Overview and Highlights
February’s healthcare activity was defined by pipeline‑focused acquisitions, AI‑enabled partnerships, and a broad reopening of the biotech IPO window across de‑risked immunology, oncology, and specialty indications. While large‑cap players explored major portfolio reshaping in medtech, most deal flow concentrated on clinical‑stage assets in rare disease, pulmonary hypertension, and targeted oncology.
Eli Lilly’s acquisition of Orna Therapeutics and GSK’s move for 35Pharma underscored continued appetite for next‑generation RNA and protein‑based therapies, while Takeda’s 1.7B‑dollar AI discovery alliance with Iambic and the CDC–Cepheid collaboration highlighted the centrality of AI and rapid diagnostics. In the public and private markets, a wave of sizeable IPOs from Eikon, Veradermics, Agomab, and SpyGlass, alongside growth rounds for MIDI Health and DentalMonitoring, signaled renewed investor demand for translationally de‑risked platforms and scalable digital health models.
Mergers & Acquisitions
1 | Cycle Pharmaceuticals Completes Take‑Private of Applied Therapeutics | Biotech
Cycle Pharmaceuticals completed the acquisition of Nasdaq‑listed Applied Therapeutics via tender offer and merger on Feb 3, 2026, taking the rare‑disease biotech private within the Cycle Group structure. Applied’s clinical‑stage pipeline in galactosemia and other metabolic diseases gives Cycle additional late‑stage assets and expands its presence in specialty and orphan indications.
2 | Eli Lilly to Acquire Orna Therapeutics to Advance Circular RNA and Cell Therapies | Biotech
Eli Lilly announced an agreement on Feb 9, 2026, to acquire Orna Therapeutics and its circular RNA (oRNA) platform, which underpins engineered cell‑therapy candidates. The deal is intended to strengthen Lilly’s next‑generation RNA and cell‑based oncology pipeline, building on their prior collaboration and giving Lilly full control of Orna’s technology and programs.
3 | GSK Enters Agreement to Acquire 35Pharma for Pulmonary Hypertension Pipeline | Biotech
GSK announced on Feb 24, 2026, that it will acquire 35Pharma, a private Canadian clinical‑stage biotech, for $950M in cash at closing. The deal brings HS235, a protein‑based therapeutic that has completed phase 1, into GSK’s pipeline, with imminent studies planned in pulmonary arterial hypertension and pulmonary hypertension due to HFpEF.
4 | Sensei Biotherapeutics Acquires Faeth Therapeutics Assets to Bolster Oncology Pipeline | Biotech
Sensei Biotherapeutics closed an acquisition of Faeth Therapeutics’ assets in mid‑February 2026, adding a clinical‑stage oncology program focused on metabolism‑directed cancer therapy. The deal, supported by a legal advisory release, enhances Sensei’s pipeline breadth and provides additional shots on goal in immuno‑oncology.
5 | Kairos Pharma Signs Term Sheet for Strategic Acquisition of Celyn Therapeutics Assets | Biotech
On Feb 26, 2026, Kairos Pharma announced signing a term sheet to acquire two clinical‑stage oncology assets (a pan‑EGFR and a c‑MET inhibitor) from Celyn Therapeutics. The transaction, once finalized, would give Kairos global rights to both programs and significantly deepen its lung cancer portfolio.
6 | J&J Explores Sale of Orthopedics Unit in Potential $20B Divestiture | Medtech
Johnson & Johnson is exploring a sale of its orthopedics unit in a potential transaction valued around $20B, according to Feb 19, 2026 reporting. While still exploratory, a sale would be one of the largest medtech portfolio reshapes in recent years and could materially shift the competitive landscape in joint reconstruction and trauma.
Strategic Partnerships and Licensing
1 | Memo Therapeutics–CSL Collaboration on Recombinant Polyclonal Antibodies | Biotech
Memo Therapeutics entered a collaboration with CSL with potential payments up to about $328M plus royalties to develop recombinant polyclonal IgG antibodies using Memo’s Dropzylla platform. The alliance initially targets infectious diseases and gives CSL exclusive development and commercialization rights to selected programs, underscoring interest in polyclonal formats that can offer broader epitope coverage than standard monoclonals.
On Feb 18, 2026, Cepheid announced that the U.S. CDC selected it as a national collaborator to accelerate rapid diagnostic innovation and outbreak readiness using its GeneXpert molecular platform. The collaboration focuses on co‑developing high‑impact assays and preparedness workflows, reinforcing Cepheid’s role as a core public‑health diagnostics partner.
3 | Takeda Deepens AI Drug Discovery Push with Up to $1.7B Iambic Deal | Pharma
Takeda signed a collaboration with AI‑drug‑discovery company Iambic in February, with deal value reportedly up to $1.7B including milestones. The partnership focuses on discovering and developing small‑molecule oncology and immunology candidates using Iambic’s structure‑based AI platform, reinforcing Takeda’s push into AI‑enabled R&D.
4 | TrumpRx Launches DTC Platform Offering Branded Drugs to Cash‑Pay Patients | Pharma Service
TrumpRx launched early February, offering more than 40 branded drugs at discounts to cash‑paying U.S. patients via a new DTC channel. The platform, which includes deals with manufacturers such as AstraZeneca, Eli Lilly, Novo Nordisk, EMD Serono, and Pfizer, functions as a policy‑driven commercial initiative that may affect cash‑pay pricing dynamics and pharma’s channel strategy in obesity and other therapeutic areas.
Public Markets & IPOs
1 | Eikon Therapeutics Debuts on Nasdaq as Part of Early‑2026 IPO Wave | Biotech
Eikon Therapeutics went public on Nasdaq in early February 2026 (same week as Veradermics), raising roughly $380M to fund its single‑molecule protein‑tracking platform and oncology/immune‑oncology pipeline. Its successful listing, together with Veradermics and follow‑on offerings, is used in market commentary as evidence that high‑quality, clinical‑stage biotechs can again access the IPO window.
2 | Generate:Biomedicines Files for Up to $425M Nasdaq IPO | Biotech
Flagship‑backed Generate:Biomedicines filed to raise up to $425M via a Nasdaq IPO on Feb 22, 2026, with proceeds earmarked largely to fund two phase 3 asthma trials of AI‑designed anti‑TSLP antibody GB‑0895. The filing also highlights pipeline and platform expansion plans, positioning Generate as one of the largest AI‑enabled biopharma listings since 2024.
3 | Agomab Therapeutics Raises $200M in Nasdaq IPO for ALK5‑Focused Pipeline | Biotech
Agomab Therapeutics completed a $200M Nasdaq IPO to fund clinical programs targeting ALK5 and related pathways in fibrotic and inflammatory diseases. Proceeds will support mid‑stage trials and earlier‑stage pipeline development, signaling renewed public‑market appetite for translationally de‑risked immunology and fibrosis assets.
4 | Veradermics Prices $256M IPO for Oral Minoxidil Hair‑Loss Program | Biotech
Veradermics raised about $256M in an upsized Nasdaq IPO on Feb 4, 2026, to fund phase 3 studies of its extended‑release oral minoxidil candidate VDPHL01 for pattern hair loss. Shares more than doubled on the first trading day, and the deal is being cited as a bellwether for renewed public‑market risk appetite in specialty dermatology and aesthetics.
5 | SpyGlass Pharma Announces Pricing of Initial Public Offering | Biotech
SpyGlass Pharma priced its IPO in February 2026, offering shares on Nasdaq to fund phase 3 programs for its intraocular drug‑delivery platform targeting glaucoma and ocular hypertension. The company plans to use proceeds for late‑stage trials and manufacturing scale‑up of its sustained‑release implants.
Venture Capital & Growth Equity
Third Arc Bio (affiliated with Third Harmonic Bio) announced a $52M Series A extension in February to expand its oncology and immunology‑inflammation pipeline. The funding supports development of small‑molecule and biologic programs targeting dysregulated immune signaling pathways.
2 | MIDI Health Raises $100M Series D | Digital Health
Women’s health clinic MIDI Health closed a $100M Series D round in February 2026, valuing the company at $1B. Funds will expand its virtual‑first midlife women’s health platform, including hormone therapy, cardiometabolic risk management, and longitudinal care models.
3 | DentalMonitoring Raises ~€84M to Scale AI Orthodontic Diagnostics Platform | Digital Health
DentalMonitoring secured about €84M in new funding (roughly $90–100M equivalent), leading French Tech’s February healthtech financings. The AI‑driven remote orthodontic monitoring company plans to use the capital to expand its R&D center and accelerate international commercial rollout with orthodontists and DSOs.
4 | ZEISS Ventures Invests in Custom Surgical Pre‑Series A Round for Ophthalmic Imaging | Life Science Tools
On Feb 19, 2026, ZEISS announced that ZEISS Ventures participated in a €3.5M pre‑Series A round for Custom Surgical, which develops digital imaging and visualization solutions for ophthalmic surgery. The investment supports Custom Surgical’s cloud‑connected imaging platform, aligning with ZEISS’s strategy to drive digitalization in surgical workflows.
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