With a modest $7 million up front but an ultimate payout potentially topping $1 billion on the line, Modex Therapeutics Inc. will collaborate with Regeneron Pharmaceuticals Inc. to find and develop multispecific antibodies for treating multiple indications.

Medline Inc. filed a public S1 with the SEC Oct. 28, moving the IPO first signaled in December 2024 closer to reality. The Northfield, Ill.-based medical supply distributor did not disclose the number of shares to be offered or their price, but Renaissance Capital expects the IPO to raise about $5 billion, which would make it the largest in any industry this year and one of the largest ever in med tech. Billiontoone Inc. also advanced its IPO, as it began the road show for its public debut in early November.

With a modest $7 million up front but an ultimate payout potentially topping $1 billion on the line, Modex Therapeutics Inc. will collaborate with Regeneron Pharmaceuticals Inc. to find and develop multispecific antibodies for treating multiple indications.

Qyuns Therapeutics Co. Ltd. signed a potential $1.07 billion license deal with Roche Holding AG, granting the latter exclusive rights to QX-031N – a human thymic stromal lymphopoietin and interleukin-33)-targeting bispecific antibody.

Sovargen Co. Ltd. inked a $550 million license deal with Angelini Pharma SpA, granting Angelini development and commercialization rights to SVG-105, a novel antisense oligonucleotide drug candidate in preclinical development as a potential treatment for intractable epilepsy.

Takeda Pharmaceutical Co. Ltd. agreed to codevelop and commercialize up to three of Innovent Biologics Co. Ltd.’s immuno-oncology (I-O) and antibody-drug conjugate (ADC) candidates with the signing of a $11.4 billion deal, including $1.2 billion paid up front.

The $12.5 billion acquisition of Avidity Biosciences Inc. by Novartis AG strengthens the company’s neuroscience pipeline and marks the second biggest deal that’s been announced this year. It also is the fifth M&A deal in the past five weeks to top the $1 billion mark, a sign that the market may be strengthening.

Staar Surgical Co. reported on Oct. 24 that it had adjourned its special meeting of stockholders scheduled in connection with its proposed $1.5 billion sale to Alcon AG in the face of objections from some of its major shareholders and at least three proxy firms.

It has been a positive year for med tech compared to previous years, said Antoine Papiernik, chairman and managing partner at Sofinnova Partners. The IPO market has reopened, several large financing deals have closed, and new players have entered the sector.

Ipsen SA is expanding its cancer portfolio with the €1 billion (US$1.16 billion) acquisition of immuno-oncology specialist Imcheck SAS, and will pay €350 million up front with the balance to come in regulatory and sales-based milestones for the lead program ICT-01.