In a move that stunned and dismayed analysts and investors, Masimo Corp. announced a definitive agreement to acquire Sound United LLC Tuesday evening for $1.025 billion. Masimo’s stock (NASDAQ:MASI) plunged on the news of its intended purchase of the high-performance consumer audio products company, plummeting 39% from $228.84 at Tuesday’s close to $139.60 at Wednesday’s opening bell. Volatility led the Nasdaq to suspend trading in the stock for four minutes before 10 am. The stock recovered slightly during the day to close Wednesday at $147.00.

Collplant Biotechnologies Ltd. has signed a collaboration agreement with 3D bioprinting company Cellink AB for future commercial production of regenerative breast implants. Rehovot, Israel-based Collplant has developed prototypes of 3D bioprinted implants and is evaluating them in preclinical studies. The regenerative implants are designed to degrade over time and be replaced by new, naturally grown breast tissue. The technology aims to overcome the challenges of existing breast procedures that use silicone implants or autologous fat tissue transfer.

After two years of record venture capital financing, which peaked during the first quarter of 2021 with a whopping $38.27 billion raised, investments in biopharma have started to drop off, and industry watchers are expecting a slower deal pace ahead. The same is expected for the IPO market, which saw a record 134 companies go public in 2021. Those trends, combined with big pharma’s hefty cash balances, could mean an M&A surge in 2022, though the availability of special purpose acquisition companies could continue to offer private firms an attractive alternative to a buyout.

Immunogen Inc. and Eli Lilly and Co., having already seen a collaboration collapse in 2018, will try it again. Immunogen granted the exclusive rights to research, develop and commercialize antibody-drug conjugates (ADCs) that are directed toward targets Lilly will select. Waltham, Mass.-based Immunogen will receive $13 million up front from Lilly and is eligible to receive another $32.5 million in exercise fees if Lilly licenses all the targets. Down the road, Immunogen could receive as much as $1.7 billion in exercise fees and milestones payments.

Quris Technologies Ltd. has inked an agreement with Merck KGaA to assess its BioAI safety prediction platform. The partnership will compare the Quris’ artificial intelligence (AI)-based platform with traditional in vivo and in vitro approaches of evaluating drug safety concerns.

Blue Note Therapeutics Inc. took a new approach to expanding its pipeline of prescription digital therapeutics (PDT) with an exclusive licensing agreement with the University of Sydney for Conquerfear, a metacognitive intervention that helps cancer survivors cope with the fear of disease recurrence. Blue Note has developed its PDTs internally to date but hopes to convert Conquerfear’s elements, which are typically delivered face-to-face, into a PDT for the U.S. and Canada. As a digital therapy, the program could potentially reach many more patients.

Collegium Pharmaceutical Inc. said it plans to acquire all outstanding shares of Biodelivery Sciences International Inc. for $5.60 each, putting the price tag at about $604 million. At the heart of the deal are Biodelivery Sciences' Belbuca (buprenorphine buccal film), a schedule III opioid, and Elyxyb (celecoxib), an oral migraine treatment that gives Collegium a foothold into the neurology market.

Mica Biosystems Ltd. is linking up with U.K. innovation center Cell and Gene Therapy Catapult (CGT Catapult) to accelerate commercialization of its regenerative technology platform. CGT Catapult is supporting the Birmingham, U.K.-based startup as it engages in conversations with the U.K.’s Medicines and Healthcare Products Regulatory Agency for clinical trials testing its remote-controlled stem cell therapy platform.

An increasing number and rising value of high-money biopharma deals has placed early 2022 above all recent years, even though there are fewer partnerships overall.