Qiagen agreed to be taken private in an all-cash transaction proposed by EQT, valuing the diagnostic platform at about $12.1 billion including net debt and offering a premium over recent trading prices. The move points to continued consolidation pressure on public life science tools and services. In drug-delivery dealmaking, METiS TechBio and Eli Lilly announced a partnership valued up to $1.1 billion to develop tissue-specific lipid nanoparticles using AI-guided design. The collaboration targets the delivery bottleneck that has often constrained the durability and potency of nucleic-acid therapeutics. Finally, a separate corporate development strand includes strategic pipeline repositioning in China and investor interest in next-generation biologics, keeping M&A and partnership activity focused on platform leverage rather than standalone assets.