U.S.-listed biotech buyers continued to favor asset deals over multi-billion-dollar company takeovers this week.

  • BioMarin (BMRN) signed an exclusive worldwide license earlier this week with South Korea’s GC Biopharma and Hanmi Pharm for HM15421/GC1134A. 
  • Teva (TEVA) completed the acquisition of neuroscience assets from BioXcel Therapeutics through a court-supervised bankruptcy sale.
  • The week marked an extension of a quieter stretch in biotech dealmaking after larger deals in the first half of 2026.

U.S.-listed drugmakers continued to prefer asset licensing and bankruptcy purchases of drug candidates this week rather than large full-company acquisitions, marking a quieter stretch compared with earlier in 2026, when multi-billion-dollar buyouts of U.S. biotechs dominated.

This week, rare-disease enzyme therapies and late-stage neuroscience assets drew the most capital as BioMarin and Teva sought to strengthen their positions in certain clinical areas.

BioMarin Licenses Long-Acting Fabry Therapy

BioMarin (BMRN) signed an exclusive worldwide license earlier this week with South Korea’s GC Biopharma and Hanmi Pharm for HM15421/GC1134A, an investigational long-acting enzyme replacement therapy for Fabry disease, a rare disorder that causes a fatty substance to build up inside cells and blood vessels.

BioMarin is paying $70 million upfront. The Korean partners are jointly eligible for up to $405 million in further milestones plus tiered royalties. The candidate is in an early-stage trial and is designed for subcutaneous dosing. BioMarin will lead subsequent global development and commercialization outside Korea.

The licensing deal reflects BioMarin’s efforts to build a pipeline aimed at Fabry, after its acquisition of Amicus Therapeutics was completed earlier this year. The previous deal brought Amicus’s Galafold, approved for Fabry disease, under BioMarin’s fold.

BMRN stock gained about 5% this week.

Teva Acquires BioXcel Neuroscience Assets

Teva (TEVA) completed the acquisition of neuroscience assets from BioXcel Therapeutics through a court-supervised bankruptcy sale. The deal, announced earlier this week, includes worldwide rights to BXCL501, an investigational therapy under FDA review for potential at-home treatment of agitation associated with schizophrenia or bipolar disorder, and the approved hospital product IGALMI. Teva paid $57.5 million upfront and could owe up to $67.5 million in contingent payments tied to regulatory timing and sales milestones.

The purchase supports Teva’s pivot toward innovative neuroscience assets. Earlier this year, the company also acquired Emalex Biosciences for $700 million upfront to gain its neuroscience candidate ecopipam for the treatment of Tourette syndrome.

TEVA stock added about 7% this week.

The Shift In Dealmaking Approach

Earlier in 2026, U.S.-listed buyers deployed substantial capital to fully acquire other U.S. biotechs. Major deals that moved markets included Vertex’s acquisition of Crinetics, AbbVie’s purchase of Apogee, Gilead’s buyout of Arcellx, and others that together pushed total U.S. biotech merger and acquisition value well above prior-year levels by the end of the third quarter. Capital also flowed into large licensing packages, particularly for China-originated assets showing potential in immune-system-mediated diseases, cancer, or obesity.

On Stocktwits, retail sentiment around BMRN was 'neutral' at the time of writing, while sentiment around TEVA was 'neutral.' 

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