Deal-Making
Chugai’s partnering office in South San Francisco advances the Japanese company’s business development activities in the US beyond its venture fund established in Boston in 2023.
Nine $1bn+ alliances were penned in February, and three exceeded $2bn. In the top alliance by deal value, Innovent Biologics entered into a potential $8.85bn collaboration with Eli Lilly to advance novel medicines in oncology and immunology.
Seed investors are enthusiastic about AI in drug discovery but skeptical of the valuations it is used to justify. At a recent panel, they drew a sharp line between real capability and an “AI veneer.”
An interactive look at pharma, medtech and diagnostics deals made during February 2026. Data courtesy of Biomedtracker.
Aqemia uses proprietary physics-based solvers paired with generative AI to discover genuinely novel drug candidates, bypassing historical training data to crack targets others cannot.
Recent BCG reports and interviews reveal an industry under pressure and racing to adapt through AI, new deal structures and direct-to-patient models.
Executives from Novo Nordisk, Ipsen, Astellas, Acadia and Flagship Pioneering agree: the dealmaking environment is improving but the calculus has changed. Flexible structures, sharper therapeutic focus, and the long shadow of patent cliffs and pricing policy are reshaping how partnerships get done.
Nine $1bn+ alliances were penned in January, and three exceeded $2bn. In the top alliance by deal value, RemeGen granted AbbVie exclusive global rights (excluding Greater China) to develop, manufacture, and commercialize RC148 for non-small cell lung cancer and other solid tumors.
An interactive look at pharma, medtech and diagnostics deals made during January 2026. Data courtesy of Biomedtracker.
For In Vivo's 18th annual Deals of the Year contest, we selected 15 nominees in three categories – Top Alliance, Top Financing and Top M&A. The polls are closed, and it is time to reveal the winners.
During Q4, biopharma merger and acquisition deal value reached $94.8bn and drew in $74.7bn in potential deal value from alliances. Device company M&A values reached $3.5bn, while in vitro diagnostics and research tools players’ M&A activity totaled $39.8m.
The antibody-drug conjugate pipeline has more than doubled to 895 candidates since 2023, with DNA topoisomerase I overtaking HER2 as the dominant target.
During Q4, biopharmas brought in an aggregate $30bn in financing and device company fundraising totaled $9.7bn; while in vitro diagnostic firms and research tools players raised $1.5bn.
It’s time for In Vivo's 18th annual Deals of the Year contest. We've chosen 15 nominees across three categories – Top M&A, Top Alliance, and Top Financing – and now it’s your turn to pick the winners.
Thirteen $1bn+ alliances were penned in December, and three exceeded $2bn. In the top alliance by deal value, OTR Therapeutics and Zealand Pharma entered a potential $2.5bn multi-program agreement in which the partners will co-discover and co-develop innovative therapies for metabolic diseases.
An interactive look at pharma, medtech and diagnostics deals made during December 2025. Data courtesy of Biomedtracker.
Gero AI has secured major pharma partnerships in aging space despite raising only $17M, punching well above its weight class.
An interactive look at pharma, medtech and diagnostics deals made during November 2025. Data courtesy of Biomedtracker.
Investors and analysts say cell and gene therapy is entering a disciplined “phoenix” phase, with selective risk taking, AI enabled platforms and new pricing models redefining how one time cures attract capital.
Four $1bn+ alliances were penned in November, and three exceeded $2bn. In the top alliance by deal value, Valo Health entered into a potential $3bn collaboration with Merck KGaA to advance therapeutic discovery in Parkinson’s disease and related disorders.