Biotechnology Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

Readouts Set the Price While Buyers Keep Taking Whole Assets

This update covers the biotechnology sector over the two-week period September 11–25, 2026: what moved, what companies announced, and what entered the transaction record.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

   This is the cover page for the biotechnology bi-weekly industry events and M&A update covering September 11–25, 2026.

   This bi-weekly update covers the biotechnology sector's public market moves, major catalysts and M&A activity for September 11–25, 2026. We walk through what changed, who moved and why, what transacted, and what it means for your next decision.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY Readouts Set the Price While Buyers Keep Taking Whole Assets This update covers the biotechnology sector over the two-week period September 11–25, 2026: what moved, what companies announced, and what entered the transaction record. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Clinical Data Sorted the Field While Buyers Kept Taking Whole Assets

   This page summarizes the two-week period's sector-wide stock performance and deal activity in one view.

   Across the 74 names we cover, 47 fell and the median move was -3.3%, while the S&P 500 returned +1.0% over the same window — so the sector's drift was its own, not the market's. Data-linked names led the gains, with Ginkgo Bioworks up +51.9%, MediciNova up +46.4% and Moderna up +35.3%, each tied to a specific in-window announcement. On the M&A side, five transactions entered the record and PTC Therapeutics completed its purchase of the ST-920 Fabry gene therapy. Together, the picture is clear: clinical and partnership news set the winners, and acquirers kept moving on whole assets.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Clinical Data Sorted the Field While Buyers Kept Taking Whole Assets The two-week period in one page · 74 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 47 of 74 Covered Names Fell; The Median Move Was -3.3% The S&P 500 returned +1.0% over the two-week period, so the sector's drift was its own rather than the broad market's. 2 Data and Data-Adjacent News Carried the Top of the Table Ginkgo Bioworks Holdings, Inc. (DNA) gained +51.9%, MediciNova, Inc. (MNOV) +46.4% and Moderna, Inc. (MRNA) +35.3%, each alongside a specific in-window announcement. 3 A Mid-Stage Miss Reset a Discount-Tier Name in a Single Session ACADIA Pharmaceuticals Inc. (ACAD) fell -20.3% over the period, with -12.8% on Sep 24, the day it released Phase 2 RADIANT topline results. 4 Buyers Stayed Active and Bought Whole Assets Five transactions entered the record and PTC Therapeutics, Inc. (PTCT) completed its purchase of the ST-920 Fabry disease gene therapy. Only one deal carried a disclosed enterprise value, at $141M. +51.9% Best mover — Ginkgo Bioworks Holdings, Inc. (DNA) worst: PALI -23.8% · 27 up / 47 down of 74 covered -3.3% Sector median two-week return vs S&P 500 +1.0% 5 Transactions announced in the two-week period $141M of disclosed value 10 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Data Got Paid; Process News and Conference Slots Did Not

   This page ranks the biggest individual stock moves of the two-week period and links each to its recorded driver.

   The sector's median move was -3.3% against a +1.0% S&P 500 return, and our materiality bar for this window sits at 9.4% on a sector-relative basis. The names that cleared that bar almost all had a specific, dated announcement behind them — process updates and conference appearances did not move prices. Ginkgo Bioworks, MediciNova and Moderna are the clearest examples of data-driven gains. So what: in this window, the market is pricing information events, not calendar events.

   Everything on this page

   PUBLIC MARKET MOVERS Data Got Paid; Process News and Conference Slots Did Not Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -3.3% · S&P 500 +1.0% · materiality bar ±9.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.3% Ginkgo Bioworks Holdings, Inc. (DNA) +51.9% Ginkgo Bioworks Holdings, Inc. (DNA), a Core-tier name, rose +51.9%. The move appears to reflect the Ginkgo Datapoints AI drug-discovery data agreement announced Sep 16; the largest single day was +19.5% on Sep 24. Data-generation partnerships read as validation for platform businesses, not simply as revenue. COMPANY-SPECIFIC MediciNova, Inc. (MNOV) +46.4% MediciNova, Inc. (MNOV) gained +46.4%. The most likely driver was its announced completion of last patient, last visit in the double-blind portion of the Phase 2b/3 COMBAT-ALS trial of MN-166 Trial-completion milestones matter for single-asset developers: the readout becomes the next inflection point. COMPANY-SPECIFIC Moderna, Inc. (MRNA) +35.3% Moderna, Inc. (MRNA), a Premium-tier name, rose +35.3%. Shares moved following the company's announcement that Phase 3 adjuvant melanoma data for intismeran autogene was selected for a Presidential Symposium at ESMO, with +12.3% on Sep 21. Premium-tier pipelines re-rate on where data will be presented as much as on when it reads out. COMPANY-SPECIFIC Palisade Bio, Inc. (PALI) -23.8% No notable in-window news was identified that clearly explains the move. The -23.8% return sits well below the -3.3% median move across covered names. Process milestones and readouts are priced very differently by this set of buyers of risk. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   An Approval, a Rights Reversion and a Development Hire

   This page walks through the two-week period's highest-impact industry events, from a regulatory approval to a rights reversion and a leadership hire.

   Each event on this page carries a source link and a calibrated read of why it matters, drawn only from filings and published articles recorded in the window. We treat these as the catalysts most likely to shape near-term positioning across the sector. Because the read is evidence-based rather than speculative, it is a starting point for diligence, not a conclusion. So what: these are the events worth checking against your own coverage list before the next window closes.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS An Approval, a Rights Reversion and a Development Hire The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · 8-K · SEC EDGAR Ascendis Pharma regains exclusive rights to TransCon metabolic and cardiovascular programmes Rights reverting to Ascendis Pharma A/S (ASND) after a collaboration ended changes how much of the eventual product value the company keeps — one of the standing questions in our sector study. Partnering is itself a transaction market, and rights can come back as readily as they go out. Sep 15 · 8-K · SEC EDGAR AstraZeneca's Non-Executive Chair bought ordinary shares in the company Open-market buying by the chair of a Core-tier large cap speaks to how insiders view earnings power and the pipeline's ability to replace franchises facing loss of exclusivity. In diversified biopharma the market prices earnings and pipeline replacement, and watches insider action against both. Sep 15 · 8-K · SEC EDGAR AstraZeneca's CFO acquired ordinary shares on vesting of a 2021 performance share award The vesting is consistent with multi-year performance conditions being met, which is one observable read on execution at a Core-tier large cap. Long-dated incentive plans are a visible link between operating delivery and management alignment. Sep 15 · 8-K · SEC EDGAR LB Pharmaceuticals appointed Susan G. Kozauer, M.D. as Chief Medical Officer At a clinical-stage developer, the chief medical officer sits at the centre of trial enrolment pace, site activation and agency alignment — the inputs behind probability of technical and regulatory success. Development leadership hires are catalyst-calendar decisions as much as personnel ones. Sep 14 · 8-K · SEC EDGAR Telix won FDA approval for Pixclara, the first FET-PET imaging drug for glioma An agency decision, not a commercial milestone, is the binary valuation event in this sector. Imaging approvals tie diagnosis and therapy timelines together — the companion-diagnostic logic running through the sector. Sep 11 · NEWS · GlobeNewsWire Regeneron investors were put on notice of a lead-plaintiff deadline in a securities class action A securities class action creates an overhang that sits alongside pipeline and exclusivity in how Regeneron Pharmaceuticals, Inc. (REGN), a Core-tier name, is currently assessed. Litigation risk is priced separately from clinical risk, and it runs on the court's calendar, not the catalyst calendar.

5. 05
   M&A & STRATEGIC ACTIVITY

   PTC Closes Its Fabry Gene Therapy Purchase as Five More Deals Enter the Record

   This page lists the five transactions that entered the M&A record during the two-week period, including PTC Therapeutics' completed Fabry gene therapy purchase.

   Five transactions entered the record in this window, and PTC Therapeutics completed its purchase of the ST-920 Fabry disease gene therapy. Only one of the five carried a disclosed enterprise value, at $141M, so most of the read here is on structure and rationale rather than price. Buyers continued to take whole assets rather than licensing pieces of them, which is consistent with the pattern we've tracked across recent windows. So what: the deal record keeps giving acquirers a fresh set of reference points even where pricing stays private.

   Everything on this page

   M&A & STRATEGIC ACTIVITY PTC Closes Its Fabry Gene Therapy Purchase as Five More Deals Enter the Record 5 transactions announced · September 11–25, 2026 · $141M of disclosed value · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 14 $141M Xenetic Biosciences, Inc. Xenetic Biosciences, Inc. agreed to acquire Santersus AG — the period's only deal with a disclosed value EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record carries an announced whole-company acquisition dated Sep 14. NeuraCap reads the structure as a company purchase rather than an asset carve-out; consideration terms beyond enterprise value are not in the record. HOW THE TARGET WAS VALUED Enterprise value of $141M is carried in the record. No revenue or EBITDA multiple is disclosed; the sector study's CY2027E EV/Revenue median is 4.8x. Sep 23 n/a Arcturus Therapeutics Holdings Inc. Arcturus Therapeutics Holdings Inc. announced the acquisition of myNEO EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Announced Sep 23. On the record alone this is capability brought in-house alongside existing programmes; terms were not disclosed. HOW THE TARGET WAS VALUED No enterprise value is carried in the record, so no multiple can be read from this transaction. Sep 17 n/a Lisata Therapeutics, Inc. Lisata Therapeutics, Inc. completed its acquisition of Marea Therapeutics, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Completed Sep 17, making this one of two closings in the window. NeuraCap reads completions, rather than announcements, as the firmer evidence of where buyers are willing to finish. HOW THE TARGET WAS VALUED No enterprise value is carried in the record, so no multiple can be read from this transaction. +2 further transaction(s) recorded in the two-week period — full detail in the companion transaction record.

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for You

   This page translates the two-week period's evidence into distinct implications for owners, acquirers and advisors.

   For owners and operators, the market paid for data inside the runway — the biggest gains in the window followed specific clinical or partnership news. For acquirers, five more transactions and PTC Therapeutics' completed Fabry gene therapy purchase add to the trailing precedent set, with one deal disclosing price. For advisors, the read is clean: 47 of 74 covered names fell and the median move was -3.3%, while the names with a dated readout or signed agreement went the other way. So what: positioning around the catalyst calendar, not the deal calendar, explained most of the two-week period's price action.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / Revenue (CY2027E) median 4.8x 85 companies in the study 3 valuation tiers Standing thesis: Biotechnology Sorts Into Three Businesses: Clinical-Stage Pipelines, Biosimilars and Marketed Biologics FOR OWNERS & OPERATORS The Market Paid for Data Inside the Runway Companies in the sector that put specific clinical or partnership news into the window traded higher, led by gains of +51.9%, +46.4% and +35.3%. FOR ACQUIRERS Six More Whole-Asset Reference Points, One with a Price Five transactions entered the record and PTC Therapeutics, Inc. (PTCT) completed its ST-920 purchase, adding to 40 trailing precedent transactions. Only the Xenetic Biosciences, Inc. FOR ADVISORS Lead with the Data Calendar, Then the Deal Record The period's evidence is clean: 47 of 74 covered names fell and the median move was -3.3%, while the names with a dated readout, a presentation slot or a signed agreement went the other way.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure and claim in the update.

   Every figure in this update links back to the SEC filing, press release or published article it was taken from, and market data runs through September 25, 2026. Where we characterize why a stock moved or a deal happened, that language is a calibrated NeuraCap read of the recorded evidence, not an assertion of proven cause. We hold to a fixed source-reliability order and do not use video or social platforms as evidence. So what: you can trace any number on this update back to its original record before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Biotechnology Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 11 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T150242Z_553_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: sec.gov · globenewswire.com · newsfilecorp.com

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