Core Insights - The UK biotech sector experienced a significant decline in equity financing and venture capital in 2025, raising concerns about its attractiveness on the global stage [1][2] Financing Trends - Equity financing for UK biotechs dropped by 49% to £1.9 billion ($2.59 billion) in 2025 from £3.7 billion ($5.05 billion) in 2024 [2][4] - Venture capital funding decreased by 13% in the same period, highlighting a broader trend of reduced biotech funding globally [2] IPO Activity - No UK biotechs went public in 2025, marking the third consecutive year without new listings, which is indicative of restricted growth and investor confidence in the sector [5] Industry Outlook - The geopolitical landscape is described as precarious, with a call for the UK Government to support the biotech sector and encourage domestic investment [6] - Positive developments were noted for 2026, including significant funding rounds for UK-based companies like Isomorphic Labs ($600 million) and Verdiva Bio ($410 million) [6] M&A Activity - A surge in M&A deal activity in Q4 2025 indicated a revitalized appetite for the SME ecosystem, exemplified by Amgen's agreement to acquire Dark Blue Therapeutics for $840 million [7]

Core Viewpoint - Amgen Inc. has acquired Dark Blue Therapeutics for up to $840 million, focusing on precision oncology medicines, particularly for leukemia treatments [1][2]. Group 1: Acquisition Details - The acquisition values Dark Blue Therapeutics at up to $840 million, which includes both upfront payments and future milestones [1]. - Dark Blue's lead candidate, DBT 3757, is in IND-enabling studies for acute myeloid leukemia (AML) and acute lymphoblastic leukemia (ALL) [2]. Group 2: Strategic Importance - Amgen plans to integrate Dark Blue Therapeutics into its existing research organization, enhancing its early oncology discovery efforts [3]. - The acquisition complements Amgen's research in targeted protein degradation and leukemia therapeutics, aligning with its strategy to invest in novel therapeutic targets [4]. Group 3: Market Reaction - Following the acquisition announcement, Amgen's shares rose by 2.89% to $339.71, nearing its 52-week high of $346.38 [5].