
The
annual
J.P.
Morgan
Healthcare
Conference
draws
the
attention
of
much
of
the
healthcare
industry,
making
the
event
a
popular
time
to
announce
deals.
Acquisition
announcements
were
not
as
prolific
this
year.
Outside
of
a
Boston
Scientific
buyout,
no
major
M&A
deals
were
unveiled
during
the
conference.
Perhaps
that’s
because
so
many
acquisitions
were
announced
as
2025
drew
to
a
close.
The
sentiment
of
conferencegoers
was
optimistic,
with
some
citing
the
IPO
of
Aktis
Oncology
as
a
possible
sign
of
a
reopening
biotech
IPO
market.
Financing
activity
is
also
picking
up
for
startups,
and
many
of
them
timed
new
financing
announcements
for
JPM
week.
While
most
of
the
rounds
were
for
clinical-stage
companies,
the
financings
also
include
some
seed-stage
companies,
which
could
turn
the
tide
of
slowing
seed
and
early-stage
venture
activity
reported
by
J.P.
Morgan
in
its
Q4
2025
Biopharma
and
Licensing
Report.
Here’s
a
recap
of
some
of
the
deals
announced
leading
up
to
the
conference
and
during
JPM
week:
Immunology
&
Inflammation
—Caldera
Therapeutics
launched,
revealing
$112.5
million
raised
to
date
to
support
CLD-423,
a
bispecific
antibody
in
early
clinical
development
for
inflammatory
bowel
disease
and
other
immunologic
and
inflammatory
disorders.
The
funding
breaks
down
to
a
$75
million
Series
A
round
from
investors
Atlas
Venture,
LAV,
and
venBio.
Most
recently,
the
Cambridge,
Massachusetts-based
startup
said
it
had
closed
$37.5
million
in
Series
A-1
financing
led
by
Omega
Funds.
—Mirador
Therapeutics
said
it
closed
a
$250
million
Series
B
financing
in
the
third
quarter
of
2025
to
bring
its
clinical-stage
programs
to
clinical
proof
of
concept
and
support
the
rest
of
its
pipeline.
Mirador
expects
clinical
readouts
for
more
than
10
studies
by
the
end
of
2027
in
indications
such
as
Crohn’s
disease,
ulcerative
colitis,
rheumatoid
arthritis,
and
idiopathic
pulmonary
fibrosis.
Mirador
launched
in
2024,
backed
by
$400
million.
The
company’s
latest
financing
included
new
investment
from
funds
and
accounts
advised
by
T.
Rowe
Price
Investment
Management,
Adage
Capital
Partners,
and
additional
funds
managed
by
Fidelity
Management
&
Research
Company.
—Enodia
Therapeutics
raised
€20.7
million
(about
$25
million)
to
support
development
of
small
molecule
target
protein
degrader
drugs
for
autoimmune
disorders.
The
seed
financing
was
co-led
by
Elaia,
Pfizer
Ventures,
and
Bpifrance.
—Poplar
Therapeutics
launched
with
$50
million
to
fund
an
ongoing
Phase
1
test
of
PHB-050,
an
anti-immunoglobulin
E
antibody
in
development
for
treating
food
allergy.
Data
are
expected
in
the
second
half
of
2026.
SR
One,
Vida
Ventures,
and
Platanus
led
Poplar’s
Series
A
financing.
Cancer
Drugs
—Parabilis
Medicines,
formerly
FogPharma,
unveiled
a
$305
million
round
of
funding
as
lead
cancer
drug
zolucatetide
(FOG-001)
progresses
toward
a
registrational
study
in
desmoid
tumors.
The
company
will
also
continue
exploring
potential
applications
of
the
peptide
drug
to
other
tumor
types.
RA
Capital
Management,
Fidelity
Management
&
Research
Company,
and
Janus
Henderson
Investors
co-led
Parabilis’s
Series
F
round.
—Vibrant
Therapeutics
raised
$61
million
as
it
prepares
for
U.S.
clinical
testing
of
VIB305,
a
T-cell
engager
prodrug
designed
to
remain
inactive
in
circulation
and
healthy
tissues,
but
selectively
activating
within
the
tumor
microenvironment.
The
startup,
which
has
operations
in
Guangzhou,
China,
and
Cambridge,
Massachusetts,
said
the
financing
added
new
investors
Pfizer
Ventures
and
Apricot
Capital.
—Cell
therapy
biotech
Orca
Bio
raised
$250
million
as
it
prepares
for
potential
commercialization
of
Orca-T,
an
allogeneic
T-cell
immunotherapy
developed
for
leukemias.
Orca-T
has
an
April
6
target
date
for
an
FDA
regulatory
decision.
Lightspeed
Ventures
led
Orca
Bio’s
Series
F
financing.
—Rakuten
Medical
has
$100
million
to
fund
a
global
Phase
3
test
of
ASP-1929,
in
combination
with
the
Merck
immunotherapy
Keytruda,
as
a
first-line
treatment
for
recurrent
head
and
neck
cancer.
The
Rakuten
photoimmunotherapy
has
two
key
steps:
administration
of
the
therapy
followed
by
use
of
a
medical
device
to
illuminate
targeted
cells
to
transiently
activate
the
drug.
TaiAx
Life
Science
Fund
led
Rakuten’s
Series
F
round.
—Soley
Therapeutics
has
$200
million
to
support
its
pipeline,
which
includes
two
internally
discovered
cancer
drugs
as
well
as
programs
in
areas
such
as
neurodegenerative
disorders
and
metabolic
diseases.
Surveyor
Capital
was
the
primary
investor
in
Soley’s
Series
C
round.
—EpiBiologics
secured
$107
million
to
advance
to
the
clinic
with
lead
program
EPI-326,
a
tissue-selective
bispecific
antibody
designed
to
degrade
all
oncogenic
forms
of
the
cancer
protein
EGFR.
The
company
plans
to
test
the
drug
in
non-small
cell
lung
cancer
and
head
and
neck
squamous
cell
carcinoma.
GV
and
Johnson
&
Johnson
Innovation
–
JJDC
co-led
EpiBiologics’
Series
B
financing.
—GSK
paid
$50
million
in
upfront
and
near-term
milestone
payments
to
begin
a
collaboration
with
AI
drug
discovery
startup
Noetik.
The
five-year
agreement
grants
GSK
a
non-exclusive
license
to
access
Noetik’s
foundation
models
for
non-small
cell
lung
cancer
and
colorectal
cancer.
Noetik,
whose
platform
technology
combines
spatial
biology
with
self-supervised
learning,
emerged
from
stealth
in
2023
led
by
veterans
of
techbio
company
Recursion
Pharmaceuticals.
Rare
Disease
—Diagonal
Therapeutics
has
$125
million
for
clinical
testing
of
DIAG723,
which
the
startup
is
developing
to
correct
the
underlying
cause
of
hereditary
hemorrhagic
telangiectasia
(HHT),
a
rare
blood
vessel
disorder
with
no
FDA-approved
treatments.
The
drug,
a
clustering
antibody,
could
also
become
a
treatment
for
pulmonary
arterial
hypertension.
Diagonal
launched
in
2024
backed
by
$128
million.
The
latest
financing,
a
Series
B
round,
was
co-led
by
Sanofi
Ventures
and
Janus
Henderson
Investors.
Diagnostics
—Precision
diagnostics
startup
Precede
Biosciences
has
$83.5
million
in
new
financing.
The
startup’s
technology
analyzes
patient
blood
to
inform
diagnostic
and
treatment
decisions;
it’s
also
used
by
companies
developing
precision
medicines.
Precede
said
the
new
capital
will
support
commercialization
of
its
technology.
The
financing
breaks
down
to
a
$63.5
million
Series
B
round
and
a
$20
million
non-dilutive
credit
facility.
New
investors
in
the
Series
B
round
include
the
Labcorp
Venture
Fund,
UPMC
Enterprises,
Mirae
Asset
Capital
Life
Science,
Mirae
Asset
Capital,
28
Capital,
and
Alexandria
Venture
Investments.
Respiratory
Disorders
—AirNexis
Therapeutics
launched,
backed
by
a
$200
million
Series
A
financing
to
support
Phase
2
testing
of
AN01,
a
PDE3/4
inhibitor
in
development
for
chronic
obstructive
pulmonary
disease.
The
inhaled
drug
was
licensed
from
Haisco
Pharmaceutical
Group.
AirNexis’s
financing
was
led
by
Frazier
Life
Sciences.
—Kinaset
Therapeutics
closed
$103
million
in
Series
B
financing
to
support
Phase
2
testing
of
frevectinib,
an
inhaled
pan-JAK
inhibitor
in
development
for
asthma.
New
investors
RA
Capital
Management
and
Forge
Life
Science
Partners
led
the
financing.
Cell
Therapies,
Genetic
Medicines
—Medipost,
a
company
developing
allogeneic
stem
cell
therapies
derived
from
umbilical
cord
blood,
raised
$140
million.
The
capital
will
support
Phase
3
testing
of
its
mesenchymal
stem
cell
therapy
for
knee
osteoarthritis.
Skylake
Equity
Partners
and
Crescenda
Equity
Partners
led
the
financing.
—Founded
by
CRISPR
gene-editing
pioneers
Jennifer
Doudna
and
Fyodor
Urnov,
Aurora
Therapeutics
launched
with
$16
million
to
support
development
of
personalized
gene-editing
therapies
to
treat
rare
genetic
mutations
that
have
been
historically
impossible
to
address
at
scale.
Menlo
Ventures
provided
Aurora’s
seed
financing.
—Beacon
Therapeutics
raised
more
than
$75
million
to
complete
pivotal
testing
of
laru-zova,
a
gene
therapy
in
development
for
X-linked
retinitis
pigmentosa.
Life
Sciences
at
Goldman
Sachs
Alternatives
led
the
Series
C
round,
which
will
also
support
other
programs
in
Beacon’s
pipeline.
Cardiometabolic
Disease
—Alveus
Therapeutics
launched
with
$159.8
million
to
support
a
pipeline
of
obesity
drugs
led
by
ALV-100,
a
fusion
protein
that
hits
GLP-1
and
GIP,
the
same
two
targets
addressed
by
Amgen’s
MariTide.
New
Rhein
Healthcare
Investors,
Andera
Partners,
and
Omega
Funds
led
Alveus’s
Series
A
round.
—Corsera
Health
raised
$80
million
as
it
begins
Phase
1
testing
of
COR-1004,
a
small
interfering
RNA
therapy
that
targets
the
liver
protein
PCSK9,
a
driver
of
high
cholesterol.
The
funding
will
also
support
development
of
a
platform
technology
to
predict
lifetime
cardiovascular
disease
risk.
Forbion
and
Population
Health
Partners
co-led
the
Series
A
financing.
Medtech
Deals
—
Boston
Scientific
agreed
to
buy
Penumbra
in
a
$14.5
billion
cash-and-stock
deal
that
values
the
neurovascular
and
peripheral
vascular
device
maker
at
about
$374
per
share.
Penumbra’s
portfolio
includes
mechanical
thrombectomy
and
vascular
devices
used
to
treat
conditions
such
as
stroke,
pulmonary
embolism
and
deep-vein
thrombosis
—
which
would
boost
Boston
Scientific’s
cardiovascular
and
neurovascular
offerings.
Separately,
Boston
Scientific
last
week
struck
a
deal
to
buy
Valencia
Technologies,
which
makes
an
implantable
tibial
nerve
stimulation
system
for
urinary
incontinence.
Financial
terms
were
not
disclosed.
—Nvidia
and
Eli
Lilly
are
investing
$1
billion
over
five
years
into
a
joint
innovation
lab
in
South
San
Francisco.
The
lab
will
bring
together
Lilly’s
biology,
chemistry
and
medical
experts
with
Nvidia’s
AI
engineers
to
create
more
powerful
models
that
can
speed
up
the
identification
and
validation
of
new
drug
molecules.
The
partners
said
one
key
focus
will
be
building
a
“continuous
learning
system”
that
connects
Lilly’s
wet
labs
with
computational
dry
labs
so
AI
can
assist
researchers,
as
well
as
improve
experiments
and
model
development,
around
the
clock.
The
lab
is
expected
to
be
functional
early
this
year.
—OpenAI
acquired
medical
records
startup
Torch
to
bolster
its
newly
launched
healthcare
offerings.
The
deal
is
reportedly
worth
$100
million
in
equity.
Torch’s
technology
unifies
fragmented
health
data
—
including
lab
results,
medications
and
doctor
visit
records
—
into
a
single,
longitudinal
medical
profile,
which
will
now
be
used
to
provide
more
contextualized
health
insights
to
ChatGPT
Health
users.
The
goal
is
to
strengthen
ChatGPT
Health’s
ability
to
generate
responses
that
are
more
personalized
and
clinically
relevant.
—VieCure
raised
$43
million
to
expand
the
use
of
its
platform,
which
helps
clinicians
design
personalized
cancer
treatment
plans
at
the
point
of
care.
The
platform
combines
clinical
data,
molecular
testing
results
and
treatment
guidelines
to
help
oncologists
tailor
care
plans
to
each
patient.
Danaher
co-founder
Mitch
Rales
and
Northpond
Ventures
led
VieCure’s
funding
round,
which
the
company
said
will
accelerate
its
mission
to
expand
access
to
precision
oncology,
particularly
for
community
cancer
clinics
where
most
patients
receive
treatment.
Katie
Adams
contributed
to
this
report.
Photo
by
Flickr
user
jchessma
via
a
Creative
Commons
license



