While much of the biotech industry is focused on meetings and dealmaking at the J.P. Morgan (JPM) Healthcare Conference, a rumor has cut through the JPM noise. The possibility of Eli Lilly making a move on Abivax is back on the table, with a price tag that would imply a valuation close to twice the French company’s current market capitalisation at €8.4 billion ($9.8 billion).
Amgen has agreed to acquire Dark Blue Therapeutics in a deal valued at up to $840 million, as the biopharmaceutical company continues to build out its early-stage oncology pipeline. The specific breakdown of the upfront payment alongside development and regulatory milestones was not disclosed in the press release.
Sobi AB has completed the US$1.5bn acquisition of Chinese Arthrosi Therapeutics Ltd. Its lead candidate, pozdeutinurad, a URAT1 inhibitor for gout, is in pivotal global Phase-III trials, with China licensing targeting approval by 2028.
Danish Novo Nordisk A/S has made an unexpected takeover bid for US biotech Metsera, Inc. This challenges the already agreed acquisition by Pfizer Inc. Novo offers US$6.5bn in cash, plus up to US$2.5bn in milestone payments. The total potential value is around US$9bn. Pfizer previously offered US$4.9bn plus US$2.4bn in milestones.
In a major bet on RNA medicine, Swiss Novartis AG announced to buy Avidity Biosciences Inc for US$12bn. Avidity’s Oligonucleotide Conjugate (AOC) platform allows Transferin receptor-targeted RNA delivery to muscle. With the acquisition Novartis secures access to three late-stage RNA drug candidates for muscular dystrophies.
VC investments in biotech rose 70.9% in Q3 2025 to US$3.1bn, driven by Series D growth, M&A activity, and Fed interest rate cuts, reports Global Data. J.P. Morgan reports same trends but different figures.
Pharma giant Ipsen will pay US$1bn to acquire French immuno-oncology firm ImCheck Therapeutics SAS. The deal includes US$350m upfront and up to US$650m in milestone payments. ImCheck focuses on butyrophilins, a new class of immune regulators, through its antibody programme ICT01, currently in Phase I trials.
Danish Genmab A/S has acquired the Dutch oncology specialist Merus NV for US$8bn in cash. The 41% premium over Merus’s share price at Friday is largely attributed to the bispecific EGFR x LGR5 antibody, Petosemtamab
Roche has signed a definitive merger agreement to acquire 89bio and its Phase III candidate pegozafermin, an FGF21 analogue for the treatment of moderate to severe metabolic dysfunction-associated steatohepatitis (MASH). The deal is expected to close in Q4 2025.
CSL has signed an option and collaboration agreement with VarmX valued at up to US$2.2bn. The company will pay US$117m upfront and will fund a global Phase III trial of VMX-C001.
John Kiel - wikipedia
Adobe stock photos - https://european-biotechnology.com/latest-news/roche-moves-obesity-asset-ct-388-into-phase-iii/
adobe stock photos - Michael Derrer Fuchs 
adobe stock photos - Miha Creative 
Ipsen SA
Merus NV
Henk Vrieselaar - stock.adobe.com 
Adobe stock photos - nadia