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, Not the Market, Decide Which Names Get Paid

This update covers what moved in biotechnology between September 11–25, 2026, and what it changes for operators, acquirers and advisors.

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

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

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

   Cover slide introducing the biotechnology bi-weekly industry events and M&A update for September 11–25, 2026.

   We open this update with the two-week window ending September 25, 2026, covering what changed across biotechnology, who moved and most likely why, what transacted, and what it means. Everything that follows is built on recorded prices, filings and news from this period, so what you see here is what actually happened, not a forecast.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY Readouts, Not the Market, Decide Which Names Get Paid This update covers what moved in biotechnology between September 11–25, 2026, and what it changes for operators, acquirers and advisors. 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

   Company Data Set the Prices; The Broad Set Drifted Lower

   Shows that company-specific data set the period's price moves while the broader covered set drifted lower against the S&P 500.

   Across our 74-name covered set, 47 names fell and the median move was -3.3%, while the S&P 500 returned +1.0% over the same window. That gap tells us direction inside biotechnology was set name by name on each company's own news, not by a shared sector driver. For anyone tracking the space, this means the index return is not a useful proxy for what any single name did. That's the frame for every page that follows.

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   THE BI-WEEKLY BOTTOM LINE Company Data Set the Prices; The Broad Set Drifted Lower 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 same window. Our read: direction inside the covered set was set name by name, on each company's own disclosures, rather than by one shared sector driver. 2 Every Top Gainer Sat Alongside a Specific Clinical or Partnership Disclosure Ginkgo Bioworks Holdings, Inc. (DNA) rose +51.9%, MediciNova, Inc. (MNOV) +46.4% and Moderna, Inc. (MRNA) +35.3%, each with a dated trial or agreement announcement inside the window. 3 One Endpoint Miss Took Roughly a Fifth off a Discount-Tier Name ACADIA Pharmaceuticals Inc. (ACAD) fell -20.3% over the period and -12.8% on September 24, the day it reported topline Phase 2 RADIANT results that Reuters described as missing the study's main goal. 4 Five Transactions, One Disclosed Price Five deals were announced or completed in the window, against 40 in the trailing record. Only the Xenetic Biosciences, Inc. purchase of Santersus AG 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

   Catalysts Paid, a Missed Endpoint Repriced: The Period's Eight Largest Moves

   Ranks the period's eight largest single-name price moves and links each to a recorded filing or headline.

   The largest moves in both directions sat next to a specific, dated disclosure: Ginkgo Bioworks (DNA) gained +51.9%, MediciNova (MNOV) +46.4% and Moderna (MRNA) +35.3%, while ACADIA Pharmaceuticals (ACAD) fell -20.3% on a missed Phase 2 endpoint. Against a sector median of -3.3% and an S&P 500 return of +1.0%, these were genuine outliers, not noise. We hold every attribution to what's on the record, so where no driver was disclosed, the page says so. That discipline is what makes the read usable for diligence.

   Everything on this page

   PUBLIC MARKET MOVERS Catalysts Paid, a Missed Endpoint Repriced: The Period's Eight Largest Moves 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% The move is consistent with the September 16 announcement that Ginkgo Datapoints entered a new agreement with an AI/ML drug discovery platform; Zacks reported an 11.1% single-session gain on higher-than-average volume that week. A Core-tier data business can re-rate on a partnership that validates the engine, without any readout at all. COMPANY-SPECIFIC MediciNova, Inc. (MNOV) +46.4% Shares moved following the September 24 disclosure that the double-blind portion of the Phase 2b/3 COMBAT-ALS trial of MN-166 reached last patient, last visit. The largest single day, +36.9%, came earlier, on September 17. Single-asset developers re-rate on trial mechanics that pull a readout inside the funded runway. COMPANY-SPECIFIC Moderna, Inc. (MRNA) +35.3% The move appears to reflect the September 21 announcement that Phase 3 adjuvant melanoma data for intismeran autogene was selected for a Presidential Symposium at ESMO 2026, with an investor webcast set alongside it. Premium-tier pricing tracks the catalyst calendar; a scheduled data slot moved the name before the data landed. COMPANY-SPECIFIC Palisade Bio, Inc. (PALI) -23.8% No notable in-window news was identified that clearly explains the move. The -23.8% return was the widest decline in the covered set against a -3.3% median. Small-cap developers swing wider than the median name in both directions over short windows. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: An Approval, a Rights Reversion and a Litigation Clock

   Summarizes the period's highest-impact company events, including a regulatory approval, a rights reversion and a litigation development.

   This page walks through what companies actually did during the window — an approval, a rights reversion and a litigation clock among the highest-impact events. Each item links back to its underlying filing or article, so the record is checkable rather than asserted. Our "why it matters" lines are our read of that evidence, kept separate from the facts themselves. That separation is what lets you use this page as a starting point for your own follow-up.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: An Approval, a Rights Reversion and a Litigation Clock 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 products With the collaboration terminated, Ascendis Pharma A/S (ASND) holds development, manufacturing and commercial rights itself. A terminated partnership hands back platform breadth along with the full funding burden that comes with it. Sep 15 · 8-K · SEC EDGAR AstraZeneca's Non-Executive Chair bought ordinary shares in the market on 14 September Open-market buying by the chair of AstraZeneca PLC (AZN) is a board-level read on the company's position. For a Core-tier large-cap it lands as ordinary confidence rather than a catalyst. Insider purchases are one of the few company-level signals available between readouts. Sep 15 · 8-K · SEC EDGAR AstraZeneca's CFO acquired ordinary shares on vesting of her 2021 Performance Share Plan award A long-dated incentive award paying out at AstraZeneca PLC (AZN) speaks to management continuity through a multi-year cycle rather than to any pipeline event. Incentive structures at large-cap biopharma are built on cycles longer than any single catalyst window. Sep 15 · 8-K · SEC EDGAR LB Pharmaceuticals appointed a new Chief Medical Officer effective September 14 LB Pharmaceuticals Inc Common Stock (LBRX) is staffing the seat that owns enrolment pace, site activation and agency interaction. For a clinical-stage company, that hire signals where the next stage of development sits. Clinical leadership hires tell counterparties where a developer expects its next inflection point. Sep 14 · 8-K · SEC EDGAR Telix won FDA approval for Pixclara, the first FET-PET imaging drug for glioma An agency decision is the binary valuation event in this sector, and Telix Pharmaceuticals Limited (TLX) cleared one. Regulatory clearance remains the cleanest route from pipeline value to revenue value in a soft period for breadth. Sep 11 · NEWS · GlobeNewsWire Regeneron investors were notified of a lead-plaintiff deadline in a securities class action Regeneron Pharmaceuticals, Inc. (REGN) carries a disclosure-related claim covering a defined class period. For a Core-tier large-cap this is a diligence item, not a pipeline item. Litigation overhang shows up in counterparty diligence long before it shows up in the clinical case.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Kept Taking Whole Assets — and Kept the Price to Themselves

   Covers the five M&A transactions announced or completed in the period and the one disclosed deal value.

   Five transactions were announced or completed in the window, against 40 in the trailing record, and only the Xenetic Biosciences purchase of Santersus AG carried a disclosed value, at $141M. Buyers took whole assets across the set, and pricing on the rest stayed private. For acquirers, that means the trailing record is the better reference set, since the current window offers just one comparable data point. We flag this gap so it isn't mistaken for silence in the market.

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   M&A & STRATEGIC ACTIVITY Buyers Kept Taking Whole Assets — and Kept the Price to Themselves 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 buys Santersus outright in the period's one priced deal EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows a whole-company purchase of a private developer, announced September 14. HOW THE TARGET WAS VALUED Disclosed enterprise value of $141M, with no revenue or EBITDA multiple given. Against the sector's CY2027E EV / Revenue median of 4.8x it stands as a reference point rather than a comparable multiple. Sep 23 n/a Arcturus Therapeutics Holdings Inc. Arcturus Therapeutics adds myNEO to its discovery stack EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Announced September 23. On the record available, Arcturus Therapeutics Holdings Inc. bought the target outright; our read is a platform-side addition rather than a marketed-product purchase. HOW THE TARGET WAS VALUED No enterprise value, revenue multiple or EBITDA multiple was disclosed. Sep 17 n/a Lisata Therapeutics, Inc. Lisata Therapeutics closes on Marea Therapeutics — the period's only completed deal EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Completed September 17. It is the single transaction in the window that moved from signed to closed, which is the part of the record acquirers can actually reference on timing. HOW THE TARGET WAS VALUED No enterprise value, revenue multiple or EBITDA multiple was disclosed. +2 further transaction(s) recorded in the two-week period — full detail in the companion transaction record.

6. 06
   WHAT IT MEANS

   What the Period Changes for You

   Translates the period's evidence into implications for owners and operators, acquirers, and advisors.

   For owners and operators, the pattern is clear: names that put a dated trial or agreement in front of the market moved with it, so keeping a live catalyst calendar is now a pricing input, not a communications afterthought. For acquirers, the window added five reference points but only one disclosed value, so trailing-period deal terms remain the more reliable benchmark for structuring diligence. For advisors, the evidence favors leading conversations with the specific data outcome behind a move rather than the company's category. Across all three audiences, the period rewards a name-by-name read over a sector-wide one.

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   WHAT IT MEANS What the 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 Catalyst Calendar Did the Pricing, so Run It as an Operating Asset Companies that put a dated trial or agreement in front of the market moved with it: DNA +51.9%, MNOV +46.4%, MRNA +35.3%. FOR ACQUIRERS Five New Reference Points, Four of Them Unpriced The window added five transactions to a trailing record of 40, and only the Xenetic Biosciences, Inc. purchase of Santersus AG carried a disclosed enterprise value at $141M. Every target was taken whole. FOR ADVISORS Lead with the Data Outcome, Not the Category The period's evidence is clean: 47 of 74 covered names fell with a median move of -3.3%, while the largest single moves in both directions sat next to a dated clinical disclosure.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update and states that it is not investment advice.

   Every figure in this update links to the record it was taken from — SEC filings, publisher-sourced news, and market prices through September 25, 2026. We hold driver attributions to calibrated language because they are our reads of recorded evidence, not asserted causation. This page exists so you can trace any number back to its source before acting on it. That traceability is the standard we hold ourselves to across every update.

   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