Shionogi agreed to acquire IntraBio for $2 billion to expand its rare-disease portfolio with Aqneursa (levacetylleucine), an FDA-approved therapy for the neurological manifestations of Niemann-Pick disease type C. The deal also adds an Ataxia-telangiectasia (A-T) label expansion that received FDA approval in September 2024 for patients meeting weight criteria, with EMA review underway. Shionogi characterized the acquisition as a commitment to building a global rare disease business after its prior Radicava acquisition. The company framed Aqneursa as strengthening its portfolio across neurologic rare conditions and pointed to future innovation plans with unmet needs. Investors initially reacted negatively to the announcement, with Shionogi shares down before rebounding, reflecting the market’s sensitivity to rare-disease deal value when larger pipeline catalysts are in focus.