United Therapeutics agreed to acquire Thymmune Therapeutics for $140 million upfront, with up to $160 million in milestones, betting on thymus-targeted regenerative cell therapy. Thymmune is developing THY-100, a process converting human induced pluripotent stem cells into thymic cells intended to help mature and restore T-cell function. Thymmune’s near-term program is focused on congenital athymia, an ultra-rare condition with high early mortality. The company’s investment case is strengthened by a natural history dataset cited in support of FDA approval for the existing cultured thymus implant therapy Rethymic (survival 77% at Year 1 and 94% among those alive at Year 1 over a median follow-up of 10.7 years). United also signaled longer-term ambitions beyond congenital athymia, including transplant tolerance and immune-mediated disease areas, if clinical proof of concept supports scalability and efficacy in broader populations.