Specialty and Branded Pharmaceuticals Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › SPECIALTY AND BRANDED PHARMACEUTICALS

Buyers Reach for Pipeline as Single Names Absorb the Repricing

This update covers what moved, what companies announced and what changed in the transaction record across Specialty and Branded Pharmaceuticals from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 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 › SPECIALTY AND BRANDED PHARMACEUTICALS

   This is the cover page for NeuraCap's bi-weekly Specialty and Branded Pharmaceuticals industry events and M&A update covering September 14–28, 2026.

   We open this two-week update on Specialty and Branded Pharmaceuticals with a single question: what changed, who moved, what transacted and what it means for the people who act on it. Everything that follows is built to answer that question directly.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › SPECIALTY AND BRANDED PHARMACEUTICALS Buyers Reach for Pipeline as Single Names Absorb the Repricing This update covers what moved, what companies announced and what changed in the transaction record across Specialty and Branded Pharmaceuticals from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Flat Sector Average Hiding Heavy Single-Name Repricing

   This page summarizes the two-week period across 23 covered names, showing a flat sector median return alongside sharp individual moves.

   We track 23 covered names close-to-close over September 14–28, and the sector median move came in at 0.0% even as the S&P 500 returned +0.8% over the same window. That flat headline conceals real dispersion underneath, which is exactly what the rest of this update unpacks. Reading only the average would tell you the period was quiet; reading the names tells you it wasn't, so the page underneath the average is where the decision-relevant signal sits.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Flat Sector Average Hiding Heavy Single-Name Repricing The two-week period in one page · 23 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Half the Covered Set Rose and the Average Went Nowhere 11 of 23 covered names rose; the median move was 0.0%. The S&P 500 returned +0.8% over the same two-week period. 2 The Largest Declines Landed on Premium-Tier Names Ascendis Pharma A/S (ASND) returned -13.2% and Alkermes plc (ALKS) returned -12.4%. Both sit in the sector study's Premium tier, whose median is 5.1x forward EV/Revenue against a sector median of 2.7x. 3 Pipeline, Not Platforms, Drew the Period's Cheque GSK plc (GSK) agreed to acquire a trispecific T-cell engager for multiple myeloma, with total potential consideration of up to $750 million and Phase I trials slated for 2027. No completed sector transactions entered the record during the window. 4 Legal Overhang Did Visible Work at the Bottom of the Set Phathom Pharmaceuticals, Inc. (PHAT) returned -15.3% after a shareholder investigation announcement on September 16, with a new 12-month low reported the next day at $7.66. Unicycive Therapeutics, Inc. (UNCY) drew four separate class-action reminders in the window. +8.0% Best mover — RGC worst: PHAT -15.3% · 11 up / 11 down of 23 covered 0.0% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 4 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Where the Two-Week Repricing Actually Landed

   This page ranks the two-week close-to-close moves across covered names against a sector median of 0.0%, the S&P 500's +0.8%, and a ±9.4% materiality bar.

   We measure every covered name close-to-close against a sector median of 0.0% and an S&P 500 return of +0.8%, then flag moves that cross our ±9.4% materiality bar as worth a closer look. Attribution on this page only links a move to a filing or headline actually recorded in the window, and where nothing is recorded, we say so rather than guess. That discipline turns a list of price changes into a map of where real news, not noise, moved the stock, so what you're looking at here is the two weeks' actual signal, sorted from the static.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Two-Week Repricing Actually Landed Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median 0.0% · S&P 500 +0.8% · materiality bar ±9.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. 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. Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median 0.0% Phathom Pharmaceuticals, Inc. (PHAT) -15.3% Shares moved following the September 16 announcement of a shareholder investigation into Phathom; coverage the next day reported a new 12-month low, with the stock trading as low as $7.66 and last at $7.69. In the Discount tier, a legal overhang can reprice a brand faster than script trends can offset it. COMPANY-SPECIFIC Ascendis Pharma A/S (ASND) -13.2% The move appears to reflect the September 15 disclosures: Ascendis regains exclusive rights to TransCon technology products in metabolic and cardiovascular disease after a collaboration termination Taking a programme back in-house moves the spend onto the owner, and Premium-tier names are priced for that. COMPANY-SPECIFIC Journey Medical Corporation (DERM) -12.9% No notable in-window news was identified that clearly explains the move. Journey Medical Corporation (DERM) returned -12.9% against a 0.0% median across covered names. Core-tier small caps swing on modest flow, with the tier median at 2.2x forward EV/Revenue. UNEXPLAINED Regencell Bioscience Holdings Limited (RGC) +8.0% No notable in-window news was identified that clearly explains the move. Regencell Bioscience Holdings Limited (RGC) returned +8.0%, the largest gain in the covered set against a 0.0% median. Upside this period did not cluster around the sector's largest branded franchises. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Rights Reclaimed, a Regulatory Clock Started and Legal Files Opened

   This page lists the two-week period's highest-impact events, including a rights reversion, a regulatory review acceptance, and new legal filings entering the record.

   This window's highest-impact events span a rights reversion, a regulatory review clock starting, and new legal filings entering the public record, each linked back to the underlying filing or article. We read each event's likely significance using calibrated language, and every read is tied to a source rather than asserted outright. Sources are admitted in a fixed reliability order, so what's on this page is the evidence base you can trust when deciding which of these threads to follow further.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Rights Reclaimed, a Regulatory Clock Started and Legal Files Opened The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "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. Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · 8-K · SEC EDGAR Ascendis takes back exclusive TransCon rights in metabolic and cardiovascular disease Regaining the rights puts the launch path, the manufacturing decision and the spend behind these programmes back with the owner. It also reopens label and indication expansion choices that were previously shared. Life-cycle management increasingly means owning an asset outright rather than partnering it. Sep 15 · 8-K · SEC EDGAR GSK agreed to acquire a trispecific T-cell engager for multiple myeloma A diversified innovator committing up to $750 million for a programme that has not yet entered the clinic says exclusivity gaps are being filled earlier on the development path. Phase I trials are slated for 2027. Strategics with cliffs to bridge are competing for science well ahead of commercial proof. Sep 15 · NEWS · Newsfile Corp Unicycive investors reminded of a November 2 lead plaintiff deadline in a securities case A live securities class action runs alongside the operating plan and can shape financing terms and partner conversations while it is open. Litigation exposure is now part of how the market prices smaller commercial-stage names. Sep 14 · NEWS · Business Wire FDA accepted Takeda's zasocitinib psoriasis application under Priority Review Priority Review puts a potential oral entrant into a heavily managed category where formulary tier position and prior authorisation decide how fast uptake actually builds. Regulatory timing remains the most direct lever on a branded franchise's forward revenue. Sep 14 · NEWS · GlobeNewsWire A second firm reminded Unicycive shareholders of the November 2 class action deadline Repeated notices on the same claim period keep the matter in front of investors for longer, which extends the period of uncertainty around the name. Sustained legal noise widens the valuation gap between similar-stage assets. Sep 14 · NEWS · GlobeNewsWire Class action filed against Unicycive covering purchases from late 2025 into mid-2026 The defined claim period ties the complaint to a specific stretch of company disclosure, which is the detail acquirers and partners will test first. Diligence on smaller branded names now starts with the disclosure record, not the label.

5. 05
   M&A & STRATEGIC ACTIVITY

   GSK Agrees to Buy a Myeloma T-Cell Engager Before Phase I Starts

   This page covers the two-week period's one agreed acquisition, GSK's purchase of a myeloma T-cell engager, set against the recorded precedent-transaction history.

   GSK plc agreed to acquire a pre-clinical trispecific T-cell engager for multiple myeloma, with total potential consideration of up to $750 and Phase I trials slated for 2027. We set that agreement against the recorded precedent transactions to give the price a comparison point, and no completed sector transactions entered the record during this window. Buyers stepping in before Phase I signals conviction on the biology ahead of clinical proof, so what this deal tells you is that pipeline, not scale, is what's commanding a premium right now.

   Everything on this page

   M&A & STRATEGIC ACTIVITY GSK Agrees to Buy a Myeloma T-Cell Engager Before Phase I Starts September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. 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. Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · GSK plc (GSK) GSK plc (GSK) agreed to acquire a trispecific T-cell engager for multiple myeloma from a privately held developer The structure — a capped total with the programme slated to enter Phase I in 2027 — is consistent with a buyer paying for future exclusivity rather than current revenue. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for You

   This page translates the two-week period's evidence into observations for operators, acquirers, and advisors, without giving investment recommendations.

   For operators, the moves with a documented cause tracked what you actually run — net price realization, TRx and NRx script trends — which is a useful check on how the market is reading your own metrics. For acquirers, GSK's up-to-$750 agreement for a myeloma T-cell engager gives you a fresh milestone-weighted reference point for early-stage assets, while Ascendis regaining its TransCon rights shows programs can return to originators rather than only moving to buyers. For advisors, the period's evidence sits at the asset level — one agreed acquisition, one rights reversion, a review acceptance and a trial start — so the read here is to frame deals and diligence around the asset, not just the entity.

   Everything on this page

   WHAT IT MEANS What This 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 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 2.7x 25 companies in the study 3 valuation tiers Standing thesis: Specialty and Branded Pharmaceuticals splits three ways: pipelines, hybrid portfolios and diversified platforms FOR OWNERS & OPERATORS Revenue Quality Carried the Names That Had a Record Behind Them Companies in the sector traded in both directions and the median move was 0.0%. The moves with a documented cause tracked what operators actually run: net price realisation after gross-to-net, TRx and NRx script trends FOR ACQUIRERS The Reference Set Gains an Asset-Level, Pre-Clinical Comparison Point GSK's agreement for a myeloma T-cell engager at up to $750 million gives the record a fresh milestone-weighted reference for early assets. Ascendis regaining TransCon rights shows programmes returning to owners rather than moving to buyers. FOR ADVISORS Lead with the Asset, Not the Entity The period's evidence is asset-level: one agreed programme acquisition, one rights reversion, a Priority Review acceptance and a Phase 2 start.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains how the update is built and what each type of statement in it rests on.

   Every figure in this update is drawn from SEC filings, company announcements and market pricing data through September 28, 2026, so each number can be traced back to its original public record. We keep observed facts, derived calculations and our own reads clearly separated, using calibrated language whenever we're offering a read rather than stating a recorded fact. That separation is what lets you weigh our interpretation against the underlying record yourself, so what you take from this page is confidence in where each number and each read actually comes from.

   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 14–28, 2026 · market data through 2026-09-28 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. Specialty and Branded Pharmaceuticals Bi-Weekly Update | September 14–28, 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. 2 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_20260929T173811Z_551_prod (market data as of 2026-09-28) — 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 · newsfilecorp.com · businesswire.com · globenewswire.com · prnewswire.com

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