Overview and Highlights
September 2025 underscored a strategic shift in life science deal-making, with large pharma and biotech increasingly targeting differentiated, next-generation assets to bolster late-stage pipelines. Novartis led the charge, executing four high-profile collaborations and acquisitions spanning RNAi, molecular glue degraders, and other cutting-edge modalities, signaling a deliberate focus on platforms capable of addressing previously undruggable targets. Roche and Genmab similarly reinforced their late-stage portfolios, with Roche entering the competitive metabolic disease (MASH) space and Genmab securing a bispecific oncology asset, reflecting a broader industry emphasis on precision-targeted therapies and high-value indications. Across M&A, there’s a clear pattern of companies leveraging acquisitions to accelerate clinical momentum and gain first-mover advantage in emerging therapeutic classes, from covalent protein drugs to advanced gene delivery systems.
Venture activity mirrored this strategic intensity, with investors backing both platform-enabling technologies and clinical-stage innovation. Atlas Venture’s $400 million opportunity fund underscores a commitment to deepening existing biotech relationships, while sizable Series A and D rounds for Odyssey Therapeutics, Treeline Biosciences, and Enveda Biosciences illustrate sustained appetite for precision oncology, immunology, and AI-driven drug discovery. Notably, deals supporting novel delivery technologies and next-generation therapeutics—such as gene therapies targeting the brain or subcutaneous spinal delivery devices—highlight an ongoing trend: funding is increasingly directed toward solving bottlenecks in both modality development and therapeutic reach, not just novel targets.
Mergers & Acquisitions
1. Roche to Acquire 89bio for $3.5B, Entering Late-Stage MASH Race | Pharma
Roche has entered into a definitive agreement to acquire 89bio for approximately $3.5 billion, gaining control of pegozafermin, a Phase 3-ready long-acting GLP-1/glucagon dual receptor agonist for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The deal positions Roche as a formidable competitor in the lucrative MASH market, leveraging its extensive clinical development and commercialization expertise to advance a potentially best-in-class therapy.
2. Novartis to Acquire Tourmaline Bio for $1.5B, Bolstering Cardiovascular Pipeline | Pharma
In a move to strengthen its cardiovascular portfolio, Novartis will acquire Tourmaline Bio for $1.5 billion. The centerpiece of the acquisition is TOUR006, an anti-IL-6 antibody being developed for atherosclerotic cardiovascular disease (ASCVD) and thyroid eye disease. The deal highlights Novartis' strategy of targeting validated pathways with potentially best-in-class molecules to address major unmet needs in cardiovascular health.
3. Genmab to Acquire Merus for $1.8B, Gaining Phase 3-Stage Bispecific Antibody | Biotech
Genmab will acquire Merus in an all-cash transaction valued at $1.8 billion, securing the Phase 3-stage bispecific antibody petosemtamab. The drug, which targets EGFR and c-MET, has shown promising results in treating head and neck squamous cell carcinoma. This strategic acquisition significantly enhances Genmab's late-stage oncology pipeline with a differentiated, first-in-class asset.
Vertex Pharmaceuticals has entered a strategic collaboration with Enlaza Therapeutics worth up to $2 billion to develop novel, covalently-binding protein drugs for autoimmune diseases. The partnership will leverage Enlaza’s proprietary "War-Lock" platform to create highly specific and durable therapies, aiming to improve conditioning methods for bone marrow transplants and offer new treatment paradigms for conditions like multiple sclerosis.
5. Novartis and Arrowhead Announce $2.2B Deal for RNAi Therapy Targeting Alpha-Synuclein | Biotech
Novartis is deepening its investment in neurology by partnering with Arrowhead Pharmaceuticals in a deal potentially worth over $2.2 billion. The collaboration will focus on developing and commercializing ARO-αSYN, an investigational RNA interference (RNAi) therapy designed to reduce the expression of alpha-synuclein for the treatment of Parkinson's disease and other neurological disorders.
6. Novartis Inks $1.57B Deal with Monte Rosa to Develop Molecular Glue Degraders | Biotech
Continuing its deal-making spree, Novartis has signed a multi-year collaboration with Monte Rosa Therapeutics valued at up to $1.57 billion. The partnership will harness Monte Rosa’s QuEEN platform to discover and develop novel molecular glue degraders against previously undruggable targets in oncology and immunology, reinforcing Novartis' commitment to this emerging therapeutic modality.
VectorY has entered into a strategic collaboration with Shape Therapeutics in a deal exceeding $1.2 billion in potential milestones. The partnership aims to use Shape’s advanced AAV capsid discovery platform to develop novel gene therapies capable of effectively crossing the blood-brain barrier to treat a range of neurological diseases.
8. Biogen Acquires Alcyone Therapeutics for $85M to Secure Spinal Cord Drug Delivery Tech | Medtech
Biogen has acquired Alcyone Therapeutics for $85 million, gaining full rights to the ThecaFlex DRx System. This implantable device is designed for the subcutaneous delivery of therapies into the intrathecal space, potentially improving the administration of treatments for neurological conditions like spinal muscular atrophy and amyotrophic lateral sclerosis.
Private Equity
1. Capvest to Acquire Majority Stake in Stada in €10B Deal | Pharma
Private equity firm Capvest has agreed to acquire a majority stake in Stada Arzneimittel AG, a leading German manufacturer of generic and consumer healthcare products, in a deal valuing the company at €10 billion. The transaction marks an exit for previous majority owners Bain Capital and Cinven and represents one of the largest European private equity deals of the year.
2. Advent International to Purchase Sanofi’s Former Generics Unit Zentiva for €4.1B | Pharma
Private equity firm Advent International has agreed to acquire Zentiva, a major European generics manufacturer, in a deal valued at €4.1 billion. The move signals strong private equity interest in the stable, cash-generative generics sector and provides Zentiva with the backing to expand its footprint across Europe.
3. Permira Reportedly Prepares $4B Sale of CDMO Cambrex | Pharma Service
Private equity firm Permira is reportedly exploring a sale of contract development and manufacturing organization (CDMO) Cambrex, with a potential valuation of around $4 billion. The move reflects a favorable market for high-quality CDMO assets driven by increased outsourcing from the pharmaceutical industry.
Venture Capital & Financing
1. Atlas Venture Raises $400M Fund to Support Existing Biotech Portfolio | Biotech
Venture capital firm Atlas Venture has closed a new $400 million fund dedicated to providing additional capital to its existing portfolio companies. This "Opportunity Fund" will enable Atlas to continue supporting its most promising biotechs as they advance through clinical development and toward commercialization, reflecting a strategy of long-term partnership with its innovative startups.
2. Odyssey Therapeutics Heralds $213M Series D to Strengthen Clinical Portfolio | Biotech
Odyssey Therapeutics has raised a $213 million Series D financing to advance its pipeline of precision immunology and oncology medicines. The funding will support the clinical development of its portfolio of small molecule therapies targeting key drivers of disease, including multiple protein and immunology programs.
3. Treeline Biosciences Reaps $200M Series A Extension to Enter the Clinic | Biotech
Treeline Biosciences has secured a $200 million extension to its Series A financing round. The capital will be used to advance the company's first three oncology assets into clinical trials and further develop its platform, which integrates computational chemistry, biology, and data science to design highly specific small molecule cancer drugs.
4. Enveda Biosciences Harvests $150M to Advance Nature-Inspired Drugs | Biotech
Enveda Biosciences, a company using AI to discover new medicines from natural sources, has raised $150 million in a new financing round. The funds will be used to advance its pipeline of drug candidates, which includes programs for inflammatory bowel disease, liver disease, and Wilson's disease, and to further build out its unique drug discovery platform.
5. Star Therapeutics Collects $125M to Push Bleeding Disorder Prospect into the Orbit | Biotech
Star Therapeutics has closed a $125 million financing round to advance its lead program, a monoclonal antibody for the treatment of von Willebrand disease and other bleeding disorders. The funding will support the company's planned clinical trials and the continued development of its pipeline of antibody therapies for rare hematologic diseases.
Galvanize Therapeutics has raised $100 million in a new funding round and appointed a new CEO to lead its commercialization efforts. The company is developing the Aliya Pulsed Electric Field (PEF) system, a non-thermal energy-based ablation technology designed to treat solid tumors, with an initial focus on lung cancer.
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