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Q3’25 was marked by major pharma and biotech M&A, led by BD’s $17.5B Reverse Morris Trust deal merging its Biosciences & Diagnostic Solutions unit with Waters, and Merck’s ~$10B acquisition of Verona Pharma
The quarter spotlighted collaborations, notably GSK’s ~$12.5B agreement with Hengrui Pharma to co-develop up to 12 novel therapies across multiple disease areas.
PharmaShots brings…
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VarmX has collaborated with CSL to advance its lead asset, VMX-C001 (commercial launch expected in 2029), & granted CSL an exclusive option agreement with its shareholders to acquire all issued & outstanding shares of the company
As per the collaboration, CSL will fully fund the global P-III (EquilibriX-S) trial of VMX-C001 in FXa DOAC…
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Monte Rosa has collaborated with Novartis to develop novel degraders for immune-mediated diseases, leveraging Monte Rosa’s QuEEN discovery engine
As per the deal, Novartis will gain an exclusive license to an undisclosed discovery target & options to license 2 programs from Monte Rosa’s preclinical immunology portfolio
The deal is valued at ~$5.7B, with Monte…
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Remedium Bio has entered into a multi-target research & development collaboration with Eli Lilly to develop gene therapies targeting multiple targets for the treatment of Obesity & Type 2 Diabetes, leveraging Remedium’s Prometheus platform
As per the deal, Remedium will receive an upfront, equity investment as well as development & commercial milestone payments, with tiered…
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Arrowhead has granted Novartis exclusive global rights to develop, manufacture, & commercialize ARO-SNCA, which leverages the TRiM platform for SC dosing & targeted gene delivery to treat synucleinopathies, incl. Parkinson’s disease
As per the deal, Arrowhead will receive $200M upfront & ~$2B in development, regulatory, and sales milestones, with tiered royalties on sales up…
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BioArctic has entered into an option, collaboration, and license agreement with Novartis to develop a neurodegeneration treatment using BrainTransporter
As per the deal, BioArctic receives $30M upfront and could earn up to $772M in milestones plus tiered mid-single-digit royalties if Novartis licenses and commercializes the drug
BioArctic will develop a drug candidate using BrainTransporter and a Novartis…
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Superluminal Medicines & Eli Lilly have partnered to develop small molecule therapeutics for undisclosed GPCR targets in cardiometabolic diseases & obesity, leveraging Superluminal’s drug discovery platform
As per the deal, Superluminal will use its platform to discover & optimize small molecules, while Lilly will obtain exclusive rights to develop & commercialize the candidates in…
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Pilatus Biosciences & Roche have entered into a clinical trial collaboration to evaluate PLT012 + atezolizumab for HCC pts
Under the collaboration, Roche will supply atezolizumab (Tecentriq) for Pilatus' P-I study of PLT012 in combination therapy for HCC, with plans to expand to other cancers
PLT012 is a humanized mAb that blocks CD36-driven lipid uptake, targeting…
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Bayer has entered into an exclusive global license agreement & collaboration with Kumquat Biosciences to develop and commercialize its KRAS G12D inhibitor
Kumquat will initiate & complete the P-Ia study following FDA’s IND clearance in Jul 2025, while Bayer handles further development & commercialization, with Kumquat holding an exclusive option to negotiate US profit-loss…
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BI & Re-Vana Therapeutics have entered into a strategic collaboration & license agreement to develop extended-release therapies for eye diseases
As per the deal, BI will obtain target exclusivity, while Re-Vana will receive over $1B in total potential deal value for the initial 3 targets, incl. upfront, development, regulatory, & commercial milestones, plus royalties…

