In December 2025, global biopharma business development (BD) activity surged toward year-end, reflecting a clear rhythm and structural pattern. Early-month platform-level collaborations by multinational pharma companies were followed by mid-month antibody and metabolic disease deals, and culminated in a wave of late-December out-licensing transactions by Chinese innovative drug developers.
Overall, deal structures became more rational and mature, favoring low upfront payments, high milestone-based compensation, and tiered royalties, signaling a risk-sharing approach. Oncology, antibody therapeutics, metabolic diseases, and platform technologies remained the most sought-after assets. This article systematically reviews the key biopharma BD transactions in December 2025 by therapeutic area, highlighting where capital and innovation converged at year-end.
1. Oncology & Immuno-Oncology (IO)
- December 4– Up to USD 1.33B
Crescent Biopharma and Kelun-Biotech entered a strategic collaboration to co-develop two solid tumor assets: the PD-1xVEGF bispecific antibody CR-001, and the ITGB6-targeted ADC SKB105 (CR-003). Phase I/II trials are planned for Q1 2026.
- December 16– Up to USD 2.655B
Eli Lilly partnered with ABL Bio on multiple programs based on the Grabody bispecific antibody platform, spanning oncology, neuroscience, and metabolic diseases.
- December 19– Up to USD 1.06B
Simcere out-licensed its LRRC15-targeted ADC SIM0613 to Ipsen. The asset demonstrated strong tumor penetration and antitumor activity in preclinical models.
- December 21– Over USD 2B
Jacobi Pharmaceuticals licensed its oral pan-KRAS inhibitor JAB-23E73 to AstraZeneca for global development. The asset targets multiple KRAS mutations and is currently in Phase I trials in both China and the US.
- December 23– Up to USD 2.02B
Coherent Biopharma licensed its Bi-XDC based peptide-drug conjugate CBP-1018 to MultiValent for metastatic castration-resistant prostate cancer, with encouraging Phase I/II data.
2. Metabolic Diseases
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- December 9– USD 2.15B
Pfizer partnered with Fosun Pharma (Yaoyou Pharma) on a global licensing deal (excluding China) for a GLP-1 receptor agonist, further strengthening its metabolic disease pipeline.
- December 11– Up to USD 270M
OTR Therapeutics (Shanghai) and Zealand Pharma formed a multi-program collaboration to develop innovative metabolic disease therapies.
3. CNS & Neurodegenerative Diseases
- December 2– Up to USD 2.055B
Roche and Manifold Bio entered a long-term partnership to develop next-generation AI-driven brain shuttle technologies for CNS biologics delivery across the blood-brain barrier.
- December 18– USD 17.5M upfront
GSK partnered with CAMP4 Therapeutics to develop antisense oligonucleotide (ASO) therapies targeting neurodegenerative disease genes.
- December 15– RMB 1.412B
Fosun Pharma acquired a controlling stake in Green Valley Pharma, centered on the Alzheimer’s drug GV-971 (Oligomannate), with plans to advance confirmatory trials.
- December 22– USD 2.5B
Shionogi acquired Mitsubishi Tanabe’s ALS drug Radicava® (edaravone) business, strengthening its neurodegenerative disease portfolio.
4. Immunology & Allergic Diseases
- December 9– Up to USD 1.755B
Relation Therapeutics partnered with Novartis to apply its AI-based target discovery platform to immune-mediated skin and allergic diseases.
- December 19– Up to USD 700M
Chia Tai Tianqing affiliated QX Biopharma licensed its TSLPxIL-13 bispecific antibody QX027N to LE2025 for inflammatory and allergic indications.
5. Rare Diseases
- December 1– USD 150M
Regeneron partnered with Tessera Therapeutics to develop a one-time in vivo gene-editing therapy (TSRA-196) for alpha-1 antitrypsin deficiency (AATD).
- December 19– USD 4.8B
BioMarin completed an all-cash acquisition of Amicus Therapeutics, gaining Galafold® for Fabry disease and a Pompe disease therapy portfolio.
6. Infectious Diseases & Vaccines
- December 22– Up to USD 365M
Gilead exercised its option to license Assembly Biosciences’ HSV helicase primase inhibitor program for recurrent genital herpes.
- December 24– USD 2.2B
Sanofi acquired Dynavax, obtaining HEPLISAV-B® and the CpG 1018 adjuvant platform, while expanding its shingles vaccine strategy.
7. Renal & Endocrine Diseases
- December 28– Up to RMB 220M
Hengrui licensed its Phase III CaSR allosteric modulator SHR6508 to Hansoh Pharma in mainland China for secondary hyperparathyroidism in dialysis patients.
