Overview and Highlights
August 2025 marked an active period in life sciences, propelled by acquisitions and fundraising across biotech, pharma, and health tech. Strategic M&A continued to reshape key segments: Gilead acquired Interius for $350 million, advancing Kite’s in vivo CAR-T expertise, while AbbVie’s up to $1.2 billion deal brought Gilgamesh’s investigational depression therapy into its psychiatry portfolio. Tempus expanded its AI-driven oncology footprint by acquiring Paige for $81.25 million, and MannKind picked up scPharmaceuticals for $360 million, strengthening its heart failure lineup. These deals highlight a race for late-stage innovation and next-generation assets, particularly in oncology, cell therapy, and digital pathology.
Private capital markets lent support for focused sector momentum with several 9-figure company fundraises and new investment funds. Kriya’s $313 million and Wugen’s $115 million rounds exemplified investor interest in focused gene and cell therapy approaches, continuing this trend from last month. Minghui and Strand Therapeutics drew substantial VC support, while early-stage innovation is poised for future support from Hatteras Venture Partners’ newly closed $200 million dual fund. On the private equity side, OrbiMed closed its $1.86 billion Royalty & Credit Opportunities Fund V, representing cautious optimism for specialty healthcare investments.
Mergers & Acquisitions
5. CorMedix Expands Infectious Disease Portfolio with $300M Acquisition of Melinta | Pharma
6. Aurobindo Acquires Lannett for $250M to Expand US Generics & ADHD Portfolio | Pharma
Private Equity
2. TPG Exiting Investment in CRDMO Sai Life Sciences Via Block Sale | Pharma Service
3. Waterland to Acquire Majority of Cruinn Diagnostics in €50M+ Deal With MML Ireland | Diagnostics
4. Brightstar Capital Acquires Analyte Health, Building Platform in Digital Healthcare | Diagnostics
Venture Capital & Financing
1. Kriya Therapeutics Raises $313M Series Fund to Advance Gene Therapy Pipeline | Pharma
4. Minghui Raises $131M Pre-IPO Round to Fund JAK Inhibitor Launch and Oncology R&D | Pharma
Mergers & Acquisitions
AbbVie has announced a definitive agreement to acquire bretisilocin, Gilgamesh Pharmaceuticals’ lead investigational psychedelic therapy for major depressive disorder (MDD), in a deal worth up to $1.2 billion including upfront and milestone payments. Bretisilocin is a next-generation serotonin 5-HT2A receptor agonist and releaser designed for rapid, durable antidepressant effects with a shorter psychoactive experience, now in phase 2 trials, and it recently achieved a 94% remission rate in MDD patients. As part of the deal, Gilgamesh will spin out its remaining pipeline, including NMDA antagonist blixeprodil and other psychiatric assets, into a new entity, Gilgamesh Pharma Inc.
Excalipoint, a newly formed Cayman Islands biotech, entered the T-cell engager sector by acquiring rights to two preclinical drugs—CTM012 (solid tumor-focused, IND approved) and CTM013—from China’s Lepu Biopharma. The deal’s structure includes an initial $10 million payment, up to $847.5 million in development and commercial milestone payments, future royalties, and series A fundraising of $41 million led by YuanBio Venture Capital and Apricot Capital.
MannKind Corporation will acquire scPharmaceuticals for up to $360 million ($5.35 per share plus $1/share in milestones), adding FUROSCIX, an FDA-approved on-body infuser that treats fluid overload in chronic heart failure and kidney disease—an addressable market over $10 billion in the U.S. FUROSCIX saw 96% year-over-year growth with $27.8 million in net sales in H1 2025, and the combined company projects a $370 million annualized revenue run rate. The deal diversifies MannKind’s commercial assets and strengthens its presence in cardiometabolic and orphan lung diseases, with a Q4 2025 closing targeted and further product launches—including an autoinjector—anticipated for late 2025.
Gilead Sciences is acquiring Interius BioTherapeutics for $350 million, making its cell therapy subsidiary, Kite, a major player in the emerging in vivo CAR-T therapy space. Unlike Kite’s current ex vivo CAR-T treatments Yescarta and Tecartus, Interius’ platform enables patients’ CAR T cells to be generated directly inside the body via a single IV infusion, potentially eliminating chemotherapy preconditioning and complex cell processing. The deal integrates Interius’ team and technology into Kite’s R&D, establishes a center of excellence in Philadelphia, and positions Gilead to accelerate next-generation cell therapies with broader access and scalable manufacturing for aggressive diseases.
5. CorMedix Expands Infectious Disease Portfolio with $300M Acquisition of Melinta | Pharma
CorMedix has agreed to acquire Melinta Therapeutics for $300 million, consisting of $260 million in cash and $40 million in equity, plus up to $25 million in potential milestones tied to FDA approval for expanded use of Rezzayo. This deal brings seven hospital- and clinic-focused marketed products, including Rezzayo and Minocin, significantly broadening CorMedix’s commercial base and pushing projected 2025 combined revenues to $305–335 million, accelerating CorMedix’s presence in acute care and infectious diseases.
6. Aurobindo Acquires Lannett for $250M to Expand US Generics & ADHD Portfolio | Pharma
Aurobindo Pharma will acquire US-based Lannett Company for $250 million, adding a large Indiana cGMP facility and new capabilities in complex generics and ADHD drugs, along with contract manufacturing. The move is strategically timed as the Trump administration threatens substantial new tariffs on imported drugs, prompting Aurobindo to localize more production, align with US reshoring priorities, and access government contracts. The acquisition is set to close in 8–12 months pending regulatory approval.
Xoma Royalty has agreed to acquire two biotechs facing clinical setbacks—HilleVax, maker of a failed norovirus vaccine, and Lava Therapeutics, developer of gamma delta T-cell engagers—offering $1.95 per share for HilleVax plus contingent rights to excess cash, office lease savings, and future vaccine licensing within five years. Lava shareholders will receive $1.16–$1.24 per share plus a contingent right to 75% of net proceeds generated by partnered programs with Johnson & Johnson and Pfizer, as well as possible future asset sales. Both biotechs will wind down major programs but Xoma aims to benefit from future licensing and partnership revenues.
Tempus AI has acquired Paige, a digital pathology AI leader, for $81.25 million, bolstering Tempus’s oncology diagnostics and AI portfolio. Paige brings a robust team, the first FDA-cleared AI pathology app, and nearly 7 million digitized de-identified pathology slides from global sources, including Memorial Sloan Kettering, enabling more precise cancer detection and foundational model development. The deal accelerates Tempus’s mission to build the largest oncology foundation model and integrate advanced generative AI into cancer care, drug development, and the broader precision medicine landscape.
Private Equity
OrbiMed has closed $1.86 billion in commitments for its Royalty and Credit Opportunities Fund V, drawing over 90% of investments from existing long-term relationships. The fund targets non-dilutive credit and royalty-based financing for biopharma, medical device, diagnostics, and tech-enabled healthcare companies. OrbiMed’s platform, with a global portfolio of more than 130 companies, is positioned to help drive innovation and growth for healthcare firms that struggle to access equity funding, as seen recently in investments in Renasant Bio and Verastem Oncology.
2. TPG Exiting Investment in CRDMO Sai Life Sciences Via Block Sale | Pharma Service
Private equity firm TPG is set to exit its investment in Hyderabad-based Sai Life Sciences, selling its entire 14.7% stake—worth ~$320M—through open market block deals, with buyers including Société Générale and Goldman Sachs Singapore. Sai Life Sciences is a fast-growing Contract Research, Development & Manufacturing Organization (CRDMO) focused primarily on complex small molecules, providing end-to-end drug discovery, development, and manufacturing services. TPG’s exit comes less than a year after Sai’s IPO, underscoring the growing institutional interest in India’s CRDMO sector despite near-term stock volatility.
3. Waterland to Acquire Majority of Cruinn Diagnostics in €50M+ Deal With MML Ireland | Diagnostics
Dutch private equity firm Waterland has agreed to acquire a 56% majority stake in Cruinn Diagnostics from MML Ireland, valuing the company at “north of €50 million”. Cruinn Diagnostics is a leading supplier of medical laboratory equipment and diagnostic solutions serving hospitals, laboratories, universities, and research institutions in Ireland. During MML’s investment, the company grew its revenue and workforce by more than 50%; under the new partnership, management will retain a significant minority stake and the deal is expected to drive accelerated growth, including the launch of next-generation healthcare diagnostics.
4. Brightstar Capital Acquires Analyte Health, Building Platform in Digital Healthcare | Diagnostics
Brightstar Capital Partner has acquired Analyte Health, a Houston-based digital health company offering direct-to-consumer services such as clinical testing and virtual care. Several Analyte Health brands focus on providing digital access to general laboratory, paternity, and STD testing. Brightstar sees Analyte as a strategic platform in consumer-oriented digital healthcare, supported by strong unit economics and significant growth potential. Financial terms were not disclosed.
Venture Capital & Financing
1. Kriya Therapeutics Raises $313M Series Fund to Advance Gene Therapy Pipeline | Pharma
Kriya Therapeutics, a private US-based gene therapy biotech, has raised $313 million in a major new equity financing round, one of the year’s biggest for private biotechs, bringing renewed attention to the sector amid waning investor enthusiasm. The company’s pipeline spans nine programs across neurology, metabolic health, and ophthalmology, with two assets in clinical development; past expansions include acquisitions of Redpin and Tramontane Therapeutics.
Hatteras Venture Partners has raised more than $200 million across its seventh venture fund and the new Opportunity Fund I, aiming to fuel seed and early-stage biotech, medtech, and healthtech companies. The North Carolina-based firm, which has invested in 100 companies over its 25-year history and raised $900 million in total, highlights its role in building transformative startups, including Kymera Therapeutics and G1 Therapeutics. Hatteras remains focused on supporting scholarly innovators and disruptive healthcare ventures, reaffirming its dedication to early-stage innovation despite current market challenges.
Strand Therapeutics has secured $153 million in a Series B round, led by Kinnevik and joined by the venture arms of Regeneron, Amgen, and Eli Lilly, to fund development of its programmable, self-replicating mRNA therapies for solid tumors. The financing will support clinical advancement of lead program STX-001, a tumor microenvironment-targeted IL-12 mRNA therapy currently in phase 1/2 trials showing promising early results, as well as progress on new systemic mRNA therapies designed to overcome delivery and toxicity challenges.
4. Minghui Raises $131M Pre-IPO Round to Fund JAK Inhibitor Launch and Oncology R&D | Pharma
Shanghai-based Minghui Pharmaceutical has raised $131 million in a pre-IPO financing led by OrbiMed and Qiming Venture Partners. The funding will drive the potential commercial launch in China of MH004, a topical pan-JAK inhibitor cream now awaiting regulatory approval for dermatitis, and advance Minghui’s robust pipeline of oncology and immunology assets (e.g., PD-1/VEGF bispecific antibody, TROP2-directed ADC (MHB036C), B7-H3-targeted ADC (MHB088C)). Proceeds will support late-stage trials and combination therapy studies.
Led by Fidelity, RiverVest, Lightchain, Abingworth, ICG, and others, Wugen secured $115 million in equity financing to fund its pivotal T-RRex study of WU-CART-007, a first-in-class, off-the-shelf, CRISPR-edited CAR-T cell therapy for relapsed/refractory T-cell acute lymphoblastic leukemia (T-ALL) and lymphoma (T-LBL). WU-CART-007 demonstrated a 91% overall response rate and 73% complete remission in global Phase 1/2 trials, and received RMAT, Fast Track, Orphan Drug, Rare Pediatric, and PRIME designations, paving the way for a 2027 BLA submission.
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