Shionogi agreed to acquire IntraBio for $2 billion to expand its rare disease portfolio around Niemann-Pick disease type C. The deal includes the acquisition of Aqneursa (levacetylleucine), which Shionogi says is marketed and has FDA approval for neurological manifestations in NPC, and is also approved in the EU. The announcement also highlights label expansion: the FDA approved a supplemental NDA expanding Aqneursa to become the first drug approved for ataxia in ataxia-telangiectasia patients meeting weight thresholds, and Shionogi indicated EMA review activity for additional A-T populations. Strategically, the transaction reinforces investor focus on scarcity value and approved product assets in rare neurodegeneration—especially where distribution and ongoing label development can accelerate future platform scale.