Eli Lilly agreed to acquire Ajax Therapeutics for up to $2.3 billion to expand its next-generation JAK franchise for myeloproliferative neoplasms. Lilly will gain access to AJ1-11095, a Type II JAK2 inhibitor in Phase 1 evaluation, with the deal structure including upfront and milestone payments. The Ajax move follows Lilly’s broader acquisition pace, and it underscores continued Big Pharma emphasis on durable disease control in blood cancers where patients often face resistance or treatment discontinuation with existing JAK inhibitors. Meanwhile, Sun Pharma agreed to buy Merck’s women’s health spinout Organon for $11.75 billion in an all-cash deal expected to close in early 2027, expanding into a portfolio of women’s health brands and biosimilars. Together, the transactions highlight how capital is concentrating around differentiated specialty franchises and portfolio breadth.