The unsettling impact that the Trump administration’s health care and tariff initiatives are having on M&A activity and financing is highlighted in a new survey of CEOs and investors, who say uncertainty related to the U.S. policy environment is the top challenge they face when it comes to executing deals.

Arrowhead Pharmaceuticals Inc. has announced a global licensing and collaboration agreement with Novartis AG for ARO-SNCA, Arrowhead’s preclinical stage siRNA therapy for the treatment of synucleinopathies such as Parkinson’s disease, and for additional targets.

Omass Therapeutics Ltd. has entered into an exclusive collaboration and license agreement with Genentech Inc., a member of the Roche Group, for the rights to develop and commercialize Omass’ preclinical oral small-molecule program for inflammatory bowel disease.

Jazz Pharmaceuticals plc and Saniona AB have entered into a global license agreement for Jazz to obtain exclusive worldwide rights to develop and commercialize SAN-2355 for epilepsy and other potential indications.

Bayer AG and Kumquat Biosciences Inc. have entered into an exclusive global license and collaboration agreement to develop and commercialize Kumquat’s KRAS G12D inhibitor.

Formation Bio Inc. has licensed worldwide rights to Imidomics Inc.’s potentially first-in-class anti-CD226 monoclonal antibody (mAb). The program has received IND clearance and will be advanced by Formation Bio in autoimmune indications, starting with ulcerative colitis.

Madrigal Pharmaceuticals Inc. and CSPC Pharmaceutical Group Ltd. have entered into an exclusive global license agreement for CSPC’s SYH-2086, a preclinical oral small-molecule glucagon-like peptide-1 (GLP-1) receptor agonist and orforglipron derivative. The agreement supports Madrigal’s pipeline strategy to develop combination treatments for metabolic dysfunction-associated steatohepatitis (MASH).