Biopharma deal activity (excluding M&As) has surged to record-breaking levels in the first seven months of 2025, reaching $164.03 billion, well above prior years and a 36% jump over the same period in 2024.
Avixgen Co. Ltd., a subsidiary of Dx&Vx Co. Ltd., inked a $360 million license agreement with an unidentified U.S.-based biotechnology company, granting the latter rights to its advanced cell penetrating (ACP) peptide drug delivery platform.
Quantumpharm Inc., known as Xtalpi Inc., announced receiving $51 million up front from a potential $5.99 billion deal with Dovetree LLC on Aug. 6. The collaboration, first inked through a letter of intent between the two parties on June 23, will combine Shenzhen, China-based Xtalpi’s AI-based and robotics-driven discovery platform with Dovetree’s “biological insights.” The goal will be to select and validate potential first-in-class candidates for Dovetree across five areas of oncology, immunology and inflammatory diseases, neurological disorders and metabolic dysregulation.
Lepu Biopharma Co. Ltd. has out-licensed two preclinical T-cell engagers to Shanghai-based newco Excalipoint in a deal worth $857.5 million plus equity interest. Under the deal terms, Excalipoint gains an exclusive global license to CTM-012 and CTM-013, developed by Lepu’s Topabody T-cell engager platform. In exchange, Lepu will receive $10 million up front and up to $847.5 million in development and commercial-based milestones, plus tiered royalties on sales.
Madrigal Pharmaceuticals Inc.’s long-awaited business development pact became reality by way of an exclusive global license agreement that could be worth more than $2 billion with CSPC Pharmaceutical Group Ltd., of Shijiazhuang, China, for SYH-2086. The candidate is a preclinical oral, small-molecule glucagon-like peptide-1 (GLP-1) receptor agonist and orforglipron derivative.
Hengrui Pharmaceuticals Co. Ltd. is out-licensing to GSK plc its potential best-in-class phase I phosphodiesterase 3 and 4 inhibitor (HRS-9821) for treating chronic obstructive pulmonary disease along with 11 additional programs in development for $500 million up front and up to $12 billion in potential milestones.
Brandon Capital Partners Pty Ltd., Australia’s largest life sciences venture capital firm, announced the final close of its sixth fund at AU$439 million (US$288 million), the VC’s largest fund to date.
Sino Biopharmaceutical Ltd. agreed to fully acquire Lanova Medicines Ltd. by buying an additional 95.09% stake in Lanova at a valuation of up to $950.92 million. Considering Lanova’s estimated cash and deposit of $450 million, Hong Kong-headquartered Sino agreed to pay $500.9 million to Lanova on the date of the transaction, set to close within 30 days of all conditions being satisfied, or July 31, 2025.
Big pharma is increasingly shopping in China to fill its pipelines as it faces looming patent cliffs on major blockbusters coupled with growing pricing pressures on drugs. China’s out-licensing deals grew to represent 32% of global deals in the first half of 2025, according to a Jefferies report on China dealmaking.
Under a new licensing deal announced July 8, JCR Pharmaceuticals Co. Ltd. granted Alexion Pharmaceuticals Inc. rights to its adeno-associated virus (AAV) capsids for use in up to five of Alexion’s genomic medicines programs.
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