M&A

Meridian Health Sciences to acquire Kestrel Bio for $2.1B in cash, adding Kestrel's late-stage immunology pipeline.

Cassia Therapeutics divests its rare disease unit to Novik Pharma for $375M; FTC antitrust review in progress.

Halcyon Therapeutics completes acquisition of Vorlane Therapeutics ($640M), consolidating oncology assets ahead of the zelimibran launch.

Alder Bio licenses ex-US rights for meridocel to Sable Pharma for up to $510M in upfront and milestone payments.