Just weeks after IntraBio secured a label expansion for its lead asset Aqneursa, Japanese drugmaker Shionogi is moving in to take the reins.
Shionogi is handing over $2 billion for the Austin, Texas-based commercial biotech, in a deal that—in addition to Aqneursa—will grant access to IntraBio’s rare disease expertise and pipeline.
The acquisition builds on Shionogi’s plans to diversify beyond its anti-infectious disease drug base and to beef up its budding rare disease unit, which was founded with the April acquisition of Tanabe Pharma's Radicava, a treatment for amyotrophic lateral sclerosis (ALS).
The transaction follows big news for IntraBio: Late last month, Aqneursa became the first approved treatment for ataxia-telangiectasia (A-T), a rare genetic neurogenerative disease that is prematurely fatal. A-T marks the medicine's second indication, following a 2024 inaugural approval for Niemann-Pick disease Type C (NPC). In the European Union, Aqneursa gained NPC approval in early 2026 and is currently under review for A-T.
The drug is also currently in phase 3 testing for CACNA1A disorders, a group of disorders caused by mutations in the CACNA1A gene. Like A-T, there is currently no approved treatment for CACNA1A disorders and the conditions affect an estimated 30,000 people in the U.S. alone.
"The planned acquisition of IntraBio actively demonstrates Shionogi's solid commitment to building a leading global rare disease business," said Isao Teshirogi, Ph.D., CEO of Shionogi, in a statement. “Shionogi has a strong record of delivering innovative medicines for challenging infectious diseases, and we are applying that same focus and determination to rare diseases.”
Because IntraBio is privately held, sales for Aqneursa are not publicly available. But details on the sale from Shionogi suggest the company did around $68 million in sales in 2025.
The purchase comes only a few months after Shionogi paid $2.5 billion for Radicava, which it projected would bring in $700 million in annual sales.
“In addition to Aqneursa, the capabilities and resources gained through this acquisition would help to accelerate the development of new treatment options,” said Nathan McCutcheon, President and CEO of Shionogi Inc., the U.S.-based Shionogi subsidiary that will envelope IntraBio.
Shionogi said it plans to leverage IntraBio’s expertise across its clinical pipeline, including existing programs for Pompe disease, Fragile X syndrome and Jordan’s syndrome, as well as newly added neurodegenerative disease programs.
Shionogi’s strategy of scooping up approved assets fits the pharma M&A playbook for 2026. While deals slowed down in the third quarter, 2026 remains a banner year for strategic dealmaking as drugmakers look to fend off the effects of a looming $300 billion patent cliff.
“Nearly every major player in the sector has announced at least one $1 billion biopharma deal in the last 12 months, with several completing multiple transactions,” PwC wrote in a recent report on the landscape.