A tale of two biotechs
Revolution and Allogene’s equity financings are a microcosm of biotech’s historic struggle.
CrossBridge sells early
Lilly buys the dual-payload ADC specialist before it’s dosed a single patient.
Gilead is next into target degradation
After opting in last year, Gilead picks up Kymera's KT-200.
Gilead buys what it tried with Tubulis
A $3.15bn deal follows a December 2024 option agreement.
Merck takes Terns
After reporting stellar data at ASH, Terns is acquired for $6.7bn.
Like Lilly, Novartis bets against mutation specificity
The Swiss group shells out $2bn for Synnovation’s mutation-selective PI3Kα inhibitor.
BioNTech plans a spin-off
A new company will develop “next-generation mRNA” projects, amid another mRNA setback.
Servier makes a rare big buy
The company pays $2.5bn for Day One and its approved drug Ojemda.
