Jazz Pharmaceuticals agreed to buy Actio Biosciences in a deal valued at up to $1.3 billion, adding a new ultra-rare epilepsy pipeline asset to Jazz’s portfolio. Under the agreement, Actio will receive $820 million upfront, with up to $500 million more tied to regulatory and commercial milestones. Actio’s lead program, ABS-1230 (KCNT1-related epilepsy), is in a pivotal Phase Ib/IIa KYRON trial and has Fast Track, Rare Pediatric Disease, and Orphan Drug designations. The transaction also includes a spinout structure at closing, with certain assets and personnel separated into a new private company. The acquisition reflects continued consolidation in neurodevelopmental and rare epilepsy markets, where limited approved options and clear genetic targets can make clinical differentiation a key investment thesis.