A Roundup of Major Autoimmune Transactions in the First Half of 2025

Johnson & Johnson Fires the First Shot in 2025 Autoimmune Drug Deals!

January 2 – Johnson & Johnson announced a licensing agreement with Japanese pharmaceutical company Kaken Pharmaceutical. J&J will lead the global (excluding Japan) development, manufacturing, and commercialization of Kaken’s preclinical STAT6 inhibitor KP-723. The deal is valued at up to $1.2 billion. Kaken plans to begin a Phase 1 trial for atopic dermatitis (AD) next year, with potential applications in other Th2-mediated diseases such as asthma. STAT6 is a key molecule in the JAK/STAT signaling pathway, responding primarily to cytokines IL-4 and IL-13.

January 10 – Windward Bio entered into an agreement with Harbour BioMed and Sichuan Kelun-Biotech for the development of TSLP-targeting fully human monoclonal antibody HBM9378/SKB378. Windward Bio received exclusive global rights (excluding Greater China and parts of Southeast and West Asia) for R&D, production, and commercialization. The total deal value reached $970 million. TSLP is a well-validated cytokine involved in the pathogenesis of immune diseases including asthma and COPD.

March 17 – AstraZeneca announced the acquisition of Belgian biotech EsoBiotec for $1 billion to bolster its pipeline in in vivo CAR-T and other cell therapies. EsoBiotec’s lead program ENaBL-T is an in vivo BCMA CAR-T therapy for multiple myeloma and autoimmune diseases. On January 8, 2025, EsoBiotec administered the first patient dose of ESO-T01 (developed with Prigen Biotech) in an IIT study in China, with no detectable cancer cells found in the bone marrow after 28 days.

March 20 – Sanofi announced it would acquire DR-0201, a CD20-targeting bispecific antibody, via the acquisition of Dren Bio’s subsidiary Dren-0201. Sanofi will pay $600 million upfront, with total potential milestone payments of up to $1.3 billion. DR-0201 induces deep B cell depletion through phagocytosis, by targeting tissue-resident and migratory myeloid cells, mainly for autoimmune indications.

April 2 – Nurix Therapeutics granted Sanofi exclusive rights to a previously undisclosed Nurix pipeline asset targeting a transcription factor involved in a previously undruggable autoimmune disease. Including a $15 million option extension fee, Nurix has received a total of $105 million so far. It remains eligible for up to $465 million in development, regulatory, and commercial milestones per program, plus future royalties. This reflects a technological leap in targeting undruggable proteins, driven by Nurix’s DEL-AI platform.

April 15 – Boehringer Ingelheim and Cue Biopharma signed a strategic research collaboration and licensing agreement for CUE-501. Cue Biopharma will receive a $12 million upfront payment and is eligible for up to $345 million in development milestones and royalties on net sales. CUE-501 is a CD19/HLA bispecific that binds B cell-specific membrane proteins and selectively engages virus-specific memory cytotoxic T cells, enabling targeted B cell clearance and modulation of autoimmune and inflammatory responses.

April 17 – Earendil Labs announced a licensing agreement with Sanofi for two potentially first-in-class bispecific antibodies (HXN-1002 and HXN-1003), totaling up to $1.845 billion. Sanofi received global exclusive rights to both AI-powered bispecifics for autoimmune and inflammatory bowel disease. HXN-1002 targets α4β7 and TL1A, aiming for superior efficacy in moderate-to-severe ulcerative colitis and Crohn’s disease. HXN-1003 targets TL1A and IL-23 and has shown synergy in preclinical models for colitis and dermatitis, addressing unmet needs.

April 24 – Qyuns Therapeutics announced a licensing deal with Caldera Therapeutics for its preclinical long-acting autoimmune bispecific antibody QX030N, with a total deal value of $555 million. Caldera will receive global exclusive rights to research, develop, register, manufacture, and commercialize QX030N for autoimmune diseases.

May 15 – Johnson & Johnson announced the $850 million acquisition of bispecific platform company Proteologix to secure a lead in inflammation pathways involving IL-13/IL-17 and IL-13/TSLP. The acquisition includes two key clinical assets: PX128 (IL-13/TSLP bispecific) targeting atopic dermatitis and asthma, about to enter Phase 1 trials; and PX130 (IL-13/IL-22 bispecific), also for atopic dermatitis, currently in preclinical development.

June 4 – Cullinan Therapeutics entered a deal with Genor Biopharma for global rights (excluding Greater China) to the BCMA/CD3 bispecific Velinotamig (GR1803), worth up to $712 million. GR1803 was approved for clinical trials in January 2022 and granted Breakthrough Therapy designation in August 2024 for relapsed/refractory multiple myeloma.

June 23 – Harbour BioMed announced a global strategic collaboration with Otsuka Pharmaceutical Co., Ltd. for HBM7020, valued at $670 million. Otsuka receives exclusive global rights (excluding Greater China) for the development, manufacturing, and commercialization of HBM7020, a BCMAxCD3 bispecific antibody developed using HBM’s HBICE® and Harbour Mice® platforms. HBM7020 links BCMA-positive cells with T cells to enable targeted killing and is currently at the IND stage for oncology and pre-IND for autoimmune diseases.

June 23 – AI-driven biotech Formation Bio announced a licensing agreement with Sanofi worth up to €545 million. Sanofi gains rights to gusacitinib, a Phase 3 oral dual JAK/SYK inhibitor for autoimmune diseases.

June 30 – AbbVie announced the $2.1 billion all-cash acquisition of in vivo CAR-T biotech Capstan Therapeutics, acquiring in vivo CAR-T therapies targeting CD19 and BCMA, mainly aimed at treating autoimmune diseases.

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