艾昆纬-2025年医药交易年度回顾-一个更精简但价值更高的交易年 2025 Pharma Deals Annual Review A leaner yet higher-value year for dealmaking

IQVIA

WhitePaper

2025PharmaDeals

AnnualReview

Aleaneryethigher-valueyearfordealmaking

LUCYHAGGERTY,Analyst,GlobalMarketInsights,IQVIA

TASKINAHMED,AssociateDirector,GlobalMarketInsights,IQVIA

AYUSHSAXENA,SeniorInsightsAssociate,GlobalMarketInsights,IQVIASHIKHAKASHYAP,Manager,GlobalMarketInsights,IQVIA

Tableofcontents

Introduction1

Restraineddealmakingamidmarketvolatility2

M&Adealspendsoars2

Rochetopslistofmostprolificdealmakers6

Late-stageassetsdrivelicensingfeesup8

Oncologycontinuestodriveproductdeals12

KeyplayersremainselectiveinR&Dalliances13

Outlookfor202616

Conclusion17

LearnmoreaboutIQVIAPharmaDeals17

Abouttheauthors18

Introduction

Followinganuneventful2024,theslowdownindeal

activityinthelifesciencessectorcontinuedin2025

aspersistentmacroeconomicheadwinds,heightenedgeopoliticaltensionsandshiftsinUShealthcare

policydiscouragedcompaniesfromsigningM&A,

licensingandcollaborativeR&Ddealsoverthecourseoftheyear.M&Aactivitycontinueditsdeclinefrom

2024to2025aselevatedinterestratesandregulatoryuncertaintykeptdealvolumesdown.However,in

contrast,aggregatespendingonM&Asurgedby99%toUS$257B,withnineacquisitionsexceedingtheUS$10Bmark.

Licensingdeallowforlifesciencecompanies

remainedsluggishin2025aslicenseescontinuedto

beselectiveinthetypesofassetstheyin-licensed

totheiralreadystreamlinedportfolios.Similarto

2024,clinicalstagedealsaccountedforagreater

proportionoftherapeuticlicensingactivityin2025asriskaversecompanieslookedtoinvestinproductswithestablishedclinicalandcommercializationpathways.Aggregatelicensingdealspendwasparticularlyupbeatcomparedtopreviousyears,amountingtoUS$205.3B,

whiletheaverageandmediandealvaluesalsosurgedthankstorisk-mitigatingdealstructuresinvolvinghighoption-basedandmilestonepayments.Afterdroppingin2024,averageupfrontpaymentsincreasedby48%in2025,farexceedingtheaverageupfrontsseenin

2021whenlicensingdealactivitypeaked,ascompaniesdemonstratedwillingnesstocommitlargesumsof

biodollarstopromisingorde-riskedlate-stageassets.

Rochewastheleadingpharmaceuticaldealmakerintermsofdealvolumein2025,whileNovartis

committedtothehighesttotaldealspend.

Bydealvolume,oncologywasonceagaintheleadingtherapeuticareaforpartneringdeals,butdealmakinginoverhalfofthetherapyareaswassuppressed

relativeto2024.Continuingthedownwardtrend,collaborativeR&Dactivitydiminishedfurtherin

2025askeyplayersinthelifesciencessector

investedsignificantamountsofbiodollarssolelyintherapiesandtechnologiesthatoferedessentialgrowthopportunities.

–12%

DECLINEIN

DEALS

Dealactivityinthelifesciencessectorremainedsubduedin2025asrisinggeopoliticaltensions andcontinueduncertaintyinthemarketdeterredcautiousdealmakers.

99%

SURGEIN

M&ASPENDING

AggregatespendingonM&Asurgedby99%toUS$257B,withnineacquisitionsexceedingtheUS$10Bmark.

|1

2|2025PharmaDealsAnnualReview—Aleaneryethigher-valueyearfordealmaking

Restraineddealmakingamidmarketvolatility

Followingseveralvolatileyearswithintheindustry,

dealactivityinthelifesciencessectorremained

subduedin2025asrisinggeopoliticaltensionsand

continueduncertaintyinthemarketdeterredcautiousdealmakers.Excludingstandaloneresearchgrants,thetotalnumberofagreementssignedinthelifesciencessectorfellby12%from2024to2025accordingtotheIQVIAPharmaDealsdatabaseofpubliclydisclosed

dealactivity(Figure1).Followingtheusualpattern,

totaldealvolumewashighestinQ12025andsteadilyslowedastheyearprogressedwhereasM&Aactivitywasstablethroughouttheyear(Figure2).

Figure1:Numberofdeals(excludingfundingawards),2021–2025

Numberofdeals

6,000

5,000

4,000

3,000

2,000

1,000

0

20212022202320242025

Alldealsexcl.fundingSource:IQVIAPharmaDeals.

Followingareboundin2024,biotechfinancing

wasmutedin2025asrisk-averseinvestorsfavoredcompanieswithestablishedpipelineswithclear

clinicalandregulatorypathways,creatingacapitaldividebetweencompaniesatdiferentstagesof

development.1Despiteanunstablestarttotheyear,biotechindicessawamarkedreboundin2025withtheNasdaqBiotechIndex,forexample,reachingafive-yearhighinQ42025.IPOsinthelifesciencessectorweresuppressedin2025,droppingbelow

thelowsrecordedin2022,relectingthecontinuedinvestorcautionamiduncertainmarketconditions.

Figure2:Dealssignedin2025bymonth

350

300

250

200

150

100

50

0

AlldealsM&A

Source:IQVIAPharmaDeals.

Duetothis,biotechsfacedanotherchallengingyearwithmanyhavingtoshutdownordivestprogramstofocusonmoreadvancedassetsorupthepaceoflayofsinthehopetoextendtheircashrunways.

M&Adealspendsoars

Afteracontinueddownturnfollowingthepeakin2021,M&Aactivityremaineddampenedinthelifesciencessectorin2025withregulatoryscrutinyandmajorUSpolicyuncertaintiesdiscouragingbuyers.

Alike2024,mega-mergerswereabsentin2025asbigpharmacontinuedtooptformodestlypricedbolt-onacquisitionsthatprovidedassetsorcapabilitiesintheirprioritytherapeuticareas.

ThevolumeoflifescienceM&Adeals(definedhereasMergers,BusinessAcquisitionsandDivestments,signedbutnotnecessarilycompleted)announcedin2025fell7%from2024,inlinewiththeslowdowninoveralldealactivitytoreacha5-yearlow(Figure3).

However,incontrast,theaggregatetotalvalue,

includingcontingentconsideration,ofallM&Adealssignedin2025jumpedby99%toUS$257BcomparedtoUS$129Bin2024.Inparallel,themeantotaldealvalueforM&Adealsincreased63%fromUS$964M

Numberofdeals

January

February

March

April

May

June

July

August

September

October

November

December

1J.P.Morgan2025AnnualBiopharmaLicensingandVentureReport

|3

deals,

Table1:Aggregate,meanandmedianvaluesofM&A2024vs.2025

Mediandealvalue

US$250M

US$266M

+6%

2024

2025

CHANGE

AggregatevalueofallM&Adeals

US$129,194M

US$257,220M

+99%

Meandealvalue

US$964M

US$1,571M

+63%

Source:IQVIAPharmaDeals.

Figure3:NumberandaggregatetotalvalueofM&Adeals,2021–2025

TotalvalueofallM&Adeals(US$M)

300,000

250,000

200,000

150,000

100,000

50,000

0

20212022202320242025

700

600

500

400

300

200

100

0

Numberofdeals

AggregateTDVNumberofdeals

Source:IQVIAPharmaDeals.

in2024toUS$1,571Min2025,farexceedingthe

averagedealvaluesrecordedin2021whendeal

volumespeaked(Figure4).However,themedian

totaldealvalue,whichremovesanydistortingefectsfromoutliers,increasedbyonlyamodest6%from

US$250Min2024toUS$266Min2025.

Interestingly,ofthetop10M&Adealsof2025,as

rankedbytotalpotentialdealvalueandrecordedintheIQVIAPharmaDealsdatabase,sevenwereannouncedinthesecondhalfoftheyeardemonstratingtherampupinhigh-valueM&Adealactivityinthelatterhalf

oftheyear.Combined,thetop10M&Adealsof2025

hadatotalvalueofUS$135B,equivalentto53%oftheaggregatevalueofallM&Adealssignedduringthe

Figure4:MeantotaldealvalueofM&Adeals,2021–2025

Meantotaldealvalue(US$M)

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

20212022202320242025

Source:IQVIAPharmaDeals.

year.Thetop10M&Adealsof2024hadacombined

valueofUS$59.61Bandaccountedforaslightly

smallerproportionoftheyear’stotalaggregatevalue(46%).Nineofthetop10acquisitionsof2025were

worthUS$10Bormore,upfromonlytwoin2024and,whilenoM&Adealsin2024hadavalueofbetween

US$5BandUS$10B,therewerefivedealsinthispricebracketin2025.

ThelargestM&Adealin2025wasAbbottLaboratories’purchaseofcancerdiagnosticsfirm,ExactSciences,

forUS$105percommonshare,representingatotal

equityvalueofapproximatelyUS$21B.AbbottpicksupaccesstoExact’sleadingproductoferingsincluding

Cologuard®,anoninvasivecolorectalcancerscreening

4|2025PharmaDealsAnnualReview—Aleaneryethigher-valueyearfordealmaking

test;OncotypeDX®,whichprovidespersonalizedtreatmentoptionsforpatientswithbreastcancer;

Oncodetect™,whichidentifiesmolecularresidual

disease(MRD)tohelpassesstheriskofrecurrence

andguidefollow-upcare;andCancerguard™,a

multi-cancerearlydetectionbloodtest.Similarly

investingindiagnosticsolutions,inJuly,Waters

CorporationagreedtoacquireBectonDickinson’s

(BD)BiosciencesandDiagnosticSolutionsbusiness

forapproximatelyUS$17.5B.Thecombinedcompanywillbringtogethercomplementarytechnologies

suchasbest-in-classliquidchromatography,mass

spectrometry,lowcytometry,anddiagnostic

solutions,acceleratingWaters’expansionintomultiplehigh-growthend-markets.

Withbig-ticketM&Acontinuingtoremainmostlyof

thecardsin2025,thelargestbiopharmaacquisition

oftheyearwasJohnson&Johnson’s(J&J)purchase

ofIntra-CellularTherapiesforUS$132pershare

incash,representinga39%premiumandatotal

equityvalueofapproximatelyUS$14.6B.J&Jpicks

upIntra-Cellular’sleadmarketedassetCaplyta

(lumateperone),aonce-dailyoraltherapyapprovedtotreatadultswithschizophrenia,aswellasdepressiveepisodesassociatedwithbipolarIorIIdisorder

(bipolardepression),asamonotherapyandadjunctivetherapywithlithiumorvalproate.ThesecondlargesttherapeuticM&AdealwasNovartis’takeoverofAvidityBiosciencesinOctoberforUS$72pershareincashat

closing,representingapremiumof46%andvaluing

thecompanyatapproximatelyUS$12Bonafully

dilutedbasis.ThemaindriverofthedealwasAvidity’smuscle-directed,AntibodyOligonucleotideConjugates(AOCs™)platformanditsRNAtherapeuticsfor

neuromusculardiseasessuchasmyotonicdystrophytype1(DM1),facioscapulohumeralmusculardystrophy(FSHD)andDuchennemusculardystrophy(DMD).

Sanofifeaturestwiceinthetop10M&Adealsin2025,withitssaleofa50%controllingstakeinitsconsumerhealthcaredivision,OpellaHealthcareGroup,to

privateequityfirmClayton,Dubilier&Rice(CD&R)

for€10B(US$11.39B)inFebruary.LaterinJune,the

FrenchpharmagiantpurchasedBlueprintMedicinesforatotalequityvalue,includingpotentialcontingentvalueright(CVR)payments,ofapproximatelyUS$9.5B.Throughthedeal,SanofipicksupaccesstoBlueprint’srareimmunologydiseasemedicine,Ayvakit/Ayvakyt

(avapritinib),whichisapprovedintheUSandEUforthetreatmentofadvancedandindolentsystemic

mastocytosis,aswellasinvestigationalassets,elenestinibandBLU-808.

Withthepatentexpirationofitstopsellingcancer

immunotherapy,Keytruda(pembrolizumab),fast

approaching,Merck&Co.turnedtoM&Ain2025

toboostitsexistingpipelineandsecureitsfuture

growth.InJuly,MerckagreedtoacquireVerona

PharmaforUS$107persharerepresentingatotal

transactionvalueofapproximatelyUS$10B.Throughthetakeover,MerckgainsaccesstoOhtuvayre®

(ensifentrine),afirst-in-classselectivedualinhibitor

ofphosphodiesterase3and4(PDE3andPDE4),

approvedintheUSforthemaintenancetreatmentofchronicobstructivepulmonarydisease(COPD)inadultpatients.FollowingahostilebiddingwarwithNovo

Nordisk,inNovember,Pfizeragreedtoacquireweight-lossbiotech,Metsera,inanamendeddealworthuptoUS$10B,anincreaseofapproximatelyUS$2.1BfromtheinitialagreementannouncedinSeptember.Despiteitsownsetbacksintheobesityspace,Pfizernow

establishesitselfinthelucrativemarketwithaccesstoMetsera’sbroadportfoliooforalandinjectableincretin,non-incretinandcombinationtherapies.

Privateequityinterestinthelifesciencessector

remainedhighin2025,withBlackstoneandTPG

acquiringHologic,aglobalmedtechleaderinwomen’shealth,foruptoUS$79pershare,representingan

enterprisevalueofuptoUS$18.3B.Also,CapVest

PartnersagreedwithBainCapitalandCinvenin

SeptembertoacquirethemajoritystakeinSTADA

Arzneimittel,acompanyspecializinginconsumer

healthcare,genericsandspecialitypharmaceuticals,for€10B(US$11.7B).

|5

Table2:Topacquisitionsof2025rankedbytotaldealvalue

TOTALDEAL

VALUE

COMPANIES

DEALDRIVER

US$21B

AbbottLaboratories,ExactSciences

Cancerscreeningandprecisiononcologytestsincluding

Cologuard®andOncotypeDX®

US$18.3B

Blackstone,TPG,Hologic

Medicaldeviceanddiagnosticproductsfor

Women’sHealthindications

US$17.5B

Waters,BD

(Becton,DickinsonandCo.)

BD'sBiosciences&DiagnosticSolutionsbusiness

US$14.6B

Johnson&Johnson,

Intra-CellularTherapies

Caplyta(lumateperone),thefirstandonlyUSFDA-approvedtreatmentforbipolarIandIIdepression

US$12B

Novartis,AvidityBiosciences

AntibodyOligonucleotideConjugates(AOCs™)platformfor

RNAtherapeutics

€10B(US$11.7B)

CapVestPartners,STADA

Arzneimittel,BainCapital,Cinven

STADA’sConsumerHealthcare,GenericsandSpecialty

pharmaceuticalsbusinesses

€10B(US$11.4B)

Sanofi,Clayton,Dubilier&Rice

Saleof50%controllingstakeofSanofi’sconsumerhealthcare

business,Opella

US$10B

Merck&Co.,VeronaPharma

Ohtuvayre(ensifentrine),afirst-in-classinhaledtreatment

forCOPD

US$10B

(US$7Bupfront

+US$3Bin

milestones)

Pfizer,Metsera

Portfolioofdiferentiatedoralandinjectableincretin,non-incretinandcombinationtherapycandidates

US$9.5B

(US$9.1Bupfront+US$400MCVR)

Sanofi,BlueprintMedicines

Rareimmunologydiseasemedicine,Ayvakit/Ayvakyt

(avapritinib),approvedintheUSandtheEU,andanearly-stage

immunologypipeline

Source:IQVIAPharmaDeals.

Onceagain,theM&Alandscapewasdominatedby

theUS,withacquisitionsofUS-basedcompanies

accountingfor50%ofalllifescienceM&Adealssignedin2025(Figure5).Witha16%volumeshare,companieslocatedinoneofEurope’sfivelargestmarkets(France,Germany,Italy,SpainandtheUK)comprisedthe

secondlargestgroupofacquiredparties.OftheEU5M&Adeals,45%involvedtheacquisitionofcompanieslocatedintheUKand24%involvedGermanfirms.The

vastmajorityofthedealsfortargetcompanieslocatedinBRICMTcountries—namelyBrazil,Russia,India,

China,MexicoandTurkey—involvedChinese(50%)orIndian(36%)companiesbeingacquired.

Figure5:M&Adealsin2025bytargetcompanyterritory

Numberofdeals

180

160

140

10

100

80

60

40

20

0

US

Canada

EU5

Other

Europe

Japan/

Korea

BRICMT

ROW

Source:IQVIAPharmaDeals.

6|2025PharmaDealsAnnualReview—Aleaneryethigher-valueyearfordealmaking

Rochetopslistofmostprolificdealmakers

Witha27%increaseinitsdealvolumeyear-on-year,

Rochejumpedthreepositionstobethemostprolificdealmakerinthelifesciencessectorin2025with38

publiclydiscloseddeals,fourmorethansecondplaceLilly(Figure6).Sanofiretainsitspositionasthethird

mostactivedealmakerintermsofdealvolumein2025,withBoehringerIngelheimclimbingnineplacesto

fourthposition.Interestingly,Merck&Co.dropped

fromfirstplacein2024toninthplacein2025,withitsnumberofdiscloseddealsfalling47%,from34in2024to18in2025.Thisispartlyduetothefewernumberofclinicaltrialcollaborationssigned,pairingKeytruda®(pembrolizumab)withthird-partyoncologyassets,

whichusuallyaccountsfor~50%ofMerck’sdealactivityyetonly~28%in2025.

WiththeloomingthreatofpatentexpiriesformajordrugssuchasOcrevus,PerjetaandKadcylafast

approaching,Rochewasparticularlybusyonthe

dealmakingfrontin2025asitlookedtodeploy

itscashonexternalinnovationtosecurefuture

revenuedrivers.InSeptember,theSwisspharma

giantannounceditsplannedmergeragreementwith

89bioforuptoUS$3.5B.Thetakeoverwasdriven

bytheFGF21analog,pegozafermin,inlate-stage

developmentformetabolicdysfunction-associated

steatohepatitis(MASH)inmoderateandsevere

fibroticpatients(F2andF3stages)aswellascirrhoticpatients(F4stage).Innovativecancertherapies

weretheprimarydriversofthecompany’slicensingandcollaborativedealmakingin2025,includingits

US$2BpartnershipwithOrionisBiosciencesforsmallmoleculemonovalentgluemedicinesanditsUS$80MupfrontpaymenttoInnoventBiologicsforIBI3009,anewdelta-likeligand3-targetedantibody-drug

conjugate(ADC)candidateforsmallcelllungcancer.Attemptingtokeepupwithitspeers,Roche’s

subsidiaryChugaiPharmaalsoinvestedheavilyin

artificialintelligence(AI)-driventechnologiesin2025includingitsco-creationprojectwithFronteofordrugdiscoveryusingAItechnologyanditsage-related

diseasealliancewithGero.

Buoyedbythesuccessofitsweightlossanddiabetesfranchise,Lillytooksecondpositioninthedealactivityrankingsin2025with34deals,onemoredealthanthepreviousyear.Atatimewhenmanyofitspeerspulledbackfromthearea,severalofLilly’slargestdealsweredrivenbygeneeditingtherapiesandtechnologies

acrossarangeofindications.

Figure6:Mostprolificdealmakers,2024vs.2025

40

35

Numberofdeals

30

25

20

15

10

5

Roche

Lilly

Sanofi

Ingelheim

Pfizer

Novartis

Merck&Co.

GSK

Samsung

Biologics

NovoNordisk

Bayer

DrReddy’s

0

Boehringer

AstraZeneca

J&J

20242025

Source:IQVIAPharmaDeals.

|7

Witha27%increaseinitsdealvolumeyear-on-year,Rochejumpedthree

positionstobethemostprolificdealmakerinthelifesciencessectorin2025with38publiclydiscloseddeals,fourmorethansecondplaceLilly.

Initslargestbusinessacquisitionof2025,Lilly

purchaseditsgeneeditingpartnerVerveTherapeuticsforuptoUS$1.3B,gainingfullaccesstothe

cardiovascularinvivogeneeditingprogramsit

previouslyin-licensedin2023.Later,inOctober,LillypurchasedAdverumBiotechnologiesanditsadeno-associated-virus(AAV)-basedgenetherapy,ixo-vec,currentlyinPhaseIIIstudiesforwet

age-relatedmaculardegeneration(wAMD).Akey

genetherapylicensingdealannouncedbyLillywasitsagreementwithSangamoTherapeuticsinApril

fortheSTAC-BBBcapsidtodelivertheirintravenouslyadministeredgenomicmedicinestotreatcertain

diseasesoftheCNS.

Sanofiretaineditsthird-placepositioninthedeal

activityrankingsin2025with27deals,despitea

23%decreaseonthepreviousyear.Asidefromthe

twopreviouslydiscussedM&Adeals,Sanofi’slargestdealbyoverallvaluewasitspurchaseofDynavax

TechnologiesinDecemberforUS$2.2B,whereit

pickedupanadultvaccinethatprotectsagainst

hepatitisBvirus(HBV),calledHeplisav-B,aswellasanexperimentalshinglesvaccine,Z-1018,thatcouldrivalGSK’sShingrix.

Interestingly,eightoutofthe15companiesshowninFigure5demonstratedadecreaseinthenumberofpubliclyannounceddealsin2025.LikeMerck&

Co.,Novartisrecordeda47%decreaseinthenumberofdealspubliclydisclosed,with18dealsin2025

comparedto34dealsin2024.Despitethedrop

involume,theSwisspharmagiantstillmadebold

moveswithinthedealmakinglandscapebyreturningtoapreviouspartner,ArgoBiopharmaceutical

forex-Chinarightstotwodiscovery-stage

next-generationmoleculesforthetreatmentofseverehypertriglyceridemiaandmixeddyslipidemia.

Incontrasttomanyofitspeers,Pfizer’sdealactivitysurgedin2025,announcing23dealscomparedtoonly17dealsin2024.Thecompany’selevateddealmakingwaspartlyduetoitssignificantinvestmentin

Chinese-originatedassetssuchasitsUS$6.15B

oncologypartnershipwith3SBiodiscussedlater

inthispaperanditsUS$150Mupfrontpaymentto

YaoPharmaforthedevelopment,manufacturing

andcommercializationofYP05002,asmallmolecule

glucagon-likepeptide1(GLP-1)receptoragonistin

PhaseIdevelopmentforchronicweightmanagement.

Figure7presentsananalysisoftheleading

dealmakersasrankedbytheaggregatepotential

valueofeachcompany’sdealsin2025,excludingthosedealswherethecompanyisitselfreceivingpayment

e.g.out-licensingagreementsordivestments.Eachofthe20companiescommittedmorethanUS$8Bonthedealstheysignedin2025,withastaggering18companieseachpledgingmorethanUS$10B.

Alike2024,Novartiswastheleadingcompanyin

termsofdealspend,withtendealsexceedingatotaldealvalueofUS$1Beach.FourUS$1.8B+deals

accountedforover69%ofSanofi’sdealspendin2025includingthealreadydiscussedUS$9.5Btakeover

ofBlueprintMedicinesandUS$2.2BpurchaseofDynavaxTechnologies.

8|2025PharmaDealsAnnualReview—Aleaneryethigher-valueyearfordealmaking

Figure7:Top20companiesrankedbyaggregatetotalvalueofalldiscloseddealsin2025(excludingout-licensingdealsanddivestmentsbysuchcompanies).

40,000

Totaldealspend(US$M)

35,000

30,000

25,000

20,000

15,000

10,000

5,000

Novartis

Roche

Merck&Co.

Sanofi

AbbottLab.

GSK

Pfizer

AstraZeneca

J&J

Lilly

Blackstone/TPG

WatersCorp.

NovoNordisk

BMS

Takeda

AbbVie

CapVestPartners

Clayton,Dubilier&Rice

MerckKGaA

Genmab

0

Source:IQVIAPharmaDeals.

Late-stageassetsdrivelicensingfeesup

Licensingactivityinthelifesciencessectorremainedmutedin2025asbigpharmafocusedonprimarily

laterstageassetsandprogramsthatalreadyhave

aclearclinicalandcommercialpathway.Inasimilarveinto2024,thevolumeoflicensingdealsinthelifesciencessectordropped6%from2024to2025,as

selectivedealmakersreprioritizedtheirportfoliosandfocusedontheirkeygrowthareas(Figure8).

Despitethecontinueddownturninlicensingdeal

volume,theleveloflicensingspendin2025was

particularlyupbeatcomparedtopreviousyears,withtheaggregatepotentialvalueofalllicensingdeals

withdisclosedfinancialsamountingtoUS$205.3B,exceedingtheUS$152.7Bspentin2024andthe

US$160Bachievedin2023.Themeanlicensingdealvaluejumped38%in2025toUS$821M,whilethemediandealvaluerose75%toUS$473M(Figure9).

Dealstructureswithoption-basedandmilestone

paymentshelpedtobolsterthetotaldealvaluesas

cautiouslicenseesoptedtospreadtheriskthroughoutdevelopmentandcommercialization.

Figure8:Numberoflicensingdeals,2021–2025

Numberofdeals

1,600

1,400

1,200

1,000

800

600

400

200

0

20212022202320242025

Source:IQVIAPharmaDeals.

Themeancashupfrontpaymentforlicensingdealssignedin2025increasedby48%,whereasthemedianupfrontpaymentincreasedby33%.Intotal,licenseescommittedtopayUS$12.8Binguaranteedupfront

paymentsin2025,upby35%ontheUS$9.5Bpaidbylicenseestoin-licenselifescienceassetsin2024.

Alike2024,fivelicensingdealsin2025involvedan

upfrontconsiderationofUS$500Mormore,howeverthreedealsin2025involvedalicensingfeeofUS$1Bandabovecomparedtoonlyonedealin2024.

|9

Figure9:Meantotaldealvalueandmeanupfrontpaymentforlicensingdeals,2021–2025

Meanupfrontpayment(US$M)

100

90

80

70

60

50

40

30

20

10

0

Meantotaldealvalue(US$M)

900

800

700

600

500

400

300

200

100

0

20212022202320242025

UpfrontpaymentTDVSource:IQVIAPharmaDeals.

Inasimilarveinto2024,thevolumeoflicensingdealsinthelifesciencessectordropped6%from2024to

2025,asselectivedealmakers

reprioritizedtheirportfoliosandfocusedontheirkeygrowthareas.

Table3presentsthetop10partneringdealsof2025

asrankedbytotalupfrontconsideration(including

bothcashandequity).Despiteongoinguncertaintiesintheindustry,bigpharmacontinuedtoshowsignsofwillingnessin2025todeployitsaccumulatedcashinreturnforaccesstopromisingandinnovativeassets.Thelargestlicensingdealof2025intermsofupfrontcashwasRoche’sagreementtopayZealandPharmaastaggeringUS$1.65BupfrontaswellasuptoUS$3.6Binmilestonestoco-developandco-commercialize

petrelintide,Zealand’samylinanalog,asastandalonetherapyaswellasafixed-dosecombinationwith

Roche’sincretinasset,CT-388.Anamylinagonist

similarlydroveAbbVie’slicensingagreementwith

GubrawhichwasannouncedjustaweekpriortotheRoche-Zealanddeal.AbbViepaidGubraUS$350M

upfrontandcommitteduptoUS$1.875BinmilestonesforrightstoGUB014295,anearly-stagepotential

best-in-class,long-actingamylinanalogforthetreatmentofobesity.

Thelargestpartneringdealin2025bytotaldeal

valuewasGSK’slicensingpactwithJiangsuHengruiPharmaceuticalstodevelopupto12medicines

acrosstheareasofrespiratory,immunology,

inlammation,andoncology.OtherexamplesofglobalcompaniesinvestinginChinese-originatedassetsincludesPfizer’slicensingagreement

with3SBio,whichincludedanastounding

US$1.25BupfrontpaymentaswellasuptoUS$4.8Binmilestones,forPD-1/VEGFbispecificantibody,

SSGJ-707aswellasTakeda’sUS$11.4BpartnershipwithInnoventBiologicsfortwolate-stagemedicines,IBI363andIBI343,forsolidtumors.

Inanattempttobolsteritsradiopharmaceutical

pipeline,RayzeBio,a