After a spate of summer announcements, biotech M&A has taken a break in September with only a handful of deals reported and only one with a deal value over US$1 billion. Perhaps it's symptomatic of the summer recess, but still some interesting activity in the oncology space and within medical devices. 

Deal of the month goes to Organon which acquired Dermavant Sciences for up to US$1.2 billion with US$175 million reportedly payable upfront and the remainder in milestone payments. This includes VTAMA, a topical cream for treating psoriasis and atopic dermatitis, in a strategic move aims to enhance Organon's dermatology capabilities pending FDA approval for an additional indication.

Within oncology:

• Telix Pharmaceuticals Limited made its third acquisition in RLS Radiopharmacies for US$250 million, expanding its footprint in the radiopharmaceuticals space with access to 31 radiopharmacies across the US. This continues to be a hot area with expected continued M&A activity.
• Roche acquires two Regor Therapeutics Group drugs for breast cancer drugs using next-generation CDK inhibitors from China-based for US$850 million.
• OncoC4, Inc. and AcroImmune BioTech. Co., Ltd merge to combine their immunotherapy pipelines and establish in-house clinical manufacturing capabilities.
• Pharmacosmos acquires G1 Therapeutics, Inc. for US$405 million, bringing Cosela, a first-in-class treatment for small cell lung cancer.
• Araris Biotech AG acquires Innate Pharma's portfolio of patents related to ADC transglutaminase conjugation technology.

Within devices:

• Stryker acquires NICO for its minimally invasive brain surgery tool.
• hims & hers acquires Medisource to enhance its platform with customised production of sterile equipment.

In contrast to the relatively slow M&A activity, a few biotech IPOs have got away with BioAge Labs, Veridian, Zenas BioPharma, Bicara Therapeutics, and MBX Biosciences, Inc. all pricing recently. With central banks' recent cuts, we have all eyes on whether this might signal a gradual opening in the IPO window. 

As ever, feel free to reach out with any questions on these topics.