Shots:
- Biopharma dealmaking in 2025 continued to face significant headwinds, with collaborations frequently collapsing due to strategic reprioritization, fierce competitive pressures, unfavorable clinical readouts, and failure to meet key closing conditions highlighting the inherent uncertainty and capital risk embedded in innovation-driven partnerships
- The year underscored a clear dominance of R&D-focused collaborations and licensing agreements, particularly across oncology, immunology, and next-gen modalities (cell & gene therapies, RNA-based platforms), with many terminations driven by pipeline prioritization decisions and shifting therapeutic focus rather than purely financial constraints
- High-profile terminations-Novo Nordisk-Metsera (~$10B), Calico-AbbVie (~$3.5B), and Lundbeck-Avadel (~$2.4B)-underscore that even late-stage acquisitions and mega partnerships remain vulnerable to competitive bids, strategic resets, and regulatory pressures; this analysis includes deals terminated in 2025, ranks them by total deal value, and reports all values in USD for consistency.
The Top 20 Biopharma Deal Terminations of 2025 report has been published in partnership with our data partner DealForma who has provided us with the 2025 deals Terminations data.
20. Cosette Pharmaceuticals and Mayne Pharma
Deal Type: Acquisition
Deal Date: Feb 20, 2025
Deal Value: $430M
Deal Termination Date: Dec 9, 2025
- Cosette Pharmaceuticals agreed to acquire Mayne Pharma to take the company private, aiming to strengthen its dermatology and women’s health portfolio through Mayne’s portfolio of branded and generic products and CDMO services
- Under the terms, Mayne Pharma shareholders were to receive AUD$7.40 (~$4.70) per share, representing a 37% premium and valuing the transaction at approximately $430M, with expected closure in Q2 2025
- On December 9, 2025, Cosette Pharmaceuticals terminated the agreement with Mayne Pharma, citing failure to satisfy certain closing conditions and mutual agreement between the parties to discontinue the transaction.
19. Xencor and Genentech
Deal Type: Co-development & Commercialization Agreement
Deal Date: Feb 5, 2019
Deal Value: $460M
Deal Termination Date: Jan 30, 2025
- Xencor granted Genentech worldwide rights to co-develop and commercialize IL-15 cytokine therapeutics, including XmAb24306, for cancer, with Xencor retaining an option to co-promote in the US
- The agreement included $120M upfront, with potential clinical milestones of up to $160M for XmAb24306 and $180M per additional product, alongside a 45% cost and profit share for Xencor for a total deal value of ~460M
- On January 30, 2025, Roche discontinued development of IL-15 cytokine candidates, including efbalropendekin alfa, leading to termination of the collaboration as part of a broader portfolio prioritization and strategic pipeline review.
18. Hookipa Pharma and Gilead Sciences
Deal Type: Development & Commercialization Agreement
Deal Date: Jun 5, 2018
Deal Value: $460M
Deal Termination Date: May 21, 2025
- Hookipa Pharma granted Gilead Sciences rights to develop and commercialize immunotherapies for HIV and HBV using its TheraT and Vaxwave platforms, with Gilead funding all development activities
- The deal included $10M upfront, multiple research and milestone payments, and up to $400M in development, regulatory, and commercial milestones, along with tiered royalties; the agreement was later amended in 2022 to expand funding and equity investment terms
- On May 21, 2025, Hookipa and Gilead terminated the collaboration as part of a strategic restructuring, with both companies entering a new agreement under which Gilead acquired key arenavirus-based immunotherapy assets, including HB-400 and HB-500, from the partnership.
17. Fulcrum Therapeutics and MyoKardia
Deal Type: Development & Commercialization Agreement
Deal Date: Jul 20, 2020
Deal Value: $465M
Deal Termination Date: Feb 26, 2025
- Fulcrum Therapeutics granted MyoKardia exclusive worldwide rights to develop and commercialize targeted therapies for genetic cardiomyopathies using Fulcrum’s gene expression platform
- Fulcrum received $10M upfront and $2.5M in R&D funding, with potential milestones of up to $302.5M for the first product and up to $150M for additional targets, along with tiered royalties for a total deal value of ~465M
- On February 26, 2025, MyoKardia terminated the agreement as part of strategic prioritization, with termination effective June 26, 2025 while both companies continued obligations during the transition period.
16. Biogen and Sage Therapeutics
Deal Type: Acquisition
Deal Date: Jan 10, 2025
Deal Value: $469M
Deal Termination Date: Jan 17, 2025
- Biogen agreed to acquire Sage Therapeutics, whose portfolio included approved therapies such as Zulresso and Zurzuvae and a pipeline targeting multiple neurological disorders
- The offer valued Sage at approximately $469M, with shareholders set to receive $7.22 per share in cash, representing a 30% premium, though the bid was notably below Sage’s cash reserves as of September 2024
- On January 17, 2025, Sage initiated legal action seeking to enforce a standstill agreement, and on January 27, 2025, Sage Therapeutics terminated the acquisition agreement with Biogen amid disputes over valuation and deal terms.
15. Heartseed and Novo Nordisk
Deal Type: Development & Commercialization Agreement
Deal Date: Jun 6, 2021
Deal Value: $598M
Deal Termination Date: Sep 30, 2025
- Heartseed granted Novo Nordisk (via Novo Holdings) exclusive worldwide rights to develop and commercialize HS-001 for heart failure, with joint commercialization in Japan and shared costs and profits
- The agreement included $55M upfront and up to $543M in milestone payments, along with tiered high single-digit to low double-digit royalties
- On September 30, 2025, Novo Nordisk terminated the agreement to refocus its strategy on core therapeutic areas, particularly diabetes and obesity.
14. Nxera Pharma and Boehringer Ingelheim
Deal Type: Option to License Agreement
Deal Date: Nov 3, 2024
Deal Value: $825M
Deal Termination Date: Dec 19, 2025
- Nxera Pharma granted Boehringer Ingelheim an exclusive worldwide option to license GPR52 agonists, including HTL-0048149, for schizophrenia
- The agreement included ~€25M (~$27.3M) upfront, €60M (~$65.5M) in option exercise fees, and up to €670M (~$732M) in development, regulatory, and commercial milestones, plus tiered royalties
- On December 19, 2025, Boehringer Ingelheim chose not to exercise its option, leading to termination of the agreement and full rights reverting to Nxera Pharma.
13. Agenus and Incyte
Deal Type: Development & Commercialization Agreement
Deal Date: Jan 9, 2015
Deal Value: $860M
Deal Termination Date: Feb 4, 2025
- Agenus granted Incyte exclusive worldwide rights to develop and commercialize checkpoint modulator antibodies targeting GITR, OX40, TIM-3, and LAG-3 using its Retrocyte Display platform for cancer
- The agreement included $60M upfront, milestone potential across multiple programs (later expanded by up to $450M), and royalty/cost-sharing options, with amendments converting earlier profit-share programs into royalty-bearing structures
- Between 2023 and 2024, Incyte discontinued development across all key programs (OX40, GITR, LAG-3, and TIM-3), and on February 4, 2025, Incyte terminated the agreement following broad pipeline reprioritization, with rights to remaining assets reverting to Agenus.
12. Yuhan and Boehringer Ingelheim
Deal Type: Development & Commercialization Agreement
Deal Date: Jul 1, 2019
Deal Value: $870M
Deal Termination Date: Mar 6, 2025
- Yuhan Corporation granted Boehringer Ingelheim rights to develop and commercialize a dual agonist GLP-1/FGF21 therapy (YH-25724) for NASH, targeting steatosis, inflammation, and fibrosis
- The agreement included $40M upfront and up to $830M in milestones, plus royalties, with Yuhan receiving approximately $50M in upfront and milestone payments to date
- On March 6, 2025, Boehringer Ingelheim terminated the agreement for undisclosed reasons.
11. Sutro Biopharma and Ipsen
Deal Type: Development & Commercialization Agreement
Deal Date: Mar 29, 2024
Deal Value: $899M
Deal Termination Date: Aug 8, 2025,
- Sutro Biopharma granted Ipsen exclusive worldwide rights to develop and commercialize STRO-003, an antibody-drug conjugate targeting ROR1 for cancer
- The deal included $50M upfront cash and $25M in equity (4.8M shares at a 17% premium), with Ipsen leading Phase I development (including IND submission); Sutro was eligible for up to $447M in development and regulatory milestones, additional payments including $7M and a $10M equity purchase upon milestones, and up to $360M in commercial milestones, plus tiered royalties in the low double-digit to mid-teens range
- On August 8, 2025, Ipsen terminated the agreement following emerging clinical data and broader challenges in the ROR1 therapeutic landscape, as safety and efficacy concerns from industry trials reduced confidence in the target
10. Biond Biologics and Sanofi
Deal Type: Development & Commercialization Agreement
Deal Date: Jan 12, 2021
Deal Value: $1125M
Deal Termination Date: Mar 3, 2025
- Biond Biologics granted Sanofi exclusive worldwide rights to develop and commercialize BND-22, an ILT2-targeting immune checkpoint inhibitor for solid tumors
- The deal included $125M upfront, with Biond leading Phase Ia development (as monotherapy and in combination), while Sanofi handled further development and commercialization; Biond was eligible for up to $1B in milestone payments, plus tiered double-digit royalties
- On March 3, 2025, Sanofi terminated the agreement as part of R&D prioritization, returning full rights of BND-22 to Biond Biologics
9. Silence Therapeutics and Hansoh Pharmaceutical
Deal Type: Development & Commercialization Agreement
Deal Date: Oct 15, 2021
Deal Value: $1316M
Deal Termination Date: Feb 27, 2025
- Silence Therapeutics granted Hansoh Pharmaceutical rights to develop and commercialize siRNA therapies for three undisclosed targets using its mRNAi GOLD platform
- The deal included $16M upfront, with Silence responsible for early development up to option exercise and retaining ex-China rights for initial targets, while Hansoh could license regional or global rights at defined stages; Silence was eligible for up to $1.3B in milestone payments plus tiered low double-digit to mid-teens royalties, and also received early milestone payments ($4M in 2023 and $2M in 2024)
- On February 27, 2025, Hansoh Pharmaceutical terminated the agreement for undisclosed reasons
8. Amgen and CytomX Therapeutics
Deal Type: Co-development & Commercialization Agreement
Deal Date: Oct 3, 2017
Deal Value: $1465M
Deal Termination Date: Mar 7, 2025
- Amgen and CytomX Therapeutics entered a collaboration to co-develop and commercialize Probody-based T-cell-engaging bispecific antibodies targeting EGFR for cancer
- The deal included $40M upfront and $20M in equity, with CytomX leading early-stage development and both companies sharing late-stage costs while Amgen led late-stage activities; CytomX was eligible for up to $455M in milestones plus double-digit ex-US royalties and optional US profit share, along with up to $950M in additional potential payments for three undisclosed targets and tiered royalties
- On March 7, 2025, CytomX terminated the agreement to prioritize its internal early-stage pipeline, discontinuing development of CX-904
7. Affinia Therapeutics and Vertex Pharmaceuticals
Deal Type: Research Collaboration with Option to License
Deal Date: Apr 27, 2020
Deal Value: $1600M
Deal Termination Date: May 2, 2025
- Affinia Therapeutics entered a research partnership with Vertex Pharmaceuticals to develop gene therapies using its AAV capsid engineering platform for Duchenne muscular dystrophy and DM1
- The deal included $80M upfront, with Affinia responsible for capsid design and engineering while Vertex funded and led manufacturing, preclinical and clinical development, and commercialization; Vertex also held licensing options for cystic fibrosis and another indication, and Affinia was eligible for up to $1.52B in development, regulatory, and sales milestones plus tiered royalties
- On May 2, 2025, Vertex Pharmaceuticals terminated the agreement for undisclosed reasons
6. iTeos Therapeutics and GSK
Deal Type: Development & Commercialization Agreement
Deal Date: Jun 14, 2021
Deal Value: $2075M
Deal Termination Date: May 13, 2025
- iTeos Therapeutics granted GSK rights to co-develop and commercialize EOS-448 (belrestotug), an anti-TIGIT monoclonal antibody for cancer
- The deal included $625M upfront, with both companies sharing R&D and US commercialization costs and profits equally, while GSK handled ex-US commercialization; iTeos was eligible for up to $1.45B in milestone payments and tiered ex-US royalties
- On May 13, 2025, GSK terminated the agreement following clinical setbacks with belrestotug, leading to discontinuation of its development
5. Adaptive Biotechnologies and Genentech
Deal Type: Development & Commercialization Agreement
Deal Date: Jan 4, 2019
Deal Value: $2300M
Deal Termination Date: Aug 13, 2025
- Adaptive Biotechnologies granted Genentech worldwide rights to develop neoantigen-directed T-cell therapies using its TruTCR platform for cancer
- The deal included $300M upfront, with Adaptive leading discovery using its immune profiling platform while Genentech handled development and commercialization; Adaptive was eligible for up to $2B in milestone payments plus royalties
- On August 13, 2025, Adaptive and Genentech terminated the agreement (effective February 9, 2026) for undisclosed reasons
4. Shoreline Biosciences and Kite Pharma
Deal Type: Development & Commercialization Agreement
Deal Date: Jun 17, 2021
Deal Value: $2300M
Deal Termination Date: Sep 3, 2025
- Shoreline Biosciences granted Kite Pharma exclusive rights to develop allogeneic cell therapies for cancer using iPSC-based technologies
- The deal included an undisclosed upfront payment, with Shoreline contributing iPSC differentiation and genetic reprogramming expertise while Kite led development, manufacturing, and commercialization; Kite also held an option to expand into iPSC CAR macrophage programs, and Shoreline was eligible for up to $2.3B in milestone payments plus royalties
- On September 3, 2025, Kite Pharma terminated the agreement for undisclosed reasons
3. Lundbeck and Avadel Pharmaceuticals
Deal Type: Acquisition
Deal Date: Nov 14, 2025
Deal Value: $2400M
Deal Termination Date: Nov 19, 2025
- Lundbeck proposed to acquire Avadel Pharmaceuticals, whose key assets included Lumryz for narcolepsy and valiloxybate
- The offer included $21 per share in cash (~$2.4B total value) with additional contingent value rights (up to $2 per share) tied to future US sales milestones of Lumryz and valiloxybate, structured around achieving $450M and $700M annual sales thresholds by 2027 and 2030, respectively
- On November 19, 2025, Avadel terminated the proposed deal with Lundbeck after determining that a competing offer from Alkermes was more favorable, entering into an acquisition agreement with Alkermes instead
2. Calico Life Sciences and AbbVie
Deal Type: Development & Commercialization Agreement
Deal Date: Sep 3, 2014
Deal Value: $3500M
Deal Termination Date: Nov 13, 2025
- Calico Life Sciences partnered with AbbVie to co-develop and commercialize therapies for age-related diseases, including neurodegeneration, cancer, and immuno-oncology
- The collaboration involved significant joint funding commitments, with both companies initially contributing $250M each and later expanding to additional $500M commitments in subsequent phases, the partnership was later expanded twice; first in 2018, when both partners added $500M each, and again in 2021, increasing the total potential value to $3.5B
- On November 13, 2025, AbbVie terminated the partnership with Calico, with no specific reason publicly disclosed
1. Novo Nordisk and Metsera
Deal Type: Acquisition
Deal Date: Oct 30, 2025
Deal Value: $10000M
Deal Termination Date: Nov 8, 2025
- Novo Nordisk (via Novo Holdings) proposed to acquire Metsera, a biotech focused on obesity and cardiometabolic diseases with GLP-1 and amylin-based pipeline assets
- The deal initially offered $56.50 per share (~$6.5B equity), later revised to $62.20 per share (~$7.2B equity), along with contingent value rights worth up to $24 per share (~$2.8B) tied to clinical and regulatory milestones; the structure also included non-voting preferred equity representing 50% ownership and significant premiums over trading price
- On November 8, 2025, Novo Nordisk declined to raise its bid further, and Metsera accepted Pfizer’s offer, citing US antitrust risks
Criteria:
- The report is based on deals terminated in 2025.
- These terminated deals are ranked according to their total deal value.
- All deal values are reported in USD to ensure consistency and uniformity.
Source:
- Company Websites
- Press Releases
- Annual Reports
- Quarterly Reports
- OANDA
- DealForma
Related Post: Top 20 Biopharma Deal Terminations of 2024
