Curium US will pay $102.50 per share in cash at closing plus up to $12.00 per share in contingent value rights, for total consideration of up to $114.50 and aggregate value up to $8.0 billion. So 89.5% of the money is certain before a single milestone.

The CVR waterfall is the buyer’s internal forecast, published.

Where the contingent 10.5% sits is the story. Prostate diagnostics carry $8.00 across five rungs from $950 million to $1.75 billion, measured in the single fiscal year 2030. Neurology carries $3.00 at a $300 million bar with three chances to clear it. DEFINITY, a category leader for twenty five years, carries exactly $1.00. Line those shapes up and the confidence gradient is legible in public: DEFINITY is a bond, neurology is the growth call, prostate is what Curium will pay for but will not underwrite.

KKR is taking Integer Holdings private at $127 a share, about $5.7 billion, for a supplier that builds components and finished devices for the medtech companies you have heard of. Three days later it paid $1.39 billion for Medicover’s India business.

The headline premium on Integer is 51.8%. It is struck to the day before Integer announced it was for sale.

Integer told the market on 30 April that it was reviewing options, so from that date its shares carried deal expectation. The same release discloses 28.8% against the recent 30 day VWAP, which is closer to what a holder gained from this agreement rather than from the announcement that preceded it. Both are accurate, only one is a premium. Compare the convention with Curium, priced off 21 May, the last close before a sale leaked. Two deals the same morning, two anchor conventions, roughly twenty three points apart. Read the anchor date before the percentage.

Beyond the two headline take-privates, Nordic Capital carved BWX Technologies’ medical radiopharmaceutical business out for $800 million, and L Catterton moved Thorne HealthTech alongside Procter & Gamble. Not one of the week’s four largest buyers was a pharmaceutical company.

Eighty seven cents in cash. Strategics do not pay like that. Sponsors do.

The 87% upfront share is the tell, and it is a sponsor signature rather than a strategic one. Take-privates settle in full at closing because there is no acquirer stock to issue and no milestone structure to negotiate. Two things follow. Radiopharma took $8.8 billion of the week between Curium and BWX, 47% of everything announced, which is a category being consolidated rather than a coincidence. And $13.7 billion of listed healthcare agreed to leave the public market in a single session, which is a statement about public multiples in this sector, not a scheduling accident.

Avena Merger Sub commenced the tender offer for Forte on 6 August, running under Section 251(h) so no stockholder vote is required. The offer is procedure. The deck filed alongside it is not, because it is the first time anyone can see what $2.2 billion actually bought.

FB102’s entire human efficacy dataset in vitiligo is 42 patients, and the earliest comparison missed at p=0.059.

argenx committed the full price on signing, in cash, with no milestones and no contingent value rights, against a ten-patient placebo arm. That only makes sense if the purchase is the mechanism rather than the readout: blocking CD122 while sparing CD25 suppresses pathogenic T and NK cells without switching off regulatory T cells. Note the timing. argenx signed on 26 July, three days before the European Commission approved AbbVie’s RINVOQ in both non-segmental vitiligo and severe alopecia areata, two of FB102’s three named indications. The real date is Phase 2 vitiligo in 2H 2026, with a properly sized control arm, after argenx already owns the asset. Full deal read here.

Against a week paying 87% in cash, Pathos AI licensed JSKN016, a first in class TROP2 and HER3 bispecific ADC already in Phase III, for $125 million upfront against up to $2,093 million in milestones. Alphamab kept Greater China and Pathos agreed to fund all development.

Five point six percent down on a registrational asset, in the same week buyers paid eighty seven.

Both structures are correct for what they are. A take-private of a commercial-stage company has no risk left to transfer; a Phase III licence in territories the originator cannot serve has plenty. Alphamab is financing Pathos’s option, and what it kept is more informative than what it sold. Behind these, fifteen of twenty four transactions were announced with no financial terms at all, including Evotec with Odyssey, AstraZeneca with SOPHiA Genetics and a second AstraZeneca pact with Pathos the following day. Undisclosed terms cluster where amounts are small or the acquirer is private, and this week both were true.