[\#JPM26](https://www.linkedin.com/search/results/all/?keywords=%23jpm26&origin=HASH_TAG_FROM_FEED) week BioBucks recap — the highlights of what we covered in this week's newsletters:
1/ Deal tape: Big Pharma is still paying for de-risked shots + platform optionality.
\- AbbVie moved early with a PD-1×VEGF bispecific in-license (ex-China rights; combo optionality).
\- Eisai ↔ Nuvation (taletrectinib) shows the return of “territory carve-outs” outside the U.S./China/Japan.
\- Novartis kept adding RLT “shots on goal” via licensing.
2/ Private money stayed open (selectively), and big checks still cleared.
\- A $112.5M launch in IBD (Series A + A-1) is a reminder that differentiated I&I stories can still raise size.
\- Proxima (formerly VantAI) landed an oversubscribed $80M seed (with NVIDIA’s NVentures participating).
\- Converge Bio raised a $25M Series A to build foundation models for protein design/drug discovery.
\- Kinaset $103M Series B (asthma; inhaled pan-JAK)
3/ Not biotech — but still a signal from the adjacencies (medtech M&A).
Yes, this is medtech, not biopharma — but when strategics are willing to write big checks in healthcare, it’s still a useful risk-appetite read-through for the broader sector:
\- Boston Scientific ↔ Penumbra ($14.5B) = scaled buyers still buying
\- Smith+Nephew ↔ Integrity Orthopaedics (up to $450M) = tuck-ins remain alive
\- Precision Neuroscience ↔ Medtronic partnership = platform buildout continues
4/ IPO prep continued: filings stacked up this week (incl. Eikon), even as the window remains “open for the right names.”
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