M&A, Deals, Partnerships:
Faeth Therapeutics (SF) Goes Public via Reverse Merger with Sensei in 200M deal
San Francisco–based cancer metabolism startup Faeth Therapeutics was acquired by Sensei Biotherapeutics in an all-stock deal structured like a reverse merger, effectively taking Faeth public alongside a $200 million private placement backed by top healthcare investors. The combined company will use the funding to advance Faeth’s Phase 2 endometrial cancer program and launch a breast cancer trial, centered on an oral dual-drug regimen targeting a key cancer growth pathway, with a major clinical readout expected later this year.
Products (SF) Signs $100M-Upfront Macrocyclic Peptide Deal With Novartis
Novartis will pay $100 million upfront and in pre-IND milestones to access Unnatural Products’ macrocyclic peptide platform, with the partnership aimed at developing new cardiovascular disease medicines and potential total milestones of up to $1.7 billion. The deal highlights growing interest in macrocyclic peptides, which aim to combine the precision of biologics with the convenience of oral drugs, and builds on Unnatural Products’ expanding pipeline that now includes obesity and metabolic disease programs.
Gilead Sciences (SF) to Acquire Remaining Stake in Arcellx in $7.8B CAR-T Deal
Gilead is buying the ~88% of Arcellx it doesn’t already own for $7.8B, securing full control of anito-cel, a CAR-T therapy for multiple myeloma that has been filed with the FDA and is expected to launch in 2H this year. The acquisition strengthens Gilead’s cell therapy franchise (alongside Yescarta and Tecartus), positions anito-cel as a potentially safer alternative to J&J/Legend’s Carvykti, and removes up to $1.5B in future milestone payments tied to the prior partnership.
Vir Biotechnology (SF) Partners with Astellas on Prostate Cancer Drug in $240M Deal
Astellas will pay $240 million in cash and invest $75 million in equity, with Vir eligible for up to $1.455 billion total tied to development and commercial milestones for its prostate cancer program VIR-5500. VIR-5500 is in Phase 1 testing, with early data showing tumor shrinkage of 30% or more in 5 of 11 patients at higher doses and no dose-limiting toxicities; the drug is expected to enter Phase 3 trials next year.
Other Interesting News:
EIR Biopharma (SF) Eyes IPO to Fund Preclinical Eye Disease Programs
EIR Biopharma is planning a New York Stock Exchange IPO that could raise up to $17.1 million to support development of EIR-1003, a preclinical drug aimed at optic nerve regeneration for eye diseases including glaucoma and diabetic retinopathy. The company expects to allocate $2 million to preclinical work and $5 million toward Phase 1/1b trials targeted for 2027, operating as a lean, semi-virtual biotech with no full-time employees post-offering.
Aardvark Therapeutics (SD) Launches Dermatology Spinout Ardia Therapeutics to Advance Psoriasis Drug
Aardvark formed Ardia Therapeutics, a wholly owned U.S. subsidiary, to build a new dermatology pipeline led by DIA-615, a topical small-molecule candidate for inflammatory skin diseases including psoriasis. Former Aardvark COO Bryan Jones, Ph.D. was appointed CEO of Ardia, signaling a strategic push to move DIA-615 into the clinic while allowing Aardvark to maintain focus on its metabolic disease programs.
Ionis Pharmaceuticals (SD) Halts Development of Down Syndrome–Linked Alzheimer’s Drug
Ionis has discontinued its Phase 1b program ION269, an antisense therapy aimed at reducing Alzheimer’s risk in people with Down syndrome, citing slow patient enrollment (only 1 of 30 participants enrolled), not safety concerns. While this program is ending, Ionis continues to advance a broader neurology pipeline and expects multiple Phase 3 readouts this year from partnered programs, alongside late-stage, wholly owned assets in rare neurological diseases.
Grail (SF) Multi-Cancer Blood Test Misses Key Goal in Major UK Study
Grail’s Galleri blood test did not meet its primary endpoint in a 142,000-person UK trial, failing to significantly reduce late-stage (stage 3–4) cancer diagnoses over three years, triggering a ~50% drop in the company’s stock. While the company highlighted reductions in stage 4 cancers across several high-mortality types and plans to present more data this summer, the results raise fresh questions about UK rollout plans and could complicate FDA approval and future insurance coverage in the U.S.
Gossamer Bio (SD) Misses Phase 3 Endpoint in Pulmonary Arterial Hypertension Trial
Gossamer’s Phase 3 PROSERA study of seralutinib in pulmonary arterial hypertension showed a 13.3-meter improvement in six-minute walk distance versus placebo, but narrowly missed the prespecified statistical threshold (p=0.032 vs. required 0.025), causing the trial to fail its primary endpoint. The setback sent Gossamer’s stock down 77%, complicating plans to compete with Merck’s approved PAH drug Winrevair, though the company says the data still show seralutinib has clinical activity.
BioMarin (SF) Withdraws Hemophilia Gene Therapy Roctavian After Commercial Struggles
BioMarin will voluntarily withdraw Roctavian from the market after failing to find a buyer, ending the commercial run of its hemophilia A gene therapy, which generated $36 million in 2025 revenue—far below initial expectations for a potential blockbuster. The company recorded a $240 million impairment charge tied to the drug, as Roctavian struggled to compete with established treatments and long-term data showed declining durability, with 1 in 5 patients returning to standard therapy within five years.
