A roundup of news from Merck KGaA/SpringWorks Therapeutics, Novartis/Regulus Therapeutics, and Eli Lilly and Company/Creyon Bio. Highlights below.  

M&A News 
* Merck KGaA To Acquire SpringWorks Therapeutics for $3.9 Bn
* Novartis to Acquire Regulus Therapeutics in up to $1.7-Bn Deal 
Partnering News 
* Lilly, Creyon Bio in $1-Bn AI Oligonucleotide Drug Pact

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M&A News 

Merck KGaA To Acquire SpringWorks Therapeutics for $3.9 Bn 
Merck KGaA has agreed to acquire SpringWorks Therapeutics, a Stamford, Connecticut-based commercial-stage bio/pharmaceutical company focused on severe rare diseases and cancer, for $3.9 billion. 

SpringWorks’ commercial products include Ogsiveo (nirogacestat), for the treatment of adult patients with progressing desmoid tumors, a rare subtype of soft tissue sarcomas. The drug is approved in the US, and SpringWorks’ marketing authorization application for nirogacestat is under review with the European Medicines Agency (EMA), with a decision by the Committee for Medicinal Products for Human Use expected in the second quarter of this year (2025).  

The company also received approval earlier this year (February 2025) from the US Food and Drug Administration (FDA) for Gomekli (mirdametinib) for treating adult and pediatric patients 2 years of age and older with neurofibromatosis Type 1, a genetic condition that causes changes in skin pigment and tumors on nerve tissue. The marketing authorization application for mirdametinib has been validated by EMA with a potential approval in 2025. SpringWorks additionally has a pipeline of drugs focused on oncology and rare diseases.  

The transaction has been unanimously approved,by both the Merck KGaA and SpringWorks Boards of Directors and is expected to close in the second half of 2025, subject to satisfaction of customary closing conditions, including approval of SpringWorks’ shareholders and receipt of required regulatory approvals. 

Source: Merck KGaA 

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Novartis to Acquire Regulus Therapeutics in up to $1.7-Bn Deal 
Novartis has agreed to acquire Regulus Therapeutics, a San Diego, California-based clinical-stage bio/pharmaceutical company focused on developing microRNA therapeutics, in a deal worth up to $1.7 billion ($800 million upfront and $900 million in milestone payments).  

Regulus’ lead asset, farabursen, is an oligonucleotide targeting miR-17 for the treatment of autosomal dominant polycystic kidney disease (ADPKD), a genetic disorder characterized by the development of fluid-filled cysts in the kidneys. Farabursen is an investigational microRNA inhibitor designed to target miR-17 with preferential kidney exposure, aiming to reduce the growth of cysts and kidney size, as well as delay progression of disease severity in ADPKD. In March 2025, Regulus announced the successful completion of a Phase 1b multiple-ascending dose clinical trial for farabursen.  

Under the agreement, Novartis will, through an indirect wholly owned subsidiary, commence a tender offer to purchase all outstanding shares of Regulus common stock. Holders of Regulus common stock would receive $7 per share in cash at closing and a contingent value right with a value of up to $7 per share payable in cash upon the achievement of a regulatory milestone. 

Following completion of the tender offer, Novartis expects to merge the acquiring subsidiary with Regulus, resulting in Regulus becoming an indirect wholly owned subsidiary of Novartis. The transaction is expected to close in the second half of 2025, subject to the satisfaction or waiver of customary closing conditions, including the tender of a majority of the outstanding shares of Regulus common stock and the receipt of regulatory approvals. Until closing, Novartis and Regulus will continue to operate as separate and independent companies. 

Source: Novartis 

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Partnering News 

Lilly, Creyon Bio in $1-Bn AI Oligonucleotide Drug Pact 
Eli Lilly and Company has entered an agreement with Creyon Bio, a Carlsbas, California-based bio/pharmaceutical company, focused on the discovery, development, and commercialization of RNA-targeted oligonucleotide (oligo) therapies for a broad range of diseases, in a deal worth up to $1 billion ($13 million upfront and $1 billion in milestone payments).  

As a part of the collaboration, Creyon will use its AI-powered oligo engineering engine to design and optimize new drug candidates for Lilly’s named targets in nucleic acid drug development. 

Under the agreement, Creyon will receive a $13 million upfront payment, which includes cash and the purchase of Creyon equity by Lilly. Creyon is also eligible to receive over $1 billion in development and commercialization payments provided certain milestones are achieved. Lilly is granted an exclusive license to lead candidates for each target, and if Lilly decides to move forward after certain milestones are achieved, then it will be responsible for further research, development, and commercialization. 

Source: Creyon Bio