Arrowhead Pharmaceuticals struck a $215 million deal to acquire PRV, according to a filing referenced in the deal coverage, signaling continued consolidation around precision immunology and pipeline expansion strategies. The transaction price stands out as the year’s largest deal in that specific segment. In parallel, Tarsus’ Alkeus acquisition (covered elsewhere) adds to the theme of late-stage ophthalmology assets being pulled into bigger portfolios. For bidders, these deals also reflect the premium being paid for clinical proof points that shorten development uncertainty. The combined message across sectors is that large platforms are still willing to pay up for assets with credible efficacy signals and clear path to commercialization.