Cancer deal activity remained strong through Q3 2025, with fewer but higher-value transactions across R&D partnerships, M&A, and venture financing. Cancer partnerships totaled 105 deals worth $54.6 billion, with average upfronts rising to $146 million, while M&A activity, though smaller in volume, saw 26 deals valued at $31.7 billion and average upfronts of $1.7 billion. Venture funding reached $4.5 billion across 87 rounds, with capital concentrated in high-potential platforms such as gene therapy, mRNA, and radioligand therapies. Between July and September 2025, the sector saw a series of high-value, strategic deals across R&D partnerships, M&A, and venture financing.
Key R&D collaborations included XtalPi–DoveTree ($51 million upfront, up to $5.9 billion milestones) targeting cancer, inflammation, neurology, and metabolic diseases; IGI–AbbVie ($700 million upfront, $1.2 billion milestones) for relapsed/refractory multiple myeloma; and Novatim–Erigen ($1.3 billion potential milestones) focused on CAR-T therapies for multiple myeloma and POEMS syndrome.
Major M&A transactions comprised Genmab’s $8 billion acquisition of Merus, HistoSonics’ $2.3 billion takeover by a consortium led by K5 Global, and Sino Biopharmaceutical’s $951 million acquisition of LaNova Medicines, collectively spanning head and neck, gastric, lung, prostate, and solid tumors.
Venture financings included Dispatch Bio ($216 million), developing universal solid tumor immunotherapies; Strand Therapeutics ($153 million), advancing programmable mRNA therapies; and ARTBIO ($132 million), progressing alpha radioligand therapies for prostate cancer. These deals reflect strong momentum, focused capital deployment towards high-value innovations.
Cancer R&D Partnerships
Through Q3 2025, cancer R&D partnerships recorded 105 deals worth $54.6 billion, including $5 billion in upfront cash and equity. Despite fewer transactions than in 2024, the average upfront payment rose to $146 million, indicating stronger early-stage deal value. In 2024, 175 partnerships totaled $70.4 billion with $6.4 billion in upfronts, averaging $101 million per deal. Across 2024 to Q3 2025, cancer partnerships reached 280 deals valued at $125 billion with $11.3 billion in upfronts.
Top Cancer R&D Partnerships in Q3 2025
XtalPi development and commercialization deal with DoveTree – August 2025
XtalPi entered an exclusive global partnership with DoveTree to develop and commercialize molecular glues targeting cancer, inflammatory, neurological, and metabolic diseases. The collaboration integrates XtalPi’s AI-driven discovery platform with DoveTree’s biological and R&D capabilities. Financial terms include a $51 million upfront payment, up to $49 million in near-term milestones, and potential development and commercial milestones totaling up to $5.9 billion, along with tiered royalties on future sales.
IGI development and commercialization deal with AbbVie – July 2025
Ichnos Glenmark Innovation (IGI), through its subsidiary IGI Therapeutics SA, granted AbbVie exclusive rights to develop, manufacture, and commercialize ISB-2001 across North America, Europe, Japan, and China. ISB-2001, a CD38×BCMA×CD3 trispecific antibody built on IGI’s BEAT protein platform, is in Phase I trials for relapsed or refractory multiple myeloma and holds both FDA Orphan Drug (2023) and Fast Track (2025) designations. Under the agreement, IGI will receive $700 million upfront and is eligible for up to $1.2 billion in milestone payments, along with double-digit tiered royalties on future sales.
Novatim development and commercialization deal with Erigen – July 2025
Novatim granted Erigen exclusive rights (excluding Greater China, India, Turkey, and Russia) to develop, register, and commercialize KQ-2003, a BCMA/CD19 dual-target CAR-T cell therapy for relapsed or refractory multiple myeloma (rrMM) and POEMS syndrome. KQ-2003 is currently in a Phase Ib trial in China. The agreement also allows Erigen to use KQ-2003’s patent structure and sequence to develop a universal CAR-T therapy, while Novatim retains those rights in Greater China. Financial terms include up to $15 million in near-term milestones, $1.3 billion in potential development, regulatory, and commercial milestones, and up to $800 million in tiered sales-based royalties.
Cancer M&A
In 2025, year-to-date, cancer M&A activity totaled 26 deals worth $31.7 billion, including contingents ($29.7 billion cash-only), marking a sharp rise in deal value. The average upfront cash and equity jumped to $1.7 billion, more than double the 2024 level. By contrast, 2024 saw 36 transactions valued at $20.4 billion, including contingents ($17.1 billion cash-only), with a lower average upfront of $743 million. Overall, 2024 – Q3 2025 recorded 62 deals totaling $52.1 billion in contingent value and $46.8 billion in cash-only transactions.
Top Cancer M&A in Q3 2025
Genmab acquiring Merus for $8B – September 2025
Genmab announced the acquisition of Merus in a transaction valued at approximately $8 billion. Merus’ portfolio includes the approved drug Bizengri (HER2/HER3-targeted) for adenocarcinoma and non-small cell lung cancer, as well as several pipeline assets: Phase III petosemtamab (EGFR/LGR5) for head and neck cancer, Phase II MCLA-129 for solid tumors, and Phase I programs ONO-4685 (T-cell lymphoma, psoriasis) and INCA-33890 (solid tumors). Merus also brings its proprietary Multiclonics antibody platform. Under the agreement, Merus shareholders will receive $97 per share in cash, representing a 41% premium to the prior day’s closing price and a 44% premium to the 30-day VWAP. The tender offer requires a minimum 80% acceptance, which Genmab may reduce to 75% if other conditions are satisfied.
K5 Global, Bezos Expeditions, and Wellington Management are acquiring HistoSonics – August 2025
A consortium of leading investors, including K5 Global, Bezos Expeditions, and Wellington Management, agreed to acquire HistoSonics for $2.3 billion. HistoSonics develops Robotically Assisted Sonic Therapy (RAST), a focused ultrasound technology designed to destroy tumors without surgery or toxicity. The company, which received FDA De Novo clearance in 2023, has treated over 2,000 patients and plans to install 50 additional systems by year-end. The investment will accelerate HistoSonics’ expansion into new indications, including kidney, pancreatic, and prostate cancers, while maintaining its existing leadership under CEO Mike Blue.
Sino Biopharmaceutical acquiring LaNova Medicines – July 2025
Sino Biopharmaceutical announced the acquisition of LaNova Medicines for $951 million in cash (net payment approximately $501 million after adjusting for LaNova’s cash holdings). LaNova’s portfolio includes multiple oncology assets, led by Phase III LM-302 for gastric cancer; LM-108 for non-small cell lung, solid, and breast cancers; LM-101 for hematologic and solid tumors; and LM-305 for multiple myeloma. The company also holds an extensive preclinical pipeline targeting colorectal, pancreatic, liver, and breast cancers. The acquisition, which follows notable licensing deals with AstraZeneca and MSD, will make LaNova a wholly owned subsidiary of Sino, strengthening its oncology R&D capabilities and global innovation strategy. Sino previously acquired a 4.91% stake in LaNova for $20 million in 2024.
Cancer Venture Activity
In 2025, to Q3, cancer venture financing reached 87 rounds totaling $4.5 billion, with the average round size rising to $66 million, indicating stronger capital concentration among select companies. In contrast, 2024 recorded 173 rounds raising $10.6 billion, averaging $58 million per round, reflecting broader but lighter funding. Across 2024 to Q3 2025, the sector saw 260 rounds raising $15.1 billion.
Top Cancer Venture Activity in Q3 2025
Dispatch Bio – Series Unspecified – $216M – July 2025
Dispatch Bio, founded in 2022 through a collaboration between Arch Venture Partners and the Parker Institute for Cancer Immunotherapy, secured $216 million to advance its novel cancer treatment platform. The company is developing a therapy that delivers genetic sequences encoding unique protein antigens to tumor cells, designed to recruit engineered immune cells administered afterward. Clinical testing is planned for next year, positioning the platform as a potential universal treatment for solid tumors. The approach combines elements of immunotherapy, cell therapy, and gene therapy. Dispatch’s engineered virus targets cancer cells, tagging them with a “flare” antigen that directs subsequently administered CAR-T cells to the tumor. Targeted cells are destroyed, releasing viral particles that flag nearby tumor tissue. The virus also delivers inflammatory cytokines and chemokines to disrupt the tumor microenvironment, enhancing immune response and tumor clearance.
Strand Therapeutics – Series B – $153M – August 2025
Strand Therapeutics, a leader in next-generation mRNA therapeutics, announced $153 million in series B funding led by Kinnevik, with participation from Regeneron Ventures, ICONIQ, Amgen Ventures, Alderline Group, JIC-VGI, LG Technology Ventures, Gradiant Corporation, and existing investors including FPV Ventures, Playground Global, Eli Lilly, ANRI, and Potentum. To date, the company has raised over $250 million. The funding will advance Strand’s pipeline, led by STX-001, a programmable mRNA therapy delivering interleukin-12 (IL-12) directly into the tumor microenvironment. Initial Phase I clinical data presented at the 2025 ASCO meeting showed multiple RECIST responses, including complete and metabolic responses, prolonged disease stabilization, and a favorable safety profile in treatment-resistant patients. Strand also shared preclinical results for STX-003, a systemically administered, tumor-targeted mRNA therapy designed to avoid off-target delivery, demonstrating the potential of its programmable mRNA genetic circuits for precise and safe therapeutic delivery.
Artbio – Series B – $132M – July 2025
ARTBIO, Inc., a clinical-stage radiopharmaceutical company developing alpha radioligand therapies (ARTs) for cancer, closed a $132 million series B financing co-led by Sofinnova Investments and B Capital, with participation from a previous life sciences fund and new investors including Qatar Investment Authority and Alexandria Venture Investments. Existing investors F-Prime, Omega Funds, and Third Rock Ventures also participated. The funding will advance ARTBIO’s pipeline, including its lead program AB001 for metastatic castration-resistant prostate cancer through Phase II trials, while expanding the company’s manufacturing network to support global clinical trials and future commercialization. ARTBIO’s patented AlphaDirect™ isotope isolation technology enables flexible, daily production of clinical-grade lead-212 (²¹²Pb), mitigating supply chain risks and supporting scalable therapeutic delivery.
Also check out Cancer R&D Partnerships, M&A and Ventures – H1 2025 Review
