Private Equity 8 Hours

Last updated: April 20, 2026, 8:30 PM ET

Biotech & Growth Equity M&A

The life sciences sector saw a major transaction as Eli Lilly announced its intention to acquire gene therapy developer Kelonia Therapeutics for a substantial sum reaching up to $7 billion in cash, marking one of the largest funded biotech startup purchases in recent years, focused on oncology applications. Separately, early-stage technology funding continues to heat up, with reports suggesting that CuspAI is targeting a $200 million capital raise that would secure it a unicorn valuation, reflecting sustained investor appetite for AI-focused platforms despite broader market volatility.

Middle-Market Add-On Acquisitions

Private equity firms continued their aggressive deployment strategy through bolt-on acquisitions across specialized industrial and services sectors. Acorn Capital confirmed its imminent purchase of MTI Aviation, citing the target's differentiated aerospace and defense profile and strong growth prospects as key drivers for the deal. In parallel, the infrastructure space saw further consolidation, with Quad-C-backed Vortex acquiring Mainlining America, a water-main service company that will now operate under the Vortex Water brand to deepen U.S. operational scope. Furthermore, Concentric's portfolio company, Collective Waste, expanded its service capabilities by scooping up Straight Flush Rentals, adding depth to its waste management offerings. Meanwhile, Lovable denied reports of a widespread data breach, attempting to quell concerns among its user base regarding data integrity.