From early 2024 through mid-2025, large-cap biopharma executed 19 major in-licensing and co-development deals across oncology, cardiometabolic disease, obesity, neurology, autoimmune and inflammatory disorders, respiratory, dermatology, gastrointestinal, and rare diseases, with commitments exceeding $60 billion in upfronts, milestones, and profit-sharing.
Key highlights included BioNTech–BMS (June 2025, $1.5 billion upfront, $2 billion non-contingent, $7.6 billion milestones for PD-L1/VEGF solid tumors), GSK–Flagship Pioneering (July 2024, $150 million joint funding, $7.2 billion milestones across 10 immunology/respiratory programs), Pfizer–3SBio (May 2025, $1.3 billion upfront, $100 million equity, $150 million option, $4.8 billion milestones for bispecific immuno-oncology), AstraZeneca–CSPC (June 2025, $110 million upfront, $5.2 billion milestones for AI-driven immunology), and Roche–Zealand (March 2025, $1.7 billion upfront, $3.6 billion milestones, profit-sharing on obesity drug petrelintide).
Cardiometabolic deals included AbbVie–Gubra (March 2025, $350 million upfront, $1.9 billion milestones), Novo Nordisk–Septerna (May 2025, $195 million upfront, $500 million near-term, $2 billion milestones), and Regeneron–Hansoh (June 2025, $80 million upfront, $1.9 billion milestones). In neurology, Takeda–AC Immune (May 2024) secured an option to Alzheimer’s vaccine ACI-24.060 ($100 million upfront, $2.1 billion milestones). Autoimmune and inflammation featured Sanofi–Earendil (April 2025, $125 million upfront, $1.7 billion milestones), Gilead–LEO Pharma (January 2025, $250 million upfront, $1.5 billion milestones), and J&J–Kaken (December 2024, $30 million upfront, $1.2 billion milestones). Oncology was strengthened by Merck–LaNova (November 2024, $588 million upfront, $2.7 billion milestones) and Merck–Caris (April 2024, undisclosed upfront, $1.4 billion milestones).
Diversification extended to AI-driven platforms with Lilly–Isomorphic (January 2024, $45 million upfront, $1.7 billion milestones) and cardiovascular assets with Novartis–Argo (January 2024, $185 million upfront, $4 billion milestones) and Bayer–Cytokinetics (November 2024, €50 million/$52.7 million upfront, €580 million milestones).
Rare disease innovation came from Vertex–Orna (January 2025, $65 million upfront, $635 million milestones), while Amgen–Xeris (January 2024) expanded into autoimmune with a $75 million milestone-based teprotumumab deal.
Large-Cap Biopharma in Licensing and Buying 2024 – Q2 2025
From 2024 through Q2 2025, large-cap biopharma executed 218 in-licensing and asset-purchase deals totaling $198.5 billion. The top five buyers drove more than half of this spend ($104.3 billion, 52.5%). Novartis/NIBR led with $27.1 billion across 20 deals, while Roche/Genentech/Chugai followed at $23.5 billion from 19 transactions. BMS prioritized fewer, higher-value bets, deploying $19 billion across just 8 deals. AstraZeneca ($17.6 billion, 17 deals) and AbbVie ($17.1 billion, 16 deals) also showed strong momentum. GSK ($15.5 billion, 12 deals) and Eli Lilly ($13.8 billion, 26 deals) balanced value and volume, with Lilly the most active by deal count. Novo Nordisk/Novo Holdings ($11.5 billion, 19 deals) and Merck & Co./MSD ($11.2 billion, 10 deals) rounded out the most active mid-tier buyers.
Large-Cap Biopharma in Licensing and Buying 2024 – Q2 2025
Takeda ($8.5 billion, 8 deals), Pfizer ($7.7 billion, 11 deals), and Sanofi ($6.4 billion, 14 deals) pursued more measured dealmaking. Vertex ($6.1 billion, 3 deals) and Gilead ($5.3 billion, 9 deals) opted for fewer but larger transactions, while Merck KGaA/EMD Serono ($2.6 billion, 4 deals), Regeneron ($2.5 billion, 2 deals), and J&J/Janssen ($2 billion, 11 deals) contributed smaller-scale additions. Bayer ($1.2 billion, 8 deals) and Amgen ($75 million, 1 deal) were the least active.
Top Deals Large-Cap Biopharma In-Licensing and Buying 2024 – Q2 2025
BioNTech licensed BMS exclusive global rights to BNT-327, a bispecific antibody targeting PD-L1 and VEGF-A, for solid tumors. The program, acquired by BioNTech via its Biotheus acquisition, is in global Phase III trials for small cell and non-small cell lung cancer, with expansion into more than 20 studies, including a planned Phase III in triple-negative breast cancer by year-end 2025. Under the deal, BioNTech receives $1.5 billion upfront, up to $2 billion in non-contingent payments through 2028, and as much as $7.6 billion in milestones. Development, manufacturing, and profits will be shared equally.
GSK partnered with Flagship Pioneering to develop up to 10 medicines and vaccines in respiratory and immunology. The collaboration leverages Flagship’s bioplatform companies across multiple modalities, including vaccines, antibodies, RNA, small molecules, and biologics. GSK holds exclusive licensing rights to all resulting programs. Both parties committed $150 million in initial joint funding, with Flagship eligible for up to $720 million per program in milestones and royalties representing a potential $7.2 billion across the portfolio.
Pfizer secured exclusive global rights (ex-China) to 3SBio’s SSGJ-707, a Phase II bispecific antibody targeting PD-1 and VEGF for NSCLC and other solid tumors. Pfizer also holds an option to commercialize in China, with manufacturing to take place in its US facilities. 3SBio will initiate the first Phase III trial in China in 2025. Financial terms include $1.3 billion upfront, a $100 million equity investment, $150 million in option fees (payable July 2025), and up to $4.8 billion in milestones, plus double-digit royalties.
AstraZeneca partnered with CSPC Pharmaceuticals to develop AI-driven small-molecule therapies for immunological and chronic diseases. The collaboration centers on CSPC’s dual-engine drug discovery platform, with initial work on a preclinical oral therapy. AstraZeneca holds exclusive licensing rights. CSPC receives $110 million upfront and is eligible for up to $1.6 billion in development milestones, $3.6 billion in sales milestones, and single-digit royalties.
Roche secured global rights to Zealand Pharma’s petrelintide, an amylin analog for obesity, with plans to develop it both standalone and in combination with Roche’s dual GLP-1/GIP agonist CT-388. The deal expands Roche’s cardiometabolic pipeline and integrates with its diagnostics capabilities. Roche and Zealand will co-commercialize petrelintide in the US and Europe, while Roche manages commercialization and supply elsewhere. Financial terms include $1.7 billion upfront ($1.4 billion at closing, $250 million over two years), up to $1.2 billion in development milestones, $2.4 billion in commercial milestones, and tiered double-digit royalties up to the high teens on ex-US/EU sales. Profits will be split 50/50 in the US and Europe. Additionally, Zealand will pay Roche $350 million (offsetable against milestones) to support the development of combination and next-generation products.
- Orna development and commercialization deal with Vertex – January 2025
Vertex partnered with Orna’s subsidiary ReNAgade to develop gene-editing therapies for sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT) using Orna’s LNP delivery platform for hematopoietic stem cells. The agreement covers an initial three-year collaboration, with Vertex holding the option to extend and add up to 10 additional targets. Orna receives $65 million upfront (including a convertible note) and is eligible for up to $635 million in milestones tied to SCD/TDT programs. If Vertex exercises its option, Orna could earn up to $365 million in additional milestones and option fees per added product, plus tiered royalties.
- Argo Biopharmaceutical development deal with Novartis – January 2024
Novartis obtained global rights to Argo Biopharma’s Phase I RNA therapy for cardiovascular disease, with options for up to two additional programs and a Phase I/IIa therapy (ex-China). Argo received $185 million upfront and is eligible for up to $4 billion in option fees and milestones, plus tiered royalties.
- LaNova development and commercialization deal with Merck – November 2024
Merck licensed global rights to LaNova’s LM-299, a Phase I bispecific antibody targeting PD-1 and VEGF for multiple cancer indications. LaNova received $588 million upfront and is eligible for up to $2.7 billion in milestones tied to development, regulatory, and commercialization.
AbbVie acquired global rights to Gubra’s GUB-014295, a Phase I peptide therapy for obesity targeting amylin and calcitonin receptors. AbbVie will oversee development and commercialization, while Gubra receives $350 million upfront and is eligible for up to $1.9 billion in milestones, plus tiered royalties.
Novo Nordisk licensed global rights from Septerna to develop four oral small-molecule GPCR therapies, including GLP-1, GIP, and glucagon receptor programs, for obesity, type 2 diabetes, and cardiometabolic diseases. Novo will lead development and commercialization, while Septerna retains an option for global profit-sharing on one program. Septerna receives up to $195 million upfront, $500 million in near-term milestones, and as much as $2 billion in development and commercial milestones, plus tiered royalties.
- AC Immune license option deal with Takeda – May 2024
Takeda secured an option to license AC Immune’s ACI-24.060, a Phase II anti-abeta vaccine for Alzheimer’s disease. AC Immune will complete the ongoing ABATE trial, after which Takeda will assume responsibility for late-stage development, regulatory activities, and global commercialization. AC Immune receives $100 million upfront and is eligible for up to $2.1 billion in option fees, development, and commercial milestones, plus tiered double-digit royalties.
Regeneron licensed global rights (ex-China, Hong Kong, and Macau) to Hansoh Pharma’s HS-20094, a dual GLP-1/GIP agonist in Phase III for obesity and Phase IIb for diabetes. Hansoh receives $80 million upfront and is eligible for up to $1.9 billion in milestones, plus low double-digit royalties.
Sanofi secured exclusive global rights from Earendil Labs to develop and commercialize two AI-discovered bispecific antibodies, HXN-1002 and HXN-1003, targeting Crohn’s disease and broader inflammatory bowel disorders. The deal includes a $125 million upfront payment, up to $1.7 billion in milestones (with $50 million near-term), and tiered royalties in the high single to low double digits. This agreement underscores Sanofi’s strategy to expand its autoimmune portfolio while validating Earendil’s AI-driven discovery platform.
Eli Lilly partnered with Isomorphic Labs, securing exclusive rights to apply Isomorphic’s AlphaFold-based AI platform for small-molecule discovery across multiple undisclosed targets. The deal includes a $45 million upfront payment, up to $1.7 billion in milestones, and low double-digit royalties. This collaboration highlights Lilly’s continued investment in AI-enabled drug discovery and positions Isomorphic’s platform as a potential driver of pipeline expansion.
Gilead licensed global rights from LEO Pharma to develop and commercialize oral STAT6 inhibitors for inflammatory diseases, including asthma, atopic dermatitis, and COPD. LEO will retain rights to topical STAT6 formulations in dermatology and may co-commercialize oral products outside the U.S. The deal includes a $250 million upfront payment, up to $1.5 billion in milestones, and tiered royalties in the high single to mid-teens for both parties, depending on product type. This transaction broadens Gilead’s immunology pipeline while preserving LEO’s dermatology focus.
Merck partnered with Caris Life Sciences to develop AI-driven antibody-drug conjugates (ADCs) for oncology, leveraging Caris’ multi-omics discovery platform. Caris will receive an undisclosed upfront payment and R&D funding, plus eligibility for up to $1.4 billion in development, regulatory, and commercial milestones, along with tiered royalties. The collaboration underscores Merck’s continued investment in next-generation AI-enabled oncology drug discovery.
Johnson & Johnson licensed KP-723 from Kaken, gaining exclusive worldwide rights (ex-Japan) to develop and commercialize the oral STAT6 inhibitor for atopic dermatitis, autoimmune, and allergic diseases. Kaken will run the initial Phase I AD trial in 2025, after which J&J will lead global development and commercialization, with Kaken retaining Japan rights and co-promotion options. Kaken will receive $30 million upfront and is eligible for up to $1.2 billion in milestones, plus single- to low double-digit royalties.
- Cytokinetics development and commercialization deal with Bayer – November 2024
Cytokinetics licensed Aficamten to Bayer for exclusive rights in Japan. The Phase III cardiac myosin inhibitor targets obstructive and non-obstructive hypertrophic cardiomyopathy (HCM) by reducing myocardial hypercontractility. Bayer will lead a Phase III trial in Japanese patients with obstructive HCM. Cytokinetics will receive €50 million ($52.7 million) upfront, up to €90 million ($94.9 million) in development and launch milestones, and up to €490 million ($517.1 million) in commercialization milestones, plus high-teens to low-30% royalties.
Xeris Biopharma licensed Amgen exclusive, worldwide rights to develop and commercialize a subcutaneous formulation of teprotumumab using its XeriJect technology for thyroid eye disease (TED). Xeris is eligible for up to $75 million in development, regulatory, and commercial milestones, plus single-digit royalties.
