Eli Lilly scoops up Houston biotech startup in $300 million deal

big pharma deal

CrossBridge Bio co-founder and CEO Michael Torres. Photo via LinkedIn

Pharmaceutical giant Eli Lilly has acquired Houston biotech startup CrossBridge Bio, which develops antibody-drug conjugates for cancer, in a deal worth up to $300 million. The deal was celebrated by TMC Venture Fund and the University of Texas Health Science Center at Houston last week.

CrossBridge, founded in 2023, is developing ADCs based on research by Kyoji Tsuchikama and Zhiqiang An, both of UT Health Houston. Tsuchikama is an associate professor of medicinal chemistry and a globally recognized ADC pioneer, and An is a professor of molecular science and vice president of drug discovery.

Antibody-drug conjugates (ADCs) are a potent combination of targeted therapy and chemotherapy that kills cancer cells while saving healthy tissue.

Clinical trials for CrossBridge’s primary ADC candidate, CBB-120, are expected to start this year, pending approval from the U.S. Food and Drug Administration (FDA).

“I’m proud of how well our team has executed and advanced our platform in such a short time since the company’s founding,” Michael Torres, co-founder and CEO of CrossBridge, said in a news release. “By becoming a part of Lilly, a leader in patient-focused therapeutic development, we are well-positioned to further accelerate the clinical potential of this approach.”

Under the Lilly deal, CrossBridge shareholders were expected to receive an upfront payment along with a follow-up payment based on the achievement of certain milestones.

In 2024, CrossBridge closed a $10 million seed round. Among the investors in CrossBridge are the Texas Medical Center Venture Fund, CE-Ventures, Alexandria Venture Investments, Portal Innovations, Linden Lake Labs, and the Cancer Prevention and Research Institute of Texas (CPRIT). It was formed in TMC Innovation’s Accelerator for Cancer Therapeutics program."Built within the TMC ecosystem, CrossBridge Bio grew with the support, funding, and resources that helped shape its trajectory. TMC led the company's early financing and watched it evolve from its earliest days to its acquisition by Eli Lilly," William McKeon, president and CEO of the Texas Medical Center, shared in a LinkedIn post. "[This is a] strong reminder that breakthrough science and the right early backing can change what’s possible."
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Fertitta Entertainment, has announced a $17.6 billion deal to acquire Caesars Entertainment, Inc. Photo by J. Thomas Ford

Houston business mogul Tilman Fertitta acquires Caesars in $17.6B deal

Money Moves

Houston billionaire Tilman Fertitta may currently be serving as America’s ambassador to Italy, but his company is as busy as ever. Fresh off its move to revive the Houston Comets WNBA franchise, his company, Fertitta Entertainment, has announced a $17.6 billion deal to acquire Caesars Entertainment, Inc.

Speculation about the deal has been circulating since at least March, according to various media reports. The deal combines Fertitta’s well-known Golden Nugget casino brand with all of the properties in the Caesars’ portfolio, including Las Vegas hotels Caesars Palace, Harrah's, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo, and The Cromwell.

Overall, the combined company will include 60 domestic casino resorts and gaming facilities; online gaming including sports betting, iCasino, and Caesar’s online poker platform; retail sports betting at over 200 third-party locations through the William Hill brand; and over 550 Fertitta Entertainment outlets, including more than 450 Landry's full-service restaurants across America. The companies will combine their loyalty programs, Caesars Rewards, Golden Nugget's 24 Karat Select Club, and Landry's Select Club.

The terms will see Caesars’ shareholders receive $31 per share. Fertitta Entertainment will also acquire approximately $11.9 billion of Caesars' outstanding debt.

The transaction will be financed through a combination of equity contributed by Fertitta Entertainment, assumed Caesars' debt, and new committed debt financing arranged by a group consisting of 10 banks. It is subject to approval by Caesars’ shareholders and government regulators.

Fertitta Entertainment is the Houston-based company behind a diverse array of hospitality businesses, including The Golden Nugget, The Post Oak Hotel, River Oaks District, the Kemah Boardwalk, and Houston’s Downtown Aquarium.

It also operates a number of prominent restaurant brands, including Mastro's Restaurants, Del Frisco's Double Eagle Steakhouse, Morton's The Steakhouse, The Palm, McCormick & Schmick's, Landry's Seafood House, The Oceanaire Seafood Room, and Saltgrass Steak House.

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This article first appeared on CultureMap.com.

Intuitive Machines is scooping up a company with a satellite Earth station in Cornwall, England. Photo courtesy Goonhilly Earth Station

Intuitive Machines strikes $49.3M deal to expand lunar communications network

space deal

Houston-based Intuitive Machines is bulking up its space-to-ground data network with the acquisition of United Kingdom-based Goonhilly Earth Station and its U.S. arm, COMSAT.

The $49.3 million cash-and-stock deal would add 44 antennas to Intuitive Machines’ network. The acquisition is expected to close in the third quarter.

Intuitive Machines, a space infrastructure and services company, designs, builds, and operates spacecraft and data networks for lunar and deep-space missions. Goonhilly operates a satellite Earth station in Cornwall, England.

Intuitive Machines says Goonhilly’s and COMSAT’s civil, commercial, and government customers will complement its current customer base and broaden its reach into related sectors.

“Customers have been clear that they want a single, integrated, and resilient solution for their communications and [position, navigation, and timing] needs as they accelerate missions at an unprecedented pace,” Steve Altemus, co‑founder and CEO of Intuitive Machines, said in a news release.

Kenn Herskind, executive chairman of Goonhilly, says the acquisition “will allow us to scale that capability globally and directly support the next era of lunar exploration. Together, we will be creating a commercial lunar communications network that is interoperable, resilient, and ready to support Artemis and international missions.”
Sysco is striking a major deal. Photo by Brandon Bell/Getty Images

Houston food giant Sysco to acquire competitor in $29 billion deal

Mergers & Acquisitions

Sysco, the nation's largest food distributor, will acquire supplier Restaurant Depot in a deal worth more than $29 billion.

The acquisition would create a closer link between Sysco and its customers that right now turn to Restaurant Depot for supplies needed quickly in an industry segment known as “cash-and-carry wholesale.”

Sysco, based in Houston, serves more than 700,000 restaurants, hospitals, schools, and hotels, supplying them with everything from butter and eggs to napkins. Those goods are typically acquired ahead of time based on how much traffic that restaurants typically see.

Restaurant Depot offers memberships to mom-and-pop restaurants and other businesses, giving them access to warehouses stocked with supplies for when they run short of what they've purchased from suppliers like Sysco.

It is a fast growing and high-margin segment that will likely mean thousands of restaurants will rely increasingly on Sysco for day-to-day needs.

Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. Based on Sysco’s closing share price of $81.80 as of March 27, 2026, the deal has an enterprise value of about $29.1 billion.

Restaurant Depot was founded in Brooklyn in 1976. The family-run business then known as Jetro Restaurant Depot, has become the nation's largest cash-and-carry wholesaler.

The boards of both companies have approved the acquisition, but it would still need regulatory approval.

Shares of Sysco Corp. tumbled 13% Monday to $71.26, an initial decline some industry analysts expected given the cost of the deal.

Cart.com has acquired OceanX, adding two new facilities and expanding its logistics network to enhance efficiency and support high-volume beauty, wellness, and lifestyle brands. Photo courtesy of Cart.com

Houston e-commerce platform expands logistics network with acquisition of fulfillment operations arm

M&A move

A Houston e-commerce unicorn has made its latest strategic acquisition.

Cart.com, which operates a multichannel commerce platform, announced that it has acquired Guthy-Renker's wholly-owned fulfillment operations arm OceanX. The terms of the deal were not disclosed. Around 200 OceanX employees will be assumed onto the Cart.com team, and the fast-growing company will add two new facilities totaling over 600,000 square feet to its network, expanding to include a West Coast distribution hub in Southern California and its third facility near Columbus, Ohio.

"Acquiring OceanX is part of Cart.com’s strategy to continue to scale our platform and capabilities across industries, leveraging our proprietary technology to improve efficiency and deliver superior results to our clients and their customers,” Omair Tariq, Cart.com founder and CEO, says in a news release. “By deploying our Constellation OMS and WMS software and seasoned operations team across these two new facilities, we will improve order visibility, labor efficiency, shipping costs and customer satisfaction for the benefit of our new clients.”

Cart.com now has 17 omnichannel fulfillment and distribution centers with around 10 million square feet and more than 1,600 team members, according to the company.

With the transition, Guthy-Renker's Co-Founder and Co-Chairman Bill Guthy will serve as a strategic adviser to Cart.com.

The move broadens Cart.com's presence in the high-volume beauty, wellness, and lifestyle industries, and the company now will work with supply chains from numerous brands, including Meaningful Beauty, The Body Firm, Smileactives, and Westmore Beauty.

“Cart.com has built a comprehensive, enterprise-grade logistics network with modern, digital capabilities that offer unparalleled visibility, control and efficiency for our brands,” Rick Odum, CEO of Guthy-Renker, says in the release. “This partnership will marry our own channel and marketing expertise with their track record of driving growth and savings for high-volume, high-SKU brands, supercharging performance across our portfolio.”

Earlier this year Cart.com secured $105 million in debt refinancing from investment manager BlackRock and a $25 million series C extension round.

In April, the company acquired an Amazon partner, Ohio-based Amify, a company that provides optimization and advertising solutions

Houston-based Galen Data, a provider of cloud-based connectivity software for medical devices, has been acquired. Photo via Getty Images

Houston startup acquired, plans to expand global medical device software solutions

exit this way

Houston-based Galen Data, a provider of cloud-based connectivity software for medical devices, has been acquired by health care-focused asset manager Lauxera Capital Partners. Financial terms weren’t disclosed.

Lauxera, based in France, says the Galen Data acquisition complements its 2022 purchase of Germany-based Matrix Requirements, a provider of software for medical device R&D and quality control teams.

“The Galen team has built an exceptional product providing medical device companies a cost-effective, compliant, and secure solution for medical device cloud connectivity,” Samuel Levy, founding partner of Lauxera, says in a news release.

Chris DuPont, co-founder and CEO of Galen Data, says the Lauxera deal “empowers us to take our business to the next level and better serve our clients while pushing forward the innovation that’s at the core of everything we do.”

Chris DuPont is the co-founder and CEO of Galen Data. Photo via LinkedIn

Galen Data had raised $7.21 million in venture capital since its founding in 2016, according to PitchBook. Investors included the Texas HALO Fund, the Houston Angel Network, Tamiami Angel Fund IV, and Zeeland Ventures. As of November 2023, Galen Data was valued at $18 million, according to Dealroom.co.

Customers of Galen Data include Austin-based Cardi/o, Houston-based Delphi Diagnostics, Houston-based Future Caridia, Austin-based Harmonic Bionics, Houston-based Tienovix, and Houston-based Zibrio.

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Houston ranks among 15 U.S. hot spots for women in tech

Ranking It

Houston is soaring among the best places in the U.S. for women in tech, a new report says. Houston ranked No. 15 nationwide in SmartAsset's new report, "Best and Worst Cities for Women in Tech — 2026 Study," which compared the 50 biggest U.S. cities across four metrics:

  • Gender pay gap — women's median earnings as a percentage of men’s median earnings in tech
  • The share of all tech workers that are women
  • The overall concentration of employment for tech workers, defined as "tech workers as a share of the local workforce"
  • Women tech workers’ median earnings, adjusted for regional price parity
For the purpose of the study, tech workers are defined as "city residents employed in computer and mathematical occupations." The study's findings show that fewer than 9,500 tech workers in Houston are women, or 25.6 percent of the total tech workforce in the city. In total, tech workers in general make up less than 3 percent of the Houston workforce.Despite the high ranking, women tech workers in Houston have a sizeable gap to cross to receive equal pay compared to their male counterparts in the same industry. Women tech workers make just over $97,000 in median earnings after adjusting for regional price parity, which is only 93 percent of what male tech workers make, SmartAsset found.

There are only two U.S. cities where women in tech earn more than what their male counterparts: Miami and Memphis, Tennessee. Women tech workers in Miami make an adjusted $88,650 in median earnings, or 101.7 percent of what men in tech make. In Memphis, women make $84,718 in adjusted earnings, or 101.5 percent of what men in tech earn.

The findings also assert that women remain underrepresented in the nation's overall tech sector, despite making up nearly half of the total workforce. Only 22.6 percent of the country's tech labor force is made up of women, according to the Equal Employment Opportunity Commission."Opportunities for women in tech can vary considerably by location, and these differences shape access to jobs, career advancement and earning potential," the report's author wrote. "In some places, women account for a larger share of tech workers, face narrower pay gaps and enjoy a stronger local labor market. In others, they may encounter a more challenging career environmentThe six other Texas cities that earned spots in the report are Austin (No. 6), Fort Worth (No. 26), Dallas (No. 32), Arlington (No. 38), San Antonio (No. 42), and El Paso (No. 49).

The top 10 best U.S. cities for women in tech are:

  • No. 1 – San Jose, California
  • No. 2 – Seattle, Washington
  • No. 3 – San Francisco, California
  • No. 4 – Atlanta, Georgia
  • No. 5 – Baltimore, Maryland
  • No. 6 – Austin, Texas
  • No. 7 – Oakland, California
  • No. 8 – Portland, Oregon
  • No. 9 – Boston, Massachusetts
  • No. 10 – Minneapolis, Minnesota
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This article first appeared on CultureMap.com.

2026 Houston Innovation Awards finalists revealed and more top stories

Trending News

Editor's note: The top Houston innovation news for the first half of October celebrates the finalists for our sixth annual awards program. Plus, Rice launches a new venture fund and an energy AI company picks Houston for its first U.S. office. Here are the five most-read stories published October 1-15, 2026:

Announcing the 2026 Houston Innovation Awards finalists

InnovationMap is proud to reveal the finalists for the 2026 Houston Innovation Awards. The sixth annual Houston Innovation Awards program returns in an all-digital format this fall to honor the best of Houston's innovation ecosystem, including startups, entrepreneurs, mentors, and more. Get to know our finalists in more detail through editorial spotlights on InnovationMap.com leading up to the winner announcement in mid-November. Continue reading.

Meet the esteemed judges for the 2026 Houston Innovation Awards

Our 2026 Houston Innovation Awards judging panel comprises past award winners who represent a variety of industries and areas of expertise. They are joined by InnovationMap's interim editor. All are deeply engaged in the Houston innovation ecosystem. Continue reading.

Energy AI company opens first U.S. office at Houston's the Ion

Building on its partnership with Houston-based oilfield services provider Halliburton, energy-sector AI company Shape Digital recently opened an office at The Ion. It’s the company’s first U.S. location. Shape Digital’s workforce in Houston includes employees specializing in tech support, business development and client services. The company’s local hiring projections and headcount weren’t available. The new office will be located within Industrious at the Ion, according to Rice Alliance. Continue reading.

Rice University launches new venture fund for university-affiliated startups

Rice University has launched its new One Giant Leap Ventures Fund I, which will invest in the university’s spinouts and alumni-founded startups. The early-stage institutional venture fund will function with a hybrid structure that allows for participation from traditional equity investors and philanthropic investors. According to the university, the fund will invest up to $500,000 per Rice-affiliated company. To be considered eligible for funds, companies must use intellectual property licensed by the university or be led or founded by alumni. Continue reading.

Here’s where wages grew the most in Houston since 2021, according to new report

Bolstered by a thriving manufacturing sector, Waller County—the country’s second-fastest-growing county—leads all Houston-area counties for the growth of pay from 2021 to 2026, according to a new study. The study, conducted by personal finance website SmartAsset, found average pay in Waller County rose 48 percent from 2021 to 2026. The county’s average weekly pay climbed from $891 to $1,323 during that period. Continue reading.

5 female-founded Houston startups shine as Innovation Awards finalists

meet the finalists

Houston is home to many standout female founders, making inroads and breakthroughs in every industry.

As part of the 2026 Houston Innovation Awards, our Female-founded Business category honors women-led startups that are shaping Houston innovation.

Five female-founded businesses have been named finalists for the 2026 award. This year's finalists, selected by our esteemed panel of judges, range from an AI startup for C-Suite execs to a company developing semi-autonomous crawler robots for corrosion detection.

Read more about these innovative startups and the visionary female founders behind them below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Adair

Artificial intelligence startup Adair uses computational linguistics and behavioral economics to measure, model and quantify the impact of spoken and written language on firm valuation and stock prices. The company works with C-Suite executives of public companies on high-stakes communications before they go live.

The company was founded last year by CEO Kathleen Perley, CPO Alex Duong and CTO Anthony Grivet. It raised $5.6 million earlier this year, according to its application.

ARIX Technologies

Energytech startup ARIX Technologies has developed a semiautonomous VENUS crawler robot to detect corrosion under insulation before it becomes a failure. The robots climb insulated piping in refineries, chemical plants and energy facilities to capture inspection data without removing insulation or building scaffolding. ARIX's inspection portal then turns information from the inspection into data a company can act on.

ARIX was founded in 2017 by Dianna Liu, who serves as director, and Head of Product Petter Wehlin. Craig Malloy serves as CEO. The company has raised more than $22 million in seed funding and a Series A round, according to its application.

Bairitone Health

Healthtech startup Bairitone Health is bringing anatomy imaging for sleep apnea to the home environment. The company's platform maps users' anatomy during natural sleep using a facial patch to determine the root cause of airway obstruction. It then offers effective therapies for each patient.

The company was founded in 2022 in the Texas Medical Center's Biodesign program by CEO Meagan Pitcher, CTO Onur Kilic and chief medical officer Britt Cross. It was a member of Activate Houston's inaugural cohort and has participated in numerous accelerators and incubators. The company raised an oversubscribed seed round for $2.4 million earlier this year and received Breakthrough Device Designation from the Food and Drug Administration in April.

FlowCellutions

Energytech startup FlowCellutions is developing a chemistry-agnostic diagnostics platform for flow and metal-air batteries supporting data centers and critical infrastructure. The platform is designed to help reduce operating costs, prevent failures and costly downtime, and extend battery lifetime from approximately seven years to more than 30 years. It has deployed four paid pilots and plans to take insights from the programs to develop its next-gen sensor platform technology.

CEO Becca Segel founded the company in 2022. It is a member of Greentown Labs, and Segel was a 2025 Activate Fellow. The company has raised over $2 million in non-dilutive funding and received a $1.5 million NSF SBIR Fast-Track award earlier this year.

ParaDocs Health

Healthtech startup ParaDocs Health is developing a clinical intelligence platform that helps doctors and care teams streamline administrative tasks and make better use of patient records. Its technology organizes fragmented clinical data into actionable insights, helping care teams identify gaps in care, assess patient risks and simplify documentation and reimbursement.

ParaDocs was founded in 2022 by CEO Dr. Dhini Nasution and CTO Dr. Omar Mohtar. The company participated in the TMCi Biodesign Program and raised a preseed round last year, according to its application.

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