The Weekly Term Sheet (51)

The week of December 15–20, 2025 saw substantial deal flow as companies moved to close transactions before year-end. Total announced deal value exceeded $15 billion across M&A, licensing, royalty acquisitions, and private financings. The period included four major acquisitions, two royalty transactions, more than a dozen licensing agreements, and seven venture financings totaling approximately $760 million.

Mergers & Acquisitions

BioMarin Acquires Amicus Therapeutics for $4.8 Billion

BioMarin Pharmaceutical (NASDAQ: BMRN) agreed to acquire Amicus Therapeutics (NASDAQ: FOLD) for $14.50 per share in an all-cash transaction. The offer values Amicus at approximately $4.8 billion in total equity value. Both boards unanimously approved the deal.

The acquisition adds Amicus's rare disease portfolio to BioMarin's existing lineup. Amicus's two FDA-approved products—Galafold for Fabry disease and the two-part Pompe therapy Pombiliti/Opfolda—currently generate approximately $600 million in annual revenue. The $14.50 per share price represents a 33% premium to Amicus's closing price prior to the announcement.

BioMarin has stated the acquisition will accelerate its revenue growth trajectory and expects the deal to be accretive to earnings within 12 months of closing. The transaction requires shareholder approval from both companies and regulatory clearances. Expected close: Q2 2026.

Financial Advisors: Morgan Stanley and J.P. Morgan advised BioMarin. Centerview Partners and Goldman Sachs advised Amicus.

Legal Advisors: Jones Day served as BioMarin's legal counsel, with Cooley LLP as financing counsel. Kirkland & Ellis represented Amicus.

BioNTech Closes CureVac Acquisition for $1.25 Billion

BioNTech SE closed its acquisition of CureVac N.V. on December 18, completing an all-stock exchange offer valued at approximately $1.25 billion. The transaction was first announced in June 2025.

At the offer's conclusion, 86.75% of CureVac shares had been tendered. BioNTech expects to complete compulsory acquisition of the remaining shares in January 2026. The deal consolidates two of Germany's pioneering mRNA technology companies under single ownership.

The acquisition provides BioNTech with expanded manufacturing capacity and delivery technology capabilities. CureVac's facilities and IP will support BioNTech's ongoing oncology pipeline development. CureVac shareholders received BioNTech American Depositary Shares in exchange for their holdings.

Sobi Acquires Arthrosi Therapeutics for Up to $1.5 Billion

Swedish Orphan Biovitrum AB (Sobi) announced the acquisition of Arthrosi Therapeutics on December 15. Deal terms include $950 million upfront with up to $550 million in development and commercial milestones, bringing total potential consideration to $1.5 billion.

The transaction centers on pozdeutinurad (AR882), a next-generation urate transporter 1 (URAT1) inhibitor. The compound is currently in two Phase 3 clinical trials for progressive gout in patients with inadequate response to existing urate-lowering therapies. Phase 3 data readouts are expected in 2026.

Arthrosi developed AR882 as a potentially differentiated approach to gout management. The drug candidate targets the same transporter as existing therapies but with a modified pharmacological profile. Sobi will assume responsibility for ongoing clinical development and future commercialization.

Ipsen Completes ImCheck Therapeutics Acquisition

Ipsen S.A. completed its acquisition of ImCheck Therapeutics on December 15. The deal, first announced in October 2025, included €350 million ($368 million) upfront. Additional milestone payments were not disclosed in the closing announcement.

The acquisition brings ICT01 into Ipsen's immuno-oncology portfolio. ICT01 is a first-in-class monoclonal antibody targeting BTN3A (butyrophilin 3A), a protein involved in gamma-delta T-cell activation. The compound is in clinical development for acute myeloid leukemia (AML).

ImCheck had advanced ICT01 through early clinical trials demonstrating the mechanism's potential in hematological malignancies. Ipsen gains full global rights to the program and related pipeline assets.

VYNE Therapeutics and Yarrow Bioscience Announce Reverse Merger

VYNE Therapeutics (NASDAQ: VYNE) and privately-held Yarrow Bioscience announced a reverse merger on December 17. The transaction is structured as an all-stock deal with $200 million in committed pre-closing financing.

Financing participants include RTW Investments, OrbiMed Advisors, Janus Henderson Investors, and additional undisclosed investors. Following completion, the combined company will trade on Nasdaq under the ticker symbol "YARW."

The merged entity will focus on advancing YB-101, a thyroid-stimulating hormone receptor (TSHR) antibody in development for Graves' disease and thyroid eye disease. VYNE shareholders will receive a cash dividend of $14.5 million to $16.5 million at closing, depending on final net cash calculations.

VYNE's existing pipeline assets were not detailed in the merger announcement. The transaction requires VYNE shareholder approval and customary closing conditions.

Royalty Transactions

XOMA Royalty to Acquire Generation Bio

XOMA Royalty Corporation (NASDAQ: XOMA) entered an agreement to acquire Generation Bio Co. (NASDAQ: GBIO) through a tender offer. The deal offers $4.2913 per share in cash plus a contingent value right (CVR).

The upfront cash component values Generation Bio at approximately $28–30 million, net of the company's roughly $29 million cash on hand. The offer price represents a discount to Generation Bio's recent trading levels, reflecting the company's decision to pursue strategic alternatives after setbacks in its gene therapy programs.

The CVR structure provides Generation Bio shareholders with participation in several potential future value streams:

• 100% of net cash in excess of $29 million at closing
• 90–100% of any cost savings realized from exiting Generation Bio's office lease obligations
• Up to 90% of future milestone payments and royalties from Generation Bio's existing collaboration with Moderna for closed-ended targeted lipid nanoparticle (ctLNP) siRNA delivery technology
• Up to 70% of proceeds from any future out-licensing or sale of Generation Bio's ctLNP platform

Generation Bio's board conducted a strategic review before unanimously approving the transaction. Shareholders representing approximately 15% of outstanding shares have agreed to tender. Expected close: February 2026, pending majority tender.

Legal Advisors: Gibson Dunn represents XOMA. WilmerHale represents Generation Bio.

Financial Advisor: TD Cowen advised Generation Bio.

Royalty Pharma Acquires Nuvalent Royalty Interest for Up to $315 Million

Royalty Pharma plc (NASDAQ: RPRX) announced the acquisition of a pre-existing royalty interest in two of Nuvalent Inc.'s precision oncology drug candidates. Total consideration is up to $315 million, comprising an undisclosed upfront payment and contingent milestone payments.

The transaction gives Royalty Pharma a low-single-digit percentage royalty on worldwide net sales of:

• Neladalkib – an ALK (anaplastic lymphoma kinase) inhibitor for ALK-positive non-small cell lung cancer (NSCLC). The drug recently reported positive results from its pivotal trial in patients previously treated with tyrosine kinase inhibitors (TKIs).
• Zidesamtinib – a ROS1 inhibitor for ROS1-positive NSCLC. The compound is currently under FDA review with a Prescription Drug User Fee Act (PDUFA) target action date in September 2026.

The royalty streams extend through approximately 2041–2042, based on expected patent and regulatory exclusivity periods. Royalty Pharma acquired the interest from an unnamed third-party seller who held the original royalty rights.

Legal Advisors: Covington & Burling LLP, Dechert LLP, and Maiwald advised Royalty Pharma.

M&A and Royalty Transactions Summary

Major Licensing & Collaboration Deals

Sanofi–ADEL: Alzheimer's Antibody License

Sanofi S.A. entered a global licensing agreement with South Korea's ADEL Inc. for ADEL-Y01, a monoclonal antibody targeting acetylated tau protein (specifically the acK280 epitope) for Alzheimer's disease.

Deal Terms:

• Upfront payment: $80 million
• Development and commercial milestones: up to $960 million
• Total potential value: $1.04 billion plus royalties
• Royalty rate: tiered, up to double-digit percentages on net sales

Sanofi receives worldwide exclusive rights to ADEL-Y01 and related backup compounds. ADEL-Y01 is currently in Phase 1 clinical trials. The acetylated tau target represents a distinct approach from the amyloid-targeting antibodies (lecanemab, donanemab) that have recently received FDA approval.

Sanofi–Dren Bio: Autoimmune B-Cell Depletion Expansion

On the same day as the ADEL deal, Sanofi expanded its existing collaboration with California-based Dren Bio to develop next-generation B-cell depleting therapeutics for autoimmune diseases.

Deal Terms:

• Upfront payment: $100 million
• Development and commercial milestones: up to $1.7 billion
• Total potential value: $1.8 billion
• Dren Bio retains option to co-fund 40% of U.S. development costs in exchange for 50/50 U.S. profit sharing

This agreement builds on an April 2025 transaction in which Sanofi paid $600 million upfront to acquire Dren Bio's lead program, DR-0201, a B-cell engager for lymphoma. The December expansion covers development of additional compounds targeting deeper B-cell depletion in autoimmune indications.

Dren Bio's platform focuses on engager-based therapies designed to eliminate pathogenic B cells more completely than current anti-CD20 antibodies such as rituximab and ocrelizumab.

Pfizer–Adaptive Biotechnologies: TCR Discovery Collaboration

Pfizer Inc. and Adaptive Biotechnologies Corporation (NASDAQ: ADPT) announced two separate, non-exclusive collaboration agreements leveraging Adaptive's T-cell receptor (TCR) sequencing and characterization platform.

Agreement 1 – Rheumatoid Arthritis TCR Discovery:

• Adaptive will apply its immune sequencing technology to Pfizer's clinical samples
• Goal: identify disease-causing TCRs in rheumatoid arthritis
• Pfizer responsible for downstream drug development
• Upfront payment: undisclosed
• Milestones: up to $890 million tied to development and commercial benchmarks

Agreement 2 – TCR-Antigen Data License:

• Pfizer receives non-exclusive access to Adaptive's TCR-antigen mapping database
• Intended use: AI-driven drug discovery applications
• Compensation: undisclosed upfront payment plus annual license fees
• No milestone or royalty obligations disclosed

Both agreements are non-exclusive, allowing Adaptive to pursue similar partnerships with other pharmaceutical companies. Adaptive's database contains paired TCR-antigen information derived from its clinical sequencing business.

Bristol Myers Squibb–Harbour BioMed: Multi-Specific Antibody Discovery

Bristol Myers Squibb Company and Harbour BioMed (HKEX: 2142) entered a global collaboration to discover and develop next-generation multi-specific antibodies.

Deal Terms:

• Initial payments: $90 million
• Development and commercial milestones: up to $1.035 billion
• Total potential value: $1.125 billion
• Royalties: tiered percentages on net sales

Under the agreement, Harbour BioMed will use its proprietary Harbour Mice platform to discover fully human multi-specific antibody candidates. The Harbour Mice platform generates transgenic mice capable of producing antibodies with multiple specificities.

Harbour BioMed will conduct discovery and early research activities. Bristol Myers Squibb will lead clinical development and commercialization. Harbour BioMed retains certain co-development options, including the ability to conduct early-stage clinical trials in China to potentially accelerate program timelines.

Genentech–Caris Life Sciences: AI-Driven Oncology Target Discovery

Roche's Genentech unit and Caris Life Sciences announced a multi-year discovery collaboration focused on identifying novel cancer therapeutic targets.

Deal Terms:

• Upfront and near-term payments: $25 million
• Research, development, and commercial milestones: up to $1.1 billion
• Royalties: tiered percentages on net sales of any resulting products

Caris will apply its AI platform and clinico-genomic database—comprising molecular and clinical data from more than 500,000 tumor samples—to identify and validate novel oncology targets in areas of high unmet medical need. Genentech receives options to advance validated targets into internal drug discovery programs.

The collaboration reflects pharmaceutical industry interest in leveraging large-scale real-world tumor databases for target identification, supplementing traditional academic and internal discovery approaches.

Vir Biotechnology–Norgine: Hepatitis Delta Virus Regional License

Vir Biotechnology Inc. (NASDAQ: VIR) granted Norgine B.V. commercial rights to its hepatitis delta virus (HDV) combination therapy for Europe, Australia, and New Zealand.

Deal Terms:

• Upfront payment: €55 million (approximately $65 million)
• Development and commercial milestones: up to €495 million (approximately $582 million)
• Royalties: mid-teen to high-twenties percentages on net sales

The licensed therapy combines tobevibart, a monoclonal antibody targeting the hepatitis B surface antigen, with elebsiran, an siRNA (small interfering RNA) therapeutic. This combination approach targets HDV through two distinct mechanisms. The therapy has received FDA Breakthrough Therapy designation.

HDV is a satellite virus that requires hepatitis B virus co-infection to replicate. No therapies are currently approved specifically for HDV in most markets. The Vir combination represents a potential first-in-class treatment approach.

GSK–CAMP4 Therapeutics: Regulatory RNA Platform

GSK plc and CAMP4 Therapeutics Corporation entered a collaboration focused on regulatory RNA biology for neurological and kidney diseases.

Deal Terms:

• Upfront payment: $17.5 million
• Development and commercial milestones: up to $440 million
• Total potential value: $457.5 million
• Royalties: tiered percentages on net sales

CAMP4's platform identifies non-coding RNA sequences that regulate gene expression. Under the collaboration, CAMP4 will identify regulatory RNA targets relevant to specified disease areas. GSK will develop antisense oligonucleotide (ASO) therapies against validated targets.

The agreement covers multiple programs across neurology and nephrology indications. Specific targets and disease areas were not disclosed.

Shanghai Scizeng–Yarrow Bioscience: Thyroid Disease License

Shanghai Scizeng Biopharmaceutical out-licensed GenSci098 to Yarrow Bioscience on December 16.

Deal Terms:

• Upfront payment: $70 million
• Milestones and royalties: up to $1.44 billion in total potential value
• Territory: global rights excluding Greater China

GenSci098 is in clinical development for thyroid eye disease (TED) and Graves' disease. The compound is currently in clinical trials in both the United States and China. Yarrow Bioscience, which is also party to the VYNE reverse merger announced this week, will be responsible for development and commercialization in licensed territories.

The deal represents continued cross-border licensing activity between Chinese biotechs and Western partners, despite ongoing policy discussions around the Biosecure Act.

Additional Licensing Transactions

MEDIPOST–Teikoku Seiyaku (Japan): MEDIPOST Co., Ltd. (South Korea) licensed exclusive Japanese commercialization rights for CARTISTEM to Teikoku Seiyaku Co., Ltd. CARTISTEM is an allogeneic umbilical cord blood-derived mesenchymal stem cell therapy for knee osteoarthritis. Terms include $8 million upfront, a $10 million regulatory milestone, and additional undisclosed sales-based milestones. MEDIPOST retains manufacturing responsibility.

Athira Pharma–Sermonix: Athira Pharma Inc. (NASDAQ: ATHA) acquired global rights to lasofoxifene from Sermonix Pharmaceuticals. Lasofoxifene is a selective estrogen receptor modulator (SERM) in Phase 3 development for metastatic breast cancer. Deal includes up to $100 million in sales milestones plus low single-digit royalties. Athira concurrently raised $90 million in private financing co-led by Perceptive Advisors, TCGX Partners, and Commodore Capital. Advisor: Cantor Fitzgerald served as financial advisor and placement agent.

Mochida Pharmaceutical–Duchesnay (Japan): Mochida Pharmaceutical Co. licensed Bonjesta from Duchesnay Inc. (Canada) for Japanese development and commercialization. Bonjesta is a delayed-release formulation of doxylamine and pyridoxine for nausea and vomiting of pregnancy. If approved, it would be the first medication specifically approved for this indication in Japan. Target launch: 2030. Financial terms not disclosed.

Galux–Boehringer Ingelheim (AI Partnership): Galux Inc. (South Korea) partnered with Boehringer Ingelheim on December 17 to explore AI applications in precision protein design for therapeutic development. This collaboration reflects South Korea's expanding role as an AI-biotech development hub. Financial terms not disclosed.

Lupin–Neopharmed Gentili: Lupin Limited (India) licensed exclusive rights to Plasil (metoclopramide) from Neopharmed Gentili S.r.l. (Italy) for the Philippines and Brazil markets. Plasil is a gastroenterology product for nausea and gastric motility disorders. Financial terms not disclosed.

Licensing Deals Summary

Venture Financing

Syremis Therapeutics – $165 Million Series A

Syremis Therapeutics launched with a $165 million Series A financing. The company was co-founded by Steve Paul, former CEO of Karuna Therapeutics (acquired by Bristol Myers Squibb for $14 billion in 2024), and former Teva Pharmaceutical executives.

Syremis is developing ST-905, a muscarinic M1/M4 receptor agonist currently in Phase 1 trials for schizophrenia. The mechanism is similar to Karuna's KarXT (xanomeline-trospium), which received FDA approval in 2024 as Cobenfy. Syremis believes its compound may offer a differentiated profile.

The company's pipeline also includes an NMDA receptor antagonist in development for depression and additional undisclosed CNS programs. Proceeds will fund clinical advancement of the schizophrenia program and pipeline expansion.

Lead Investors: Dexcel Pharma (Israel), Third Rock Ventures

Additional Investors: Bain Capital Life Sciences, GV (Google Ventures), QVT Financial, Pictet Asset Management

Chai Discovery – $130 Million Series B

Chai Discovery raised a $130 million Series B at a post-money valuation of $1.3 billion. The company develops AI foundation models to predict biochemical interactions between molecules, with applications in biologics drug discovery.

Chai's models are trained on large datasets of molecular interaction data and are designed to predict binding, stability, and other properties relevant to therapeutic development. The company positions itself as an AI infrastructure provider for drug discovery rather than a drug developer.

Lead Investors: General Catalyst, Oak HC/FT

Additional Investors: OpenAI, Menlo Ventures, Thrive Capital

Ambros Therapeutics – $125 Million Series A

Ambros Therapeutics emerged from stealth with a $125 million Series A focused on chronic pain therapeutics. The company was co-founded by Vivek Ramaswamy, the biotech entrepreneur and former 2024 U.S. presidential candidate who previously founded Roivant Sciences.

Ambros has acquired North American rights to neridronate, a bisphosphonate compound, from Italy's Abiogen Pharma S.p.A. Neridronate is approved in Italy for complex regional pain syndrome type 1 (CRPS-1), a chronic pain condition with limited treatment options. Ambros plans to initiate a U.S. pivotal trial in early 2026.

The investment follows Vertex Pharmaceuticals' recent clinical success with its non-opioid pain program, which has renewed investor interest in the pain therapeutic space.

Lead Investors: RA Capital Management (co-lead), Patient Square Capital (co-lead)

Additional Investors: Abiogen Pharma, others not disclosed

Atavistik Bio – $120 Million Series B

Atavistik Bio closed a $120 million Series B on December 18. The company develops allosteric modulators for rare disease indications.

Atavistik's platform focuses on identifying and developing small molecule drugs that bind to allosteric sites—regulatory sites distinct from a protein's active site—to modulate enzyme and receptor function. This approach can enable targeting of proteins that are difficult to address through traditional active-site inhibition.

Specific pipeline programs and target diseases were not disclosed in the financing announcement.

Lead Investors: Nextech Invest, The Column Group

Addition Therapeutics – $100+ Million Stealth Launch

Addition Therapeutics emerged from stealth with more than $100 million in financing to develop a non-viral gene therapy platform. The company was spun out from the University of California, Berkeley.

Addition's platform, called PRINT, uses lipid nanoparticle (LNP) delivery of RNA to achieve gene therapy effects without viral vectors. Unlike traditional gene therapy approaches using adeno-associated virus (AAV) or lentivirus, the all-RNA system may enable repeat dosing and potentially lower manufacturing costs.

The Bill & Melinda Gates Foundation's participation is tied to an HIV prevention program. Additional programs and indications were not disclosed.

Lead Investors: SR One, Pivotal Life Sciences

Additional Investors: Bill & Melinda Gates Foundation, others not disclosed

Orum Therapeutics – Approximately $100 Million

Orum Therapeutics raised approximately $100 million through a convertible preferred stock financing on December 18. The South Korean company, which also has U.S. operations, develops degrader-antibody conjugates (DACs).

Orum's platform combines targeted protein degradation technology with antibody-drug conjugate delivery mechanisms. The approach is designed to deliver protein degraders specifically to cells expressing particular surface antigens, potentially improving the therapeutic window for degrader drugs.

The company has existing collaboration agreements with Bristol Myers Squibb and Vertex Pharmaceuticals for its DAC platform.

Lead Investor: KB Investment Co., Ltd. (South Korea)

Rezubio – $20 Million Series A

Rezubio (Zhuhai, China) closed a $20 million Series A to advance its Membrane-Anchored Drug Design (MADD) platform. The company was founded by former Merck & Co. scientists.

The MADD platform is designed to create therapeutics that anchor to specific tissue membranes, enabling tissue-selective drug activity. This approach may allow systemic administration of drugs that act primarily in target tissues, potentially reducing systemic side effects.

Rezubio's lead program is a gut-anchored GPCR agonist for obesity and type 2 diabetes, currently in Phase 1 trials in Australia. Proceeds will advance this program into Phase 2 and move an immune-targeted GPCR antagonist into clinical development in 2026.

Lead Investor: Lapam Capital

Additional Investors: Frees Fund, Riverhead Capital

Venture Financing Summary

Total venture capital raised (Dec 15–20): Approximately $760 million

IPO and Public Market Activity

Aktis Oncology Files for U.S. IPO

Aktis Oncology Inc. filed a registration statement for an initial public offering on December 19. The Boston-based company, founded in 2020, develops radioconjugates and related therapies for solid tumors.

Aktis's lead candidate, AKY-1189, is in Phase 1 clinical trials for bladder cancer, breast cancer, and colorectal cancer. The company's platform focuses on targeted radiotherapeutic approaches using proprietary linker and chelator technologies.

The filing follows a series of Q4 2025 biotech IPOs including LB Pharmaceuticals, MapLight Therapeutics, and Evommune, which followed an extended period of limited biotech IPO activity. Pricing terms were not disclosed in the initial S-1 filing.

Underwriters: J.P. Morgan Securities, BofA Securities, Leerink Partners, TD Cowen

Prior Investors: MPM BioVentures, Vida Ventures, EcoR1 Capital, Blue Owl Capital

Prior Funding: Approximately $346 million raised privately, including a $175 million Series B in 2024

Wave Life Sciences Completes $402.5 Million Public Offering

Wave Life Sciences Ltd. (NASDAQ: WVE) completed a $402.5 million public offering on December 12. The offering consisted of common shares priced for institutional investors.

Wave develops oligonucleotide therapies targeting neurological and other diseases using its PRISM platform for stereopure chemistry. The company's pipeline includes programs in Duchenne muscular dystrophy (DMD), Huntington's disease, and alpha-1 antitrypsin deficiency.

Legal Advisor (Issuer): Mintz

Fulcrum Therapeutics Completes $175 Million Public Offering

Fulcrum Therapeutics Inc. (NASDAQ: FULC) completed a $175 million public offering on December 16. The Massachusetts-based company focuses on therapies for genetically defined rare diseases.

Fulcrum's lead program, losmapimod, is in development for facioscapulohumeral muscular dystrophy (FSHD). The offering proceeds will support continued clinical development and commercial preparation activities.

Legal Advisor (Underwriters): Mintz

Protara Therapeutics Completes $75 Million Public Offering

Protara Therapeutics Inc. (NASDAQ: TARA) completed a $75 million public offering on December 16. The company develops gene therapies for rare and life-threatening diseases.

Protara's pipeline includes TARA-002, an investigational gene therapy for lymphatic malformations, and programs targeting other rare diseases with high unmet medical need.

Legal Advisor (Underwriters): Mintz

Kymera Therapeutics Follow-On

Kymera Therapeutics Inc. (NASDAQ: KYMR) completed an approximately $250 million public stock offering concurrent with announcing a CDK2 degrader collaboration with Gilead Sciences.

The Gilead deal includes $85 million upfront with potential milestone payments bringing total deal value to up to $750 million. Gilead receives an exclusive option and license to develop oral molecular glue CDK2 degraders discovered using Kymera's platform. The follow-on offering was timed to coincide with the partnership announcement.

Regional Partnerships and Distribution Agreements

Zuellig Pharma–Lundbeck: Zuellig Pharma expanded its partnership with H. Lundbeck A/S on December 16 to become an agency partner for commercializing Lundbeck's neuropsychiatric portfolio across Southeast Asia. The expanded territory includes Indonesia, Malaysia, Philippines, Singapore, and Taiwan. Products covered include Lexapro, Brintellix, and Cipralex.

Meiji Seika Pharma–MBC BioLabs: Meiji Seika Pharma Co., Ltd. (Japan) partnered with MBC BioLabs (San Francisco) on December 19 to strengthen collaboration in infectious diseases, hematologic diseases, and immune-inflammatory conditions. The partnership provides Meiji Seika with access to MBC's incubator network and early-stage companies.

Dyadic–Fermbox Bio: Dyadic Applied BioSolutions expanded its collaboration with Fermbox Bio (India) on December 17 to accelerate commercialization of animal-free proteins using precision fermentation technology. The partnership focuses on recombinant protein production for food, feed, and industrial applications.

Restructuring and Other Developments

Apple Tree Partners Files Chapter 11 Bankruptcy

Apple Tree Partners (ATP), a life sciences venture capital firm, placed two affiliate entities into Chapter 11 bankruptcy protection on December 10 in Delaware. The filings are intended to ensure continued funding for ATP's portfolio companies during an ongoing dispute with the firm's lead limited partner.

The dispute centers on capital call obligations. ATP's primary investor, the Rigmora family office (associated with Russian billionaire Dmitry Rybolovlev), had allegedly failed to honor capital calls for approximately 18 months. Days before the bankruptcy filing, a Delaware court ordered Rigmora to pay $96.9 million in overdue funding.

ATP warned that 13 portfolio companies were at risk of operational collapse due to the funding freeze. The Chapter 11 process allows ATP to reorganize while compelling limited partners to meet their contractual capital commitments.

The firm manages between $1 billion and $10 billion in assets across multiple funds. The portfolio includes preclinical and clinical-stage biotechnology companies across various therapeutic areas. Court supervision is expected to enable continued operations at portfolio companies while the funding dispute is resolved.

The case is unusual for venture capital, where bankruptcy filings are rare. It highlights potential downstream effects of LP funding disputes on portfolio company operations.

Boehringer Ingelheim Declines Nxera Option

Boehringer Ingelheim declined to exercise its option to license Nxera Pharma's GPR52 agonist program for schizophrenia. Full rights to the Phase 2–ready program have reverted to Nxera, the Japan- and UK-based company.

The GPR52 agonist had completed Phase 1 trials with results that Nxera characterized as favorable. GPR52 is a G protein-coupled receptor expressed in the brain's striatum that has been explored as a target for schizophrenia and other neuropsychiatric conditions.

Boehringer's decision to pass on the option triggers no termination penalties under the original agreement. Nxera stated it will seek a new licensing partner in 2026.

Option-based licensing structures allow pharmaceutical companies to evaluate clinical data before committing to full license terms. The Boehringer decision illustrates the risk for biotechs in such arrangements: even programs with apparently positive data may be returned if they no longer fit a partner's strategic priorities.

Weekly Statistics

Summary

The December 15–20, 2025 period saw concentrated transaction activity as companies closed deals before year-end. Large pharmaceutical companies (Sanofi, Pfizer, Bristol Myers Squibb, Roche/Genentech, GSK) executed licensing agreements across immunology, neurology, and oncology therapeutic areas. M&A activity included BioMarin's $4.8 billion acquisition of Amicus and BioNTech's closing of the CureVac transaction, consolidating the mRNA technology sector.

Public markets activity was robust, with four follow-on offerings raising over $900 million combined. Wave Life Sciences completed the largest at $402.5 million, followed by Kymera Therapeutics ($250 million), Fulcrum Therapeutics ($175 million), and Protara Therapeutics ($75 million). Aktis Oncology's IPO filing adds to a modest recovery in biotech public offerings during Q4 2025.

Private markets remained active with $760 million raised across seven financings. AI-enabled drug discovery (Chai Discovery) and novel therapeutic modalities (Addition Therapeutics' RNA gene therapy platform, Orum's degrader-antibody conjugates) attracted substantial investment.

Cross-border activity continued despite regulatory uncertainty, with multiple China-origin licensing deals closing during the week. The Apple Tree Partners bankruptcy filing represents an unusual situation for venture capital and may have implications for funding stability at portfolio companies.

Disclaimer: The author is not a lawyer or financial adviser. Nothing in this article constitutes investment or legal advice. All information is drawn from publicly available sources including press releases, SEC filings, and news reports. Readers should conduct their own due diligence before making any investment decisions.