Enodia Therapeutics acquired Kezar Life Sciences’ Sec61‑based discovery assets in a deal that begins with a $1 million upfront payment and could reach up to $127 million in milestones plus royalties. Enodia said the acquisition augments its selective Sec61 translocon modulation platform and adds preclinical datasets, structural insights and chemical series to accelerate targeted protein degradation programs. Separately, an Avidity‑originated spinout, Atrium Therapeutics, launched with roughly $270 million in cash to advance RNA‑delivery programs targeting rare genetic cardiomyopathies, taking Avidity’s heart‑targeting AOC technology into first‑in‑human timelines. Atrium named two lead candidates and signaled IND filings in the near term. These transactions highlight active deal structures across modality space: small strategic acquisitions to fill mechanistic gaps and capitalized spinouts that convert platform assets into focused clinical companies. Both moves underscore investor appetite for platform extensions in targeted degradation and organ‑selective oligonucleotide delivery.