Q3 2025 saw strong and diversified activity across cancer R&D, M&A, and venture funding, reflecting prolonged confidence in biologics, precision and platform technologies. Key R&D partnerships included XtalPi-DoveTree ($51 million upfront, up to $5.9 billion milestones) for molecular glue programs across cancer, inflammation, and metabolic diseases; IGI-AbbVie ($700 million upfront, up to $1.2 billion milestones) for a trispecific antibody in relapsed/refractory multiple myeloma; and Novatim-Erigen ($15 million near-term, up to $1.3 billion milestones) for dual-target CAR T therapy in multiple myeloma and POEMS syndrome.
Major M&A transactions included Genmab-Merus ($8 billion), adding approved and late-stage assets across adenocarcinoma, NSCLC, head and neck, and colorectal cancers; HistoSonics ($2.3 billion) for focused ultrasound therapy in solid tumors; and Sino-LaNova ($951 million) covering Phase I–III and preclinical oncology assets. Notable venture financings included Dispatch Bio ($216 million) for universal CAR T solid tumor therapies; Strand Therapeutics ($153 million) for programmable mRNA IL-12 therapies with promising Phase I data; and ARTBIO ($132 million) for alpha radioligand therapy in metastatic prostate cancer.
Cancer R&D Partnerships by Tech Grouping – Q3 2025
Cancer R&D partnerships in Q3 2025 reached 42 deals worth $18.3 billion, with $1.3 billion in upfront commitments. Genomics, sequencing, and screening technologies led activity with $7 billion across 10 deals, though upfronts remained limited at $76 million, signalling long-term potential but cautious early capital. Biologics and antibody-based platforms followed with 14 deals totaling $6.4 billion and a strong $767 million upfront, reflecting solid confidence in advanced protein and nucleic acid modalities. Small molecules maintained steady momentum with 9 deals worth $2.1 billion and $223 million upfront. Cell therapies saw selective investment, closing 5 deals for $1.4 billion but only $55 million upfront. Diagnostics added 3 deals totaling $886 million with $76 million upfront, while Medtech and digital health contributed a single $458 million deal with $65 million upfront.
Top Cancer R&D Partnerships by Tech in Q3 2025
XtalPi development and commercialization deal with DoveTree – August 2025
XtalPi entered a global exclusive agreement granting DoveTree rights to develop and commercialize its molecular glue programs for cancer, inflammation, neurology, and metabolic diseases. The collaboration integrates XtalPi’s AI-driven discovery platform with DoveTree’s biologics and development capabilities. XtalPi will receive $51 million upfront, up to $49 million in near-term payments, and up to $5.9 billion in potential development and commercial milestones, along with tiered royalties.
IGI development and commercialization deal with AbbVie – July 2025
Ichnos Glenmark Innovation, through its subsidiary IGI Therapeutics SA, granted AbbVie exclusive rights to develop, manufacture, and commercialize ISB 2001 in North America, Europe, Japan, and China. ISB 2001 is a CD38 BCMA CD3 trispecific antibody developed on IGI’s BEAT protein platform and is in Phase I for relapsed or refractory multiple myeloma. The asset holds FDA Orphan Drug Designation and Fast Track status. IGI will receive $700 million upfront and is eligible for up to $1.2 billion in development, regulatory, and commercial milestones, along with double-digit tiered royalties.
Novatim development and commercialization deal with Erigen – July 2025
Novatim granted Erigen exclusive global rights, except for Greater China, India, Turkey, and Russia, to develop, register, and commercialize KQ 2003. KQ 2003 is a BCMA and CD19 dual-target CAR T cell therapy for relapsed or refractory multiple myeloma and POEMS syndrome and 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 rights to the universal version in Greater China. Novatim is eligible for up to $15 million in near-term development milestones, up to $1.3 billion in development, regulatory, and commercial milestones, and as much as $800 million in tiered sales-based royalties.
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 Cancer M&A by Tech Grouping – Q3 2025
In Q3 2025, cancer M&A activity was led by biologics and antibody-based technologies, which generated seven transactions worth $9.4 billion and represented most of the quarterly deal value. Medtech and digital health followed with one major acquisition valued at $2.3 billion. Cell therapy recorded one transaction at $350 million. Genomics and sequencing technologies closed three deals with relatively small values of $106 million, including contingents, and $81 million in cash. Diagnostics added one deal at $15 million, while small molecule assets saw only a $7 million contingent component and no cash consideration. In total, the quarter delivered 14 M&A transactions worth $12.1 billion.
Top Cancer M&A by Tech in Q3 2025
Genmab acquiring Merus for $8B – July 2025
Genmab agreed to acquire Merus, adding a portfolio of approved and late-stage oncology assets. Merus’ lead product is Bizengri, a HER2 and HER3 targeted therapy approved for adenocarcinoma and non-small cell lung cancer, and advancing in preclinical studies for additional tumor types. Its pipeline also includes petosemtamab in Phase III for head and neck cancer and in Phase II for colorectal cancer, MCLA 129 in Phase II for solid tumors, ONO 4685 in Phase I for relapsed or refractory T cell lymphoma and psoriasis, and INCA 33890 in Phase I for solid tumors, along with its multiclonics discovery platform. Merus shareholders will receive $97 per share in cash, representing a premium of 41 percent to the prior day’s closing price and 44 percent to the 30-day VWAP, valuing the transaction at approximately $8 billion.
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, a medical device company developing Robotically Assisted Sonic Therapy, a focused ultrasound technology that destroys targeted tissue without surgery or toxicity. The platform, cleared by the FDA through the De Novo pathway in 2023, has already been used to treat more than two thousand patients, with fifty additional system installations expected by year’s end. The investment will accelerate HistoSonics’ expansion into new solid tumor indications such as kidney, pancreatic, and prostate cancers, while the existing leadership team will remain in place. HistoSonics will receive $2.3 billion through the transaction.
Sino Biopharmaceutical acquiring LaNova Medicines – July 2025
Sino Biopharmaceutical is acquiring LaNova Medicines, adding a broad oncology portfolio spanning Phase III, II, and I assets, as well as preclinical programs across gastric, lung, breast, hematologic, and other cancers. Key assets include Phase III LM-302 for gastric cancer, LM-108 for non-small cell lung cancer and solid tumors, and multiple Phase II and I candidates across hematologic and solid tumors. The acquisition builds on prior licensing partnerships with AstraZeneca and MSD and supports Sino’s strategy to strengthen its R&D capabilities and global competitiveness in oncology. LaNova will become an indirect wholly owned subsidiary and will receive $951 million in cash, with a net payment of approximately $501 million after adjusting for LaNova’s cash holdings. Sino previously acquired a 4.91 percent stake in LaNova in 2024 for $20 million.
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Cancer Venture by Tech Grouping – Q3 2025
In Q3 2025, cancer venture funding totalled 30 rounds and $1.5 billion, with strong participation across both established and emerging technologies. Genomics, sequencing, and screening led activity with $323 million across 12 rounds, signalling confidence in data-driven precision oncology. Biologics and antibody-based platforms followed with $284 million from only 2 rounds, reflecting concentrated investment in engineering-based modalities. Immunotherapy raised $266 million across 3 rounds, and cell therapy secured $212 million from 3 rounds, indicating selective commitment to advanced immune-focused approaches. Small molecules recorded 5 rounds totaling $148 million, showing steady support for traditional drug development. Medtech and digital health added $117 million across 2 rounds, gene editing and CRISPR generated $66 million from 2 rounds, and diagnostics contributed $59 million from a single round.
Top Cancer Venture by Tech in Q3 2025
Dispatch Bio – Series Unspecified – $216M – July 2025
Cancer startup Dispatch Bio launched with $216 million in initial funding, aiming to develop CAR T therapies as a universal treatment for solid tumors. Solid tumors have traditionally been difficult to treat due to a lack of tumor-specific targets and immunosuppressive tumor environments. Dispatch’s proprietary Flare platform addresses both challenges by using a viral vector to tag tumor cells and modulate the tumor microenvironment, enabling its CAR T cells to selectively attack cancerous tissue while sparing healthy cells. The CAR T cells are designed to persist in tumors, potentially achieving curative outcomes. The Flare platform is intended for broad application across multiple solid tumor types, which account for approximately 90 percent of cancers globally. The company, based in Philadelphia and San Francisco, was founded by ARCH Venture Partners and the Parker Institute for Cancer Immunotherapy, with participation from Bristol Myers Squibb, the University of Pennsylvania, Stanford University, and Alexandria Venture Investments.
Strand Therapeutics – Series B – $153M – August 2025
Strand Therapeutics, a leader in programmable mRNA therapies, raised $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, bringing total funding to over $250 million. Ala Alenazi, Ph.D., of Kinnevik, joins the Board. The funding will advance STX 001, a tumor-targeted IL-12 mRNA therapy, which showed multiple complete responses, prolonged disease stabilization, and a favorable safety profile in Phase 1 solid tumor patients. Preclinical data for STX 003 demonstrated systemic tumor-specific IL-12 expression with minimal off-target effects, highlighting the potential of Strand’s programmable RNA platform to enable precise, logic-controlled therapeutic outcomes.
Artbio – Series B – $132M – July 2025
ARTBIO, a clinical-stage radiopharmaceutical company developing alpha radioligand therapies, closed a $132 million series B financing co-led by Sofinnova Investments and B Capital, with participation from F-Prime, Omega Funds, Third Rock Ventures, Qatar Investment Authority, Alexandria Venture Investments, and a prior life sciences fund. Proceeds will advance ARTBIO’s pipeline, including lead program AB001 for metastatic castration-resistant prostate cancer, through Phase II trials and support expansion of its supply chain. The funding will accelerate the development of a manufacturing network to support global clinical trials and future commercialization.
Also check out Cancer R&D Partnerships, M&A and Venture Funding by Tech – Q1 2025 Review
