In November 2025, business development (BD) activities in the biopharmaceutical industry slowed slightly compared with October, yet the month still delivered several high-value and strategically important deals. Overall, November’s BD landscape can be summarized by two major themes: large-scale M&A and high-impact licensing agreements.
Global pharma companies pursued acquisitions to strengthen pipelines in rare diseases, oncology, obesity/metabolism, and respiratory/antiviral therapeutics. Meanwhile, multiple partnerships emerged across AI drug discovery, gene and delivery technologies, formulation platforms, and biosimilar commercialization.
1. Major Acquisitions
- 2025-11-13 | Pfizer Completes Metsera Acquisition — Deal Value Up to ~$10B
Pfizer finalized its acquisition of Metsera in mid-November, for a total potential value of up to $10 billion, including upfront cash and CVR-based milestones.
Metsera focuses on next-generation small molecules and biologics for weight loss and metabolic diseases, with differentiated assets in development. This acquisition allows Pfizer to rapidly expand into the fast-growing obesity and metabolic-health market, securing clinical-stage programs critical for its long-term growth strategy.
- 2025-11-14 | Merck to Acquire Cidara Therapeutics — ~$9.2B All-Cash Deal
Merck announced a proposed $9.2 billion all-cash acquisition of Cidara.
Key assets include Cidara’s long-acting influenza antiviral CD388 and its Drug-Fc Conjugate (DFC) platform. CD388 is a late-stage candidate with Fast Track and Breakthrough Therapy designations and is estimated to exceed $5B+ in commercial potential. If approved, it may provide a transformative preventative option in the influenza market.
- 2025-11-17 | Johnson & Johnson Acquires Halda Therapeutics — $3.05B Cash
J&J signed a definitive agreement to acquire Halda Therapeutics for $3.05 billion.
The deal provides J&J with access to the RIPTAC™ (Regulated Induced Proximity Targeting Chimera) platform and its associated pipeline, including HLD-0915, an oral small-molecule therapy for metastatic castration-resistant prostate cancer (mCRPC).
RIPTAC represents a novel chemistry-based approach that induces selective tumor-cell killing via proximity-driven mechanisms. Early Phase 1/2 data show promising tolerability and preliminary antitumor activity, positioning HLD-0915 as a key asset for strengthening J&J’s solid tumor portfolio.
2. Licensing, Commercialization & Strategic Collaborations
- 2025-11-04 | Kaigene × Celltrion — Exclusive Licensing Deal Up to $744M
Kaigene granted Celltrion exclusive development and commercialization rights for several antibody drug assets in specific indications. This reflects a typical biosimilar / antibody asset licensing model widely adopted by major global manufacturers.
- 2025-11-05 | Dynavax × Vaxart — Exclusive Oral Vaccine Licensing Agreement
The companies entered into an exclusive licensing partnership covering oral vaccine technologies, delivery formats, and associated platform assets.
- 2025-11-10 | Insilico × Eli Lilly — AI Drug Discovery Collaboration (Value $100M+)
Insilico and Eli Lilly established a research and licensing partnership integrating Insilico’s Pharma.AI platform with Lilly’s therapeutic expertise to identify and optimize novel compounds.
Insilico is eligible for $100M+ in combined milestones, upfront payment, and tiered royalties.
Using generative AI and autonomous laboratories, Insilico has shortened the timeline from project initiation to preclinical candidate (PCC) nomination to 12–18 months, demonstrating strong validation of AI-accelerated drug discovery.
This collaboration underscores big pharma’s growing confidence in AI-enabled R&D platforms.
- 2025-11-12 | Sandoz × EirGenix — Global Commercialization License for EG1206A (Up to ~$152M)
Sandoz obtained global (ex-selected Asian markets) commercialization rights to EG1206A, EirGenix’s biosimilar to pertuzumab. Pertuzumab, a HER2-targeting monoclonal antibody, inhibits HER2 dimerization and downstream signaling, leading to tumor cell apoptosis.
- 2025-11-17 | Merus × Halozyme — ENHANZE® Subcutaneous Delivery Partnership (Undisclosed Value)
Merus entered a global non-exclusive partnership with Halozyme to apply ENHANZE®, its hyaluronidase-based subcutaneous delivery platform, to enable SC administration of petosemtamab (EGFR × LGR5 bispecific antibody). The collaboration includes upfront payment, development milestones, and low- to mid-single-digit royalties. Petosemtamab has already shown clinical activity in multiple solid tumor trials.
