Autoimmune dealmaking shifted to larger checks in Q3 2026. IPOs returned, while venture funding cooled.
R&D partnerships fell 20% to 8 from 10, but value rose 35% to $5.0B from $3.7B. Upfront cash and equity surged to $899M from $49M. The average upfront jumped 700% to $128M from $16M, and the median rose 40% to $28M from $20M. Sail Biomedicines and Johnson & Johnson led with an in vivo CAR-T deal: $785M upfront, including $465M in equity, up to $140M in milestones, and $2.6B if J&J exercises its option to buy Sail. Spero Therapeutics licensed anti-CD40L antibody SP-001 from Innovent Biologics and Fortvita Biologics for $35M upfront and up to $1.1B in milestones.
M&A count rose 40% to 7 from 5. Value including contingents fell about 19% to $5.4B from $6.7B, and cash value excluding contingents fell about 22% to $5.1B from $6.5B. Deals got bigger: the average upfront rose about 56% to $2.5B from $1.6B, and the median more than doubled to $2.5B from $1.1B. Eli Lilly is acquiring Merida Biosciences for $2.9B in cash, including contingents, for Phase 1 Graves’ disease drug MER-511 (closing expected Q4 2026). Argenx bought Forte Biosciences for $77 per share, a 41% one-day premium and approximately $2.2B in equity value, for Phase 2 antibody FB-102 (closed August 27, 2026).
Venture rounds fell 21% to 11 from 14, and capital fell about 46% to $525M from $964M. Q2 and Q3 totaled 25 rounds and $1.5B. Expedition Therapeutics raised a $115M series B for Phase 2 COPD drug EXPD-101. Infinimmune raised a $75M series A for long-acting atopic dermatitis antibodies.
IPOs reopened, with 2 listings raising $639M after none in Q2. Electra Therapeutics raised $350M for ipsoprubart, a late-stage antibody for the rare immune disorder sHLH. Attovia Therapeutics raised $289M ($332M with the underwriters’ option) for itch therapy ATTO-1310.
Autoimmune R&D Partnerships
Autoimmune R&D partnership activity slowed by volume but strengthened sharply by value in Q3 2026. Deal count fell 20% to 8 from 10 in Q2. Total deal value, however, rose 35% to $5.0B from $3.7B. Upfront cash and equity climbed to $899M from $49M. The average upfront payment jumped 700% to $128M from $16M, while the median increased 40% to $28M from $20M. Combined, Q2 and Q3 produced 18 autoimmune R&D partnerships worth $8.8B.
Prominent Autoimmune R&D Partnerships in Q3 2026
Sail Biomedicines research partnership with Johnson & Johnson – July 2026
Sail Biomedicines signed a research partnership with Johnson & Johnson in July 2026 at the platform/discovery stage. The partners will develop in vivo CAR-T cell immunotherapies for immune-mediated diseases within the autoimmune therapeutic area. The deal pairs Sail’s artificial intelligence (AI)/machine learning (ML)-driven eRNA and targeted nanoparticle platform with Johnson & Johnson’s clinical development, manufacturing, and commercialization capabilities. Together, they aim to advance Sail’s lead in vivo CAR-T therapy for autoimmune diseases and develop additional in vivo CAR-T candidates. Sail will receive $785M up front, including a $465M equity investment, and is eligible for up to $140M in development milestones. Johnson & Johnson also holds an exclusive option to acquire Sail. Upon exercise of that option, Sail will receive an additional $2.6B payment.
Innovent Biologics and Fortvita Biologics development and commercialization deal with Spero Therapeutics – July 2026
Innovent Biologics and Fortvita Biologics granted Spero Therapeutics exclusive rights to SP-001 in July 2026. The license covers development, manufacturing, and commercialization worldwide, excluding China, Hong Kong, Macau, and Taiwan. SP-001 is an anti-CD40L monoclonal antibody for autoimmune diseases, in Phase 1 at signing and Phase 2-ready. Spero plans to file a US IND within 12 months. It expects to advance SP-001 into Phase 2 for IgG4-related disease in Q2 2027. Innovent, which retains Greater China rights, plans a Phase 2 trial in China for Sjogren’s disease by early 2027. Spero also received a non-exclusive, sublicensable license for non-clinical development and manufacture of SP-001 in Greater China. Innovent will receive $35M up front. It is eligible for up to $1.1B in development, regulatory, and commercial milestones, with the breakout not disclosed.
Autoimmune M&A
Autoimmune M&A activity rose by volume but declined by value in Q3 2026. Deal count increased 40% to 7 from 5 in Q2. Total transaction value, including contingents, fell about 19% to $5.4B from $6.7B. Cash value excluding contingents declined around 22% to $5.1B from $6.5B. Deal sizes, in contrast, increased substantially. Average upfront cash and equity rose about 56% to $2.5B from $1.6B. The median more than doubled, up about 128% to $2.5B from $1.1B. Across Q2 and Q3, autoimmune M&A generated 12 deals worth $12.1B including contingents and $11.6B in cash value excluding contingents.
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Prominent Autoimmune M&A in Q3 2026
Eli Lilly acquiring Merida Biosciences – August 2026
Eli Lilly is acquiring Merida Biosciences in a deal announced in August 2026, with Merida’s lead asset at Phase 1 at signing. Merida will receive a total of $2.9B in cash, including upfront and contingent milestone payments. The pipeline is led by Phase 1 MER-511 for Graves’ disease and thyroid eye disease. It also includes IND-enabling MER-769 for allergic diseases, including asthma, atopic dermatitis, urticaria, and food allergy. MER-683 for primary membranous nephropathy and an undisclosed program complete the portfolio. The acquisition gives Lilly access to Merida’s precision antibody-degradation platform, a protein-based immunotherapy approach. The platform is designed to selectively eliminate disease-causing autoantibodies while preserving normal immune function. Beyond autoimmune disease, the portfolio extends into inflammation, dermatologic, and renal indications. The transaction is expected to close in Q4 2026.
Argenx acquiring Forte Biosciences – July 2026
Argenx acquired Forte Biosciences in a deal announced in July 2026 and completed on August 27, 2026, within the expected Q3 2026 close. Forte shareholders receive $77 per share in cash, for a total equity value of approximately $2.2B. The price represents a one-day 41% premium and approximately 86% of Forte’s volume-weighted average price (VWAP). Shareholders who did not tender their shares also receive $77 per share in cash. On completion of the tender offer, Forte became a wholly owned subsidiary of Argenx. Forte’s lead asset is Phase 2 FB-102, an anti-CD122 antibody for autoimmune and dermatologic indications. Its programs include a Phase 2 celiac disease trial initiated in 2025, with data expected in 2026. A vitiligo trial is underway, with top-line data expected in 1H 2026. An alopecia areata trial began in 2H 2025, with top-line data expected in 2026.
Autoimmune Venture Funding Activity
Autoimmune venture funding slowed in Q3 2026 by both volume and value. Financing rounds fell 21% to 11 from 14 in Q2. Total capital raised declined more sharply, dropping about 46% to $525M from $964M. Across Q2 and Q3 combined, the sector recorded 25 funding rounds and raised $1.5B. Overall, Q3 saw fewer financings and a significantly lower level of capital than the previous quarter.
Prominent Autoimmune Venture Funding in Q3 2026
Expedition Therapeutics – Series B – $115M
Expedition Therapeutics closed an oversubscribed $115M series B on August 5, 2026, led by General Atlantic with RA Capital, Vivo Capital, and all existing investors. The round follows a $165M series A in October 2025. Lead asset EXPD-101 is a once-daily oral DPP1 inhibitor targeting the neutrophil-driven inflammation behind COPD. The first patient has been dosed in a global Phase 2 trial, after a well-tolerated Phase 1. Rights outside mainland China, Hong Kong, and Macau were licensed from Fosun Pharma in August 2025.
Infinimmune – Series A – $75M
Infinimmune closed a $75M series A on August 11, 2026, co-led by Regeneron Ventures and Playground Global. Its two lead antibodies target atopic dermatitis: IFX-101 against IL-22 and IFX-201 against IL-13. Both are long-acting and due to enter human trials in 2027. The round follows a March 2026 discovery deal with Merck worth up to approximately $838M.
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Autoimmune IPO Activity
Autoimmune IPO activity returned in Q3 2026, with 2 companies going public and raising a combined $639M. No IPOs were recorded in Q2. The quarter therefore marked a reopening of the public markets for autoimmune-focused companies after a quiet prior period.
Prominent Autoimmune IPO Activity in Q3 2026
Electra Therapeutics – IPO – $350M – September 2026
Electra Therapeutics priced an upsized IPO on September 17, 2026, selling 23,333,334 shares at $15.00 for gross proceeds of approximately $350M. Shares trade on Nasdaq as “ETRA,” and proceeds fund operations into 2029. Lead antibody ipsoprubart is in a registrational Phase 2/3 trial for sHLH, a severe hyperinflammatory syndrome with no broadly approved therapy. Phase 1b showed a 100% response rate and 100% 8-week survival in 12 frontline patients. The drug holds FDA Breakthrough Therapy and EMA PRIME designations.
Attovia Therapeutics – IPO – $289M – August 2026
Attovia Therapeutics priced an upsized IPO on August 4, 2026, at $17.00 per share, the top of its range. The sale of 17,000,000 shares raised gross proceeds of $289M. Full exercise of the underwriters’ option lifted the total to approximately $332M, funding operations into 2030. Shares trade on Nasdaq as “ATTO.” Lead asset ATTO-1310 blocks the itch cytokine IL-31, and a single dose produced rapid, deep itch relief in preliminary Phase 1b results. Full data are expected in Q4 2026, with two Phase 2 studies planned for 1H 2027.
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Also check out Global Healthcare and Life Sciences R&D Partnerships – Q3 2026 Review
