Deals
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China competitionBravehart, a stealthy startup, looks to China to challenge Bristol Myers heart drug
Led by the former CEO of Hi-Bio and backed by notable investors, the startup licensed from Hengrui a drug it claims is superior to Bristol Myers' Camzyos as well as other, similar medicines.
By Ben Fidler • Sept. 5, 2025 -
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Brain drug revivalNovartis thinks Arrowhead brain drug can succeed where others couldn’t
A licensing deal worth at least $200 million will give Novartis access to a preclinical RNA medicine designed to combat diseases like Parkinson’s.
By Jacob Bell • Sept. 2, 2025 -
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Royalty Pharma buys BeOne stake in Amgen lung cancer drug sales
An $885M deal with BeOne Medicine gives the pharma financier rights to a revenue stream from global sales of Imdelltra, which is sold by Amgen.
By Jonathan Gardner • Aug. 25, 2025 -
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AbbVie wagers more than $1B on Gilgamesh’s psychedelic drug
The asset deal thrusts AbbVie to the forefront of the psychedelic field, handing it a therapy that recently scored positive Phase 2 results in major depression.
By Jacob Bell • Aug. 25, 2025 -
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China competitionDrugs from China are reshaping biotech. Track the licensing deals here.
Hengrui’s licensing deal with Braveheart Bio is the third involving the company and a U.S. or European drugmaker this year, following earlier alliances with Merck & Co. and Merck KGaA.
By Ben Fidler • Updated 4 hours ago -
Courtesy of Gilead
Emerging biotechGilead dives into ‘in vivo’ cell therapy with $350M buyout of Interius
The deal gives Gilead ownership of a technology that can genetically modify immune cells inside the body, an approach could that potentially widen access to CAR-T treatment.
By Jonathan Gardner • Aug. 21, 2025 -
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Biotech zombiesXoma, a drug royalty specialist, buys another ‘zombie’ biotech
A deal to acquire Alkermes spinout Mural Oncology is Xoma’s fourth since June and the latest evidence of interest in buying and shutting down struggling drugmakers.
By Ben Fidler • Aug. 20, 2025 -
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China competitionExpedition, a startup searching for drugs from China, cuts its first deal
The startup agreed to pay Fosun Pharma as much as $645 million for a drug in testing for multiple lung conditions, including bronchiectasis.
By Ben Fidler • Updated Aug. 12, 2025 -
Courtesy of CureVac AG
VaccinesBioNTech ends patent fight with mRNA rival CureVac ahead of buyout deal
The complex settlement, which hands payouts and royalties to CureVac and partner GSK, comes as BioNTech is inching toward an acquisition of its one-time COVID-19 vaccine competitor.
By Jonathan Gardner • Aug. 8, 2025 -
Alamy
Brain drug revivalIn rumored AbbVie deal, Wall Street sees momentum for psychedelics M&A
A potentially billion-dollar acquisition of Gilgamesh Pharmaceuticals suggests big pharma may finally be willing to place significant bets on psychedelics.
By Jacob Bell • July 31, 2025 -
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VaccinesBavarian Nordic agrees to $3B take-private deal
The vaccine maker’s board intends to recommend a pending offer from investment firms Nordic Capital and Permira, which would take over the drugmaker and delist it from market.
By Delilah Alvarado • July 29, 2025 -
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Adaptimmune, seeking to stay afloat, sells off cell therapies
A deal with US WorldMeds includes the FDA-approved TCR therapy Tecelra and two clinical-stage cancer medicines.
By Jonathan Gardner • July 28, 2025 -
Courtesy of GSK
China competitionGSK pays $500M to enter drugmaking alliance with Hengrui
The deal, which focuses first on a COPD drug GSK believes holds “best-in-class” potential, could involve a dozen medicines and be worth $12 billion.
By Ben Fidler • July 28, 2025 -
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VaccinesSanofi to acquire vaccine biotech in billion-dollar deal
The French pharma will pay $1.15 billion upfront to buy Vicebio and gain access to non-mRNA vaccine candidates against RSV and metapneumovirus.
By Delilah Alvarado • Updated July 22, 2025 -
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China competitionCancer drugmaker LaNova to sell to China’s Sino Biopharm
Sino Biopharmaceuticals plans to pay up to $950.9 million to acquire LaNova Medicines, which previously licensed drugs to Merck and AstraZeneca.
By Ned Pagliarulo • July 15, 2025 -
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Patent thicketsWith Verona deal, Merck wagers on strength of lung drug’s patents
The main patent for Ohtuvayre, the COPD drug at the heart of Verona’s $10 billion sale, expired in 2020. For Merck to make good on the deal, other secondary patents will need to hold up.
By Jonathan Gardner • July 11, 2025 -
Alamy
Merck to buy Verona and its lung drug in $10B deal
The New Jersey-based pharma has inked one of the biggest deals of the year in pursuit of a promising new way to treat COPD.
By Kristin Jensen • July 9, 2025 -
Alamy
Immune resetAbbVie to buy CAR-T developer Capstan in deal worth up to $2.1B
The acquisition will expand AbbVie's exploration of in vivo CAR-T therapy, an ambitious approach that could sidestep some of the difficulties presented by current cell treatments.
By Ned Pagliarulo • June 30, 2025 -
Permission granted by Jen Randall / Kymera Therapeutics
Kymera adds Gilead as research partner, while advancing new candidate with Sanofi
The biotech will work on molecular glue degraders with Gilead in a new deal. Existing partner Sanofi changed its focus to a new drug prospect, meanwhile.
By Gwendolyn Wu • June 25, 2025 -
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Gene editingLilly to acquire Verve in $1B bet on gene editing for heart disease
The deal centers around a medicine that could “shift the treatment paradigm for cardiovascular disease,” Lilly said, but also follows a yearslong decline in Verve’s share price amid skepticism over the need for such a therapy.
By Kristin Jensen • June 17, 2025 -
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Sage, following setbacks, to sell to Supernus for $561M
In what one analyst described as an “unremarkable” outcome, the brain drug developer is being acquired for just $8.50 per share, plus non-guaranteed additional payouts, after a series of stumbles that depressed its stock price.
By Delilah Alvarado • June 16, 2025 -
Courtesy of CureVac AG
BioNTech buys mRNA, courtroom rival CureVac in all-stock deal
Valued at $1.25 billion, the deal expands BioNTech’s cancer drug portfolio and heads off royalty costs it could have owed CureVac in ongoing patent litigation.
By Jonathan Gardner • June 13, 2025 -
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Immune resetCullinan doubles down on bispecifics for autoimmune disease with Genrix deal
The deal gives Cullinan T cell engagers aimed at BCMA and CD19, which drugmakers are exploring as possible targets for antibody- and cell-based drugs for inflammatory conditions.
By Kristin Jensen • June 5, 2025 -
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Lilly partners with Camurus in search of a long-lasting obesity drug
The deal, which could be worth up to $870 million overall, will give Lilly access to a delivery technology that may help extend the durability of up to four of its weight-loss medicines.
By Kristin Jensen • June 4, 2025 -
Courtesy of Sanofi
Sanofi to acquire Blueprint for up to $9.5B
The pharma giant is betting that Blueprint, whose research revolves around a certain kind of tyrosine kinase, will be a boost to its immunology business.
By Jacob Bell • June 2, 2025
