M&A News: Sanofi, Lilly, AstraZeneca & More
The latest news on mergers and acquisitions featuring Sanofi/Dren Bio, Eli Lilly and Company/SiteOne Therapeutics, AstraZeneca/EsoBiotec, Sanofi/Vigil Neuroscience, BioMarin/Inozyme Pharma and TQ Therapeutics/Bristol-Myers Squibb/Juno Therapeutics. Highlights below.
* Sanofi Completes Acquisition of Bispecific Drug from Dren Bio in $1.9-Bn Deal
* Lilly To Acquire SiteOne Therapeutics in $1-Bn Deal
* AstraZeneca Completes Acquisition of EsoBiotec in $1-Bn Deal
* Sanofi to Acquire Vigil Neuroscience for $470 M
* BioMarin To Acquire Inozyme Pharma for $270 M
* TQ Therapeutics Acquires Bristol-Myers Squibb Subsidiary Juno Therapeutics GmbH
Sanofi Completes Acquisition of Bispecific Drug from Dren Bio in $1.9-Bn Deal
Sanofi has completed its acquisition of Dren Bio’s DR-0201, a bispecific antibody for treating certain autoimmune diseases, in a deal worth up to $1.9 billion ($600 million upfront and $1.3 billion in milestone payments). The deal was announced in March 2025.
DR-0201, now named SAR448501, is a targeted bispecific myeloid cell engager that has shown B-cell depletion in preclinical and early clinical studies, according to information from Sanofi. It is a CD20-directed bispecific antibody that targets and engages specific tissue-resident and trafficking myeloid cells to induce deep B-cell depletion via targeted phagocytosis. Recent early clinical study data in autoimmune diseases suggest that deep B-cell depletion might have the potential to reset the adaptive immune system, which has the potential to provide sustained treatment-free remission in patients with refractory B-cell mediated autoimmune diseases such as lupus. DR-0201 is being evaluated in two ongoing Phase I studies in autoimmune disease and oncology applications.
Under the agreement, Sanofi acquired DR-0201 for an upfront payment of $600 million and potential future payments totaling $1.3 billion upon achievement of certain development and launch milestones.
Source: Sanofi
Lilly to Acquire SiteOne Therapeutics in $1-Bn Deal
Eli Lilly and Company has agreed to acquire SiteOne Therapeutics, a bio/pharmaceutical company developing small-molecule inhibitors of sodium channels to treat pain and other neuronal hyperexcitability disorders, in a deal worth up to $1 billion.
The transaction includes STC-004, a Phase II-ready non-opioid treatment for treating chronic pain.
Under the agreement, Lilly will acquire SiteOne, and SiteOne shareholders could receive up to $1.0 billion in cash, inclusive of an upfront payment and subsequent payments upon achievement of certain regulatory and commercial milestones. The transaction is subject to customary closing conditions.
Source: Eli Lilly and Company
AstraZeneca Completes Acquisition of EsoBiotec in $1-Bn Deal
AstraZeneca has completed its acquisition of EsoBiotec, a Charleroi, Belgium-based cell-therapy company, in a deal worth up to $1 billion ($425 million upfront and $575 million in milestone payments). The deal was announced in March 2025.
EsoBiotec’s platform, EsoBiotec Engineered NanoBody Lentiviral (ENaBL), uses lentiviruses to deliver genetic instructions to specific immune cells, such as T cells, which program them to recognize and destroy tumor cells for cancer treatment or autoreactive cells for potential use in immune-mediated diseases. This approach enables cell therapies to be administered through an IV injection and without the need for immune-cell depletion, according to information from AstraZeneca.
AstraZeneca acquired all outstanding equity of EsoBiotec for a total consideration of up to $1 billion. This includes an initial payment of $425 million on deal closing, and up to $575 million in contingent consideration based on development and regulatory milestones.
Source: AstraZeneca
Sanofi to Acquire Vigil Neuroscience for $470 M
Sanofi has agreed to acquire Vigil Neuroscience, a clinical-stage bio/pharmaceutical company focused on therapies for neurodegenerative diseases, for $470 million.
This acquisition in neurology, one of Sanofi’s four strategic disease areas, enhances Sanofi’s early-stage pipeline and includes VG-3927, which will be evaluated in a Phase II clinical study in Alzheimer’s disease. VG-3927 is an oral small-molecule TREM2 agonist. Activating TREM2 is expected to enhance the neuroprotective function of microglia in Alzheimer’s disease, according to information from Sanofi. The deal does not include VGL101, Vigil’s second molecule program, which is not being acquired by Sanofi.
The acquisition builds on a prior investment in Vigil by Sanofi. In June 2024, Sanofi made a $40-million strategic investment in Vigil that included the exclusive right of first negotiation for an exclusive license, grant, or transfer of rights to research, develop, manufacture, and commercialize VG-3927.
Under the agreement, Sanofi will acquire all outstanding common shares of Vigil for $8 per share in cash at closing, representing an equity value of approximately $470 million (on a fully diluted basis). In addition, Vigil’s shareholders will receive a non-transferrable contingent value right (CVR) per Vigil share, which will entitle its holder to receive a deferred cash payment of $2, conditioned upon the first commercial sale of VG-3927.
The closing of the acquisition is subject to other conditions customary for such a transaction, including the approval of holders of a majority of the outstanding shares of Vigil common stock, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary conditions. The companies expect the transaction to close in the third quarter of 2025.
Source: Sanofi
BioMarin To Acquire Inozyme Pharma for $270 M
BioMarin Pharmaceutical, a Dublin, Ireland-based bio/pharmaceutical company, has agreed to acquire Inozyme Pharma, a Boston-based clinical-stage bio/pharmaceutical company, for $270 million.
The acquisition will strengthen BioMarin’s enzyme therapies portfolio, adding a late-stage enzyme replacement therapy, INZ-701, which is currently being assessed for the treatment of ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) deficiency, a rare and progressive genetic condition that affects blood vessels, soft tissues, and bones and is associated with increased cardiovascular mortality risk across all age groups, especially in infants. It is also associated with severe rickets and osteomalacia (softening of the bones) in children and adults. Data from the first Phase III pivotal study of INZ-701 in children is expected in early 2026, with potential regulatory approval in 2027.
The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the third quarter of 2025, subject to regulatory approval, successful completion of a tender offer, and other customary closing conditions.
Source: BioMarin Pharmaceutical
TQ Therapeutics Acquires Bristol-Myers Squibb Subsidiary Juno Therapeutics GmbH
TQ Therapeutics, a Martinsried, Germany-based bio/pharmaceutical company focused on cell therapies, has acquired Juno Therapeutics GmbH, the German subsidiary of Juno Therapeutics Inc., a wholly owned subsidiary of Bristol-Myers Squibb (BMS).
Juno Therapeutics Inc. was acquired by Celgene for $9 billion in 2018, and BMS later acquired Celgene for $74 billion in 2019.
Source: TQ Therapeutics
