Shionogi moved to expand its rare disease portfolio by acquiring IntraBio for $2 billion. The deal is designed to add Aqneursa (levacetylleucine), an approved therapy for neurological manifestations of Niemann-Pick disease type C in the U.S. and EU. Shionogi said the purchase also strengthens its ataxia-telangiectasia program after Aqneursa gained a supplemental FDA approval expanding its label to treat ataxia in A-T patients above 15 kg. The company noted Aqneursa remains under EMA review for the pediatric ataxia indication. Deal terms and investor reaction suggest that approved rare assets with regulatory momentum continue to carry “scarcity value” for strategics, particularly when onboarding of late-stage assets can de-risk development timelines.