Shionogi agreed to acquire IntraBio for $2 billion, aiming to add late-stage and commercially validated rare-disease assets to its pipeline. IntraBio’s lead product, Aqneursa (levacetylleucine), is approved in the U.S. and EU for neurological manifestations of Niemann-Pick disease type C. The acquisition also follows a recent FDA label expansion for Aqneursa in ataxia-telangiectasia, positioning the asset as a strategic entry point into additional pediatric and neuro indications. Shionogi said the deal strengthens its rare disease strategy after an earlier move to broaden its portfolio. For the market, the transaction signals continued willingness among strategics to pay for assets with regulatory momentum in orphan indications despite broader funding volatility.