Global Pharma Deal making Surges as Oncology, AI and Manufacturing Investments Drive Industry Growth

Pharmaceutical companies accelerated dealmaking across oncology, AI-powered drug discovery, rare diseases, advanced therapies and manufacturing, with Pfizer, Lilly, Roche, Gilead, Biogen, Bristol Myers Squibb and several CDMOs leading strategic acquisitions, partnerships and licensing agreements.

The global pharmaceutical and biotechnology industry witnessed another month of robust deal activity as companies pursued strategic acquisitions, licensing agreements, manufacturing partnerships and technology collaborations to strengthen pipelines, expand production capabilities and accelerate innovation. From next-generation oncology therapies and AI-powered drug discovery platforms to cell and gene therapy manufacturing and healthcare logistics, the transactions reflect an industry focused on future growth and operational resilience.

Oncology Continues to Dominate Strategic Deal Activity

Cancer therapeutics remained the leading area for partnerships and acquisitions. Pfizer entered a broad global licensing and collaboration agreement with Innovent Biologics covering 12 early-stage oncology assets, including antibody-drug conjugates (ADCs) and multispecific antibodies. The deal combines Innovent's oncology innovation capabilities with Pfizer's global development and commercialization expertise to accelerate the advancement of next-generation cancer therapies.

Similarly, Gilead Sciences completed its acquisition of Germany-based Tubulis, adding a portfolio of next-generation ADC technologies and clinical-stage oncology candidates. The acquisition strengthens Gilead's growing oncology franchise and expands its capabilities in precision cancer treatment.

In another major oncology-focused transaction, Hengrui Pharma and Bristol Myers Squibb announced global strategic collaboration and licensing agreements covering 13 early-stage programs across oncology, hematology and immunology. The partnership is designed to accelerate clinical development and expand access to innovative therapies worldwide.

Huahui Health and BeOne Medicines also deepened their oncology collaboration through an agreement centered on HH160, a novel trispecific antibody designed for cancer immunotherapy. The partnership highlights growing industry interest in multispecific antibody platforms as next-generation treatment approaches.

Meanwhile, LOTTE Biologics expanded its manufacturing collaboration with Ottimo Pharma to support development and commercialization activities for OTP-01, a promising biparatopic antibody candidate in oncology.

AI, Digital Pathology and Advanced Research Gain Momentum

Artificial intelligence continued to reshape drug discovery and diagnostics. Roche announced plans to acquire PathAI, strengthening its position in digital pathology and AI-enabled diagnostic technologies. The acquisition builds on a long-standing partnership between the companies and is expected to accelerate AI-driven pathology workflows and companion diagnostics development.

AI-driven drug discovery also gained traction through a strategic collaboration between Ribo Life Science and Insilico Medicine. The companies will combine siRNA development expertise with AI-powered target discovery and molecule design capabilities to accelerate oligonucleotide therapeutics development.

Agilent Technologies and Singapore's Nucleic Acid Therapeutics Initiative (NATi) entered a two-year research collaboration focused on advancing lipid-conjugated oligonucleotide research. The partnership aims to improve delivery technologies and expand the therapeutic potential of precision medicines beyond traditional liver-targeted applications.

Further strengthening innovation infrastructure, the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL) announced $9.7 million in funding and member co-investment across eight projects designed to advance biopharmaceutical manufacturing technologies and workforce development.

Rare Disease, Immunology and Infectious Disease Investments Expand

Rare diseases and specialty therapeutics remained attractive investment areas. Eli Lilly expanded its infectious disease portfolio through the acquisition of Curevo, LimmaTech Biologics and Vaccine Company, reflecting the company's strategy to strengthen vaccine development and prevention-focused research.

Biogen significantly expanded its immunology and rare disease presence through its $5.6 billion acquisition of Apellis Pharmaceuticals. The transaction adds commercial-stage therapies for geographic atrophy, paroxysmal nocturnal hemoglobinuria and rare kidney diseases, while strengthening Biogen's position in immunology and nephrology.

Neurocrine Biosciences also enhanced its rare disease portfolio by acquiring Soleno Therapeutics, gaining access to VYKAT XR, the first approved treatment for hyperphagia associated with Prader-Willi syndrome.

Lunai Bioworks expanded its central nervous system platform through a $20 million preferred equity issuance used to acquire neurotherapeutic intellectual property and drug delivery technologies designed to overcome blood-brain barrier challenges.

Manufacturing, CDMO Expansion and Supply Chain Resilience Accelerate

Contract development and manufacturing organizations (CDMOs) remained highly active as demand for specialized production capacity continued to grow.

CordenPharma acquired AmbioPharm, significantly expanding its peptide active pharmaceutical ingredient manufacturing capabilities across North America and Asia. Alcami strengthened its integrated CDMO platform through the acquisition of global contract packaging specialist Tjoapack, enhancing end-to-end manufacturing and packaging services across Europe and North America.

Bora Pharma acquired MacroGenics' biologics manufacturing operations in Maryland, expanding its integrated biologics CDMO platform and increasing drug substance production capacity. Similarly, GI Partners completed the acquisition of Charles River Laboratories' CDMO and Cell Solutions businesses, creating Rose BioSolutions, a dedicated cell and gene therapy manufacturing company.

OrganaBio expanded its cell therapy manufacturing footprint through the acquisition of Excellos, creating a bicoastal CDMO platform offering cell isolation, cryopreservation and GMP manufacturing services. RoosterBio and Made Scientific also announced a strategic partnership to accelerate manufacturing capabilities for mesenchymal stem cell and extracellular vesicle-based therapies.

Gene therapy manufacturing received further support through a strategic partnership between Elpida Therapeutics and Catalent. The agreement will support late-stage manufacturing of Elpida's lead AAV9 gene therapy candidate for Spastic Paraplegia Type 50 and future gene therapy programs.

Healthcare Delivery, Diagnostics and Packaging Partnerships Grow

Beyond therapeutics, companies also focused on healthcare infrastructure and service integration. Medtronic announced plans to acquire SPR Therapeutics in a deal valued at approximately $650 million, expanding its neuromodulation portfolio with peripheral nerve stimulation technologies for chronic pain management.

Labcorp and Epic expanded their collaboration to improve diagnostic integration across hospitals and health systems by making Labcorp's test menu more accessible through Epic's electronic health record platform.

In pharmaceutical manufacturing and diagnostics supply chains, FAMAR entered a contract manufacturing agreement with GE HealthCare to support production of iodine-based contrast media in Europe. Piramal Pharma Solutions partnered with Botanix Pharmaceuticals to strengthen manufacturing and supply of Sofdra's active pharmaceutical ingredient through a dual-site production strategy.

Körber completed full ownership of its U.S.-based pharmaceutical packaging materials business, reinforcing its commitment to packaging innovation and sustainable growth in North America. Meanwhile, Singapore Post and Fullerton Health signed a memorandum of understanding to explore integrated healthcare logistics and medicine delivery solutions.

Collectively, these transactions highlight an industry increasingly focused on oncology innovation, AI-enabled discovery, advanced manufacturing, rare diseases and healthcare infrastructure. As companies continue investing in new technologies and strategic capabilities, the deals are expected to drive not only scientific innovation but also significant opportunities across research, manufacturing, regulatory affairs and commercial operations worldwide.