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‍Highlights & Summary  

June saw an increase in market activity, transitioning from the measured pace of previous months to a period of high-value, strategic transactions. The most notable trend was an increase in large-scale M&A, as well-capitalized pharmaceutical companies executed multi-billion-dollar acquisitions to secure entire therapeutic platforms and de-risked pipelines. This trend was exemplified by several multi-billion-dollar transactions, including Sanofi's $9.1B acquisition of Blueprint Medicines and AbbVie's $2.1B purchase of Capstan Therapeutics, alongside deals for Verve and CureVac. These moves indicate a concerted effort by industry leaders to consolidate positions in next-generation modalities like in-vivo cell therapy, gene editing, and mRNA. This M&A activity was complemented by renewed strength in the public markets, highlighted by Caris Life Sciences increasing its IPO size due to strong investor demand. The foundational technologies of precision medicine also attracted significant investment, with strategic acquisitions in proteomics and major partnerships in AI-driven drug discovery, confirming that both therapeutic assets and the platforms that enable their discovery are commanding premium valuations.

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AI, Diagnostics, and Bioinformatics

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1 | AstraZeneca Pens $5.3B AI Pact with CSPC for Chronic Diseases | Partnership
AstraZeneca entered a significant research collaboration with CSPC Pharmaceutical Group potentially worth up to $5.3 billion. The partnership will leverage CSPC's proprietary AI-driven drug discovery platform to identify novel oral therapies for chronic diseases. AstraZeneca will provide an upfront payment of $110 million and make additional payments based on the achievement of development and commercial milestones. This deal deepens an existing collaboration and highlights a growing industry strategy to outsource preclinical discovery to specialized AI platforms.

2 | Caris Life Sciences Boosts IPO Price to Raise Over $494M | IPO
In a strong signal for the public markets, Caris Life Sciences increased the pricing of its initial public offering to raise over $494.1 million in its Nasdaq debut. The Texas-based cancer testing company sold 23.5 million shares under the ticker "CAI" at $21 apiece, exceeding its initial range of 16−18 and securing a valuation of approximately $5.9 billion. The high investor demand reflects confidence in Caris's integrated platform, which combines genomic testing with a massive clinico-genomic database to power AI-driven insights for diagnostics and drug development.

3 | Illumina to Acquire SomaLogic via Standard BioTools in $425M Deal | M&A
In a complex transaction, Illumina is set to acquire proteomics developer SomaLogic to expand its capabilities beyond genomics. The deal structure involves Standard BioTools first acquiring SomaLogic in an all-stock transaction, after which Illumina will acquire the combined entity for approximately $425 million. This move will integrate SomaLogic's platform, which can measure thousands of protein biomarkers, with Illumina's sequencing technology, aiming to create a powerful multi-omics platform for research and drug discovery.

4 | Former CEO ANNE Wojcicki Prevails in 23andMe Auction with $305M Bid | Asset Acquisition
The bankruptcy auction for 23andMe concluded with a successful $305 million bid from a new nonprofit research institute, TTAM Research, controlled by co-founder and former CEO Anne Wojcicki. This final offer surpassed a competing bid of $256 million from Regeneron, which had initially been reported as the winning bidder before Wojcicki successfully challenged the auction results. The deal ensures the company's vast genetic and health data resources will continue to be used for research, with the new entity committing to uphold consumer privacy protections and data-sharing choices.

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Biopharma & Therapeutics

1 | Sanofi Snaps Up Blueprint Medicines for $9.1B | M&A
In one of the month's largest deals, Sanofi announced its acquisition of Blueprint Medicines for $9.1 billion, with the potential for an additional $400 million in milestone payments. The acquisition gives Sanofi control of Ayvakit, a marketed precision therapy for the rare immunological disease systemic mastocytosis, along with a pipeline of promising KIT inhibitors. The move significantly bolsters Sanofi's portfolio in rare and immunological diseases.

2 | Eli Lilly Acquires Gene Editing Partner Verve Therapeutics for $1.3B  | M&A
Eli Lilly agreed to acquire its gene editing partner, Verve Therapeutics, in a deal valued at $1.3 billion, paying $1 billion upfront. The acquisition fully integrates Verve's pipeline of in-vivo gene editing programs for cardiovascular disease, including the lead asset VERVE-102. This transaction represents a major strategic commitment by Lilly to the field of "one-and-done" gene editing therapies for common chronic conditions.

3 | AbbVie to Acquire Capstan Therapeutics for $2.1B to Advance In-Vivo CAR-T | M&A
AbbVie will acquire clinical-stage Capstan Therapeutics for $2.1 billion in cash, securing its lead in-vivo anti-CD19 CAR-T candidate, CPTX2309, and its underlying tLNP delivery platform. The Phase 1 asset targets autoimmune diseases and is designed to engineer therapeutic cells directly within the patient, bypassing complex ex-vivo manufacturing.

4 | BioNTech Buys German mRNA Peer CureVac in $1.2B All-Stock Deal | M&A
BioNTech moved to acquire fellow German mRNA developer CureVac in an all-stock transaction valued at approximately $1.25 billion. The strategic rationale is for BioNTech to absorb CureVac’s advanced research and state-of-the-art manufacturing capabilities. This consolidation strengthens BioNTech's leadership in mRNA technology and supports its long-term ambitions to become a dominant force in oncology and immunotherapy.

5 | Bristol Myers Squibb Inks $11B BioNTech Deal for Bispecific Candidate | Partnership
Bristol Myers Squibb committed up to $11.1 billion for a 50% stake in BioNTech's bispecific antibody, BNT327, which targets both PD-L1 and VEGF-A. BMS will make a substantial upfront payment of $3.5 billion to co-develop and co-commercialize the asset, which is being investigated in solid tumors. The deal places BMS in the high-stakes race to develop this next-generation class of immuno-oncology drugs.

6 | bluebird bio Completes Acquisition by Carlyle and SK Capital | M&A
Gene therapy pioneer bluebird bio has completed its take-private acquisition by investment firms Carlyle and SK Capital. With its stock now delisted, the company has appointed David Meek, formerly CEO of Mirati Therapeutics, as its new CEO. This leadership change, coupled with a significant capital infusion of approximately $45 million, with a potential to reach $96 million, from the new owners, aims to stabilize bluebird bio's finances and accelerate the commercial delivery and patient access to its three FDA-approved gene therapies for sickle cell disease, beta-thalassemia, and cerebral adrenoleukodystrophy.

7 | Reported: Merck Made $3B+ Offer for MoonLake Immunotherapeutics | M&A Interest
It was reported that Merck & Co. had previously made a non-binding, all-cash offer of over $3 billion to acquire MoonLake Immunotherapeutics, which was ultimately rejected. The bid highlights strong interest from major pharmaceutical companies in late-stage inflammatory disease assets like MoonLake's sonelokimab, a nanobody that inhibits IL-17A and IL-17F and is in development for several autoimmune conditions. Merck's interest is part of its broader strategy to diversify its revenue streams and strengthen its pipeline in immunology, especially as its blockbuster cancer drug Keytruda faces patent expiry in the coming years.

8 | Scorpion Spinout Antares Therapeutics Launches with $177M Series A | Financing
Following the sale of its two clinical-stage assets to Pierre Fabre Laboratories, Scorpion Therapeutics has spun out its preclinical discovery engine into a new company, Antares Therapeutics. Antares launched with a $177 million Series A financing from a syndicate including existing Scorpion investors. The new entity will use the capital to advance a pipeline of preclinical precision oncology candidates discovered through Scorpion's platform.

9 | Neuropsychiatry Biotech Draig Therapeutics Hatches with $140M Series A| Financing
Draig Therapeutics launched with a notable $140 million Series A financing. The company will use the funds to advance its pipeline of novel candidates for neuropsychiatric disorders, including a lead AMPA receptor modulator entering a Phase 2 trial for major depressive disorder and two other GABA receptor modulators for anxiety and other conditions.

10 | SpliceBio Secures $135M Series B for Gene Therapy Trials | Financing
Barcelona-based SpliceBio closed a $135 million (€125 million) Series B round co-led by EQT Life Sciences and Sanofi Ventures. The capital is designated to advance the company's lead gene therapy candidate, SPB-001, into clinical trials for Stargardt disease. The funding will also support the expansion of its proprietary Protein Splicing platform into new indications in neurology.

11 | Otsuka Enters $671M Collaboration for T-Cell Engager | Licensing
Otsuka Pharmaceutical entered into a global strategic collaboration with Harbour BioMed to develop and commercialize HBM7020, a bispecific T-cell engager targeting both B-cell maturation antigen (BCMA) and CD3. Harbour BioMed will receive an upfront payment of $47 million and is also eligible to receive up to $624 million in future milestone payments, in addition to tiered royalties on global net sales. The collaboration will initially focus on developing HBM7020 for the treatment of multiple myeloma, with the potential to expand into other hematological and autoimmune diseases.