The Year’s Two Largest Conjugate Deals Were Not ADCs, and Not Cancer Drugs
Buyers stopped paying for conjugate drugs and started paying for conjugate chemistry. The year’s two biggest cheques bought neither an ADC nor a cancer drug.
Deals
Jazz Paid $820 Million Upfront for a Phase 1b/2a Because the FDA Pathway Came With It
QuickDeal read/Rare Diseases/Small Molecule Jazz Paid $820 Million Upfront for a Phase 1b/2a Because the FDA Pathway Came With It Athithi Verma· 11 August 2026· 3 min read· Synopulse Jazz Pharmaceuticals will acquire privately held Actio Biosciences for $820 million upfront plus up to $500 million in approval and sales milestones, a maximum of $1.32 … Read more
Argenx’s $2.2 Billion Bought a Phase 1b With Ten Patients on Placebo
FB102’s entire human efficacy dataset in vitiligo is 42 patients, ten of them on placebo. argenx paid $2.2 billion in cash, with no milestones.
Medicover Calls India a Distraction. KKR Just Paid 5.4x Revenue for It.
Medicover is selling India to buy back management focus. KKR is paying 5.4 times revenue for exactly that. Both can be right.
Pathos Put 6% Down on a Phase III ADC, and Alphamab Kept the Market It Can Actually Reach
Fresenius describes an end to end biopharma business. Dr. Reddy’s developed, made and filed this rituximab. Fresenius is only the channel.
KKR’s 51.8% Premium for Integer Is Measured From Before the Company Said It Was for Sale
KKR’s 51.8% premium for Integer is struck to the day before Integer said it was for sale. The 28.8% is what a holder actually gained.
Indivior’s Holders Take 56.5% and $1 Billion, Supernus Takes the Name, the CEO and the Building
Indivior holders take 56.5% and a billion in cash. Supernus takes the name, the CEO and the building. Equals describes the board seats only.
J&J Won the Ruling on 22 July. Five Days Later It Agreed to Pay $5.5 Billion.
J&J agreed to pay $5.5 billion to resolve roughly 76,000 ovarian talc claims, five days after a court ruling that put plaintiffs in an untenable position.
Dassault Paid $1.8B Cash for the Company That Processes 12 Million Safety Reports a Year
Dassault Systèmes will pay $1.8 billion cash for ArisGlobal, whose platform processes more than 12 million patient safety reports annually for 200 customers.
One Trial Miss Cut AstraZeneca’s Cushion Above $80bn to $800m
A drug worth $1.9bn of 2030 revenue cost AstraZeneca £19bn in a day, leaving roughly $800m of headroom above its $80bn goal with the risky readouts still ahead.