(https://www.cnbc.com/2026/08/28/biocryst-is-profitable-now-it-wants-to-buy-more-rare-disease-drugs.html) rare disease companies. This is the third consolidation announcement this month in specialty pharma. The pattern is classic late-cycle M&A: smaller players getting profitable, then immediately deploying cash into accretive bolt-on acquisitions at peak valuations.

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