On February 12, 2026 BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) ("BioMarin") reported that it closed its previously announced offering of $850 million of 5.500% senior unsecured notes due 2034 (the "Notes"). The issue price of the Notes is 100.000%.

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BioMarin intends to use the net proceeds from the offering of the Notes, together with borrowings under a new $2 billion senior secured term loan "B" facility (the "Term Loan B Facility") and $800 million senior secured term loan "A" facility (the "Term Loan A Facility" and, together with the Term Loan B Facility, the "Term Facilities") and cash on hand, to fund the consideration payable in connection with the pending acquisition (the "Acquisition") of Amicus Therapeutics, Inc. ("Amicus") and related fees and expenses in connection with the Acquisition and borrowings under the Term Facilities and the offering of the Notes. In addition to the Term Facilities, BioMarin expects to enter into a $600 million senior secured revolving credit facility connection with the Acquisition (the "New Revolving Facility" and, together with the Term Facilities, the "New Senior Secured Credit Facilities"). BioMarin may borrow up to $150 million under the New Revolving Facility to pay such fees and expenses.

Gross proceeds from the offering of the Notes were deposited into an escrow account at the closing of the offering, pending consummation of the Acquisition. In the event that the Acquisition is not completed on or prior to December 19, 2026, or upon the occurrence of certain other events, BioMarin will be required to redeem all of the Notes at a redemption price equal to 100% of the initial issue price of the Notes plus accrued and unpaid interest from the date of issuance, or the most recent date to which interest has been paid or provided for, to but excluding the special mandatory redemption date.

The Notes are jointly and severally guaranteed by certain of BioMarin’s subsidiaries that will guarantee the obligations under the New Senior Secured Credit Facilities, including, after the closing of the Acquisition, Amicus and certain of its subsidiaries that will guarantee the obligations under the New Senior Secured Credit Facilities.

The indenture governing the Notes contains customary covenants that, among other things, restrict, with certain exceptions, the ability of each of BioMarin and its subsidiaries to incur additional debt, pay dividends, make certain other restricted payments, incur debt secured by liens, dispose of assets, engage in consolidations and mergers or sell or transfer all or substantially all of its assets.

The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state or other securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of or in a transaction not subject to the Securities Act and any state or other applicable securities laws. Accordingly, the Notes were offered and sold only to a limited number of persons who were either (1) reasonably believed to be "qualified institutional buyers" as defined in Rule 144A under the Securities Act or (2) non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes are subject to restrictions on transferability and resale and may not be transferred or resold except in compliance with the registration requirements of the Securities Act or pursuant to an exemption therefrom and in compliance with any state or other applicable securities laws.

This press release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

(Press release, BioMarin, FEB 12, 2026, View Source [SID1234662634])

On February 12, 2026 Arvinas, Inc. (Nasdaq: ARVN), a clinical-stage biotechnology company creating a new class of drugs based on targeted protein degradation, reported the appointment of Randy Teel, Ph.D., as President and Chief Executive Officer (CEO), as well as a member of the Company’s Board of Directors, effective today. Dr. Teel previously served as Arvinas’ Chief Business Officer (CBO) and is recognized for his strategic leadership in advancing corporate growth and fostering strong industry partnerships.

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Dr. Teel succeeds John Houston, Ph.D., who is retiring from his role as President, Chief Executive Officer, and Chair of Arvinas’ Board of Directors. Dr. Houston will continue to serve as a member of the Board and has entered into a consulting agreement with Arvinas whereby he will provide consulting and advisory services to the company. Briggs Morrison, M.D., has been elected to serve as Chair of the Arvinas Board of Directors, effective today.

"After a comprehensive search to identify the next leader for Arvinas, we are pleased to announce Randy as President and Chief Executive Officer," said Briggs Morrison, M.D., Chair, Arvinas Board of Directors. "Randy brings a strategic vision, a deep understanding of the company’s scientific and operational foundation, and an ability to understand and address the priorities of multiple stakeholders. The Board was impressed with Randy’s role in refocusing Arvinas’ strategy around its differentiated and exciting clinical pipeline, and his strategic experience across the biotechnology industry uniquely positions him to lead Arvinas through its next phase of growth. On behalf of the Board, I extend our sincere thanks to John for his exceptional leadership, vision, and contributions over the past nine years."

Dr. Teel joined Arvinas in 2018 and brings 20 years of biopharmaceutical industry experience with a strong track record of impact. Dr. Teel played a critical role in Arvinas’ 2018 initial public offering (IPO) and the company’s transition to a public, clinical-stage biotechnology company. As CBO, Dr. Teel was responsible for corporate strategy, business development, investor relations, and communications, as well as leadership roles driving strategic initiatives and long-range planning. In earlier roles at Arvinas, Dr. Teel led commercial development and served as Arvinas’ interim Chief Financial Officer and Treasurer. Dr. Teel formerly served as Vice President and Head of Strategy at Alexion Pharmaceuticals, where he led long-range planning and partnered with R&D and commercial teams to shape inline and lifecycle management strategies. Prior to Alexion, Dr. Teel was an Associate Partner at McKinsey & Company, where he advised biopharmaceutical clients on issues in commercial, medical, and development. He holds a B.Sc. in Biology from Gonzaga University and a Ph.D. in Immunobiology from Yale University.

"I am honored to step into this role at such a pivotal moment for Arvinas and to build on the strong foundation and momentum we’ve created," said Dr. Teel. "Following our first-ever successful pivotal trial of a PROTAC degrader, we’re directing our attention to our earlier stage clinical programs and their potential to transform treatment paradigms for patients with serious diseases. Under John’s leadership, we have created the leading PROTAC platform in the industry, consistently generating high-quality candidates and advancing programs with the potential to become transformative treatments for patients. I look forward to continuing this work with the exceptional team at Arvinas as we advance our mission and deliver meaningful impact for patients, their families, and our shareholders."

During his tenure as President and CEO, Dr. Houston advanced Arvinas through major milestones, including progressing multiple investigational programs into clinical development, reporting the first positive pivotal results for a PROTAC degrader, and demonstrating central nervous system pharmacodynamic activity for an orally administered PROTAC. Dr. Houston led Arvinas to its 2018 IPO and raised over $2 billion through private funding, partnerships and strategic collaborations, and follow-on financings. These achievements have established Arvinas as a leader in targeted protein degradation and positioned the Company for long-term success.

"I’m proud of all we have accomplished together and confident that Randy will lead Arvinas to new levels of innovation and impact," said Dr. Houston. "We have a robust pipeline, and the team is well-positioned under Randy’s leadership as we approach several anticipated critical milestones later this year, including important clinical data from our LRRK2, BCL6 and KRAS G12D degraders. I look forward to supporting Randy and the entire organization as Arvinas continues to push the boundaries of what’s possible for patients."

(Press release, Arvinas, FEB 12, 2026, View Source [SID1234662633])

On February 12, 2026 Aprea Therapeutics, Inc. (Nasdaq: APRE) ("Aprea" or the "Company"), a clinical-stage biopharmaceutical company developing innovative therapies that exploit cancer-specific vulnerabilities while minimizing damage to healthy cells, reported significant recent expansions of its global intellectual property estate supporting its DDR-focused oncology pipeline.

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Aprea’s patent strategy is designed to secure durable global protection around its proprietary molecules, formulations, and therapeutic applications, to de-risk clinical development and maximize long-term commercial value.

"Our intellectual property estate is a foundational asset for Aprea and a key component of our long-term strategy to create value and differentiate Aprea within the DDR therapeutics field," said Oren Gilad, Ph.D., President and Chief Executive Officer of Aprea. "We are building a broad, defensible portfolio across both our WEE1 and ATR programs, strengthened by multiple new patents granted in 2025 in key global markets. This portfolio is designed to protect our core compounds, formulations, and methods of use. By securing broad protection globally into the 2040s, we are positioning our assets for further development, future commercialization and potential strategic transactions with the ultimate goal of bringing new treatment options to patients with difficult-to-treat cancers."

The Company’s lead WEE1 inhibitor, APR-1051, is currently being evaluated in the ACESOT-1051 Phase 1 clinical trial in advanced/metastatic solid tumors harboring certain cancer-associated gene alterations. Aprea’s WEE1 kinase inhibitor program is backed by an expanding global patent portfolio. The intellectual property estate includes one provisional U.S. patent application, two pending U.S. patent applications, one issued patent in Australia (issued in 2025) and 13 pending applications outside the United States. If granted, the core patents in the WEE1 family are expected to provide protection through 2042, excluding any additional regulatory exclusivities that may be available. The WEE1 portfolio is expected to protect key program assets, including new chemical entities (e.g., APR-1051), new pharmaceutical compositions comprising those entities, and methods of treating a range of oncology indications.

The Company’s lead ATR inhibitor, ATRN-119, is currently being evaluated in the ABOYA-119 clinical trial as monotherapy in patients with advanced solid tumors. The Company’s ATR inhibitor program is protected by a robust patent estate. This includes four issued U.S. patents and one pending U.S. application, and one international application, as well as 21 granted patents, including one recently issued in Japan in 2025, and 15 pending applications in international jurisdictions. The ATR portfolios protects new chemical entities, new pharmaceutical compositions comprising those entities, and methods of treating a range of oncological indications. Existing issued patents are expected to remain in force through 2035–2037, excluding any additional regulatory exclusivity that may be available. The pending applications, if granted, could extend intellectual property protection into 2045.

Aprea filed provisional applications in the U.S. in 2025 covering macrocyclic undisclosed DDR target inhibitors and methods of their preparation and use.

(Press release, Aprea, FEB 12, 2026, View Source [SID1234662632])

On February 12, 2026 Alligator Bioscience (Nasdaq Stockholm: ATORX), a clinical-stage biotechnology company developing tumor-directed immuno-oncology antibody drugs, reported its interim results for the third quarter of 2025 and provided a business update.

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"The fourth quarter of 2025 was marked by continued execution on our strategy, focusing on advancing mitazalimab towards initiation of registrational trials, strengthening the scientific foundation of our pipeline, and increasing financial flexibility. While the external funding environment for biotech remains challenging, we have concentrated on areas within our control — generating high-quality data, maintaining operational discipline, and making focused investments that position the company to progress mitazalimab toward late-stage development."
Søren Bregenholt, CEO of Alligator Bioscience
BUSINESS UPDATE
Mitazalimab

Scientific validation: Biomarker analyses from OPTIMIZE-1 were published in Cell Reports Medicine, deepening the understanding of mitazalimab’s mechanism of action and links to clinical outcomes.
Additional clinical publication: Data from the Phase 1 REACtiVe-2 study were published in Nature Communications, supporting mitazalimab’s ability to activate systemic immune responses in metastatic pancreatic cancer.
External visibility: Mitazalimab data were presented at international scientific congresses during the quarter, further strengthening clinical relevance and scientific recognition.
ATOR-4066

Pipeline progress: Preclinical and mechanistic data for ATOR-4066 were presented at international scientific meetings, supporting its immune-modulating potential as a next-generation bispecific antibody program.
Strengthened intellectual property: A U.S. patent covering ATOR-4066 was granted, reinforcing long-term protection and supporting the program’s future value.
HLX22

Program expansion: Henlius received approval to initiate Phase 2/3 studies in breast cancer in China, broadening the clinical scope of HLX22 and potentially increasing the opportunity for future milestone payments and royalty revenues for Alligator.
Company / Financial position

Rights issue completed: Alligator finalized a rights issue of units (shares and warrants) to strengthen its financial position and support continued development of mitazalimab.
Outcome announced 22 December: The issue was subscribed to approximately 64.8%, providing around SEK 91 million (gross) before issue costs and repayments.
Additional capital potential in 2026: The rights issue included warrants that may provide further funding next year, supporting continued flexibility.
Bridge financing and loan repayment: The rights issue followed bridge financing to secure near-term liquidity and enabled repayment of bridge loans and part of the outstanding loan to Fenja Capital.
FINANCIAL SUMMARY FOR Q4 AND YEAR-END 2025
The financial summaries for the quarterly periods ending 31 December 2025 and 31 December 2024 are presented below.

All amounts in MSEK,
unless specified October – December 2025 October – December
2024
Net sales - 41.8
Operating profit/loss -22.5 -60.1
Profit/loss for the period -29.0 -55.4
Cash flow for the period 37.2 17.1
Cash and cash equivalents 62.2 64.3
Earnings per share before and after dilution*, SEK -0.66 -73.10
* Adjusted for reverse share split.
The financial summaries for the year-to-date periods ending 31 December 2025 and 31 December 2024 are presented below.

All amounts in MSEK,
unless specified January – December
2025 January – December
2024
Net sales 0.5 57.8
Operating profit/loss -105.8 -229.1
Profit/loss for the period -51.4 -233.9
Cash flow for the period -1.2 -1.2
Cash and cash equivalents 62.2 64.3
Earnings per share before and after dilution*, SEK -1.87 -318.53
* Adjusted for reverse share split.
The full report is attached as a PDF, and is also available on the company’s website: View Source

Alligator will host a webinar on Thursday, 12 February 2026, at 3 p.m. CEST/ 9 a.m. EDT for investors, analysts and media, where CEO Søren Bregenholt and CFO Johan Giléus will present and comment on the interim report, which will be followed by a Q&A session.

(Press release, Alligator Bioscience, FEB 12, 2026, View Source [SID1234662631])

On February 12, 2026 Alkermes plc (Nasdaq: ALKS) ("Alkermes") and Avadel Pharmaceuticals plc (Nasdaq: AVDL) ("Avadel") reported Alkermes’ completion of its acquisition of Avadel, a commercial-stage biopharmaceutical company. The acquisition adds Avadel’s FDA-approved product, LUMRYZ, to Alkermes’ commercial portfolio, and provides Alkermes with a commercial organization experienced in this disease state. This strategic move accelerates Alkermes’ entry into the sleep medicine market and enhances its ability to unlock the full potential of its late-stage development pipeline focused on central disorders of hypersomnolence.

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The transaction was completed pursuant to an Irish High Court sanctioned scheme of arrangement (the "Scheme") under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland. LUMRYZ (sodium oxybate) for extended-release oral suspension is approved for the treatment of cataplexy or excessive daytime sleepiness in patients seven years of age and older with narcolepsy.

"With the close of this acquisition, Alkermes achieved an important milestone in the continued advancement of our strategy, accelerating our entry into the commercial sleep medicine market at a pivotal moment as we work to initiate the planned phase 3 program for alixorexton in narcolepsy this quarter. Avadel’s commercial and R&D portfolio, established commercial infrastructure, and talented team strengthen our organization and expand our capabilities in this important therapeutic area. Supported by our strong balance sheet, this all‑cash acquisition is expected to enhance our revenue growth profile and underscores our ongoing commitment to creating long‑term value for shareholders," said Richard Pops, Chief Executive Officer of Alkermes.

The transaction is expected to be accretive in 2026 and represents a compelling financial and strategic opportunity, leveraging Alkermes’ existing commercial expertise and operational infrastructure and adding new capabilities in rare disease. Avadel is a recognized innovator in the sleep medicine space, committed to addressing significant unmet needs for patients.

Since launching LUMRYZ in 2023, Avadel has successfully built and scaled a commercial organization that has driven strong demand. With an estimated population of >50,000 oxybate-eligible narcolepsy patients in the United States, LUMRYZ has significant opportunity for growth ahead. The acquisition also includes valiloxybate, Avadel’s in-licensed salt-free, once-at-bedtime oxybate candidate in phase 1 clinical development.

To finance the acquisition, Alkermes will use approximately $775 million of cash from its balance sheet and borrowed a total of $1.525 billion in term loans that are due in 2031. The company expects to pay down the debt quickly with cash flows from the business.

Alkermes will provide its 2026 financial expectations for the combined organization on Feb. 25, 2026 as part of its financial results announcement for the quarter and year ended Dec. 31, 2025. Alkermes’ financial expectations for 2026 will include certain expenses related to the transaction, including:

In the first quarter of 2026, Alkermes will record transaction-related costs of $40 million.
Alkermes will record approximately $180 million of LUMRYZ inventory fair value step-up, which will be expensed as cost of goods sold as the inventory is sold in 2026.
Alkermes will record approximately $1.5 billion of intellectual property related to LUMRYZ, which will be amortized over an expected life of 13 years. Alkermes expects amortization of intangible assets to be in the range of $95 to $105 million in 2026.
Net interest expense is expected to be in the range of $75 to $85 million in 2026.
The acquisition was approved by Avadel shareholders at a scheme meeting of shareholders and at an extraordinary general meeting of shareholders, each held on Jan. 12, 2026. The Irish High Court sanctioned the Scheme on Feb. 10, 2026. On Feb. 12, 2026 (the "Effective Date"), the Scheme and the acquisition became effective upon delivery of the court order of the Irish High Court to the Irish Companies Registration Office. Prior to the opening of trading on Feb. 12, 2026, all of Avadel’s shares will cease trading on the Nasdaq Global Market ("Nasdaq"), and Avadel intends to promptly cause such shares to be delisted from Nasdaq and deregistered under the Securities Exchange Act of 1934, as amended.

Payment of the Cash Consideration to the Scheme Shareholders pursuant to the Scheme is being commenced by Alkermes today, Feb. 12, 2026. The Rights Agent will record the Scheme Shareholders as the owners of the CVR Consideration in the CVR Register in accordance with the terms of the CVR Agreement dated as of today, Feb. 12, 2026.

Except as otherwise defined herein, capitalized terms used but not defined in this announcement have the same meanings as given to them in the definitive proxy statement filed by Avadel with the U.S. Securities and Exchange Commission ("SEC") on Dec. 3, 2025, which also constitutes a scheme circular under Irish law.

(Press release, Alkermes, FEB 12, 2026, View Source [SID1234662630])