Our Q3 2025 review highlights sustained momentum in biopharma R&D partnerships and licensing, with 104 deals worth up to $61.6 billion. Activity remained concentrated across respiratory, cardiovascular, oncology, gene therapy, and allergy segments, supported by milestone-heavy deal structures.
Biopharma continued to drive global collaboration and pipeline diversification through mid-2025, led by five major transactions this quarter, including GSK’s $500 million upfront, up to $12 billion deal with Hengrui Pharma (July) for a COPD small molecule program; Novartis’s $160 million upfront and up to $5.2 billion partnership with Argo Biopharma (September) targeting hypertriglyceridemia and dyslipidemia; and Erigen’s collaboration with Novatim (July) worth up to $2.1 billion for a dual-target CAR-T therapy in multiple myeloma.
In gene therapy, Alexion partnered with JCR Pharmaceuticals (July) on up to five AAV-based programs with potential payouts of $825 million, while ALK and GenSci (September) signed a China-focused allergy immunotherapy deal valued at up to $210 million.
In Q3 2025, biopharma R&D partnerships totaled 104 deals worth $61.6 billion, marking a rebound in overall deal value from $53.3 billion across 102 deals in Q2. However, upfront payments declined to $3.4 billion (avg. $84 million per deal) compared to $5 billion (avg. $184 million) in the prior quarter, indicating momentum towards back-loaded financial structures.
During H1 2025, 206 R&D partnerships generated $114.8 billion in total value and $8.4 billion in upfront payments, underscoring momentum as biopharma invested in platforms and advanced technologies.
Biopharma Therapeutics vs. Other Technologies Group Subsector R&D Partnerships
In Q3 2025, R&D partnerships across biopharma and technology subsectors strengthened, driven primarily by Therapeutic Platforms and Biopharma, which recorded 94 deals worth $51 billion, up from 86 deals totaling $40.6 billion in Q2. The Diagnostics, Sequencing, Omics, and Tools segment also expanded to $16.5 billion across 21 deals, compared with $12 billion from 25 deals in the prior quarter.
Meanwhile, Medtech, Digital Therapeutics, and Wearables saw a modest rebound with 2 deals totaling $1 billion after no activity in Q2, while Manufacturing Tech and Others slowed to 1 deal worth $200 million, down from 6 deals valued at $1.7 billion. Overall, 235 partnerships worth $123 billion were recorded across the 2 quarters.
Top Biopharma Therapeutics and Platforms R&D Partnerships in Q3 2025
Hengrui Pharma development and commercialization deal with GSK – July 2025
GSK secured exclusive global rights (excluding Greater China) from Hengrui Pharma to develop and commercialize HRS-9821, a Phase I PDE3/4 inhibitor for chronic obstructive pulmonary disease (COPD), which may be advanced as a dry-powder inhaler. The agreement also covers 11 additional early-stage programs that Hengrui will progress through Phase I, with GSK holding exclusive global options (outside Greater China) to develop or substitute these assets. Hengrui received $500 million upfront and may earn up to $12 billion in milestones plus tiered royalties.
Argo Biopharma license option deal with Novartis – September 2025
Novartis obtained exclusive global rights (excluding China) from Argo Biopharma to develop and commercialize Argo’s Phase II ANGPTL3 RNA therapeutic for severe hypertriglyceridemia and mixed dyslipidemia, along with two additional molecules and one siRNA candidate in IND-enabling studies. The deal includes profit-and-loss sharing options across multiple regions, with Argo retaining certain rights in the U.S. and China. Argo received $160 million upfront and an equity investment and could earn up to $5.2 billion in potential option fees, development, and commercial milestones, plus tiered royalties, reinforcing Novartis’s expansion in RNA-based cardiovascular therapeutics.
Novatim development and commercialization deal with Erigen – July 2025
Erigen obtained exclusive global rights (excluding Greater China, India, Turkey, and Russia) from Novatim to develop and commercialize KQ-2003, a BCMA/CD19 dual-target CAR-T cell therapy in development for relapsed/refractory multiple myeloma (rrMM) and POEMS syndrome. Currently in a Phase Ib trial in China, the therapy also grants Erigen rights to apply KQ-2003’s patent structure and sequence toward a universal CAR-T platform, while Novatim retains Greater China rights to that version. Novatim is eligible for up to $15 million in near-term milestones, $1.3 billion in development, regulatory, and commercial milestones, and up to $800 million in tiered royalties.
JCR Pharmaceuticals development and commercialization deal with Alexion – July 2025
Alexion obtained exclusive rights from JCR Pharmaceuticals to develop and commercialize up to five gene therapies using JCR’s JUST-AAV capsid platform for undisclosed targets. JCR received an undisclosed upfront payment and is eligible for up to $225 million in R&D milestones and $600 million in sales milestones, plus tiered royalties if all five programs advance. The partners reported achieving undisclosed research milestone payments in September 2025.
ALK development and commercialization deal with GenSci – September 2025
ALK granted GenSci exclusive rights in mainland China through 2039 to develop and commercialize its house dust mite allergy immunotherapy (AIT) portfolio, including Alutard, Acarizax, and skin prick tests. The partners will jointly complete clinical development to support Acarizax approval for adults and children, with GenSci handling sales, marketing, and registration costs, while ALK supplies the products. The collaboration is designed to expand AIT market access in China, where uptake remains limited, and to strengthen ALK’s earnings outlook. At the same time, freeing resources for global R&D, ALK received DKK 245 million ($38.9 million) upfront and may earn up to DKK 1.08 billion ($171.7 million) in regulatory and commercial milestones.
Also check out Biopharma R&D Partnerships – Q3 2023 Review
