DealForma’s Q1 2025 review of biopharma therapeutics and platforms R&D partnerships reveals continued strength, driven by high-value deals across obesity, autoimmune, cancer, and genetic diseases. Zealand Pharma and Roche partnered in March to co-develop petrelintide, an amylin analog for obesity, with Zealand receiving $1.7 billion upfront, up to $3.6 billion in milestones, and tiered royalties, alongside 50/50 profit sharing in the US/EU; Roche will lead commercialization in ROW and invest $350 million for combo and next-gen development. Also in March, AstraZeneca and Harbour BioMed formed an antibody alliance using Harbour Mice for cancer and autoimmune indications, with Harbour receiving up to $175 million in near-term payments, a $105 million equity investment (9.15%), and eligibility for $4.4 billion in milestones and royalties; a joint R&D center is planned in Beijing.
In January, Vertex partnered with Orna (via ReNAgade) on gene editing for sickle cell disease and beta-thalassemia using LNP delivery, with Orna receiving $65 million upfront (incl. convertible note), up to $635 million in SCD/TDT milestones, and $365 million per product for 10 optional targets. AstraZeneca also teamed with Syneron Bio in March to develop macrocyclic peptide therapies for autoimmune, metabolic, and rare diseases via the Synova platform, offering Syneron up to $75 million upfront/near-term, an undisclosed equity stake, and $3.4 billion in milestones plus royalties. Lastly, Sciwind Biosciences granted Verdiva exclusive global rights (excluding China and South Korea) in January to develop its oral GLP-1 agonist XW-004 and preclinical amylin programs for diabetes, obesity, and MASH, securing $70 million upfront and up to $2.4 billion in milestones.
In Q1 2025, biopharma companies formed 108 R&D partnerships valued at $56.1 billion, with $4.4 billion paid upfront (averaging $102 million per deal). A slowdown from Q4 2024, which saw 134 deals worth $69.6 billion and $7.1 billion in upfront payments (average $142 million).
Quarter-on-quarter, deal volume and total value declined 19%, while upfront payments dropped 38%, reflecting selectivity and smaller payouts despite continued focus on large, strategic collaborations. Still, across Q4 2024 and Q1 2025, 242 deals totaled $125.7 billion.
Biopharma Therapeutics vs. Other Technologies Group Subsector R&D Partnerships
In Q1 2025, R&D partnerships remained largely therapeutics-focused, with 96 of 124 deals (77%) and $57.5 billion of $59.5 billion in value (97%) tied to biopharma platforms, matching Q4 2024’s cash levels despite a 9% drop in deal count. Activity in diagnostics, sequencing, and tools fell sharply to 19 deals worth $1.9 billion, down from 42 deals and $8.2 billion. In comparison, manufacturing-tech dropped to 7 deals, with upfront payments plunging from $7.5 billion to just $100 million.
Medtech, digital therapeutics, and wearables only had 2 deals with no disclosed financials in both quarters. Overall, total deal count fell 25% (166 to 124) and aggregate value dropped 17% ($72 billion to $59.5 billion).
Top Modalities in Biopharma R&D Partnerships in Q1 2025
In Q1 2025, complex biologic platforms, antibodies, DNA/RNA, and protein technologies dominated biopharma partnerships, securing $38 billion of the $55.9 billion total (69%) and $3.4 billion of the $4.4 billion upfront (77%). Small molecules followed with $9.7 billion in deal value and $700 million upfront. Gene-based approaches showed more cautious interest: gene therapy and vector deals totaled $5.2 billion ($200 million upfront), gene-editing/CRISPR reached $1 billion (no upfronts disclosed), and genomics/screening technologies added $1.6 billion ($100 million upfront).
Top R&D Partnerships in Q1 2025
Zealand Pharma co-development and co-commercialization deal with Roche – March 2025
Roche and Zealand Pharma signed a global partnership to co-develop and co-commercialize petrelintide, a Phase II amylin analog for obesity, alone and with Roche’s GLP-1/GIP agonist CT-388. Zealand receives $1.7 billion upfront ($1.4 billion at closing, $250 million over two years), up to $3.6 billion in milestones, and tiered royalties up to the high teens (ROW), with 50/50 profit-sharing in the US and EU. Roche leads commercialization outside these regions and will receive $350 million from Zealand for combo and next-gen product development.
AstraZeneca research partnership with Harbour BioMed – March 2025
Harbour BioMed partnered with AstraZeneca to co-develop antibody therapies for cancer, autoimmune, and other diseases using Harbour Mice technology. AstraZeneca gains global rights to two preclinical immunology programs, with options to expand targets and extend the deal by five years. Harbour BioMed will receive up to $175 million in upfront, near-term milestones, and option fees, plus a $105 million equity investment (9.15% stake). The deal includes up to $4.4 billion in milestones and tiered royalties, with a joint R&D center to be established in Beijing.
Orna development and commercialization deal with Vertex – January 2025
Orna (via subsidiary ReNAgade) partnered with Vertex to develop gene editing therapies for sickle cell disease (SCD) and beta-thalassemia using Orna’s lipid nanoparticle (LNP) delivery platform. Vertex gains rights for three years, with an option to extend and add up to 10 targets. Orna receives $65M upfront (including a convertible note) and is eligible for up to $635 million in milestones for SCD/TDT, plus up to $365 million per additional product and tiered royalties.
Syneron Bio development and commercialization deal with AstraZeneca – March 2025
Syneron Bio partnered with AstraZeneca to develop macrocyclic peptide therapies for autoimmune, metabolic, and rare chronic diseases using its Synova platform. Syneron will receive up to $75 million in upfront and near-term milestones, an undisclosed equity investment, and is eligible for up to $3.4 billion in development and commercial milestones, plus tiered royalties.
Sciwind Biosciences development and commercialization deal with Verdiva – January 2025
Sciwind Biosciences granted Verdiva exclusive rights (ex-Greater China and South Korea) to develop and commercialize its oral GLP-1 agonist XW-004 and two preclinical amylin agonist programs for type 2 diabetes, obesity, MASH, and related conditions. Sciwind receives ~$70 million upfront and is eligible for up to $2.4 billion in milestones, plus royalties, with additional milestone and royalty potential from future preclinical collaborations.
Also check out Biopharma Therapeutics and Platforms R&D Partnerships 2024
