UCB agreed to buy Neurona for up to $1.2 billion, expanding its pipeline with a potentially one-off cell therapy for a form of epilepsy that remains difficult to treat. UCB’s deal comes as the Belgian biotech continues building capabilities beyond its small-molecule seizure portfolio. The acquisition diversifies UCB’s approach by adding an advanced-therapy modality in the epilepsy space, aiming to complement its existing programs with a potentially durable benefit mechanism. Financial terms were structured around a maximum purchase price, indicating milestone-driven economics. For the market, the deal illustrates how large pharma is still willing to pay for modality shifts—particularly where neurological indications have high unmet need and where differentiated mechanisms could translate into strong clinical adoption.