May 2026 BD deal flow — SEC 8-K Item 1.01 filings
| Date | Sponsor | Type · Direction | Headline (per filing) |
|---|---|---|---|
| 2026-05-18 | Neurocrine Biosciences | acquisition · in | Completed acquisition of Soleno via merger after tender offer |
| 2026-05-18 | ImmunityBio | licensing · in | Exclusive development & supply agreement with Japan BCG Laboratory (US) |
| 2026-05-14 | Biogen | acquisition · merger | Acquires Apellis Pharmaceuticals; potential $4.00 per CVR milestone for SYFOVRE® |
| 2026-05-14 | Apellis Pharmaceuticals | counter-filing | Enters CVR agreement with Biogen for SYFOVRE® |
| 2026-05-12 | Rigel Pharmaceuticals | licensing · in | Licenses VEPPANU (vepdegestrant) from Arvinas & Pfizer; $70M upfront, up to $325M in milestones |
Two structural reads. (1) Contingent value rights and milestone-heavy structures continue to dominate over flat upfronts — deals price the future, not the present. (2) Asia-Pacific licensing is showing up in mid-cap deal flow (here from Japan).
Biosimilar concentration: top reference biologics by all-time 351(k)
| Reference biologic | 351(k) filings (all-time) | Indication anchor |
|---|---|---|
| adalimumab | 53 | TNF-α inhibitor (RA, IBD, psoriasis) |
| ustekinumab | 35 | IL-12/23 (psoriasis, IBD) |
| denosumab | 21 | RANKL (osteoporosis, bone mets) |
| filgrastim | 14 | G-CSF (neutropenia) |
| tocilizumab | 13 | IL-6 (RA, GCA) |
| bevacizumab | 12 | VEGF (oncology) |
| trastuzumab | 12 | HER2 (breast cancer) |
| Top-7 subtotal | 160 | ~72% of all 351(k)s |
Adalimumab + ustekinumab alone = nearly 40% of every biosimilar filing ever made. For late entrants, the structurally less-crowded reference biologics are the better lane.
What this means
- BD desks — the buyer-side BD universe for any asset is fully traceable from public SEC 8-K filings before a banker is engaged.
- Asset holders — milestone-heavy structures are the norm; model your terms accordingly.
- Strategy teams — biosimilar competitive intensity is concentrated, not uniform.
Editorial commentary on publicly available regulatory and public-database data. Not investment, legal, regulatory, or medical advice.