgen's Imdelltra royalty from BeOne Medicines)
- Royalty Pharma announced October 9, 2025 that Q3 results would release November 5, 2025
The week of October 6-11, 2025 appears relatively quiet for royalty financing compared to surrounding periods, possibly due to timing around ESMO Congress 2025 (October 19, Berlin) where companies focused on clinical data presentations.
Deal Summary Tables
Acquisitions Summary
| Deal | Announced | Total Value | Upfront | CVR/Contingent | Status |
|---|---|---|---|---|---|
| Novo Nordisk / Akero | Oct 9 | $5.2B | $4.7B ($54/share) | $500M ($6/share, FDA approval by June 2031) | YE 2025 |
| BMS / Orbital | Oct 10 | $1.5B | $1.5B cash | None disclosed | Pending HSR |
| TransCode / Polynoma | Oct 8 | $165M equity + $25M financing + $95M milestones | Stock + $25M | $95M conditional | Closed Oct 8 |
Licensing & Partnership Summary
| Deal | Announced | Total Potential | Upfront | Key Asset | Territory |
|---|---|---|---|---|---|
| Zenas / InnoCare | Oct 8 | >$2B | $35M cash + 5M shares | Orelabrutinib (MS) + 2 preclinical | Global (varies by asset) |
| Chiesi / Arbor | Oct 6 | >$2.1B | Up to $115M | ABO-101 (PH1) + platform | Worldwide |
| AstraZeneca / Algen | Oct 6 | $555M | Undisclosed | AlgenBrain™ AI platform | Global |
| AviadoBio / UgeneX | Oct 9 | $413M | Undisclosed | UGX-202 (RP) | Worldwide ex-Greater China |
| Legend / Janssen | Oct 6 | Not disclosed | - | Cilta-cel manufacturing | Global ex-Greater China |
Venture Financing Summary
| Company | Announced | Amount | Series | Co-Leads/Leads | Use |
|---|---|---|---|---|---|
| Soufflé | Oct 7 | $200M | A | Not disclosed | Cell-specific siRNA medicines |
| Expedition | Oct 9 | $165M | A | Sofinnova, Novo Holdings | EXPD-101 Phase 2 COPD |
| Nilo | Oct 8 | $101M | A | Column Group, DCVC Bio, Lux Capital | Neuro-immunology platform |
| TORL | Oct 7 | $96M | C | Not disclosed | CLDN6 ADC pivotal trials |
| NanoPhoria | Oct 6 | €83.5M (~$98M) | A | XGEN, Sofinnova, CDP VC | NP-MP1 IND-enabling |
Other Financing Summary
| Company | Announced | Amount | Type | Lead Investor | Use |
|---|---|---|---|---|---|
| Karyopharm | Oct 8 | $100M | Structured (debt/equity/deferrals) | Existing lenders | Phase 3 SENTRY myelofibrosis |
| Leap | Oct 6 | $58.88M | PIPE | Winklevoss Capital | Digital asset treasury + therapeutics |
Deal Concentration Trends
Therapeutic focus:
- MASH dominance: Three major deals (Novo/Akero, Roche/89bio ongoing, AstraZeneca partnerships)
- Neuroscience expansion: MS (Zenas), COPD (Expedition), neuro-immunology (Nilo)
- Rare diseases: PH1 (Chiesi/Arbor), eye diseases (AviadoBio/UgeneX)
- Oncology: CAR-T (BMS/Orbital, TransCode/Polynoma, TORL, Legend/Janssen manufacturing)
Strategic buyers: Major pharma (Novo, BMS, AstraZeneca, Chiesi, Janssen) filling pipeline gaps ahead of patent cliffs
Geographic activity: U.S. targets dominate; Danish, Swiss, Italian acquirers/partners; China partnerships (Zenas/InnoCare, UgeneX, Fosun)
Timing: Week coincides with preparations for ESMO Congress 2025 (October 19, Berlin), explaining concentration of oncology-related announcements
Member discussion