PartnershipUndisclosed
Novo Nordisk
OpenAIApr 14, 2026AI Platform
Enterprise-wide AI integration across drug discovery, manufacturing, and commercial ops. Full integration planned by end of 2026. OpenAI will also train Novo's global workforce.
Deal Intelligence
BT Deals & Funding
Track the biggest biotech deals — M&A, venture rounds, licensing, partnerships, and IPOs shaping the industry.
Total Deals
19
Q1 2026 Value
$9.3B
Avg VC Round
$191M
Top Modality
AI Platform
19 deals
VC Round$54M
Vivatides Therapeutics
Qiming Venture PartnersApr 10, 2026RNA Therapeutics
Oversubscribed Series A for extrahepatic RNA therapeutics. Platform delivers RNA drugs beyond liver targets — a key limitation of current generation ASOs and siRNAs.
M&A$5B
Tubulis
Gilead SciencesApr 7, 2026ADC
Gilead acquires Munich-based ADC specialist Tubulis for $3.15B upfront + $1.85B milestones. Tubulis will operate as a dedicated ADC R&D unit within Gilead's oncology division.
VC Round$80M
Life Biosciences
UndisclosedApr 1, 2026Small Molecule
Major funding round for the longevity-focused biotech advancing small molecule programs targeting age-related diseases.
Licensing$2.8B
Insilico Medicine
Eli LillyMar 29, 2026AI Platform
Largest AI drug discovery deal to date. Lilly gains exclusive global rights to develop and commercialize preclinical assets discovered using Insilico's Chemistry42 and PandaOmics platforms.
M&A$2B
Excellergy
NovartisMar 27, 2026Antibody
Novartis pays up to $2B for Excellergy's Exl-111, a half-life extended anti-IgE antibody in Phase 1 targeting allergy — positioned as a next-gen Xolair successor.
Licensing$170M
BioNTech / DualityBio
BioNTech, DualityBioMar 10, 2026ADC
ADC co-development deal for endometrial cancer. Mid-stage trial showed 'clinically meaningful' efficacy. BioNTech expanding beyond mRNA into ADC modality.
VC Round$130M
Slate Medicines
RA Capital, Forbion, Foresite CapitalFeb 24, 2026Antibody
Series A launch. Developing anti-PACAP monoclonal antibody SLTE-1009 (licensed from China's DartsBio) for migraine prevention. Phase 1 planned mid-2026.
VC Round$500M
Revolution Medicines
Public OfferingFeb 15, 2026Small Molecule
Follow-on public offering after Merck's $28-32B acquisition talks collapsed in Jan 2026. Revolution continues developing its RAS(ON) inhibitor platform independently for KRAS-mutant cancers.
M&A$2.4B
Orna Therapeutics
Eli LillyFeb 9, 2026Cell Therapy
Lilly acquires Orna for up to $2.4B to enter in vivo CAR-T. Orna's circular RNA platform engineers immune cells directly inside the body, eliminating the need for cell extraction.
Licensing$120M
Insilico Medicine
Qilu PharmaceuticalJan 27, 2026AI Platform
AI-powered drug development collaboration for novel cardiometabolic therapies. Qilu has used Insilico's PandaOmics since 2021; deal deepens the AI platform integration.
M&A$800M
MediMab
AstraZenecaJan 20, 2026Antibody
AstraZeneca acquires AI-driven oncology startup MediMab, adding computational antibody design capabilities to its biologics pipeline.
Partnership$50M
Chai Discovery
Eli LillyJan 15, 2026AI Platform
Lilly secures multi-year access to Chai Discovery's protein structure and biologics design foundation models. Mid-eight-figure annual fee. First-in-class medicines expected in clinical trials by end of 2027.
Partnership$50M
Noetik
GSKJan 15, 2026AI Platform
GSK commits $50M upfront to Noetik for AI-driven cancer clinical outcome prediction. Part of a Q1 2026 wave of pharma-AI platform deals alongside Lilly–Chai and Pfizer–Boltz.
PartnershipUndisclosed
Boltz
PfizerJan 15, 2026AI Platform
Pfizer partners with Boltz for AI-powered small molecule drug discovery, implementing Boltz's structure prediction platform across Pfizer's R&D pipeline.
PartnershipUndisclosed
Moderna
OpenAIJan 10, 2026mRNA
Expanded partnership deploying ChatGPT Enterprise across Moderna's business for mRNA vaccine target identification and process optimisation.
IPO$318M
Aktis Oncology
Public MarketsJan 8, 2026Radiopharmaceutical
First biotech IPO of 2026. Upsized offering of 17.65M shares at $18/share. Lead program Ac-AKY-1189 is a miniprotein radiopharmaceutical targeting Nectin-4 expressing tumors.
M&A$12B
Avidity Biosciences
NovartisDec 18, 2025RNA Therapeutics
Novartis acquires Avidity for ~$12B ($72/share), gaining three late-stage RNA programs for neuromuscular diseases. Completed Feb 2026. Largest RNA therapeutics deal ever.
M&A$10B
Metsera
Undisclosed PharmaDec 5, 2025Small Molecule
One of the largest biotech acquisitions of late 2025. Metsera went public earlier in the year and was acquired for ~$10B, validating the obesity/metabolism thesis.