Top biotech deals in October 2025 

The month of October 2025 saw a wave of mergers and acquisitions (M&As) and biotech deals in various therapeutic fields, but particularly for therapies addressing autoimmune conditions. Antibodies, gene therapies, and small molecules were unsurprisingly popular in the licensing deals space, and it looks like artificial intelligence-based drug discovery is sweeping up funding too.  

Top biotech M&A deals of October 2025 

If you thought September was huge for M&As in the biopharma space, you didn’t see October coming. Nine major M&As were signed, with most of them being multi-billion-dollar deals in various therapeutic areas. The top one last month was Swiss giant Novartis’ $12 billion buyout of California-based RNA therapeutics developer Avidity Biosciences. As a result, Novartis will take the reins of the latter’s Antibody Oligonucleotide Conjugates (AOCs) platform from which its clinical candidate for Duchenne muscular dystrophy – a genetic disorder characterized by the progressive loss of muscle – was born. This adds to the big pharma’s own RNA-heavy pipeline following its acquisition of California-based DTx Pharma over two years ago. 

Second in line, deal size-wise was Danish big pharma Novo Nordisk’s plans to buy Akero Therapeutics for $5.2 billion. Another California-based biotech up for grabs, Akero Therapeutics had made its name in the metabolic dysfunction-associated steatohepatitis (MASH) therapeutics space. MASH is a severe form of liver disease, and Akero’s approach has been to engineer a protein to mimic a hormone that regulates multiple metabolic pathways called efruxifermin. This comes as major ‘restructuring’ plans for Novo are ongoing, including 9,000 job losses and several pipeline cuts since July. 

Over in Ireland, Alkermes has bought Avadel Pharmaceuticals for a deal value of up to $2.1 billion. The biopharma Alkermes specializing in psychiatric and neurological disorders will now take ownership of the latter’s U.S. regulator-approved treatment for excessive daytime sleepiness called Lumryz prescribed to patients over the age of seven. The drug is made of sodium oxybate, a central nervous system (CNS) depressant, and its revenues are poised to hit $275 million by the end of this year. 

Meanwhile, American giant Bristol Myers Squibb has taken over Orbital Therapeutics for $1.5 billion to get a hold of the Massachusetts-based startup’s cell therapies. The CAR-T candidate OTX-201 leads the pipeline, currently being tested in investigational new drug (IND)-enabling studies. It looks like the big pharma is racking up on CAR-Ts as it bought a fellow cell therapy developer 2seventy bio earlier this year. 

Moreover, French multinational company Ipsen is purchasing French company ImCheck Therapeutics, a pioneer in developing a new kind of immune modulator. These are antibodies that target butyrophilins, proteins that regulate the immune system. ImCheck will lock in €350 million ($403.6 million) at first and can snag up to €1 billion ($1.15 billion) in milestone payments. This marks Ipsen’s first acquisition deal of 2025. 

Another pharma giant inking acquisition deals in the cancer therapeutics space is London-headquartered GSK. It wants Syndivia’s antibody-drug conjugate (ADC) for prostate cancer, which is why it has bought the French ADC maker for £268 million ($354 million) in upfront and milestone payments. It looks like GSK is doubling down on ADCs after its own ADC Blenrep was greenlit by the U.S. Food and Drug Administration (FDA) to treat a type of blood cancer called multiple myeloma last month. 

Furthermore, Tokyo-based Chugai Pharmaceutical has agreed to purchase Renalys Pharma, another Tokyo-based drug developer, which is focused on treating kidney disease. For 15 billion yen ($98 million) upfront, Renalys will hand over sparsentan, an endothelin and angiotensin II receptor antagonist, which slows the decline of kidney function in patients with IgA nephropathy, a chronic kidney disease. Sparsentan is owned by California-based Travere Therapeutics, which sold its licensing rights for the drug’s development in Japan, South Korea, Taiwan, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. 

Additionally, North Carolina-based pharmaceutical BioCryst inked a $700 million acquisition deal with Massachusetts-based Astria Therapeutics, giving it the keys to develop and commercialize the latter’s lead monoclonal antibody candidate navenibart for hereditary angioedema, a rare genetic condition that causes swelling in parts of the body.  

Finally, American giant Lilly has purchased California-based Adverum Biotechnologies. The gene therapy developer will receive a loan of up to $65 million from Lilly, which it can draw in four installments. Now, Lilly will be in the driver’s seat for the development and potential commercialization of the phase 3 gene therapy candidate Ixo-vec for wet age-related macular degeneration (AMD), an advanced form of AMD where abnormal blood vessels grow and leak fluid and blood into the eye, causing the rapid loss of vision.  

Biotech deals by approach in October 2025 

Antibodies take center stage in biotech licensing deals space in October 2025

In the antibody therapeutics space, Regeneron is collaborating with Massachusetts-based ModeX Therapeutics to create multi-specific antibodies to address different indications including in immunology, oncology, and metabolic diseases. The startup will bag $7 million upfront, and it can gain more than $200 million in milestone payments. This means that the deal value could cross a billion dollars if multiple candidates born out of the collaboration were to advance. 

Moreover, Swiss giant Roche was back in the game last month after its buyout of 89bio in September. It joined forces with Chinese company Qyuns Therapeutics to develop, manufacture, and commercialize its bispecific antibody QX031N for breathing disorders. Qyuns will receive $75 million upfront and can snag up to $995 million in milestone payments. 

Besides, amid Novo Nordisk’s restructuring plans, it has purchased the licensing rights of Washington-based Omeros’ monoclonal antibody zaltenibart, which is being tested to potentially treat rare blood and kidney disorders. The candidate has already been found to paroxysmal nocturnal hemoglobinuria, a rare, blood disorder where the body’s immune system mistakenly attacks and destroys red blood cells, leading to low levels of healthy red blood cells and other complications. Omeros has been on the hunt for a partner for a while as it has also halted the candidate’s development. For giving up the asset’s rights, Omeros will rake in up to $2.1 billion in upfront and milestone payments. 

Also, on a mission to treat autoimmune diseases are California-based Hinge Bio and Japanese company Kyorin Pharmaceutical, and both of them are collaborating to do so. Hinge’s HB2198 is a bispecific antibody that could potentially address multiple autoimmune conditions. Hinge will receive $10 million upfront and can snag up to $95 million in milestone payments if the drug manages to be approved for systemic lupus erythematosus, a condition where the immune system of the body mistakenly attacks healthy tissue. It can gain additional payments if the drug manages to treat more autoimmune disorders. 

ADCs lead surge in licensing activity 

As usual, antibody-drug conjugates don’t fail to garner attention. in October 2025, Japanese giant Takeda is partnering with Chinese biotech company Innovent Biologics to license two of the latter’s ADCs outside of China. The two ADCs in question are IBI363 for non-small cell lung cancer – accounts for about 85% of all lung cancers – and colorectal cancers, and IBI3001 for solid tumors, which Takeda can exercise the option to develop, manufacture, and commercialize worldwide except for in China.  

Meanwhile, apart from Roche’s collaboration over antibodies, the Swiss giant is continuing its ADC shopping spree following its pact with Oxford BioTherapeutics earlier this year. It has come together with Hansoh Pharma develop, manufacture, and commercialize Hansoh’s solid tumor ADC HS-20110. The Hong Kong-based company stands to receive $80 million and be eligible to receive up to $1.45 billion in milestone payments if the drug is approved. 

Additionally, after Boehringer Ingelheim traversed the small molecule space with licensing deals a few months ago, it now wants in on ADCs. It has teamed up with South Korean ADC developer AimedBio. The Seoul-based startup will license out its ADC portfolio and can pocket up to $991 million in upfront and milestone payments as a result. 

Biopharmas spend millions on artificial intelligence  

British multinational AstraZeneca has banded with California-based Algen Biotechnologies to propel artificial intelligence (AI)-based drug discovery and identify targets to decode chronic inflammation. Algen can pull in up to $555 million in upfront and milestone payments as part of the deal. 

And in Takeda’s second pact last month, it has united with Massachusetts-based Nabla Bio to use AI to come up with protein therapies that could work against various undisclosed targets. Nabla is expected to receive an undisclosed amount upfront, and on top of that, can scoop up more than $1 billion in milestones. 

Small molecules, big money 

In Boehringer Ingelheim’s second licensing agreement penned last month, it began a partnership with Japanese drug developer Kyowa Kirin to generate small molecules that could potentially tackle autoimmune diseases. As part of the deal, Kyowa Kirin can secure up to €640 million ($734 million) in upfront and milestone payments. 

Staying with small molecules, American multinational Biogen and Vanqua Bio have linked up to advance the Chicago-based startup’s oral drug candidate, which is a C5aR1 antagonist in preclinical trials hoped to address a broad range of inflammatory disorders. The latter will reel in $70 million upfront as well as up to $990 million in milestone payments. This comes two months after Biogen announced that it was buying Massachusetts-based Alcyone Therapeutics for $85 million upfront to get a hold of the latter’s small molecules and gene therapies. 

Genetic medicine: biopharmas cash in on gene editing, gene therapies, and RNA technology  

Amid budget challenges, gene therapies were a hot topic last month. Japanese company Otsuka Pharmaceutical and California-based 4D Molecular Therapeutics have allied with each other to develop and commercialize 4D-150 for the treatment of wet AMD and diabetic macular edema (DME) – a complication of diabetes that threatens vision – in the Asia-Pacific (APAC) region. Owned by 4D Molecular Therapeutics, Otsuka will now head the phase 3 development of the medicine. It will pay 4D Molecular Therapeutics $85 million upfront and up to $336 million in milestone payments. 

Furthermore, in October 2025, British biotech AviadoBio and UgeneX Therapeutics have forged a deal to develop and commercialize UGX-202, an adeno-associated virus (AAV)-based gene therapy in the clinic for patients with retinitis pigmentosa, an eye disease that causes progressive loss of sight. AviadoBio will have the option to license the candidate worldwide excluding China. If it chooses to do so, UgeneX can gain up to $413 million in upfront, research and development, and sales milestone payments. 

In the gene editing arena, Italian multinational pharmaceutical Chiesi, which last collaborated with Swedish startup Key2Brain to develop blood-brain barrier (BBB)-crossing therapies in June, is back with a licensing pact with Massachusetts-based Arbor Biotechnologies to further develop a medicine for rare diseases. Arbor’s gene editing candidate ABO-101 is being studied in the clinic for primary hyperoxaluria type 1, a rare metabolic disorder that severely affects the kidneys. Chiesi will secure the exclusive rights of the drug and Arbor can score up to $115 million in upfront and near-term payments as well as $2 billion in potential milestone payments. 

Besides, London-headquartered pharma giant GSK is working with California-based Empirico to develop the latter’s candidate EMP-012, a small interfering RNA (siRNA), which is a type of oligonucleotide – a short strand of synthetic genetic material – to address an inflammatory lung condition called chronic obstructive pulmonary disease (COPD). Empirico will rake in $85 million upfront as well as up to $660 million in milestone payments. The big pharma company has already established itself in the RNA medicines field, having teamed up with the likes of California-based Arrowhead Pharmaceuticals and Ionis Pharmaceuticals over the years. 

Cell therapies, technology platforms and fusion proteins make the cut 

As for cell therapies, California-based Kite Pharma and Chinese company Pregene Biopharma have made a pact to push cell therapy development through the clinic. The candidates were undisclosed, but it was revealed that Pregene was awarded $120 million upfront and it is eligible to make up to $1.52 billion in milestone payments. 

Meanwhile, French giant Sanofi has tapped Michigan-based Evoq Therapeutics to use Evoq’s NanoDisc technology that restores the body’s natural immune tolerance pathways in a bid to target the root causes of various autoimmune diseases. EVOQ is eligible to attain more than $500 million in upfront and milestone payments. In the past, Evoq has chummed up with pharma giants like Gilead and Amgen in multimillion-dollar deals to address autoimmunity.  

Moreover, New York-based Dianthus Therapeutics has partnered with clinical-stage Chinese company Nanjing Leads Biolabs to advance the latter’s fusion protein DNTH212 targeting autoimmune diseases. Nanjing Leads Biolabs can rake in up to $1 billion in upfront and milestone payments.