By Alex Chou, Samantha Lee, Charlotte Wu, Kevin Chuang, and Sophia Fang (National Taiwan University) Photo: Markus Frieauff (Unsplash) Overview of the deal Acquirer: Abbott Laboratories (NYSE: ABT) Target: Exact Sciences Corporation (NASDAQ: EXAS) Implied Equity Value: USD ~$21 billion Total Transaction Size: USD ~$23 billion Announcement date: November 20, 2025 Closing date: March 23, 2026 Target advisor: Centerview Partners LLC, XMS Capital Partners LLC (Financial); Skadden

By Blanche Delaunay, Huseyn Badalbayli, Kristiyan Nedelchev, Martin Tropchev, and Robin van der Werf (Rotterdam School of Management); Gilles Michaud and Marc Bellon (HEC Paris) Photo: Louis Reed (Unsplash) Overview of the deal Acquirer: Gilead Sciences, Inc. (Nasdaq: GILD) Target: Arcellx, Inc. (Nasdaq: ACLX) Implied Equity Value: $7.8 billion ($115 per share in cash + $5 CVR per share) Total Transaction Size: $7.8 billion Closed Date: April 28, 2026 Target Advisor: Centerv

By Rakan Aqrouq, Krissa Mou, Scarlet Park, and Terry Zhang (University of British Columbia); Amin Ouamar, Gilles Michaud, and Marc Bellon (HEC Paris). Photo: Piron Guillame Overview of the deal Acquirer: Laboratoires Servier Target: Day One Biopharmaceuticals Implied Equity Value: $2.5 bn Total Transaction Size: $2.5 bn Closed date: Announced on March 6th, 2026. Expected to close in Q2 2026 Target advisor: Centerview Partners, (financial), Fenwick & West, Wilson Sonsini Goodr

By Shahmir Ahmed, Alp Ceylan, and Francesco del Sesto (Bocconi University); Alvaro Aguilar De Nalda (ESADE); Diana Usova, Dylan Stiassny, Oli Cedar, Obianuju Okafor (University of Bristol) Photo: Volodymyr Hryshchenko (Unsplash) Summary of IPO As the pharmaceutical industry looks to artificial intelligence to accelerate drug discovery, Generate Biomedicines are positioning themselves as a force to be reckoned with in this growing market. Through what the company has dubbed “G