Beone Medicines Ltd. (formerly Beigene Ltd.) is selling its worldwide royalty rights on Imdelltra (tarlatamab) sales, excluding China, to Royalty Pharma for up to $950 million.

After making a significant strategic investment in Oxganox Ltd. earlier this year, Terumo Corp. quickly returned to buy the organ preservation company. On Aug. 25, the companies announced that Terumo would acquire Organox for $1.5 billion, marking Terumo’s entry into the organ transplant sector. The transaction is one of the largest exits ever for the U.K. med-tech sector.

Lee Dae-hong founded Aivis Inc. in January 2021 as an AI-powered pathology software company, having led the development of the world’s first commercial under-display fingerprint recognition algorithm that was later incorporated into the Galaxy S10 and Galaxy A series of smartphones of Samsung Electronics Co. Ltd.

In another deal between the two companies that could be worth more than $1 billion, Abbvie Inc. is buying Gilgamesh Pharmaceuticals Inc.’s lead candidate bretisilocin (GM-2505) for up to $1.2 billion, including an undisclosed up-front payment and development milestones. Privately held Gilgamesh has the psychedelic compound for treating moderate to severe major depressive disorder in a phase II study.

Jazz Pharmaceuticals plc and Saniona AB have entered into a global license agreement for Jazz to obtain exclusive worldwide rights to develop and commercialize SAN-2355 for epilepsy and other potential indications.

Generative AI drug discovery company Vantai Inc. could bring in more than $1 billion in a new collaboration with Halda Therapeutics Inc. Vantai already has collaborations with other companies, including Bristol Myers Squibb Co. (BMS), Janssen Pharmaceutica and Blueprint Medicines Corp.

Medtronic plc posted nearly 50% year-over-year growth in its cardiac ablation business this quarter, with a 72% increase in revenue in the U.S., largely driven by pulsed field ablation. With significant opportunity in renal denervation and a new committee to look at growth including M&A and divestitures and another to review operations, analysts think the company stands a good chance of shedding its “chronic underperformer” image.

Med-tech deal value continued its decline in the second quarter of 2025, totaling just $172.2 million in publicly disclosed deals, and bringing the first half of the year total to $321.2 million.