Biopharma partnerships involving nonprofits have declined sharply since peaking during the pandemic. Deal value surged from $5.18 billion in 2019 to $21.44 billion in 2021, driven by COVID-19 collaborations and vaccine-related funding, before falling to $7.99 billion in 2022 and $754.6 million in 2024. So far in 2025, nonprofit deal value totals $126 million through the third quarter.
Transthera Sciences Inc. is out-licensing one of its preclinical NLRP3 inhibitors to Neurocrine Biosciences Inc. under a collaboration agreement worth $881.5 million. Under deal terms, Nanjing, China-based Transthera will receive an undisclosed up-front payment and is eligible to receive research and development and sales-based milestone payments up to $881.5 million.
Takeda Pharmaceutical Co. Ltd. agreed to codevelop and commercialize up to three of Innovent Biologics Co. Ltd.’s immuno-oncology (I-O) and antibody-drug conjugate (ADC) candidates with the signing of a $11.4 billion deal, including $1.2 billion paid up front.
Antibody-drug conjugate (ADC) specialist Aimedbio Inc. announced Oct. 16 the signing of a potential $991 million deal with Boehringer Ingelheim GmbH to license out its novel preclinical ADC asset targeting solid tumors, including KRAS mutations, which is set to enter phase I study next year.
Antibody-drug conjugate (ADC) specialist Aimedbio Inc. announced Oct. 16 the signing of a potential $991 million deal with Boehringer Ingelheim GmbH to license out its novel preclinical ADC asset targeting solid tumors, including KRAS mutations, which is set to enter phase I study next year.
Chugai Pharmaceutical Co. Ltd. and Rani Therapeutics LLC have entered into a collaboration and global license agreement to develop and commercialize an oral product that encompasses Rani’s oral delivery technology, the Ranipill, and Chugai’s rare disease antibody in development.
Biopharma companies announced $73.38 billion in deals from 240 transactions during the third quarter (Q3) of 2025, bringing the year-to-date total to $212.44 billion, up from $149.87 billion in the same period of 2024. The total marks the highest deal value through Q3 ever recorded by BioWorld.
Samsung Bioepis Co. Ltd. announced Oct. 21 the signing of a license deal to codevelop, manufacture and commercialize two of Phrontline Biopharma Suzhou Co. Ltd.’s novel bispecific dual-payload antibody-drug conjugate (ADC) candidates.
Biopharma dealmaking was up 32% month over month in September, reaching $27.15 billion in total value, up from $20.52 billion in August. It was the fourth-highest month for deals of the year, which through the month average $23.6 billion a month. Year-to-date deal value (January through September) reached $212.44 billion, surpassing the nine-month totals of all previous years.
In a deal that could top $2 billion, China-based Innocare Pharma Ltd. licensed the exclusive worldwide development and commercialization rights to the BTK inhibitor orelabrutinib to Zenas Biopharma Inc. for multiple sclerosis and other indications aside from oncology.
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