Top biotech deals in January 2026   

January 2026 saw fewer mergers and acquisitions (M&As) hit the biopharma industry. However, sustained interest in small molecules, bispecific antibodies, and genomics got the ball rolling in the licensing deals arena last month. 

Top biotech M&As of January 2026    

No holiday hangover has stopped the biopharma industry from striking partnerships in January. The new year commenced with American pharma giant Amgen’s $840 million buyout of British biotech Dark Blue Therapeutics. This adds to Amgen’s own roster of small molecules. The latter’s small molecule protein degrader for acute myeloid leukemia (AML), an aggressive cancer of the blood and bone marrow, is currently in investigational new drug (IND)-enabling studies and now will be in Amgen’s hands. 

Moreover, British giant GSK is acquiring California-based RAPT Therapeutics for $2.2 billion. RAPT’s lead candidate ozureprubart is an anti-IgE monoclonal antibody that is meant to provide prophylactic protection against food allergens. The phase 2 candidate binds to and inhibits IgE – an antibody produced by the immune system – and prevents the release of histamines, which causes inflammation. It is also in the clinic to treat chronic spontaneous urticaria, a chronic skin condition characterized by frequent itchy hives, as well as asthma. GSK’s purchase comes after it partnered with American biotech CAMP4 to develop antisense oligonucleotides (ASOs) to treat neurodegenerative and kidney diseases last month. 

Further, Massachusetts-based contract research organisation (CRO) Charles River Laboratories is set to acquire French next generation sequencing company PathoQuest, having exercised its option to purchase remaining 79% equity stake in the latter. The $510 million deal comes as Charles River’s supply chain system hit a roadblock when the U.S. government began to investigate its suppliers from Cambodia, which led to a halt in the supply. Now, it can turn to PathoQuest for its nonanimal testing technology. 

Finally, Barcelona-based Esteve will soon buy Teresa Therapeutics’ infusion specialty therapies business unit. As Esteve’s U.S. presence will now expand, it will gain commercial control of Teresa’s Prialt, a ziconotide intrathecal infusion, and Quzyttir, a cetirizine hydrochloride injection. Prialt is the only non-opioid agent that has been approved by the U.S. Food and Drug Administration (FDA) to help manage severe chronic pain in adult patients for whom intrathecal therapy – a medicine delivered as an injection via the spinal canal – is warranted. Quzyttir is the first and only injectable antihistamine of its kind that has been cleared by the FDA for the treatment of acute urticaria. The terms of the deal were undisclosed. 

Biotech deals by approach in January 2026 

Small molecules maintain investor pull 

Small molecules never cease to draw the attention of dealmakers. New York-based Formation Bio and Chinese company Jiangsu Chia Tai Feng Hai Pharmaceutical have teamed up to develop a small molecule in the clinic. The Chinese biotech’s FHND5032, an oral drug designed to target inflammation in autoimmune diseases, has been handed over to Formation Bio for its development outside of China. The asset will be housed within Formation’s newly formed subsidiary Kenmare Bio, with plans to enter the clinic in 2026. Jiangsu Chia Tai Feng Hai will gain a minority equity stake in Kenmare Bio, and up to $500 million in upfront, regulatory, and commercial milestone payments. It seems like Formation has an affinity for inflammation-targeting therapies, having forged a $600 million deal with Hangzhou-based Lynk Pharmaceuticals for its immunology program in December. 

Moreover, Hong Kong-headquartered Insilico Medicine has partnered with Shandong-based Qilu Pharmaceutical to develop small molecule inhibitors for metabolic diseases for $120 million. Insilico will use its Pharma.AI platform to design these small molecules, after which Qilu is expected to further develop these potential candidates. 

This is the third licensing deal that Insilico signed last month. It made a pact with Hangzhou-based RNA interference therapeutics company Hygtia Therapeutics to co-develop an NLRP3 inhibitor that can penetrate the brain to treat central nervous system (CNS) disorders. The candidate ISM8969 could soon get the regulatory go-ahead to begin clinical trials, which Hygtia will take care of once its IND application submitted by Insilico. Insilico will receive $10 million upfront and is eligible to receive up to $56 million in milestone payments. 

Meanwhile, Italian company Alfasigma has collaborated with Munich-based Innovative Molecules to address a life-threatening infectious disease called herpes simplex encephalitis. Caused by herpes simplex virus type 1 (HSV-1), it is considered a medical emergency and is characterized by a rapid onset of fever, headaches, and seizures. To treat the infection, Innovative’s adibelivir, a helicase-primase inhibitor, will hit phase 1 studies. The oral formulation will enter phase 2 trials for genital herpes. The deal will see Innovative Molecules garner up to €125 million ($146 million) in upfront and milestone payments. 

To add to that, Swiss biotech Santhera and Japanese company Nxera Pharma have clinched a deal in the Duchenne muscular dystrophy therapeutic space. The Pratteln-based company’s vamorolone, known by its brand name Agamree, will be developed, manufactured, and commercialized to treat the progressive muscle-wasting disease in Japan, South Korea, Australia, and New Zealand by Nxera. As part of the partnership, Santhera will nab $40 million upfront and up to $165 million in sales and regulatory milestone payments. 

Bispecific antibodies to address various indications 

German multinational Boehringer Ingelheim and Jiangsu-based Simcere have joined forces to develop a bispecific antibody for inflammatory bowel disease (IBD). The preclinical SIM0709 was born out of Simcere’s antibody platform, and it targets the drivers of IBD. Simcere can rake in up to €1.058 billion ($1.25 billion) from Boehringer as the pharma giant gains the global rights of the drug outside China. 

Boehringer isn’t the only pharma giant that has joined the bispecific antibodies buying spree. American biopharma Bristol Myers Squibb has inked a deal with California-based Janux Therapeutics to develop cancer treatments. The undisclosed tumor-activated candidate has been designed for solid tumors. Janux will pull in $90 million upfront and up to $1.035 billion in development and commercialization milestones. This comes after the pharma giant closed a $1.035 billion licensing deal with Shanghai-based Harbour BioMed to create bispecific antibodies. 

Then there’s AbbVie, which has struck an agreement with Shandong-based RemeGen to develop a bispecific antibody that address solid tumors. The candidate RC148 targets the protein vascular endothelial growth factor and is currently being developed both as a monotherapy and in combination regimens. AbbVie will collect $650 million upfront and up to $4.95 billion in milestones. 

Finally, in the bispecific antibodies field, Basel-based Novartis and Maryland-based SciNeuro have come together to develop therapies for Alzheimer’s disease. Novartis will advance SciNeuro’s antibody program that targets amyloid beta – the toxic accumulation of which is a hallmark of Alzheimer’s. The program stemmed from SciNeuro’s blood brain barrier shuttle technology. SciNeuro will receive $165 million upfront as well as $1.5 billion in development, regulatory, and commercial milestones. Novartis has been an eager dealmaker, having spent billions in recent times, with its London-based Relation Therapeutics licensing pact and Avidity Biosciences acquisition late last year. 

Genomic medicines hold attention in January 2026 

Italian company Recordati and Massachusetts-headquartered vaccine developer Moderna have united to develop mRNA-3927, an mRNA therapy, to treat propionic acidemia, a rare inherited condition in which the body is unable to break down certain proteins and fats. Moderna will receive up to $160 million in upfront and near-term development and regulatory milestones, as well as commercial and sales milestones. 

Lilly and German startup Seamless Therapeutics have forged a $1.12 billion licensing deal to develop and commercialize programmable recombinase enzyme-based treatments to address hearing loss. The latter’s technology performs large DNA insertions in any target gene sequence and operates independent of the cell’s natural DNA repair pathway. 

California-based PacBio has banded together with fellow California-based personalized medicines developer n-Lorem Foundation and Swiss non-profit EspeRare Foundation to develop antisense oligonucleotides for rare genetic diseases. The collaboration entails the usage of PacBio’s long-read whole genome sequencing technology to design the therapies. The financial terms of the deal remain undisclosed. 

Cell therapies boost biotech deals in January 

Meanwhile, Cologne-based Disco Pharmaceuticals’ surfaceome mapping technology – to identify proteins on the surfaces of cells – has come in handy, having identified a cancer target that it, along with multinational biopharma Amgen, plan to build a drug against. As Disco passes over the global rights to develop and commercialize the programs directed against the target, it will gain up to $618 million in milestones.  

Furthermore, Chinese startups ElpasBio and Fosun Kairos have allied to develop stem cell therapies for the treatment of knee osteoarthritis, a degenerative joint disease, in China, Hong Kong, and Macau. The financial terms were not revealed. 

Vaccine platform rakes in half a billion 

Vaccine-maker Novavax has allowed American giant Pfizer to utilize its Matrix-M vaccine platform technology to develop treatments in up to two undisclosed therapeutic areas in exchange for $30 million upfront as well as the potential to earn up to $500 million in development and sales milestones. This is following Pfizer’s involvement with Washington-based Adaptive Biotechnologies and Chongqing-based YaoPharma to identify T-cell receptors linked to rheumatoid arthritis and to develop GLP-1 agonists respectively, since December. 

AI drives momentum in drug discovery 

Insilico’s third collaboration of the month was with French pharma Servier. The $888 million contract is anchored on the former’s artificial intelligence (AI) platform to discover drugs for cancer. In addition, Insilico will snap up to $32 million in upfront and near-term R&D payments.  

Also, there was the deal between Indiana-based regulatory compliance service provider Pinnaql and AI platform developer Valkit.ai. The two are combining efforts to advance “AI in the life science ecosystem.” Much wasn’t disclosed about the newly formed alliance, including the financial terms. 

Besides, Danish multinational pharma Genmab and California-based AI company Anthropic have pooled their resources to build an AI model to help develop therapies through the clinic. The terms of the deal were not revealed.  

Meanwhile, Novartis forged a second deal last month, but this one was in cancer therapeutics, specifically radiopharmaceuticals. It is fraternizing Hunan-based Zonsen PepLib Biotech to develop a peptide-based radioligand therapy. These therapies are a form of cancer care that uses targeted radioactivity to damage cancer cells. The Chinese startup will bag $50 million upfront as the pharma giant wins the global rights to the undisclosed asset. 

Metabolic diseases and neuroscience at the forefront 

Britain’s AstraZeneca and China-based CSPC Pharmaceuticals plan to develop therapies for metabolic diseases, obesity and type 2 diabetes, across eight programs. The deal will use CSPC’s AI-driven peptide drug discovery platform and its LiquidGel platform designed to support once-monthly injectable therapies. This augments AstraZeneca’s own treatments for metabolic disorders, one of which is the GLP-1 agonist AZD9550. CSPC will scoop up $1.2 billion upfront and is eligible to receive up to $3.5 billion in milestone payments. 

Belgian personalized medicine developer Biocartis has struck a deal with the American hospital Mayo Clinic over breast cancer signatures. They will develop a rapid sample-to-answer test aimed at shortening the time to optimal treatment for people with breast cancer. The terms of the deal were not disclosed. 

As well, UMass Chan Medical School in Massachusetts has said yes to regenerative therapeutics developer Etienna Bio, handing over its adipose-derived cellular and matrix technology platform for regenerative and aesthetic indications. The terms of the deal were not disclosed. 

Lastly, New York-situated Precision Neuroscience has allied with Minnesota-based Medtronic. The latter can now access Precision’s brain-computer interface platform, a kind of brain mapping technology, and Precision can make use of Medtronic’s Neuroscience portfolio to co-develop the platform to advance neurosurgery. The financial terms were not revealed.