Recent Funding:
Sidewinder Therapeutics (SD) Raises $137M Series B to Develop Bispecific ADCs with Reduced Toxicity
Sidewinder Therapeutics (7 employees, co-founded by Harvard scientist Ryan Corcoran and CEO Eric Murphy) raised $137 million Series B ($162 million total raised) led by OrbiMed, with Frazier Life Sciences, Goldman Sachs Alternatives, DCVC Bio, Samsara BioCapital, Longwood Fund, Alexandria Venture Investments, and CVCs from Novartis and Astellas. The company is developing bispecific antibody-drug conjugates (ADCs) designed to engage two targets simultaneously while avoiding off-target toxicities from payload spillage into bloodstream. Plans to enter clinic next year with first asset, targeting indications including non-small cell lung cancer with squamous cell carcinomas and head and neck cancers.
Sidewinder has linker-payload technology partnership with Lonza-owned Synaffix (ADC specialist partnered with Mersana, Kivu Bioscience, Boehringer Ingelheim). CEO Murphy previously co-founded Kinnate Biopharma and Alterome Therapeutics (also OrbiMed-backed, raised $132 million Series B in 2024, now in clinic with AKT1 E17K and KRAS inhibitors). Murphy noted heightened bispecific ADC competition “predominantly with China” and isn’t disclosing targets yet. Announcement came one day after Gilead revealed $3.15 billion upfront acquisition of German ADC company Tubulis, adding validation to the ADC space.
M&A, Deals, Partnerships:
Gilead Sciences (SF) Acquires German ADC Startup Tubulis for $3.15B Upfront, Up to $5B Total
Gilead is paying $3.15 billion upfront (up to $5 billion total with milestones) to acquire Munich-based Tubulis, a next-generation antibody-drug conjugate platform company with 100 employees across Germany, US, and Switzerland. Tubulis raised $401 million Series C in 2025 and was eyeing potential IPO before acquisition. The deal gives Gilead two clinical-stage ADCs: TUB-040 (NaPi2b-directed, Phase 1b/2 for ovarian cancer and non-small cell lung cancer) and TUB-030 (5T4-targeted, testing in solid tumors), plus multiple preclinical candidates including a degrader antibody conjugate. Tubulis’ Munich site will become Gilead’s ADC innovation hub.
This marks Gilead’s third acquisition of 2026, following $7.8 billion Arcellx (cell therapy) and up to $2.17 billion Ouro Medicines (T cell engagers). The deal renews Gilead’s ADC interest after mixed results from $21 billion Immunomedics acquisition in 2020 that yielded Trodelvy (which stumbled in multiple cancer settings and lost accelerated bladder cancer label in 2025). Gilead initially partnered with Tubulis in 2024, gaining “strong conviction in their programs and research capabilities” per CEO Dan O’Day. Transaction adds to $31.5 billion in pharma M&A announced in March 2026 alone, putting 2026 on track to be one of most active dealmaking years in industry history per Stifel bankers. Tubulis investors included EQT Life Sciences, Venrock Healthcare Capital Partners, Wellington Management, Ascenta Capital, Frazier Life Sciences, and others. Tubulis’ partnership with Bristol Myers Squibb expected to continue.
Other Interesting News:
Gilead Sciences (SF) Dedicates $11B Across Three 2026 Acquisitions to Diversify Beyond HIV Dominance
Gilead has spent approximately $11 billion in 2026 across three acquisitions to expand cancer and immunology pipelines beyond HIV (nearly half of Gilead’s revenue comes from Biktarvy, which generated $14.3 billion in 2025 sales). CEO Dan O’Day said deals “do not reflect any change in the confidence we have in our existing clinical pipeline” but rather “three companies met our high bar in quick succession.” He added Gilead will “take some time now to focus on integration activities and more ordinary-course business development transactions.” Gilead’s stock has more than doubled since mid-2024 on strong HIV sales and excitement over new twice-yearly HIV prevention shot, now valued at $172 billion. TD Cowen analyst Tyler Van Buren wrote “We are excited by Gilead’s recent string of deals.”
The three deals: (1) $7.1 billion Arcellx acquisition for anito-cel multiple myeloma cell therapy awaiting FDA decision December 2026 (Gilead previously partnered on anito-cel and owned 12% of Arcellx); cell therapy leader Cindy Perettie said anito-cel can “unlock the over $20 billion CAR-T multiple myeloma market.” (2) Up to $5 billion Tubulis acquisition for ADC platform targeting ovarian cancer, with pivotal studies expected 2027 (Gilead partnered with Tubulis since 2024); CMO Dietmar Berger teased updated data showing responses “deepened over time” and “matured promisingly with over 130 patients treated to date” (roughly double early 2025 results). (3) $1.68 billion Ouro Medicines split with Belgian partner Galapagos for BCMA-targeted T cell engager gamgertamig targeting rare immune diseases (autoimmune hemolytic anemia, immune thrombocytopenia, pemphigus vulgaris) with over 50,000 patient market; registrational studies expected “as early as 2027.” Wall Street analysts believe new assets have long-term potential despite Gilead’s previous dismal returns from buyouts like $21 billion Immunomedics in 2020.
Revolution Medicines reported Phase 3 success for daraxonrasib, a pan-KRAS inhibitor, in metastatic pancreatic ductal adenocarcinoma. The RASolute 302 trial (501 previously treated patients) showed daraxonrasib led to median 13.2 months overall survival versus 6.7 months with chemotherapy—a 60% reduction in death risk and “breaking the one-year barrier in pancreatic cancer,” per CEO Mark Goldsmith. The drug also hit progression-free survival primary endpoint (data not disclosed). Revolution Medicines plans to request FDA approval under Commissioner’s National Priority Voucher program to speed review. Full data will be presented at 2026 ASCO meeting.
Daraxonrasib is designed as a “pan-KRAS” drug targeting multiple mutations (G12D, G12V, G12R), unlike two previously approved KRAS drugs addressing only one mutation. Patients in trial harbored range of mutations; some had no RAS mutation (roughly 90% of pancreatic cancer cases feature RAS mutation). Metastatic pancreatic cancer has approximately 3% five-year survival rate. Revolution Medicines reported “manageable safety profile” with “no new safety signals” but did not detail safety results. Daraxonrasib was closely watched as potential pancreatic cancer breakthrough. Revolution Medicines was rumored to be in deal talks with Merck earlier this year, but no deal transpired; Goldsmith declined to comment on dealmaking.
Ideaya Biosciences reported Phase 2/3 success for darovasertib (protein kinase C inhibitor) combined with Pfizer’s Xalkori in metastatic uveal melanoma patients negative for HLA-A2 antigen. The trial (313 patients) showed median progression-free survival of 6.9 months versus 3.1 months for control arm (Merck’s Keytruda, Bristol Myers Squibb’s Yervoy/Opdivo combo, or dacarbazine chemotherapy), exceeding Ideaya’s 5.5-month success benchmark. Overall response rate was 37.1% versus 5.8% for control. Stock surged 37% premarket Monday; Goldman Sachs analysts project $3 billion peak sales. Ideaya plans accelerated FDA filing in second half of 2026 and will present full data at upcoming medical meeting.
Servier has ex-US rights under 2025 deal ($210 million upfront). Darovasertib is also in Phase 3 OptimUM-10 trial (520 patients) for primary uveal melanoma requiring eye removal surgery or radiation therapy, aiming to preserve eyes and long-term vision. Phase 2 data from 2025 showed single-agent darovasertib helped over half of patients eligible for eye removal surgery avoid procedure, and about half requiring radiation reduced dose by at least 20%. Uveal melanoma affects middle eye layer with blood vessels/pigment cells and accounts for about 5% of all melanoma cases. Immunocore’s Kimmtrak secured 2022 approval for HLA-A2 positive patients with unresectable or metastatic uveal melanoma.
Allogene Therapeutics reported initial Phase 2 ALPHA3 data (24 of planned 220 patients) showing donor-derived CAR-T therapy cema-cel achieved 58.3% minimal residual disease (MRD) eradication at day 45 versus 16.7% in control arm—a 41.6% difference exceeding the 25% to 30% benchmark considered clinically meaningful. Cema-cel reduced circulating lymphoma DNA by average 97.7% versus 26.6% increase in control arm. No cases of cytokine release syndrome or immune effector cell-associated neurotoxicity syndrome (common autologous CAR-T side effects); 10 of 12 cema-cel patients managed entirely outpatient, two hospitalized for unrelated heart conditions. Trial enrollment expected to wrap end of 2027.
Key event-free survival data expected mid-2027 and mid-2028. If successful, cema-cel could become first donor-derived CAR-T to receive FDA approval, changing lymphoma treatment entirely by eliminating MRD after initial chemotherapy and rendering subsequent treatment lines unnecessary. CEO David Chang said goal is “to move CAR-T from a bespoke procedure available at a limited number of centers to a scalable therapy that can reach patients more broadly.” Allogene halted pivotal Phase 2 studies in early 2024 to launch ALPHA3 based on theory cema-cel could eliminate MRD, a bold pivot from competing against approved autologous CAR-Ts (Kite’s Yescarta/Tecartus, Novartis’ Kymriah, Bristol Myers Squibb’s Breyanzi) in late-line lymphoma. CMO Zachary Roberts said “The only clinical trial that’s being run today that is designed to answer that question is ALPHA3.” Data comes at critical time for allogeneic CAR-T field struggling for FDA approval amid investor skepticism—some declaring field in “nuclear winter.”
Biotech venture capitalists shifted strategy in Q1 2026, with 65% of investments from most active private biotech investors going to new portfolio companies versus existing bets (a reversal from years of belt-tightening focused on lower-risk existing portfolios), per William Blair quarterly report. Samsara BioCapital’s Mike Dybbs said “the quality of deals we’re seeing now, the level of innovation, it’s as high as I’ve seen it in the last couple years” and noted deals are “reasonably and very attractively priced.” Samsara backed Colorado obesity biotech Ambrosia Biosciences, antibody-drug conjugate startup Sidewinder Therapeutics, and protein degrader EpiBiologics so far this year. Dybbs contrasted this with last year when “a lot of funds were in sort of survival mode.”
Over $31 billion in biopharma M&A in Q1 2026 (plus over $6 billion in first week of Q2) is returning money to investors who are “recycling money from those M&A proceeds into new deals,” per Forbion’s Wouter Joustra, leading to higher valuations and larger step-ups for top-tier deals. Sanofi Ventures’ Jason Hafler noted more competition among investors and a return to “normal status quo” as institutional investors deploy capital after waiting to see market direction. SR One leader Simeon George noted “haves and have nots” dichotomy—companies with experienced teams, pharma partnerships, and strong investor benches are secure, while those without face hurdles. He cited “element of FOMO that’s creeping in a little bit” for companies with clear paths forward. Oversubscribed $100M+ rounds enabling private biotechs to reach clinical data before IPO. SR One-backed Avalyn Pharma (Phase 2 inhaled pulmonary fibrosis pills) filed for Nasdaq IPO Wednesday; SR One portfolio company Veradermics (hair growth) went public earlier this winter.
