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Three Pharma Giants Spent $20 Billion in Six Days. The Buying Frenzy Is Just Getting Started.
Eli Lilly, Merck, and Biogen collectively dropped over $20 billion on acquisitions in March, all within a six-day stretch. Lilly paid up to $7.8 billion for Centessa's sleep disorder pipeline, Merck grabbed Terns for $6.7 billion to shore up its post-Keytruda oncology bench, and Biogen bought Apellis for $5.6 billion to snag nearly $700 million in existing revenue. Goldman Sachs is calling 2026 a potentially record-breaking year for biotech M&A, fueled by $230 billion in branded drug revenue marching toward patent cliffs by 2030.
Why it matters: With big pharma sitting on massive cash reserves and facing an existential patent cliff, the M&A sprint is likely to accelerate. Every biotech with a credible late-stage asset just became a more expensive acquisition target, and the ripple effects on valuations could define the sector for years.
Read more →Deals and Strategy
Boehringer Ingelheim Names Its Two Most-Wanted Technologies
One of the world's largest privately held pharma companies just publicly declared ADCs and T-cell engagers as its top M&A priorities, adding another deep-pocketed buyer to oncology's most competitive shopping aisle. With EUR 6.4 billion in annual R&D spending and no quarterly earnings pressure from Wall Street, Boehringer can afford to be patient and aggressive at the same time.
Read more →100% Drug Tariffs Sound Scary. The Fine Print Tells a Different Story.
The White House slapped 100% tariffs on imported patented drugs, then offered a menu of escape hatches. Companies pledging U.S. manufacturing and pricing concessions can drop the rate to zero. Pharma has already committed hundreds of billions in domestic investment promises, though the tariff exemptions expire in January 2029, making long-term plans feel like building on borrowed time.
Read more →Funding and Launches
A $100 Million Stealth Oncology Startup That Won't Name Its Target
Stipple Bio emerged from stealth with a heavily oversubscribed $100 million Series A, co-led by RA Capital, a16z Bio+Health, and Nextech Invest. The company's platform maps tumor-specific protein features to build safer cancer drugs, but it hasn't disclosed its lead target or indication yet. Clinical studies are planned by early 2027.
Read more →Science and Discovery
Scientists Reversed Brain Aging in Mice by Dialing Down One Protein
UCSF researchers identified a protein called FTL1 that accumulates in the brain's memory center with age, weakening neural connections and slowing metabolism. When they reduced FTL1 in older mice, cognitive decline didn't just stop; it reversed. In a field where most interventions only pump the brakes, this one put the car in reverse.
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