In its second deal with Novartis AG of the past 11 months, Monte Rosa Therapeutics Inc. is getting $120 million up front to collaborate on developing molecular glue degraders to treat immune-mediated diseases. The agreement could swell to $5.7 billion for Monte Rosa.

Through the first eight months of 2025, med-tech M&A deal value reached $30.74 billion, a modest rebound from $34.77 billion during the same period in 2024. August contributed $2.42 billion, down from July’s $6.21 billion, yet still ahead of several earlier months in 2025.

In its second deal with Novartis AG of the past 11 months, Monte Rosa Therapeutics Inc. is getting $120 million up front to collaborate on developing molecular glue degraders to treat immune-mediated diseases. The agreement could swell to $5.7 billion for Monte Rosa.

Biopharma dealmaking remained robust through August 2025, with total disclosed deal value reaching $185.28 billion for the first eight months of the year, the highest January-to-August total in BioWorld’s records, and up nearly 36% over the same period in 2024.

Elutia Inc. agreed to sell its Elupro and Cangaroo bioenvelopes for implantable medical devices to Boston Scientific Corp. for $88 million in cash. Elutia will use the funds to further development of NXT-41x, an antibiotic biomatrix designed to reduce post-surgical complications in breast reconstruction.

Braveheart Bio Inc. is paying $65 million up front to license Jiangsu Hengrui Pharmaceuticals Co. Ltd.’s oral hypertrophic cardiomyopathy drug candidate called HRS-1893.

Argo Biopharmaceutical Co. Ltd. and its RNAi work drew Novartis AG back to the table for a third time, as the companies entered a potential $5.2 billion deal involving cardiovascular-focused assets, including a right to first negotiation for BW-00112, an angiopoietin-like protein 3-targeting siRNA in phase II testing in severe hypertriglyceridemia.

Countries in the Asia Pacific (APAC) region have an opportunity, or a time-limited “gap,” to become leaders on the global biotechnology stage, panelists at the Bio Asia 2025 conference said in Singapore Sept. 9.

Following a May phase II readout and a recent presentation of Tourmaline Bio Inc.’s long-acting anti-IL-6 IgG2 monoclonal antibody, pacibekitug, for atherosclerotic cardiovascular disease (ASCVD), Novartis AG offered $1.4 billion, or $48 per share, to buy the barely 4-year-old company. Previously shelved by Pfizer Inc., which had been developing it for autoimmune disorders, pacibekitug fell into the hands of New York-based Tourmaline through a May 2022 license agreement. In addition to the Tranquility phase II trial in ASCVD, the company’s lead product is also in the phase IIb Spirited trial for thyroid eye disease, a readout for which is expected in early 2026.

About two years since its founding, new company Radiance Biopharma Inc. signed a deal in which it could pay up to $1.165 billion to Novatim Immune Therapeutics Co. Ltd. for global rights outside of certain Asian countries to a bispecific nanobody antibody-drug conjugate that targets c-MET and EGFR to treat solid tumors.