In the top alliance by deal value, AbbVie and Xilio Therapeutics entered a collaboration and option-to-license agreement to develop up to four novel tumor-activated, antibody-based immunotherapies, including masked T-cell engagers.
Deals In Depth: February 2025
Three $1bn+ alliances were penned in February, and one exceeded $2bn.

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Laura Lane, European head of Lilly Ventures, talked to In Vivo at the recent Bio-Europe meeting in a fireside chat about how strategic investments are shaping the future of biotech, Lilly's approach to early-stage innovation, and the evolving European investment landscape.
TechBio stands at a critical inflection point, where computational innovation meets the reality of biopharma. Industry leaders have begun to cut through the hype and identify where sustainable value truly lies in this rapidly evolving landscape.
Three $1bn+ alliances were penned in February, and one exceeded $2bn.
An interactive look at pharma, medtech and diagnostics deals made during February 2025. Data courtesy of Biomedtracker.
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Looking at a recent McKinsey report alongside our Evaluate data, the below infographic provides insight into the investment scene of pharma and raises questions as to how the industry is seemingly yet to seize the opportunity in women's health.