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Biotech partnerships play a critical role in driving innovation through the sharing of knowledge, expertise, and resources, and are particularly important in bridging the gap between early-stage research and commercial development. As oncology consistently dominates biotech deal-making activity, accounting for a significant portion of both deal volume and value, large pharmaceutical companies are continuously seeking to bolster their own pipelines with promising cancer assets developed by promising biotech innovators. In this article, we take a look at 10 key oncology deals that have been made so far in 2025.
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Bristol Myers Squibb and BioNTech
In June, Bristol Myers Squibb (BMS) inked an $11 billion deal with BioNTech to join one of the hottest areas of immuno-oncology right now: the race to bring a PD-1/L1xVEGF-A bispecific to the U.S. market. The deal included $1.5 billion upfront for BioNTech, as well as a further $2 billion in non-contingent anniversary payments through 2028, and up to $7.6 billion in milestone payments.
The partnership involves the co-development and co-commercialization of BioNTech’s investigational bispecific antibody BNT327 across numerous solid tumor types, as a monotherapy and in combination with other products. The companies are splitting the costs and profits equally and have the right to independently develop the candidate in further indications and combinations, including combinations of BNT327 with pipeline assets.
BNT327, which BioNTech secured full rights to after buying out its Chinese partner Biotheus in November 2024, is currently being investigated in global phase 3 trials in both small cell lung cancer and non-small cell lung cancer, and is set to be tested in another phase 3 trial for triple negative breast cancer by the end of 2025.
The asset is currently sitting just behind Summit Therapeutics’ bispecific candidate in the race to market. For BioNTech, gaining BMS’s support could help to accelerate the exploration and validation of the potential of its candidate. For BMS, the deal means gaining a seat at the table in a field that will likely disrupt the checkpoint inhibitor space, in which the company is a top player with its oncology drugs Opdivo and Yervoy.
Pfizer and 3SBio
Also paying big to join the bispecific race this year was Pfizer, handing out $1.25 billion upfront and committing up to $4.8 billion in milestones for ex-China rights to 3SBio’s SSGJ-707, a PD-1xVEGF bispecific currently undergoing several clinical trials in China for non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors. Pfizer also said that it will make a $100 million equity investment in 3SBio as part of the deal and will pay tiered double-digit royalties on sales of SSGJ-707, if approved.
The terms of the agreement stated that 3SBio and its subsidiaries Shenyang Sunshine Pharmaceutical and 3S Guojian Pharmaceutical (Shanghai) will grant Pfizer an exclusive global license to develop, manufacture, and commercialize SSGJ-707 worldwide, excluding China. The agreement also provides Pfizer with the option of commercialization rights in China, in exchange for which Pfizer will pay 3SBio up to $150 million in option payments.
According to Pfizer, the clinical development plan for SSGJ-707 will include trial sites across the U.S. and the rest of the world, with priority given to the phase 3 global development plan for non-small cell lung cancer and other solid tumors. The first phase 3 global studies will initiate enrollment in the U.S. By securing ex-China rights to SSGJ-707, Pfizer has now positioned itself just behind Summit and BioNTech in the race to bring a PD-1/L1xVEGF-A bispecific to the U.S. market.
AbbVie and Xilio Therapeutics
Another hotspot in the biotech industry right now is the field of T-cell engagers. These are also bispecific antibodies and work by binding to T cells and a molecule on a target cell, resulting in the T cells attacking the target cell. AbbVie, which is now looking beyond its blockbuster drug Humira, appears to be very interested in this modality, having made a few deals over the past year involving T-cell engagers, one of which was a $2.1 billion collaboration and option agreement with Xilio Therapeutics inked in February 2025.
The multi-program oncology deal involves the development of novel tumor-activated, antibody-based immunotherapies, including masked T-cell engagers, combining AbbVie’s oncology expertise and Xilio’s proprietary tumor-activation technology. Under the terms of the agreement, Xilio was promised $52 million upfront, including a $10 million equity investment. The company is also eligible to receive up to approximately $2.1 billion for option-related fees and milestones, plus tiered royalties.
With its technology, Xilio is advancing a pipeline of immunotherapies, including masked multispecific molecules designed to achieve tumor-selective activation by leveraging masking and other unique components that are optimized for the specific target, allowing focused activity within the tumor microenvironment with the goal of minimizing systemic adverse events. The company’s technology has already attracted interest from Gilead, which paid out $43.5 million in March 2024 for the rights to develop and commercialize Xilio’s tumor-activated IL-12 program.
Genentech and Orionis Biosciences
In a deal worth $2 billion, Roche’s Genentech inked its second collaboration with Orionis Biosciences in March. Whereas the first deal, made in 2023, involved the discovery of small-molecule medicines for challenging targets in major disease areas, including oncology and neurodegeneration, this second deal involves the discovery of small-molecule monovalent glue medicines for “novel and challenging targets” in oncology.
The deal leverages Orionis’ Allo-Glue platform, which combines advanced chemical biology tools, engineered cellular assay systems, custom-built high-throughput robotic automation, and specialized artificial intelligence (AI) infrastructure, enabling the generation and analysis of hundreds of millions of in-cell protein interaction events. The AI-driven chemistry stack integrates predictive modeling, generative design, and a compound interrogation engine operating across a vast chemical space. Collectively, these capabilities accelerate the systematic discovery and simultaneous optimization for potency, selectivity, and synthetic accessibility of monovalent molecular glue modalities.
The terms of the deal stated that Orionis will be responsible for the discovery and optimization of molecular glues, while Genentech will be responsible for subsequent later-stage preclinical and clinical development, regulatory filing, and commercialization of such small molecules. The financial details, meanwhile, included a $105 million upfront fee, with Orionis also eligible for more than $2 billion in potential research, development, commercial, and net sales milestone payments, as well as potential tiered royalties upon sale of collaboration products.
AbbVie and Neomorph
Back in January, AbbVie was involved in another big deal, this time with Neomorph for a collaboration and option-to-license agreement to develop novel molecular glue degraders for multiple targets across both oncology and immunology. The deal includes an undisclosed upfront payment for Neomorph, as well as up to $1.64 billion in aggregate option fees and milestones, and tiered royalties on net sales.
Molecular glue degraders are an up-and-coming class of small molecules that have recently been attracting attention from big pharma, including the likes of Roche, BMS, and Merck. They are designed to selectively target and trigger the degradation of proteins that drive cancer growth or immune system dysregulation, offering a more precise treatment approach. The belief is that these drugs have the potential to target proteins that have historically been defined as “undruggable.”
Neomorph itself has already garnered attention for its molecular glue technology, forming separate deals with Biogen and Novo Nordisk last year.
Boehringer Ingelheim and Synaffix
In January, Boehringer Ingelheim broadened its oncology portfolio after making a $1.3 billion licensing pact with Synaffix – a Lonza subsidiary – for its antibody-drug conjugate (ADC) technology. Under the terms of the agreement, Synaffix will provide access to its proprietary ADC technologies for an agreed but undisclosed number of targets. In addition to an undisclosed upfront payment, the company is eligible to receive potential additional milestone payments of up to $1.3 billion, plus additional royalty payments on net sales of resulting products.
Synaffix has developed a clinically validated ADC platform technology that utilizes an enzymatic modification of native glycan anchor points on antibodies, enabling the development of best-in-class ADCs or bispecifics.
Boehringer plans to leverage Synaffix’s technology to broaden its ADC portfolio via its subsidiary NBE Therapeutics, which the German drugmaker purchased for $1.5 billion in 2020. This will, in turn, allow Boehringer to address novel tumor targets from its comprehensive portfolio to develop cancer treatments that address high unmet medical needs in oncology. Synaffix, meanwhile, has already established itself as a solid partner for ADC drug developers, having inked deals with the likes of Amgen, ADC Therapeutics, Genmab, Innovent Biologics, and others.
AbbVie and Ichnos Glenmark Innovation (IGI)
AbbVie was back into oncology deal-making again last month, agreeing to pay $700 million upfront to Ichnos Glenmark Innovation (IGI) for a next-generation trispecific antibody that could rival Johnson & Johnson’s Tecvayli, Pfizer’s Elrexfio, and Regeneron’s Lynozyfic. While these drugs target BCMA and CD3, IGI’s trispecific antibody, called ISB 2001, targets CD38 as well as BCMA and CD3, meaning that it could boost binding to tumor cells with low expression of BCMA and stop cancers from becoming resistant by downregulating the antigens.
Under the terms of the licensing agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan, and Greater China. As well as the $700 million upfront payment, IGI is eligible to receive up to $1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales.
ISB 2001 is currently in phase 1 of development in patients with relapsed/refractory multiple myeloma.
Astellas and Evopoint Biosciences
Less than a year after receiving approval for the world’s first anti-CLDN18.2 therapy, Astellas Pharma decided to go after another CLDN18.2-targeting drug candidate in May 2025, providing Evopoint Biosciences with a $130 million upfront payment for its ADC, XNW27011. The deal grants Astellas exclusive worldwide rights to develop and commercialize XNW27011, with the exception of China, Hong Kong, Macao, and Taiwan.
According to Astellas in the press release about the partnership, XNW27011 has the potential to address current unmet patient needs and will expand Astellas’ oncology pipeline, which currently contains CLDN-targeting therapies utilizing different approaches, as well as ADCs directed to other targets.
The deal also includes up to $70 million in near-term payments for Evopoint, and additional milestone payments up to $1.34 billion associated with development, regulatory, and commercialization milestones, plus royalties on net sales of XNW27011, if approved.
XNW27011 is currently being evaluated in a phase 1/2 study in China in patients with CLDN18.2-expressing solid tumors, including gastric cancer, gastroesophageal cancer, and pancreatic cancer. It uses a proprietary topoisomerase I inhibitor payload and linker technology, an approach that has demonstrated clinical success in other approved cancer therapies.
RayzeBio and Philochem
As the radiopharma wave continues in 2025, RayzeBio, a wholly-owned subsidiary of BMS, announced in June that it had entered into a license agreement for Philochem’s OncoACP3, a clinical-stage therapeutic and diagnostic agent targeting prostate cancer. The drug is a small-molecule ligand with high affinity for acid phosphatase 3 (ACP3), which is expressed in prostate cancer. It is currently in phase 1 of development as a diagnostic PET radiotracer for the imaging of prostate cancer. Meanwhile, investigational new drug (IND)-enabling activities to support the application for a phase 1 therapeutic study are ongoing.
Under the terms of the agreement with RayzeBio, Philochem will receive an upfront payment of $350 million, as well as up to $1 billion in development, regulatory, and commercial milestones. The company will also receive mid-single to low double-digit royalties payable on global net sales of both therapeutic and diagnostic agents of OncoACP3.
Eli Lilly and Magnet Biomedicine
In another molecular glue oncology deal, Magnet Biomedicine announced in February that it had entered into a collaboration and license agreement to discover, develop, and commercialize molecular glue therapies for cancer. The collaboration is leveraging Magnet’s TrueGlue discovery platform to identify molecular glues capable of inducing protein proximity and cooperativity, enabling novel mechanisms of action to address difficult-to-drug targets spanning multiple diseases with unmet medical needs.
Under the terms of the agreement, Magnet will receive upfront, near-term payments, and an equity investment of up to $40 million, and is eligible to receive more than $1.25 billion in milestones upon achieving certain development, regulatory, and commercial milestones, as well as tiered royalties on global net sales.
Oncology R&D trends and breakthrough innovations
