Up to $12.36 Billion! A Roundup of Global Biopharma Deals in June 2026

Oncology and hematologic diseases remained the most active areas for dealmaking in June. Large-scale acquisitions focused primarily on near-commercial precision therapies for lung cancer and differentiated hematology assets. Meanwhile, T-cell engagers, degrader-antibody conjugates, and trispecific molecules emerged as major hotspots for early-stage transactions.

• June 1 | Rallybio / Avenzo Therapeutics, Pipeline Acquisition in Oncology

Rallybio will acquire Avenzo through a merger transaction. The combined company will retain the name Avenzo Therapeutics and trade on Nasdaq under the ticker symbol “AVZO.” Avenzo also completed a concurrent private placement of $215 million.

• June 5 | Gilead, Lakefront / Ouro Medicines, BCMA×CD3 Bispecific Antibody)

Following the acquisition of Ouro Medicines, the rights to CM336/OM336 outside Greater China, originally licensed by Keymed Biosciences, will be transferred into Gilead’s portfolio. Keymed is expected to receive approximately $250 million in upfront payments and up to around $70 million in milestone payments, bringing the total potential proceeds to approximately $320 million.

• June 8 | Incyte / Vega Therapeutics, VGA039 Monoclonal Antibody; von Willebrand Disease

Incyte acquired Vega Therapeutics for an upfront payment of $1.25 billion, with up to an additional $750 million in sales milestones, bringing the total potential consideration to $2.0 billion. The transaction adds VGA039, a Protein S-targeting antibody, to Incyte’s hematology portfolio.

• June 8 | Johnson & Johnson / Firefly Bio, Degrader-Antibody Conjugates

Johnson & Johnson acquired Firefly Bio for $1.0 billion in cash, adding the Firelink™ degrader-antibody conjugate platform to its oncology research portfolio. The platform is intended to support programs targeting pan-KRAS and other difficult-to-treat drivers of solid tumors.

• June 9 | Laekna / Vasque Bio, Pan-Mutant-Selective PI3Kα Inhibitor

Laekna granted Vasque Bio exclusive rights to LAE118 outside Greater China. Laekna is eligible to receive a $10 million cash upfront payment, equity in Vasque Bio or an alternative cash payment, up to $517 million in milestone payments, and tiered royalties on sales.

• June 9 | GSK / Nuvalent, Precision Small Molecules Targeting ROS1, ALK, andHER2 in Lung Cancer

GSK plans to acquire Nuvalent for approximately $10.6 billion in cash, gaining access to assets including zidesamtinib, neladalkib, and NVL-330. The first two programs have entered pivotal stages and are approaching potential commercialization.

• June 17 | Jazz Pharmaceuticals / AbCellera, Next-Generation Multispecific T-Cell Engagers

The companies entered into a research, option, and licensing collaboration covering up to five T-cell engager programs. The three initial programs carry a potential value of approximately $2.46 billion. Should the partnership expand to five programs and all programs succeed, the total potential value could reach approximately $4.1 billion.

• June 22 | K2 Therapeutics / Antengene, CDH6×CD3 and Undisclosed Bispecific T-Cell Engagers

The companies entered into two licensing transactions, including an exclusive license to ATG-106 outside Greater China and an option agreement for another T-cell engager. The combined potential value of the two transactions is close to $2.0 billion.

• June 23 | Haisco / Nuvectis Pharma, BRAF Inhibitor and Complement Factor B Inhibitor

Haisco licensed certain ex-China rights to HSK42360 and HSK39297. The company is eligible to receive $40 million in upfront and near-term milestone payments, up to $1.421 billion in additional milestone payments, and tiered royalties reaching the double digits.

• June 24 | Novartis / Antares Therapeutics, Small Molecules Targeting “Undruggable” Cancer Targets

Antares received an upfront payment of $105 million and is eligible to receive up to an additional $1.8 billion across multiple programs.

• June 29 | Ipsen / Kartos Therapeutics, MDM2 Inhibitor; Myelofibrosis

Ipsen acquired Kartos for an upfront payment of $450 million and up to $1.3 billion in milestone payments, bringing the total potential value to $1.75 billion. The lead asset, navtemadlin, is being developed in combination with ruxolitinib.

• June 30 | Eli Lilly / Innovent Biologics, Commercialization Partnership for a CDK4/6 Inhibitor

Innovent will assume responsibility for import access, academic promotion, sales, and distribution of abemaciclib in mainland China. Eli Lilly will continue to oversee active pharmaceutical ingredient manufacturing, supply assurance, and the development of new indications.

• June 30 | METiS Pharmaceuticals / Boulevard Bio, Trispecific T-Cell Engager

METiS Pharmaceuticals licensed its preclinical trispecific T-cell engager program, MTS-128, to Boulevard Bio. METiS will receive a $20 million upfront payment, up to $1.6 billion in milestone payments, and tiered royalties on sales.

Transactions in immunology and kidney diseases were driven primarily by mechanistic innovation and regional commercialization opportunities. These included novel approaches such as BTK degraders, as well as cross-regional licensing agreements involving renal disease pipelines. In rare diseases, large pharmaceutical companies continued to strengthen their long-term portfolios through high-value acquisitions and gene-editing collaborations.

• June1 | Servier / Edgewise Therapeutics, Fast Skeletal Muscle Myosin Inhibitor; Muscular Dystrophy

Servier acquired Edgewise Therapeutics’ muscular dystrophy business for an upfront cash payment of $1.55 billion and up to $1.1 billion in milestone payments, bringing the total potential value to $2.65 billion. The lead asset is sevasemten.

• June2 | Everest Medicines / Travere Therapeutics, EVER001 (Xibutynib); Renal and Immune-Mediated Indications

Travere obtained exclusive rights to EVER001 outside Greater China and certain Southeast Asian countries. Everest Medicines will receive an upfront payment of $112.5 million, up to $1.03 billion in milestone payments, and tiered royalties ranging from the high single digits to the double digits.

• June3 | Eli Lilly / Ascidian Therapeutics, RNA Exon Editing; Monogenic Inherited Kidney Diseases

The companies entered into a global research, development, and licensing collaboration worth up to $1.9 billion to jointly develop RNA exon-editing therapies for monogenic inherited kidney diseases.

• June8 | Roche / Nurix Therapeutics, Oral BTK Degrader

The companies entered into an exclusive licensing and global collaboration agreement for NX-5948, also known as bexobrutideg, with a total potential value of up to $2.3 billion. Development costs will be shared, with Nurix funding 40% and Roche 60%.

• June16 | Everest Medicines / Dimerix, DMX-200; Kidney and Autoimmune Diseases

Everest Medicines obtained clinical development and commercialization rights to DMX-200 in Greater China, South Korea, and several Southeast Asian countries. The agreement includes a $10 million upfront payment, up to $330 million in milestone payments, and tiered royalties of 10% to 15%.

• June17 | Biogen / RayThera, Small-Molecule Immuno-Inflammatory Therapies

Biogen acquired RayThera for up to $1.0 billion, gaining multiple anti-inflammatory small-molecule programs. The lead program is expected to enter Phase I clinical development in early Q3 2026.

• June22 | AbbVie / Apogee Therapeutics, Immunology Pipeline Acquisition

AbbVie agreed to acquire Apogee Therapeutics for approximately $10.9 billion in cash, further expanding its immunology portfolio. The transaction is expected to close in the third quarter of 2026.

Neuroscience transactions spanned therapeutics, drug-delivery platforms, and medical devices. Large pharmaceutical companies acquired clinical-stage small-molecule assets while also exploring new approaches to neurodegenerative diseases through AI, brain-delivery technologies, and nucleic acid therapeutics.

• June1 | ResMed / Noctrix Health, Nidra TOMAC System; Sleep and Neuromodulation

ResMed completed its acquisition of Noctrix Health for $340 million, gaining the FDA-approved Nidra Tonic Motor Activation system.

• June9 | Eli Lilly / AlzeCure Pharma, Alzstatin ACD680; Alzheimer‘s Disease

Eli Lilly obtained exclusive worldwide rights to ACD680 in a deal potentially worth more than $1 billion. AlzeCure will receive a $10 million upfront payment, milestone payments, and mid-single-digit royalties on sales.

• June12 | Medtronic / Scientia Vascular, Neurointerventional Devices

Medtronic acquired Scientia Vascular for $550 million plus milestone payments, strengthening its neurointerventional device portfolio.

• June16 | Eli Lilly / 4E Therapeutics, MNK Inhibitor; Chronic Pain

Eli Lilly acquired 4E Therapeutics for an undisclosed amount. The company’s oral MNK inhibitor is designed to treat chronic pain by targeting the MNK–eIF4E pathway in peripheral sensory neurons.

• June22 | Insilico Medicine / SK Biopharmaceuticals, AI-Driven Drug Discovery; CNS and Neuroimmune Diseases

The companies entered into an AI drug-discovery collaboration with a total potential value exceeding $2.5 billion. Insilico Medicine will also be eligible to receive single-digit royalties based on net sales.

• June22 | BioArctic / Eli Lilly, BrainTransporter Brain-Delivery Technology

The companies will combine BioArctic’s BrainTransporter technology with an undisclosed Eli Lilly drug candidate to develop therapies for neurodegenerative diseases. BioArctic will receive a $30 million upfront payment and up to $770 million in milestone payments.

• June24 | Ionis / Recordati, Antisense Oligonucleotide; Alexander Disease

Recordati obtained rights to zilganersen outside the United States. Ionis will receive a $30 million upfront payment, undisclosed milestone payments, and tiered royalties potentially reaching approximately 20%.

Transactions in this segment focused largely on late-stage clinical or already marketed assets, with an emphasis on expanding geographic coverage, strengthening commercialization capabilities, and securing stable sources of revenue.

• June1 | Eli Lilly / Hanmi Pharm, Long-Acting GLP-2 Analog; Gastrointestinal Diseases

Eli Lilly obtained exclusive rights to develop, manufacture, and commercialize sonefpeglutide worldwide outside South Korea. Hanmi will receive a $75 million upfront payment, up to $1.185 billion in milestone payments, and royalties on sales.

• June8 | Everest Medicines / LENZ Therapeutics, LNZ100, or Aceclidine; Presbyopia

Everest Medicines obtained rights to develop, manufacture, and commercialize LNZ100 in Greater China. LENZ may receive up to $85 million in regulatory and sales milestones, along with tiered royalties ranging from the single digits to the low double digits.

• June11 | Boan Biotech / Undisclosed Partner, Dulaglutide Injection; Diabetes

The partner will be responsible for the US regulatory filing and commercialization of BA5101. Boan Biotech will receive an upfront payment, milestone payments, and royalties on sales, although the financial terms were not disclosed.

• June29 | Zymeworks / Theravance Biopharma, YUPELRI®; COPD

Zymeworks acquired Theravance Biopharma for approximately $929 million in cash, adding YUPELRI®, a nebulized long-acting muscarinic antagonist used for maintenance treatment of COPD, to its portfolio.

Platform-based collaborations are evolving from proof-of-concept projects into long-term, multi-program relationships spanning multiple disease areas. AI is no longer limited to small-molecule screening but is increasingly being applied to RNA design, target discovery, protein engineering, and preclinical candidate optimization. Molecular glues, GPCR-targeted small molecules, and multi-target early-stage research collaborations also remained active.

• June2 | Haisco / Eli Lilly, Multi-Target Innovative Drug Discovery and Early-Stage R&D

Haisco will be responsible for discovery and early-stage development across up to five target-based programs. The company is eligible to receive up to $87 million in upfront and near-term payments, up to $2.967 billion in subsequent milestone payments, and royalties on sales.

• June3 | Alnylam / Inceptive Nucleics, Generative AI Plus RNAi Design

The collaboration will combine Inceptive’s biological foundation models with Alnylam’s RNAi discovery and development engine. The deal has a total potential value of up to $2 billion, including a $30 million upfront package comprising cash and an equity investment.

• June9 | XtalPi / International Biopharmaceutical Company, AI-Driven Oral Small Molecule Targeting a GPCR

The companies will develop a potentially best-in-class oral small molecule against an undisclosed GPCR target. The total potential value of the program exceeds $400 million.

• June10 | Orionis Biosciences / Novartis, Molecular Glue Therapeutics

The companies entered into a multi-year collaboration targeting challenging proteins across several disease areas. Orionis will receive a $40 million upfront payment and is eligible for up to $1.4 billion in milestone payments and product-related royalties.

• June16 | Protillion Biosciences / Merck & Co., AI Protein-Engineering Platform

The collaboration will use Protillion’s lab-in-the-loop AI platform to discover next-generation candidates and address complex protein-engineering challenges. The total potential value of the agreement is $510 million.

• June24 | Abbisko Therapeutics / Eli Lilly, Strategic Research Collaboration Across Multiple Disease Targets

The companies will jointly advance innovative drug candidates against multiple disease-related targets. Abbisko will receive an upfront payment, up to $1.9 billion in potential milestone payments, and tiered royalties on sales.

• June24 | Immunai / Boehringer Ingelheim, Single-Cell AI Target Discovery

The companies will use Immunai’s single-cell AI platform to identify new targets in dysfunctional T cells that drive cancer and autoimmune diseases. Boehringer Ingelheim will provide payments of up to $15 million.

In addition to innovative drug-asset transactions, June also saw several equity acquisitions involving diagnostics, R&D services, established pharmaceutical companies, and commercial-stage assets. These deals reflected growing demand for industry consolidation, channel synergies, and expanded platform capabilities.

• June4 | Sinopharm Innovation Institute / Amoy Diagnostics, Acquisition of a Controlling Stake; Molecular Diagnostics

Sinopharm’s innovation institute plans to acquire a 20% stake in Amoy Diagnostics for RMB 1.654 billion. Upon completion, it will become the controlling shareholder, and China National Pharmaceutical Group will become the company’s ultimate controller.

• June7 | GNI Group / Ayumi Pharmaceutical, Acquisition of a Japanese Pharmaceutical Company

GNI agreed to acquire all shares of Ayumi Pharmaceutical for JPY 44.8 billion, comprising JPY 18.0 billion in cash and GNI shares valued at JPY 26.8 billion.

• June13 | Leadman Biochemistry / Simcere Zaiming, Acquisition of a Controlling Stake in a Biologics Company

Leadman plans to acquire a 61.50% stake in Simcere Zaiming for RMB 1.393 billion in cash and obtain control of the company.

• June18 | EQT / Intertek, Take-Private Acquisition of a Testing Services Group

EQT agreed to acquire Intertek for £9.3 billion in cash, equivalent to approximately $12.36 billion. The offer represented a 38% premium to Intertek’s closing share price before the transaction.

• June25 | Merck KGaA / Bio-Techne, Life Science Tools and Reagents Platform

Merck KGaA agreed to acquire Bio-Techne for approximately $11.3 billion in cash, marking one of its largest acquisitions in more than a decade.

• June26 | Shuangcheng Pharmaceutical / Partner A, US Commercialization Rights to SC-C141 

Shuangcheng Pharmaceutical granted Partner A exclusive commercialization rights to SC-C141 in the United States. The partner will pay up to $10 million in licensing fees upon the achievement of specified milestones, followed by profit-sharing payments after the product is launched.

Overall, June’s transactions ranged from multibillion-dollar acquisitions to early-stage technology collaborations. Increased investment by large pharmaceutical companies in late-stage assets, high-value licensing agreements involving cutting-edge technologies, and the broad adoption of AI across drug discovery were the defining features of the month. Chinese pharmaceutical companies also demonstrated increasingly diversified approaches to international expansion and overseas partnerships.