Caraway Therapeutics, Inc.

“自2021年以来，我们已在商务拓展（BD）上投入了超过600亿美元。”默沙东董事长、总裁兼首席执行官Robert Davis在2026年JPM大会上公布了一组引人瞩目的数据。 “重要的是，我们并未就此止步。”他表示，如果发现机会背后有科学依据且与公司价值相契合，这家制药巨头还会持续BD，甚至对“数百亿美元”的交易也持开放态度。 600多亿美元买了啥 据Davis介绍，默沙东在BD方面重点关注的领域始终不变：肿瘤学、心血管代谢（如今的心肺相关）和免疫学，此外，更多可能是围绕一些具有潜在机会的领域上。 过去5年间，默沙东完成多笔百亿级收购，包括2021年以115亿美元收购罕见病药企Acceleron Pharma、2023年以108亿美元收购免疫领域企业Prometheus Biosciences、2025年以100亿美元收购专注于呼吸系统疾病药物开发的Verona Pharma，以及近期92亿美元收购了抗感染药物开发商Cidara Therapeutics。 拓展阅读 默沙东百亿美元收购案背后，Verona的成功逆袭 其中，Davis重点提及了收购Verona所得的Ohtuvayre和收购Cidara所得的CD388。前者是首个治疗COPD患者的PDE3/PDE4双重抑制剂，也是该领域20多年来首个新的维持性吸入治疗，“起步非常强劲”；后者是一种潜在first-in-class、每季一次、不区分流感毒株的抗病毒药物，旨在帮助面临流感严重后果的高风险患者，“是一个重要的领域”。 百亿级别以下的收购中，默沙东在肿瘤领域合计斥资超30亿美元收购了Imago BioSciences、Harpoon Therapeutics、Modifi Biosciences等公司；在眼科领域30亿美元收购EyeBio；在自免领域18.5亿美元收购Pandion；在神经退行性疾病领域6.1亿美元收购Caraway therapeutics等。 除了收购，默沙东还通过授权合作进一步丰富管线。尤其是来自中国公司的资产，成为该公司重点扫货对象，如科伦博泰、同润生物、礼新医药、翰森制药、恒瑞医药、达歌生物等。其中，与科伦博泰的多次合作，首付款合计2.57亿美元，总交易金额超110亿美元；与同润生物及礼新医药的合作，首付款也分别达到7亿美元和5.88亿美元。 从分子类型来看，ADC是默沙东布局重点。除了重仓押注科伦博泰，引进包括TROP2 ADC芦康沙妥珠单抗（sac-TMT）在内9款ADC资产外（注：部分项目已终止）；与第一三共220亿美元的合作，也为其带来了分别靶向HER3、B7-H3和CDH6的3款ADC；另外还以2.08亿美元收购了ADC初创公司Abceutics。自K药与Padcev开创“ADC+PD-1”获批先河以来，默沙东正全面构建“IO+ADC”管线，多个K药联用方案已启动全球III期临床。 众多ADC管线中，sac-TMT无疑是重中之重。目前，该产品有 16 项Ⅲ期临床试验正在开展中，其中11项针对的是其他公司尚未涉足的领域，比如某些消化系统疾病。“我们对于 sac-TMT 或 TROP2 ADC 的构想是，它将成为一款委以重任（workhorse）的ADC。”Davis表示。 他还强调，公司与科伦保持着良好的合作关系，后者提供了很多中国数据，甚至在某些TROP2 类药物竞争激烈的领域（如肺部和乳腺），这些数据看起来都极具说服力和差异化。 在MNC争相抢货的双抗赛道，默沙东也没错过。面对康方生物的依沃西单抗在PD-L1阳性NSCLC一线治疗中头对头击败K药，这家巨头引进了礼新医药的PD-1/VEGF双抗LM-299作为反击。在火热的T细胞衔接器（TCE）领域，默沙东在收购完TCE资深玩家Harpoon后，又将同润生物的新型CD3xCD19双抗CN201收入囊中。 拓展阅读  辉瑞买贵了吗？ 此外，默沙东也极为看好蛋白降解类药物，曾先后与Proxygen、C4 Therapeutics、达歌生物等公司达成合作，开发新型分子胶降解剂、抗体偶联蛋白降解药物等新分子疗法。 “从开发阶段来看，我们对从Ⅰ期到Ⅲ期阶段的资产都持开放态度。显然，随着逐渐逼近专利到期（LOE），我们对后期阶段的资产会更加专注。可以看到，我们交易的资产不是在Ⅱ期就是在Ⅲ期阶段，在某些情况下是已商业化。”Davis表示，公司未来还会继续保持这种偏好。 未来：150亿美元的规模并非上限 当被问及默沙东在投入资金进行BD交易前会考虑哪些因素时，Davis强调了团队“一直非常审慎（disciplined）”。 “自 2021 年Dean和我接管（公司）以来，我们一直遵循一套连贯且稳定的行事准则。它总是始于一个问题：科学依据是什么？最终归结为：我们的科研团队是否对这一机遇抱有十足的信心，以及我们要解决的是哪一项尚未被满足的需求。如果我的科学家们充满信心和热情，存在我们能解决的未满足需求，并且我认为这与我们的战略方向一致，那么整体上，我们就能看到一条创造价值的路径。”Davis总结道。 “我们正在证明我们愿以相当迅捷且果断的姿态开展工作。无论是在数据出炉前，还是在数据公布后，我们都践行过这套准则。一切的核心都在于那份坚定的信心。这正是我们一直以来奉行的模式，未来也将继续坚持下去。” 2026年1月初，业内传出默沙东正在谈判收购抗癌药物开发商Revolution Medicines，交易金额在280亿~320亿美元。若成功，这将是自2023年底辉瑞430亿美元收购Seagen以来，近三年来制药行业最大规模的交易。 Revolution Medicines正在研发一系列针对RAS驱动型癌症的靶向药物。其主要候选药物daraxonrasib（RMC-6236）为处于后期临床阶段的pan-RAS抑制剂，正在进行针对多种胰腺癌和肺癌的注册研究，且胰腺癌适应症已获FDA“局长国家优先审评券”（CNPV）。 拓展阅读 FDA“超级VIP”背后的争议 据BioPharma Dive报道，Davis并未明确否认即将进行的这笔大规模收购传闻。“如果从美元的角度来看，我们一直关注的是150亿美元的规模，”他说，“我们已经非常明确地表示愿意扩大规模，但前提是必须遵循同样的逻辑和原则。如果发现一个能将科学成果转化为我们所认为的价值的机会，我们就会行动。” 而频繁的BD背后，支柱产品K药即将面临专利悬崖是一大驱动因素。为了抵消这一负面影响，默沙东通过内部研发和外部引进搭建了丰富的产品管线。该公司预计到2030年代初期，将创造约500亿美元的新收入机会，到2030年代中期增加至700亿美元。 这一预期主要基于10个关键项目，它们构成了这700亿美元的70%。这些项目均具有成为重磅炸弹的潜力，被默沙东视为价值数十亿美元的产品。其中4个项目已经上市或取得积极的III期临床结果，其余项目将在未来12至18个月内公布重要的Ⅲ期数据。 编辑 | 姚嘉 yao.jia@PharmaDJ.com 总第2722期 访问研发客网站，深度报道和每日新闻抢鲜看 www.PharmaDJ.com

SV Health Investors, fresh off a $250 million fund for dementia-focused biotechs, has unveiled its latest effort, this time to advance new Parkinson’s disease treatments. The London-based healthcare investor launched Endlyz Therapeutics on Monday morning. The small biotech, which has quietly been in the works for nearly four years, is working on Parkinson’s disease and other neurodegenerative disorders by revamping the body’s cellular recycling function. The startup has raised $16 million to date from SV’s Dementia Discovery Fund, Oxford Science Enterprises, AbbVie Ventures, Parkinson’s UK and the Centre for Drug Design and Discovery at KU Leuven, according to a source familiar with the biotech’s fundraising. SV’s DDF has backed more than 20 biotechs, including Caraway Therapeutics (now owned by Merck), the late-stage Parkinson’s biotech Cerevance, and QurAlis, which has partnered with Eli Lilly. Through its investment from AbbVie’s corporate VC arm, Endlyz has now established ties with a big pharma that’s been increasingly active in neuroscience in recent years. AbbVie’s acquisitions of late include Cerevel , Aliada Therapeutics and Mitokinin . Endlyz is working on small molecule modulators of ATP13A2 and ATP10B. The polyamine and lipid transporter enzymes, respectively, are key to maintaining neuronal health. “Both targets are linked to human genetic validation, and we know that they give the right phenotypes and disease conditions that are also recapitulated in Parkinson’s disease,” Endlyz CEO and co-founder Joanna Wolak said in an interview. Caraway had a preclinical program in the ATP13A2 space when Merck bought the startup for up to $610 million in 2023. A Merck spokesperson declined to comment about the status of the program. The startup is beginning to fundraise a Series A, with a goal of getting its first candidate in the clinic in 2027, Wolak said. It’s also open to pharma collaborations and an “early exit” to an acquirer, she added. Endlyz said it’s also working with the Michael J. Fox Foundation, which gave the company a research grant to help identify biomarkers as it gets toward clinical development. Endlyz’s scientific co-founders include Wolak, KU Leuven professor Peter Vangheluwe, and University of Oxford professors Richard Wade-Martins and John Davis.

SV Health Investors has added $250 million to its hunt for new therapeutics for dementia, Alzheimer’s and other neurodegenerative diseases. The London-based life sciences investor secured that amount for Dementia Discovery Fund 2, or DDF-2, according to a press release from investor British Patient Capital. The fund has now reached its $250 million target following a £25 million (about $32 million) commitment from British Patient Capital, according to the BPC press release. Regulatory filings for DDF-2 outline a hard cap at $350 million, meaning the pool of capital might grow and more biotechs in the space might garner support as a result. “I don’t think most people understand the magnitude of the disease [dementia], and I certainly didn’t either before I was approached to run this fund,” SV Health Investors partner Christian Jung said in an interview. He co-leads the fund with Laurence Barker and Jonathan Behr. “There are 50 million patients and that just makes an ever-increasing health crisis because that number will more than double by 2050.” “There’s been progress, but there’s no effective treatment that would really make a significant dent into disease,” Jung added. Jung said trillions of dollars globally are spent on caring for people with dementia, which includes Alzheimer’s, frontotemporal dementia, Huntington’s disease and other conditions like Parkinson’s, ALS and others. The Dementia Discovery Fund was set up a decade ago and has raised more than $550 million in total. It has partners in London and Boston. Across the two funds, DDF has backed more than 20 biotech startups so far, Jung said. There are more than 50 preclinical programs, with multiple additional experimental medicines already in the clinic, and more than 2,000 people have tested drug candidates from the portfolio, he said. The DDF portfolio has reached some critical milestones in recent years. Merck acquired Caraway Therapeutics in 2023 and Cerevance has progressed into Phase 3 testing in Parkinson’s disease . Also, QurAlis snagged a pharma licensing deal with Eli Lilly , and AviadoBio inked a gene therapy pact with Astellas with more than $2 billion in deal potential . The fund’s limited partners, or investors, include multiple large pharmaceutical companies such as Biogen, Bristol Myers Squibb, Eli Lilly, GSK, Johnson & Johnson, Otsuka, Pfizer and Takeda. Bill Gates, AARP, the NFL Players Association, UnitedHealth Group and others are also LPs. Outside of DDF, SV also invests in a wider variety of biotech startups, medtech companies and the broader healthcare ecosystem, including dermatology practices and urgent care providers, among others. Editor’s note: This story was updated to correct the attribution on some of the information, which came from a British Patient Capital press release, and to add the names of Jung’s co-leads on the fund.