Pharma BD Deal Intelligence
A bargain-priced pipeline add: Quince picked up Orphai's inhaled rapamycin asset LAM-001 alongside a $187 million private placement led by Balyasny, backed by Phase 2a data showing a 67.4-meter 6MWD gain, though the Phase 2b PH-ILD readout is still years out.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Data from Phase 2a study of LAM-001 on top of standard of care in PH-ILD patients with refractory PH demonstrated clinically meaningful improvement in multiple…
Quince entered into a definitive agreement for a private placement financing to raise up to $187 million in gross proceeds, which includes $115 million in…
Quince Therapeutics (QNCX) acquires Orphai and secures up to $187M PIPE. The Series C non-voting convertible preferred plus warrant structure preserves…
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Quince Therapeutics acquired Orphai Therapeutics, a clinical-stage biotech, bringing in lead asset LAM-001 (inhaled rapamycin) for rare pulmonary diseases including PH-ILD and bronchiolitis obliterans syndrome. Concurrent private placement of up to $187 million ($115M upfront plus up to $72M warrants) led by Balyasny Asset Management.
60K US cases/yr · $1.5B Estimated US PH-ILD inhaled-treprostinil market (Tyvaso/Yutrepia franchise proxy)
PH-ILD is a WHO Group 3 pulmonary hypertension subtype characterized by elevated pulmonary vascular resistance secondary to chronic interstitial lung disease (IPF, NSIP, CHP, sarcoidosis-associated ILD). It is associated with markedly worse functional capacity and survival versus ILD alone. Inhaled treprostinil (Tyvaso/Yutrepia) is the only FDA-approved class, leaving substantial unmet need for novel mechanisms.
PH-ILD's only approved class is inhaled treprostinil (United Therapeutics' Tyvaso/Tyvaso DPI and Liquidia's YUTREPIA). Pipeline competitors include Merck/Acceleron's sotatercept (FDA-approved in PAH, Phase 3 in PH-ILD), Aerovate's inhaled imatinib, and other prostacyclin pathway agents. LAM-001's mTOR mechanism is mechanistically novel and could be additive on top of inhaled prostacyclins.
8K US cases/yr
BOS is the leading cause of chronic lung allograft dysfunction and post-transplant mortality, affecting ~50% of recipients within five years. It is characterized by progressive small-airway fibrosis driven by alloimmune injury. No FDA-approved therapy exists; standard of care relies on systemic immunosuppression intensification, with poor outcomes.
BOS has no FDA-approved disease-modifying therapy; current management is empirical immunosuppression intensification (azithromycin, mTOR inhibitor conversion, ECP). Inhaled rapamycin has theoretical advantage of high local lung exposure with reduced systemic toxicity versus oral sirolimus. Direct competitors are minimal; the asset is positioned for a first-in-class label opportunity.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Quince Therapeutics, Inc. / Orphai Therapeutics Inc. (this deal) | 2026 | — | — |
| Pfizer Inc. / FoldRx Pharmaceuticals | 2010 | — | 99 |
| Abbott Laboratories / Knoll Pharmaceuticals (BASF Pharma) | 2000 | $6.9B | 95 |
| Astra AB / Zeneca Group plc | 1998 | $35.0B | 94 |
| Merck & Co. Inc. / Acceleron Pharma Inc. | 2021 | $11.5B | 90 |
| Johnson & Johnson / Actelion Ltd | 2017 | $30.0B | 90 |
| Eli Lilly and Company / Boehringer Ingelheim GmbH | 2011 | $444M | 89 |
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