Cardiovascular partnering rebounded strongly in Q1 2026, with 6 deals generating $3.1 billion in total value and $110 million in upfront cash and equity, compared with just 1 deal with no disclosed value in Q4 2025. Activity was driven by AI-enabled discovery, gene therapy, and next-generation cardiovascular platforms. Notable transactions included the Unnatural Products-Novartis partnership (up to $1.8 billion), the Tenaya Therapeutics-Alnylam collaboration (up to $1.1 billion), and the Insilico Medicine-Qilu Pharmaceutical agreement (up to $120 million plus royalties). M&A was the primary growth driver in Q1 2026, with 7 acquisitions valued at $11.2 billion (including contingents) and $11.1 billion in cash (excluding contingents), up from $2.4 billion and $2.3 billion, respectively, in Q4 2025. Activity was led by Danaher’s $9.9 billion acquisition of Masimo, GSK’s $950 million acquisition of 35Pharma, and Sino Biopharm’s acquisition of Hygieia Pharmaceuticals for RMB 1.2 billion (approximately $172 million), reflecting strong demand for diagnostics, cardiovascular therapeutics, RNA technologies, and medical devices.
Venture funding moderated in Q1 2026, with 17 rounds raising $789 million, down from 23 rounds and $1.4 billion in Q4 2025. Despite lower funding levels, the market continued backing differentiated cardiometabolic, RNAi, and medical device companies. Notable financings included Corxel Pharmaceuticals’ $287 million series D1, Corsera Health’s $80 million series A, and Inquis Medical’s $75 million series C. Overall, Q1 2026 reflected strengthening strategic confidence in cardiovascular innovation. Partnerships and M&A attracted substantial capital, while venture investments remained selective, directing funding toward differentiated technologies and advanced clinical programs.
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Cardiovascular R&D Partnerships
Cardiovascular R&D partnership activity strengthened significantly in Q1 2026, with 6 deals valued at $3.1 billion, including $110 million in upfront cash and equity. Both the average and median upfront payment reached $55 million, indicating solid financial commitment. In contrast, Q4 2025 saw only 1 partnership, with no disclosed deal value or upfront payment, reflecting a slower period. Over the two quarters, 7 partnerships were completed, with most activity in transaction value.
Noticeable Cardiovascular R&D Partnerships in Q1 2026
Unnatural Products development and commercialization deal with Novartis – February 2026
Unnatural Products and Novartis formed a platform-stage cardiovascular partnership to discover and develop macrocyclic peptide therapies. The deal pairs Unnatural Products’ AI-driven macrocycle platform with Novartis’s global development, manufacturing, and commercialization muscle. Novartis takes exclusive worldwide rights to the resulting cardiovascular therapies and will run IND-enabling studies, clinical development, manufacturing, and commercial launch. Unnatural Products can earn up to $100 million in upfront and pre-IND milestone payments, with the split undisclosed, plus up to $1.7 billion in development, regulatory, and commercial milestones.
Tenaya Therapeutics development and commercialization deal with Alnylam Pharmaceuticals – March 2026
Tenaya Therapeutics and Alnylam Pharmaceuticals formed a platform-stage collaboration to find and validate gene therapy targets for cardiovascular disease. The partners can nominate up to 15 gene targets and will work together over an initial 24-month research period, with an option to extend. During validation, they will run lab and animal studies under a shared research plan. Each company funds its own work, though Alnylam will reimburse Tenaya for certain employee and research costs. Once targets are validated, Alnylam takes sole responsibility for development, manufacturing, regulatory approval, and commercialization. Tenaya receives $10 million upfront within 30 days, reduced by $500,000 for each of up to 8 targets that miss predefined advancement criteria, plus undisclosed research funding. Tenaya is also eligible for up to $1.1 billion in development and commercial milestones.
Insilico development and commercialization deal with Qilu Pharmaceutical – January 2026
Insilico Medicine and Qilu Pharmaceutical formed a discovery-stage collaboration to develop small-molecule therapies for cardiometabolic diseases using Insilico’s Pharma.AI platform. Insilico will design and optimize the candidates through its AI platform, while Qilu handles clinical development and commercialization. Insilico can earn up to $120 million in development and commercialization milestones, with the split undisclosed, plus single-digit royalties on future net sales.
Cardiovascular M&A
Cardiovascular M&A activity accelerated markedly in Q1 2026, with 7 deals valued at $11.2 billion, including contingents and $11.1 billion in cash without contingents. Average upfront cash and equity reached $2.8 billion, while the median stood at $561 million, reflecting both increased deal volume and substantially larger transactions. By comparison, Q4 2025 recorded 5 deals totaling $2.4 billion, including contingents, and $2.3 billion without contingents. Average and median upfront payments were significantly lower at $584 million and $16 million, indicating that most transactions were smaller in scale and value. Across the two quarters, the sector completed 12 deals worth $13.6 billion, including contingents and $13.5 billion in cash without contingents, with most value concentrated in Q1 2026.
Noticeable Cardiovascular M&A in Q1 2026
Danaher acquired Masimo – February 2026
Danaher acquired Masimo in a $9.9 billion all-cash transaction, with shareholders receiving $180 per share, a 38.3% premium. The deal strengthens Danaher’s Diagnostics segment through Masimo’s leading patient monitoring, pulse oximetry, wearable health, and hospital connectivity technologies. Key assets include the Masimo SET and Rainbow Pulse CO-Oximetry platforms, Root, Radical-7, Rad-97, wearable monitoring devices, and hospital automation solutions. Masimo is expected to generate more than $530 million in EBITDA in 2027, with projected annual synergies exceeding $175 million by year five. The transaction values Masimo at approximately 18x estimated 2027 EBITDA, or 15x including synergies. Shareholders approved the acquisition on 4 May 2026, and Danaher completed the transaction on 10 June 2026.
GSK acquired 35Pharma – February 2026
GSK agreed to acquire 35Pharma, adding protein-based therapeutics to its cardiovascular and cardiometabolic pipeline. GSK buys 100% of 35Pharma’s equity for $950 million in upfront cash. The deal centers on HS-235, a Phase II-ready recombinant fusion protein inhibitor for pulmonary arterial hypertension (PAH) and PAH linked to heart failure with preserved ejection fraction (PH-HFpEF). It also brings HS-370, a preclinical candidate for heart failure and obesity. The acquisition deepens GSK’s cardiovascular and pulmonary presence and adds a clinically advanced asset with potential across several high-value indications. GSK completed the acquisition on 15 April 2026.
Sino Biopharm acquired Hygieia Pharmaceuticals – January 2026
Sino Biopharmaceutical acquired Hygieia Pharmaceuticals in an all-stock transaction valued at RMB 1.2 billion (approximately $172 million), expanding its presence across cardiovascular, metabolic, infectious, neurological, hematological, and autoimmune diseases. The acquisition adds a diversified pipeline of RNA-based and small-molecule therapies, led by Phase II/III candidates Kylo-11 for cardiovascular disease and Kylo-04 for chronic hepatitis B, alongside Phase I assets targeting NASH, obesity, and hypertriglyceridaemia. The deal also brings multiple proprietary RNA delivery and targeting platforms, strengthening Sino Biopharm’s capabilities in next-generation therapeutics and providing a broad foundation for future pipeline growth.
Cardiovascular Venture Activity
Cardiovascular venture funding moderated in Q1 2026, with 17 financing rounds raising $789 million, reflecting a slower pace of investment at the start of the year. In contrast, Q4 2025 recorded 23 rounds and $1.4 billion in funding. Over the two quarters, the sector completed 40 financing rounds and raised a total of $2.2 billion, with most venture activity and funding concentrated in Q4 2025 rather than Q1 2026.
Noticeable Cardiovascular Venture Activity in Q1 2026
Corxel Pharmaceuticals – Series D1 – $287M – January 2026
Corxel Pharmaceuticals raised $287 million in a series D1 financing in January 2026 to advance its cardiometabolic pipeline, led by CX11, an oral GLP-1 receptor agonist for obesity and overweight. CX11 is in Phase II development in the US and Phase III in China, with a global Phase II study in type 2 diabetes planned for 2026. The financing attracted a strong syndicate of healthcare investors, including SR One, TCGX, RA Capital Management, HBM Healthcare Investments, SymBiosis, Adage Capital Management, Invus, SilverArc Capital, RTW Investments, and Hengdian Group Capital.
Corsera Health – Series A – $80M – January 2026
Corsera Health raised an oversubscribed $80 million series A in January 2026 to advance its RNAi-based cardiovascular prevention platform. The company is developing therapies designed to reduce the risk of atherosclerotic cardiovascular disease (ASCVD) by targeting PCSK9 and AGT, key drivers of elevated LDL cholesterol and hypertension. The financing coincided with the initiation of a Phase I trial for COR-1004, an siRNA targeting PCSK9, while a Phase I study of COR-2003 targeting AGT is expected to begin in mid-2026. The round was co-led by Forbion and Population Health Partners, reflecting strong interest in preventive genetic medicines to improve long-term cardiovascular outcomes.
Inquis Medical – Series C – $75M – January 2026
Inquis Medical raised a $75 million series C in January 2026 to expand the commercialization of its AVENTUS mechanical thrombectomy platform for venous thromboembolic disease (VTE) and pulmonary embolism (PE). The AVENTUS system uses proprietary tissue-sensing technology to provide real-time procedural feedback and improve clot removal. The financing follows FDA clearances in peripheral vascular indications and PE, as well as positive pivotal data in 130 intermediate-risk PE patients demonstrating effective clot removal with minimal blood loss and no device-related adverse events. Backed by undisclosed stakeholders, the round increased total capital raised to approximately $115 million.
Also check Autoimmune R&D Partnerships, M&A and Venture Funding – Q1 2026 Review
