Neurology dealmaking in Q1 2025 remained robust, marked by strategic R&D partnerships in RNA therapeutics, AI drug discovery, precision diagnostics, and non-opioid pain therapies. Notable alliances included Biogen’s $165 million upfront agreement with Stoke Therapeutics for Zorevunersens in Dravet syndrome, Sanofi’s RNA collaboration with Alloy, Lilly’s AI-driven ALS antibody deal with Alchemab, and a $230 million AI-gene therapy joint venture between Hologen and MeiraGTx targeting CNS disorders.
On the M&A front, Johnson & Johnson acquired Intra-Cellular Therapies for $14.6 billion, gaining Caplyta and a broad psychiatry and neurology pipeline. Bain Capital announced a $3.3 billion acquisition of Mitsubishi Tanabe Pharma, anchored by Uplizna for neuromyelitis optica spectrum disorder. Lantheus acquired Life Molecular Imaging for $350 million upfront to expand in CNS diagnostics, while Globus Medical completed a $250 million acquisition of Nevro, enhancing its neuromodulation portfolio for chronic pain.
Venture capital remained active, with Tenvie Therapeutics launching with $200 million to develop brain-penetrant small molecules for inflammation and neurodegeneration. Tune Therapeutics raised $175 million to advance its epigenetic silencing therapy for hepatitis B and expand its broader pipeline. Latigo Biotherapeutics secured $150 million to progress Nav1.8 inhibitors for non-opioid pain relief, and Atalanta Therapeutics closed a $97 million round to advance RNAi therapies for KCNT1-related epilepsy and Huntington’s disease.
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 Neurology R&D Partnerships by Tech Grouping in Q1 2025
In Q1 2025, neurology R&D partnerships slowed to 14 partnerships totaling $1.9 billion in announced value, with $629 million paid upfront. Biologics accounted for over half of the total deal value ($978 million across 3 major agreements), while 4 genomics and sequencing deals led in upfront payments, securing $430 million, 68% of the quarter’s total upfront cash. Although small-molecule deals were the most frequent 7, they contributed just $44 million in value and $6 million upfront.
Top Neurology R&D Partnerships by Tech in Q1 2025
Stoke development and commercialization deal with Biogen – February 2025
Biogen secured exclusive rights (ex-US, Canada, and Mexico) to develop and commercialize Zorevunersens, an RNA-based antisense oligonucleotide targeting the SCN1A gene for Dravet syndrome, a rare genetic form of epilepsy. The asset is currently in Phase II. Stoke Therapeutics retains commercial rights in North America and will lead global development, with Biogen covering 30% of external clinical costs. The deal includes an option for Biogen to license future SCN1A-targeting therapies outside North America. Stoke receives $165 million upfront and is eligible for up to $385 million in milestones, along with tiered royalties.
Alloy development and commercialization deal with Sanofi – January 2025
Sanofi partnered with Alloy to develop RNA-based therapies for central nervous system (CNS) disorders using Alloy’s AntiClastic antisense platform. The collaboration focuses on discovery-stage programs, combining Alloy’s RNA technology with Sanofi’s neuroscience capabilities. Alloy will receive up to $28 million upfront, including near-term preclinical milestones, and is eligible for over $400 million in additional discovery, development, and commercial milestone payments, along with tiered royalties.
Alchemab development and commercialization deal with Lilly – January 2025
Eli Lilly secured exclusive rights to develop and commercialize 5-antibody candidates from Alchemab’s AI-driven platform for amyotrophic lateral sclerosis (ALS). While initial financial terms were undisclosed, Alchemab may earn up to $415 million in total payments, including upfront, discovery, development, and commercialization milestones, plus royalties. On May 5, 2025, the partners advanced ATLX-1282, an antibody targeting both ALS and frontotemporal dementia (FTD). Alchemab will lead early Phase I trials, after which Lilly will take over all subsequent development and global commercialization efforts.
Hologen AI formed Hologen Neuro AI as a joint venture with MeiraGTx – March 2025
Hologen AI and MeiraGTx launched a joint venture, Hologen Neuro AI, to develop AI-driven therapies for central nervous system (CNS) disorders. The initial focus includes AAV-BDNF, a gene therapy candidate targeting genetic obesity. The platform leverages Hologen’s large multi-modal generative AI models. MeiraGTx will hold a 30% equity stake and lead clinical development and manufacturing. Hologen is providing $230 million in upfront funding to the joint venture.
Neurology M&A by Tech Grouping in Q1 2025
Q1 2025 saw a strong start for neurology M&A, with 13 deals totaling $18.2 billion in upfront payments. 3 major small-molecule acquisitions accounted for over 98% of that value ($17.9 billion). In contrast, other segments saw limited activity: device and digital health deals reached $250 million, genomics and screening assets brought in just $12 million, and diagnostics targets totaled $9 million.
Top Neurology M&A by Tech in Q1 2025
Johnson & Johnson acquiring Intra-Cellular Therapies – January 2025
Johnson & Johnson announced the acquisition of Intra-Cellular Therapies for approximately $14.6 billion, offering $132 per share in cash, a 40% premium to its prior-day share price. The deal closed on April 2, 2025, with Intra-Cellular continuing as a standalone business unit. The acquisition centers on Caplyta, an approved small-molecule therapy for sleep disorders, autism, schizophrenia, bipolar disorder, and depression. Intra-Cellular’s pipeline also includes lenrispodun (Phase II, Parkinson’s disease, heart failure), lumateperone deuterated (anxiety, psychosis), ITI-333 (pain), and a Phase I oncology candidate (ITI-1020), along with early-stage CNS assets (ITI-1500, ITI-1549, and PDE1 inhibitors). The acquisition broadens J&J’s portfolio across psychiatry, neurology, and CNS indications.
Bain Capital acquiring Mitsubishi Tanabe Pharma – February 2025
Bain Capital announced the acquisition of Mitsubishi Tanabe Pharma for JPY 510 billion (~$3.3 billion) upfront, with deal closure expected in Q3 2025. The acquisition is anchored by Mitsubishi Tanabe’s approved drug Uplizna, a small-molecule therapy for neuromyelitis optica spectrum disorder (NMOSD). The portfolio also includes Zynlonta (R/R diffuse large B-cell lymphoma), Canalia (diabetes), Orkedia (secondary hyperparathyroidism), Invokana (diabetic nephropathy), and Dysval (tardive dyskinesia). Late-stage pipeline assets include MT-210 (schizophrenia), ND-0612 (Parkinson’s disease), MT-2765 (hypertension), and MT-7117 (erythropoietic protoporphyria and systemic sclerosis), among others, across autoimmune, cardiovascular, metabolic, and oncology indications.
Lantheus Medical Imaging acquiring Life Molecular Imaging – January 2025
Lantheus Medical Imaging and Lantheus Radiopharmaceuticals announced the acquisition of Life Molecular Imaging, a diagnostics company specializing in neurologic and cardiovascular imaging. The deal includes Neuraceq, a key radiopharmaceutical used in neurological diagnostics. Life Molecular will receive $350 million upfront, with up to $400 million in potential earn-outs and milestone payments. Lantheus will also assume up to $30 million in future contingent liabilities. As part of the agreement, Life Healthcare Group will receive exclusive rights to commercialize the acquired products, including Neuraceq, in South Africa.
Globus Medical acquiring Nevro – February 2025
Globus Medical announced the acquisition of Nevro, a medical device company focused on chronic pain management, for approximately $250 million in equity value. Nevro shareholders will receive $5.85 per share, representing a 17% premium, with the transaction completed on April 3, 2025. Nevro’s portfolio includes the HFX spinal cord stimulation platform and the Senza SCS system, approved for treating pain in the trunk, limbs, and diabetic neuropathy. The company also offers solutions for sacroiliac joint pain. The acquisition enhances Globus Medical’s capabilities in neuromodulation and expands its device offerings in the neurologic and musculoskeletal pain.
Neurology Ventures by Tech Grouping in Q1 2025
Neurology Ventures raised approximately $1.4 billion across 48 rounds in Q1 2025. Genomics and sequencing platforms led with $394 million across 18 rounds, narrowly ahead of 7 small-molecule companies that attracted a strong $383 million. Digital health and device firms secured $217 million through 15 rounds, while a single CRISPR-focused raise brought in $175 million. Biologics saw more modest funding at $128 million, and niche areas such as gene therapy vectors, diagnostics, and formulation technologies collectively raised just $52 million.
Top Neurology Ventures by Tech in Q1 2025
Tenvie Therapeutics – Seed – $200M – January 2025
Tenvie Therapeutics launched in Q1 2025 with $200 million in series A funding led by ARCH Venture Partners, F-Prime Capital, and Mubadala Capital, aiming to advance therapies for neurological diseases. The company’s pipeline includes small-molecule programs acquired from Denali Therapeutics and focuses on targeting three core disease mechanisms: inflammation, metabolic dysfunction, and lysosomal impairment. Tenvie’s lead assets, an NLRP3 inhibitor and an allosteric SARM1 inhibitor, are currently in IND-enabling stages, with additional candidates targeting neuroprotective pathways like TRPML1 and TMEM175. The funding will support Tenvie’s evolution into a multi-asset clinical-stage company focused on brain-penetrant and peripherally restricted therapies.
Tune Therapeutics – Series B – $175M – January 2025
Tune Therapeutics secured over $175 million in financing led by New Enterprise Associates, Yosemite, Regeneron Ventures, and Hevolution Foundation. The funds will accelerate development of Tune-401, the company’s lead clinical-stage epigenetic silencing therapy for chronic Hepatitis B (HBV), and expand its pipeline of gene, cell, and regenerative therapies. The financing supports Tune’s broader mission to harness epigenome editing for the treatment of common and chronic diseases.
Latigo – Series B – $150M – March 2025
Latigo Biotherapeutics raised $150 million in a series B round led by Blue Owl Capital, with participation from Deep Track Capital, Access Biotechnology, Qatar Investment Authority, and Sanofi Ventures. The funding will support clinical advancement of LTG-001 and LTG-305, the company’s oral Nav1.8 inhibitors for non-opioid pain management. Lead candidate LTG-001 is in Phase 1 testing in healthy volunteers, with early data indicating strong tolerability and a rapid absorption time under two hours, suggesting potential for fast-acting pain relief. The funding positions Latigo to compete with Vertex Pharmaceuticals, whose Nav inhibitor suzetrigine (Journavx) was recently approved for moderate to acute pain.
Atalanta Therapeutics – Series B – $97M – January
Atalanta Therapeutics closed a $97 million series B financing round co-led by EQT Life Sciences and Sanofi Ventures, bringing its total funding to $262 million. The proceeds will advance Atalanta’s RNA interference (RNAi) therapies for KCNT1-related epilepsy and Huntington’s disease, with both programs targeting IND submissions in 2026. Lead candidate ATL-201 reduces KCNT1 levels to normalize neuronal activity, with preclinical data showing a marked decrease in seizure frequency. ATL-101 targets the HTT gene in Huntington’s, demonstrating strong gene silencing and durable effects. The company’s proprietary di-siRNA platform underpins both programs, designed for precise delivery to the central nervous system (CNS).
Also check out Neurology R&D Partnerships, M&A and Venture Funding – Q1 2025 Review
