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Written by
Kristoffer Danielsson
2024–2025 Biopharma Deal Trends: Strategic Insights and Key Partnerships
In the high-stakes world of biopharma dealmaking, preclinical licensing is increasingly becoming a cornerstone strategy for companies aiming to enhance their pipelines, particularly in oncology and immunology. With patent expirations looming and the rise of innovative therapeutic modalities, biopharma firms are shifting their focus towards early-stage partnerships to secure promising assets. In 2024, licensing deals surged by 33 percent compared to 2023, highlighting the industry's evolving approach to risk management and innovation sourcing.
Strategic Shift Towards Preclinical Licensing
The growing focus on preclinical assets reflects a deliberate move towards high-reward innovations. Companies are prioritizing differentiated scientific approaches, such as multi-specific antibodies, in vivo gene therapies, and T-cell engagers. A notable trend is the increasing role of Asian biotech firms in these partnerships. Western companies now source nearly 28 percent of their pipelines from Chinese innovators. Licensing spend involving Chinese biotech rose by 66 percent year-over-year, indicating Asia’s expanding influence in biopharma innovation.
Notable Deals and Strategic Partnerships
Astellas made headlines with its acquisition of Kelonia’s in vivo CAR-T platform, aiming to develop next-generation immuno-oncology therapies. The deal, valued at up to $800 million in milestones, aligns with Astellas' strategy to incorporate advanced gene delivery systems into its oncology pipeline. This partnership highlights a clear shift towards leveraging innovative technologies to address evolving therapeutic needs.
HCW Biologics also took a strategic step by partnering with WY Biotech to co-develop a multi-domain protein immunotherapy. The collaboration, which includes a $7 million upfront payment and potential milestone earnings, demonstrates the growing synergy between Western and Asian biotech ecosystems. This deal exemplifies how US-based firms are increasingly looking towards to advance novel therapeutic approaches. The collaboration between HCW Biologics and WY Biotech underscores the importance of cross-border alliances in accelerating drug development and optimizing commercialization strategies.
Global Collaborations Shaping the Pipeline
Another significant partnership in 2024 involved AstraZeneca and Nona Biosciences. AstraZeneca secured global rights to a preclinical monoclonal antibody targeting oncology indications. With a $19 million upfront payment and a potential value of $604 million, this deal reflects AstraZeneca’s commitment to expanding its oncology portfolio through external innovation. Nona Biosciences, leveraging its strong research capabilities, continues to attract global interest for its novel antibody platforms.
In a parallel move, Nona Biosciences partnered with Candid Therapeutics to develop T-cell engager biologics targeting autoimmune diseases. The $320 million deal, structured with milestone-based payouts, highlights the strategic integration of Nona’s bispecific development platform into Candid’s therapeutic pipeline. This partnership marks a critical step for both companies in addressing unmet medical needs in immunology.
Numab Therapeutics, a Swiss biotech company, also strengthened its global presence by partnering with Kaken Pharmaceutical to develop ND081, a multi-specific antibody targeting inflammatory bowel disease. This collaboration highlights how European firms are increasingly seeking alliances with Japanese companies to expand their therapeutic reach and tap into regional expertise.
Asia's Growing Role in Oncology Deals
Ono Pharmaceutical and LigaChem entered into a strategic partnership to develop LCB97, an antibody-drug conjugate (ADC) targeting L1CAM for oncology applications. This collaboration represents a calculated effort to incorporate Asian innovation into oncology development pipelines, reflecting the growing importance of regional biotech hubs. The partnership exemplifies how Japanese companies are leveraging ADC technologies to address complex cancer indications.
ArriVent BioPharma’s licensing agreement with Lepu Biopharma for MRG007 also highlights the increasing appeal of China-to-West collaborations. As the asset moves towards IND-enabling studies, ArriVent aims to bolster its oncology pipeline with innovative ADC platforms. This deal underlines a broader trend of Western biopharma companies actively pursuing Chinese assets to enhance their R&D capabilities.
Evolving Strategies Amid Market Uncertainty
Biopharma companies are increasingly adopting flexible deal structures, balancing early-stage licensing with traditional M&A to mitigate risk while accessing transformative technologies. The focus on preclinical assets represents a strategic shift as firms navigate a landscape shaped by patent cliffs, competitive pressures, and evolving scientific paradigms.
Licensing deals, particularly those involving Asian biotech firms, are becoming a pivotal element of global R&D strategies. As geopolitical factors and regulatory scrutiny intensify, companies are strategically diversifying their partnerships, prioritizing flexible capital deployment, and fostering cross-border innovation.
The biopharma landscape in 2024 demonstrates that the industry’s appetite for high-potential preclinical assets remains robust, with companies increasingly looking to innovative collaborations to drive the next wave of therapeutic breakthroughs. As dealmaking trends continue to evolve, preclinical licensing will likely remain a focal point for companies aiming to stay competitive in a rapidly changing market.
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Author: Kristoffer Danielsson
Founder & CEO
Jarlen Capital
Email: Kristoffer@jarlencapital.com
