United Therapeutics agreed to pay $140 million to acquire Thymmune Therapeutics, targeting preclinical and rare-disease regenerative cell therapies focused on thymus function. The upfront payment is paired with up to $160 million in milestones through 2031 tied to clinical and regulatory progress. Thymmune’s approach converts human induced pluripotent stem cells into thymic cells, aiming to generate a “neo-thymus” and restore T-cell function. Its lead candidate, THY-100, is in preclinical development for congenital athymia, an ultra-rare condition with extremely high early mortality in historical natural history cohorts. United’s roadmap outlined potential expansion beyond congenital athymia into transplant tolerance, immune-mediated diseases, and enhanced longevity, aligning with the company’s broader immunology and rare disease strategy.