Zimmer Biomet Holdings Inc.’s deal to buy Pacira Biosciences Inc.’s Iovera system for up to $140 million and Eurobio Scientific SA’s acquisition of Caredx Inc.’s lab products business for $171.2 million are symptomatic of a broader trend among med-tech and diagnostics companies using targeted acquisitions to strengthen specific areas of their portfolio.

Ipsen SA announced its second acquisition of the week, saying it will pay €700 million (US$797 million) for Memo Therapeutics AG and its phase III-ready drug potravitug, a treatment for BK virus-associated infections and nephropathy in immune-compromised kidney transplant patients.

A U.S. biotechnology company founded by Deerfield Management Company L.P. licensed exclusive rights to Metis Techbio Co. Ltd.’s preclinical trispecific T-cell engager (TCE) for autoimmune disorders in a potential $1.62 billion deal.

One company was looking to add to its royalty stream and R&D portfolio. The other was seeking strategic alternatives in the wake of clinical misfires over the last few years. In an agreement aimed at satisfying both goals, Zymeworks Inc. will acquire Theravance Biopharma Inc., paying $17 per share, or about $929 million, though the transaction is structured in a way that minimizes the former’s current capital position.

Adhesives innovator H.B. Fuller Co. is offering £2.85 per share in cash to buy Advanced Medical Solutions Group plc, expanding its technologies, commercial footprint and manufacturing capabilities across the globe.

Merck KGaA has agreed to buy Bio-Techne Corp. for an enterprise value of approximately $11.3 billion, in a bid to strengthen its life sciences business. The company is offering $73 per share in cash, a 36% premium to Bio-Techne's one-month volume-weighted average trading price, and  a 24% premium to the company’s previous close on June 24. The deal will expand Merck’s position in multi-omics, spatial biology, cell and gene therapy, precision diagnostics and advanced research tools.

Nuvectis Pharma Inc.’s shares climbed further after the oncology-focused biotech nabbed select rights to a late-stage complement factor B inhibitor (HSK-39297/NXP-100) and a phase I BRAF inhibitor (HSK-42360/NXP-200) from Haisco Pharmaceutical Group Co. Ltd. for $40 million up front.

Antares Therapeutics Inc. drew Novartis AG to the table for a potential $1.9 billion collaboration, including a $105 million up-front payment, to discover small-molecule programs against oncology targets considered to be undruggable. It’s Antares’ first partnership since spinning out of Scorpion Therapeutics Inc. about a year ago.

Eli Lilly and Co. posted $19.8 billion in first-quarter 2026 revenue, driven by tirzepatide, marketed as Mounjaro for type 2 diabetes and Zepbound for obesity. The Indianapolis-based drugmaker is channeling cash flow from these blockbuster GLP-1 drugs into an aggressive dealmaking campaign — about $25.1 billion across 10 announced acquisitions so far this year and more than $26 billion in other closed deals.

Abbisko Therapeutics Co. Ltd. has entered a research collaboration and license agreement with Eli Lilly and Co. to discover and develop innovative medicines across multiple targets, with the aim of advancing novel drug candidates with global potential.