Takeover activity kept exerting upside pressure on biotech investors as deals accelerated into a new quarter. A STAT+ recap attributed the sharp end-of-quarter rebound in the XBI to major transactions: Eli Lilly’s acquisition of Centessa Pharma and Biogen’s plan to buy Apellis Pharma, alongside easing Iran-related risk concerns. For biotech, the reporting underscores that investors are still rewarding large-cap deal flow even as approval activity stays mixed—reinforcing M&A as a primary catalyst for near-term sentiment.