Cancer dealmaking in 2025 shifted toward value over volume, with larger, more strategic transactions in R&D and M&A, while venture funding and IPOs reduced, reflecting a selective and resilient investment environment. R&D partnerships reached $84 billion across 151 deals compared to $70.4 billion across 183 in 2024, with upfronts at $7.7 billion from $6.4 billion and average upfronts at $145 million from $100 million, while median upfronts declined to $39 million from $45 million; combined 2024-2025 activity totaled 334 deals and $154.5 billion. M&A value increased to $36.3 billion from $20.4 billion, with stable volumes at 37 versus 36 deals, upfront cash at $33.3 billion from $17.1 billion, average deal size at $1.7 billion from $743 million, and median at $419 million from $356 million; combined activity reached 73 deals and $56.7 billion. Venture funding decreased to $7.7 billion across 138 rounds from $11 billion across 174, with average size at $61 million from $68 million, while IPOs grew to 12 from 10 but raised $1.8 billion from $1.9 billion, with average size at $148 million from $193 million; combined 2024 and 2025 totals amounted to $18.7 billion across 312 rounds and $3.7 billion across 22 IPOs.
Key deals included Innovent & Takeda ($1.2 billion upfront, up to $10.2 billion milestones) focused on bispecific antibodies and ADCs for solid tumors; BioNTech & BMS ($1.5 billion upfront, up to $7.6 billion milestones) advancing a PD-L1/VEGF-A bispecific across multiple cancers; and 3SBio & Pfizer ($1.3 billion upfront, $100 million equity, up to $4.8 billion milestones) developing a PD-1/VEGF bispecific for NSCLC and other tumors. In M&A, Abbott & Exact Sciences ($21 billion equity) expands into cancer diagnostics and early detection platforms; Sanofi & Blueprint ($9.5 billion) strengthens targeted therapies in mast cell diseases and oncology; and Thermo Fisher & Clario ($8.9 billion upfront) enhances digital clinical trial and data capabilities. Venture deals included Tubulis ($401 million) advancing ADC platforms for solid tumors; Pathos AI ($365 million) scaling AI-driven oncology drug development; and Eikon ($351 million) progressing a pipeline including a Phase III melanoma asset and PARP inhibitors. IPOs featured Caris ($494 million, $5.9 billion valuation, 29-33% gain) in AI-driven precision oncology diagnostics; GenFleet ($233 million to $268 million) focused on RAS-targeted oncology therapies; and DualityBio ($211 million) advancing ADC candidates, including HER2-targeted programs.
Cancer R&D Partnerships
Cancer R&D partnerships in 2025 shifted toward fewer, higher-value deals. Total value increased to $84 billion across 151 deals, up from $70.4 billion across 183 deals in 2024. Upfront cash and equity rose to $7.7 billion from $6.4 billion, while the average upfront payment increased to $145 million from $100 million, indicating stronger conviction in selected assets. However, the median upfront declined to $39 million from $45 million. Throughout 2024 and 2025, activity stayed strong, with 334 deals totaling $154.5 billion.
Prominent Cancer R&D Partnerships in 2025
Innovent Biologics development and commercialization deal with Takeda – October 2025
Innovent Biologics granted Takeda exclusive worldwide rights, excluding China, to develop and commercialize IBI-363 and IBI-343, with an option on IBI-3001. IBI-363, a Phase III–ready PD-1/IL-2a bispecific antibody for multiple solid tumors, including NSCLC, has US FDA Fast Track designation and ongoing Phase II trials with a planned Phase III, while IBI-343, a Claudin 18.2–targeting ADC for gastric and pancreatic cancers, has completed Phase I/II, an ongoing Phase III, and an FDA Fast Track for PDAC. The companies will co-develop IBI-363 globally on a 60/40 cost-sharing basis and co-commercialize in the US, with Takeda leading, while holding exclusive rights outside the US and China; Takeda will also manage ex-China manufacturing. Innovent will receive $1.2 billion upfront, including a $100 million equity investment at HK$112.56 per share at a 20% premium, and is eligible for up to $10.2 billion in milestones plus royalties.
BioNTech development and commercialization deal with BMS – June 2025
BioNTech granted Bristol Myers Squibb exclusive worldwide rights to develop and commercialize BNT-327, a PD-L1/VEGF-A bispecific antibody for multiple solid tumors, currently in over 20 planned studies, including global Phase III trials in lung cancer and a planned Phase III in triple-negative breast cancer by the end of 2025. The companies will co-develop the program across more than 10 indications, while retaining rights to independently explore additional uses and combinations. BioNTech retains market authorization and will book US sales across key regions, including the US, EU, UK, China, and Turkey, while BMS holds rights and records sales in the rest of the world. Financially, BioNTech will receive $1.5 billion upfront, up to $2 billion in non-contingent payments through 2028, and up to $7.6 billion in milestones, with both companies sharing development, manufacturing costs, and global profits and losses equally.
3SBio development and commercialization deal with Pfizer – May 2025
Shenyang Sunshine Pharmaceutical and 3S Guojian Pharmaceutical (Shanghai), a wholly owned subsidiary of 3SBio, granted Pfizer exclusive worldwide rights, excluding China, to develop, manufacture, and commercialize SSGJ-707, a PD-1/VEGF bispecific antibody for NSCLC, metastatic colorectal cancer, and gynecological tumors. Pfizer holds an option for China commercialization and will manufacture the drug substance in Sanford, North Carolina, and the drug product in McPherson, Kansas, while 3SBio plans to initiate the first Phase III trial in China in 2025. Financially, 3SBio will receive $1.3 billion upfront, $100 million in equity, $150 million in option fees on July 24, 2025, and is eligible for up to $4.8 billion in milestones, plus double-digit tiered royalties.
Cancer M&A
Cancer M&A activity in 2025 showed a clear increase in deal value, despite volumes remaining broadly stable at 37 deals versus 36 in 2024. Total M&A value, including contingents, rose significantly to $36.3 billion from $20.4 billion, while upfront cash excluding contingents increased to $33.3 billion from $17.1 billion. Deal sizes also strengthened meaningfully, with the average upfront value more than doubling to $1.7 billion from $743 million, and the median rising to $419 million from $356 million, indicating improvement across both large transactions and typical deal sizes. Across 2024 and 2025 combined, activity remained strong with 73 deals totaling $56.7 billion.
Prominent Cancer M&A in 2025
Abbott acquired Exact Sciences – November 2025
Abbott acquired Exact Sciences, a developer of cancer diagnostics, including Cologuard and Cologuard Plus for noninvasive colorectal cancer detection, Cancerguard for 50 cancer types, Oncoguard Liver, Riskguard, Oncotype DX, Oncodetect, and OncoExTra, as well as next-generation diagnostic tools for earlier detection and treatment guidance. The deal, expected to close in Q2 2026, valued Exact Sciences at approximately $21 billion equity and $23 billion enterprise, with shareholders receiving $105 per share, a 51% one-day premium. The acquisition was completed on March 23, 2026, with Exact Sciences now a wholly owned Abbott subsidiary.
Sanofi acquired Blueprint Medicines – June 2025
Sanofi acquired Blueprint Medicines, whose portfolio includes approved ayvakit for GIST and systemic mastocytosis, Phase III elenestinib for systemic mastocytosis, and Phase II BLU-808 for chronic urticaria and allergic rhinoconjunctivitis, with planned proof-of-concept studies in allergic asthma and mast cell activation syndrome. The pipeline also features programs in solid tumors and breast cancer, including BLU-956 and undisclosed protein degraders targeting CDK2 and CDK4. Blueprint shareholders received $129 per share in cash, a 27% one-day premium, valuing the deal at $9.5 billion ($9.1 billion upfront) with up to $400 million in milestone payments. The acquisition was completed on July 18, 2025.
Thermo Fisher Scientific acquired Clario Holdings – October 2025
Thermo Fisher Scientific acquired Clario Holdings, a provider of digital clinical trial endpoint solutions, technologies, regulatory expertise, and global trial infrastructure, to strengthen its digital and data capabilities in clinical research and expand its biopharma services segment. The deal, completed on March 24, 2026, included approximately $8.9 billion upfront in cash, $125 million deferred consideration in January 2027, and up to $400 million in performance-based contingent payments. The acquisition is expected to be immediately accretive to adjusted EPS by $0.45 in the first year and deliver $175 million in annual synergies within five years through revenue growth and platform integration, with Clario joining Thermo Fisher’s Laboratory Products and Biopharma Services segment.
Cancer Venture Funding
Cancer venture funding moderated in 2025, with declines in both deal volume and capital deployed. Total funding fell to $7.7 billion across 138 rounds, down from $11 billion across 174 rounds in 2024, while the average round size decreased to $61 million from $68 million. Despite the slowdown, cancer continued to attract significant capital, with 312 rounds raising a combined $18.7 billion across 2024 and 2025.
Prominent Cancer Venture Funding in 2025
Tubulis – Series C – $401M – October 2025
Tubulis completed a €344 million ($401 million) series C financing through a second and final close, with participation from new investors including Fidelity Management & Research Company, Janus Henderson Investors, Blackstone Multi-Asset Investing, Wellington Management, and Ascenta Capital, alongside existing backers. The funding will support pivotal trials for its lead ADC candidate TUB-040, expansion into earlier treatment lines in ovarian cancer, and development across combination regimens and additional solid tumor indications. Proceeds will also advance its broader pipeline, including clinical-stage TUB-030 and preclinical programs, while strengthening its proprietary ADC platform technologies to drive further innovation.
Pathos AI – Series D – $365M – May 2025
Pathos AI raised $365 million in a series D financing, valuing the company at approximately $1.6 billion post-money. The funding will support the advancement of its clinical-stage oncology pipeline and continued investment in its proprietary AI Foundation Model. The company is also developing a large-scale multimodal oncology model leveraging clinical, molecular, and imaging data to enhance asset selection, trial design, biomarker discovery, and therapeutic development, reinforcing its focus on accelerating AI-driven drug development.
Eikon Therapeutics – Series D – $350.7M – February 2025
Eikon Therapeutics raised $351 million in an initial close of its series D financing, bringing total capital raised since 2019 to over $1.1 billion. The round was led by existing investors with participation from new institutional backers, including major mutual funds, sovereign wealth funds, and healthcare and technology-focused venture firms such as Lux Capital, Alexandria Venture Investments, and General Catalyst. Proceeds will support the continued advancement of its drug discovery and development platform. Eikon’s pipeline is led by EIK1001, a systemically administered TLR7/8 co-agonist in Phase III for advanced melanoma, which has shown both standalone efficacy and encouraging combination activity with anti-PD-(L)1 therapies across multiple tumor types. The company is also advancing EIK1003, a selective PARP1 inhibitor in Phase I for breast, ovarian, prostate, and pancreatic cancers, and EIK1004, a CNS-penetrant PARP1 inhibitor expected to enter Phase-I for brain cancers.
Cancer IPO Activity
Cancer IPO activity in 2025 increased slightly in volume to 12 offerings from 10 in 2024, but total capital raised declined to $1.8 billion from $1.9 billion. The average IPO size also fell to $148 million from $193 million, indicating that while more companies accessed public markets, they raised less per offering. Across 2024 and 2025 combined, the sector recorded 22 IPOs raising $3.7 billion.
Prominent Cancer IPO Activity in 2025
Caris Life Sciences – IPO – $494.1M – May 2025
Caris Life Sciences priced its IPO at $21 per share, offering 23.5 million shares with a 30-day option for an additional 3.5 million shares, raising over $494 million and valuing the company at approximately $5.9 billion. The stock opened at $27 and closed at $28 on Nasdaq, reflecting a 29-33% gain and strong investor demand. The company, focused on AI-driven precision oncology, recently launched MI Cancer Seek, an FDA-approved companion diagnostic using whole exome and transcriptome sequencing, and Caris Assure, a blood-based assay for therapy selection, supported by its multimodal molecular data platform.
GenFleet Therapeutics – IPO – $234M – September 2025
GenFleet Therapeutics (2595.HK) raised $233 million in its Hong Kong IPO, increasing to $268 million following the over-allotment option, marking the largest Chapter 18A biotech IPO on HKEX since 2022, including $100 million from nine cornerstone investors, with CITIC Securities as sole sponsor. As a commercial-stage biotech with a marketed product and licensing revenue at IPO, the company is focused on addressing significant unmet needs in oncology and immunology through a differentiated pipeline anchored in RAS-targeted therapies, including a China-developed KRAS inhibitor, targeting cancers such as pancreatic, lung, and colorectal. Since its founding in 2017, GenFleet has built a fully integrated R&D platform and global IP portfolio, advancing a pipeline of small molecules and biologics, with multiple programs in late-stage or pivotal trials across China, the US, and Europe.
DualityBio – IPO – $211M – April 2025
Duality Biologics launched and completed its IPO on the Hong Kong Stock Exchange, raising HKD 1.6 billion (USD 211 million), with net proceeds of approximately HKD 1.4 billion (USD 180 million), making it one of the largest Chapter 18A offerings since 2020. The offering, which aimed to raise around HKD 1.6 billion (USD 200 million), was supported by cornerstone investors including BioNTech, committing roughly one-third of the deal, and followed a 2025 refiling after securing additional partnerships with GSK, alongside existing collaborators BioNTech, BeiGene, and Adcendo. Proceeds will primarily fund its ADC pipeline, with 45% allocated to lead assets DB-1303 and DB-1311, including DB-1303, a HER2-targeting ADC positioned against Enhertu with differentiated linker technology delivering a topoisomerase-I inhibitor.
Also check out Cancer R&D Partnerships, M&A and Venture Funding by Tech – Q3 2025 Review
