A roundup of news from the large and mid-sized bio/pharmaceutical companies featuring Bristol-Myers Squibb, Neurocrine Bioscience, Regeneron and Incyte. Highlights below.

For the latest news roundup on small and Emerging Pharma companies, see Biotech Briefs. 

M&A News 
* Neurocrine Bioscience Acquires Soleno Therapeutics for $2.9 Bn
Partnering News 
* BMS, Anthropic Partner for Entreprise-Wide Functions, Including Mfg
* Regeneron, Parabilis Medicine in $2.3-Bn Pact for Modified Peptide-Based ADC
* Incyte, Genesis in $1.1-Bn Ai-Based Drug Discovery Pact

---

M&A News 

Neurocrine Bioscience Acquires Soleno Therapeutics for $2.9 Bn 
Neurocrine Biosciences, a San Diego, California-based bio/pharmaceutical company, has completed its acquisition of Soleno Therapeutics, a Redwood City, California-based bio/pharmaceutical company, for $2.9 billion.  

The acquisition adds Vykat XR (diazoxide choline), a therapy to treat hyperphagia (extreme, insatiable hunger), the defining feature of Prader-Willi syndrome, a rare genetic neurodevelopmental disorder caused by an abnormality in gene expression on chromosome 15 that affects about 10,000 patients in the US. Vykat XR was approved by the US Food and Drug and Administration (FDA) in 2025. Following FDA approval and successful US launch in the second quarter of 2025, the drug generated $190 million in 2025 revenues, including $92 million in the fourth quarter of 2025.   

Neurocrine completed the cash tender offer through a subsidiary for all the outstanding shares of common stock of Soleno at a purchase price of $53.00 per share, without interest, subject to any applicable withholding taxes. 

Source: Neurocrine Biosciences 

---

Partnering News 

BMS, Anthropic Partner for Entreprise-Wide Functions, including Mfg 
Bristol-Myers Squibb (BMS) has announced a strategic agreement with Anthropic, an artificial intelligence (AI) company that developed a series of large language models named Claude, to deploy Claude across the company’s research, clinical development, manufacturing, commercial, and corporate functions. BMS says the collaboration signals a meaningful evolution in how BMS deploys AI, moving beyond conversational tools that have defined the first wave of enterprise adoption, toward agentic capabilities built into the day-to-day workflows and systems that underpin its science and global operations. 

BMS will deploy Claude broadly across the company for more than 30,000 employees with advanced reasoning and agentic capabilities. The deployment focuses on three priorities where BMS expects the highest near-term impact. BMS’ engineering and data science teams will use Claude Code to speed software and AI development. BMS will evaluate the potential for Claude to serve as the agentic layer within priority workflows where AI is already driving impact across the value chain, including research, drug development, manufacturing and quality, and commercial and medical affairs.  

The collaboration builds on more than three years of AI investment at BMS, where the company has given employees unlimited access to leading frontier models through a proprietary internal platform. Those investments have established BMS as a leader in AI integration across research, clinical development, manufacturing and commercial functions, and reflect a deliberate multi-vendor strategy that draws on the best capabilities the industry has to offer. 

Source: Bristol-Myers Squibb 

---

Regeneron, Parabilis Medicine in $2.3-Bn Pact for Modified Peptide-Based ADC 
Regeneron Pharmaceuticals, a Tarrytown, New York-based bio/pharmaceutical company, has announced a strategic research collaboration with Parabilis Medicines, a Cambridge, Massachusetts-based bio/pharmaceutical company, to discover and develop multiple therapeutic candidates based on Parabilis’ proprietary Helicon peptide platform, in a deal worth up to $2.3 billion ($125 million upfront and $2.2 billion in milestone payments). 

The deal will have a particular focus on Parabilis’ Antiibody-Helicon Conjugates (AHCs), a class of therapeutics designed to target challenging and historically “undruggable” targets. Helicons are stabilized, cell-penetrant alpha-helical peptides designed to engage intracellular protein targets, including flat surfaces not well suited to traditional small-molecule binding. The collaboration is designed to explore the use of Helicons both as stand-alone therapies and as part of AHCs. 

Under the agreement, Parabilis is to receive $125 million from Regeneron in the form of a $50-million upfront payment and a commitment to invest $75 million in Parabilis’ next equity financing, subject to certain conditions. Parabilis is also eligible to receive milestone payments for development, regulatory and commercial milestones, as well as tiered royalties up to the low double-digits on future net sales of any approved medicines resulting from the collaboration. With five initial targets, the agreement provides the potential for up to approximately $2.2 billion in total milestone payments to Parabilis. Additional targets may be pursued upon additional option payments from Regeneron. 

Source: Regeneron 

---

Incyte, Genesis in $1.1-Bn Ai-Based Drug Discovery Pact 
Incyte, a Wilmington, Delaware-based bio/pharmaceutical company, and Genesis Molecular AI, an AI company, have expanded their strategic collaboration for building and deploying AI for collaboration targets selected by Incyte in drug discovery, in a deal worth up to $1.1 billion ($120 million upfront and $1 billion in milestone payments). 

The companies will add at least five new collaboration targets selected by Incyte, and Incyte will have options to nominate additional collaboration targets over time. Incyte will have exclusive rights to develop and commercialize any collaboration products. Genesis will receive total upfront consideration of $120 million, which includes an $80-million upfront cash payment and a $40-million purchase of equity by Incyte in Genesis. In addition, Incyte will also provide recurring research funding to Genesis to support AI model training and inference compute workloads. 

Genesis will be eligible to receive potential preclinical and clinical development, regulatory and sales milestone payments of up to $232 million for each program contingent on the achievement of agreed-upon milestones. Genesis will be eligible to receive over $1 billion if all milestones are achieved across the five initial collaboration targets, including multiple indications and major territories, provided the aggregate peak annual net sales of the five products exceed specified milestones. Additional payments totaling several billion dollars could be earned depending on the number of additional collaboration targets nominated and the achievement of related milestones. Genesis is also eligible to receive royalties on sales of any approved collaboration products. 

Source: Incyte