BioMed Nexus Daily Updates
Your essential biotech, medtech, and pharma recap — no noise, just what matters.
📌TL;DR
BioSpace reported that biopharma spent approximately $46.8B on acquisitions across 19 deals in Q1 2026. Companies dropped roughly $20B in deals in the final week alone. Lilly made three acquisitions. Gilead, GSK, and Novartis each made two.
The XBI surged 7% on March 31, the last day of Q1, driven by the Lilly/Centessa and Biogen/Apellis announcements. STAT's Adam Feuerstein called it "Takeover Tuesday" and noted the index was heading for a quarterly loss before that single session saved it.
Immunovant (IMVT) reported that both Phase 3 GO studies of batoclimab in thyroid eye disease failed their primary endpoint of ≥2mm proptosis responder rate at Week 24. The company is pivoting focus to its next-generation anti-FcRn antibody IMVT-1402.
Jefferies and BMO both published notes saying M&A could accelerate further in Q2, with Amgen, AbbVie, BMS, and Novartis identified as having significant acquisition capacity remaining.
⚡ Executive Takeaway
Q1 2026 is in the books, and the numbers tell the story. Biopharma spent nearly $47 billion acquiring 19 companies in three months. The quarter ended with a $20 billion surge in the final week, capped by Lilly's $7.8B Centessa deal and Biogen's $5.6B Apellis acquisition on the same Tuesday. That single day sent the XBI up 7%, turning what was tracking as a negative quarter into a positive one. Premiums ranged from 38% to 140%. CVRs appeared in multiple deal structures. And several pharma companies came back for seconds: Lilly made three acquisitions, Gilead made two, Novartis made two, and GSK made two. The pace is not expected to slow. Jefferies wrote that if deals above $500M continue at this rate, 2026 could reach $172B in total M&A, which would exceed the $111B spent across 32 deals in all of 2025. 👉 Read Full Analysis
🔮 What To Watch
Orforglipron (April 10): 7 days. The single biggest near-term catalyst in all of biopharma. This approval gives Lilly its third mechanism in metabolic disease alongside tirzepatide and retatrutide.
Q2 M&A Targets: BMO identified Amgen ($18.6B in capacity), AbbVie ($33.6B), BMS ($21.9B), and Novartis ($53B) as the companies most likely to acquire next. Revolution Medicines and Viking Therapeutics have been cited as potential targets by multiple analysts.
Immunovant/Roivant: The batoclimab TED miss shifts investor focus to IMVT-1402 in Graves' disease, with registrational data expected in 2027. Roivant also announced a new Phase 2b/3 trial of brepocitinib in lichen planopilaris.
Novo Wegovy HD Launch (April): High-dose injectable rollout continues across 70,000+ U.S. pharmacies. First full month of the subscription model now underway.
🚀 Top Story
Q1 2026: Biopharma's $46.8B Acquisition Spree Sets the Pace for a Record Year
What Happened: BioSpace published the definitive Q1 M&A tally, reporting that biopharma spent approximately $46.8B on acquisitions across 19 deals in the first quarter of 2026. The quarter ended with roughly $20B in announced deals in the final week alone. STAT reported that the XBI surged 7% on March 31 ("Takeover Tuesday"), rescuing what had been tracking as a negative quarter for the index.
The Dealmakers: Several pharma companies made multiple acquisitions in the quarter. Lilly made three acquisitions, including the $2.75B Insilico Medicine deal and the $7.8B Centessa acquisition. Gilead made two (Arcellx for $7.8B, Ouro Medicines for $2.18B). Novartis made two (Pikavation, Excellergy). GSK also doubled up. Merck's $6.74B acquisition of Terns Pharmaceuticals was highlighted by BioSpace as one of the quarter's biggest prizes. Biogen's $5.6B acquisition of Apellis at a 140% premium closed out the quarter.
Executive Impact: The pattern is unmistakable. Big pharma is deploying capital at a pace the industry hasn't seen in years, driven by the patent cliff and franchise concentration risk. Premiums ranged from 38% to 140% across the quarter. CVRs appeared in multiple structures as buyers and sellers used contingent payments to bridge valuation gaps. Jefferies noted that if the pace of deals above $500M continues, 2026 could reach $172B in total M&A, far exceeding the $111B spent in 2025. BMO identified Amgen, AbbVie, BMS, and Novartis as the companies with the most remaining acquisition capacity. The deal pipeline is not drying up.
🔬 Clinical & Research Updates
Immunovant's Batoclimab Misses Primary Endpoint in Both Phase 3 TED Studies IMVT | ROIV
What Happened: Immunovant reported topline results from its two Phase 3 GO clinical studies evaluating batoclimab in active, moderate-to-severe thyroid eye disease (TED). Both studies failed to meet the prespecified primary endpoint of ≥2mm proptosis responder rate at Week 24. The trial design included 12 weeks of high-dose treatment followed by 12 weeks of low-dose treatment. Safety was consistent with prior findings and no new signals were identified.
The Nuance: Immunovant noted that patients showed greater proptosis improvement during the initial 12-week high-dose period compared to the subsequent 12-week low-dose period, supporting the hypothesis that deeper IgG suppression drives better outcomes. Hyperthyroid patients in the TED studies showed thyroid hormone normalization rates similar to Phase 2 data in Graves' disease. These secondary findings may inform the development path for the company's next-generation molecule.
Executive Impact: This is a meaningful setback for Immunovant's batoclimab program, but not an existential one. The company is pivoting its anti-FcRn strategy to IMVT-1402, with potentially registrational data in Graves' disease expected in 2027 and a Phase 3 readout in non-infectious uveitis in H2 2026. Roivant, which held a joint investor call on April 2 to discuss the results, also announced a new Phase 2b/3 trial of brepocitinib in lichen planopilaris (LPP), an orphan inflammatory scalp disorder affecting approximately 100,000 U.S. adults. The batoclimab miss will likely pressure IMVT shares in the near term, but the broader Roivant portfolio continues to advance.
📅 Week Ahead
April 10: Eli Lilly orforglipron target action date (obesity NDA, CNPV)
April: Novo Nordisk Wegovy HD U.S. launch
April: Heart Rhythm 2026 conference
H2 2026: Novo Nordisk Awiqli U.S. launch (first weekly basal insulin)
Q2 2026: Biogen/Apellis close expected
Q3 2026: Lilly/Centessa close expected
🔒 BioMed Nexus Pro — Institutional Intelligence Brief
In Today's Pro Brief:
📊 Q1 M&A Deep Dive: The complete deal map, who bought what, and which companies have the most capacity left
🧠 Why Premiums Are Rising: What 38% to 140% buyout premiums tell you about the scarcity of quality late-stage assets
🔬 Immunovant TED Miss: What the dose-dependent proptosis data means for the anti-FcRn class and competing programs
🎯 Updated catalyst calendar
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