$40B in March 2026: From ADHD to TCEs-What Big Pharma Is Really Chasing

Ahead of the 2026 AACR Annual Meeting, global business development (BD) activity surged in March, showing clear structural trends. On one hand, large-scale M&A and licensing deals continued to concentrate in oncology and immunology. On the other hand, emerging technology platforms such as AI-driven drug discovery, targeted protein degradation (TPD), and multispecific antibodies gained significant momentum. Meanwhile, Chinese biotech companies deepened their participation in global dealmaking through NewCo structures and regional licensing.
This report systematically organizes key March transactions by therapeutic area to highlight the core logic and emerging hotspots in innovative drug BD.

• Mar 3, Aikang Pharma XQilu Pharmaceutical (~RMB 470M)

Licensing of ADHD drug Aizhida® for commercialization in China. A combination CNS stimulant with established commercial potential; a typical regional commercialization deal.

• Mar 9,Rapport Therapeutics X YuanYi Biotech (~$328M)

Licensing of RAP-219 rights in Greater China. A TARPγ8-selective AMPA receptor negative allosteric modulator (NAM) for epilepsy and bipolar disorder; Phase 2a completed in refractory epilepsy.

• Mar 19,Collegium Pharmaceutical X Corium Therapeutics (up to $785M)

Acquisition of global (ex-Greater China) rights to ADHD drug AZSTARYS, already approved in the U.S., featuring a prodrug + immediate-release design for rapid onset and sustained effect.

• Mar 27,Otsuka Pharmaceutical X Transcend Therapeutics (up to $1.225B)

Acquisition of a clinical-stage company. Lead asset TSND-201 (methylone), a rapid-acting neuroplasticity modulator for PTSD and other psychiatric disorders.

• Mar 29,Insilico Medicine X Eli Lilly and Company (up to $2.75B)

AI drug discovery collaboration plus asset licensing. Leveraging the Pharma.AI platform for multi-target CNS and other indications.

• Mar 31,Eli Lilly X Centessa Pharmaceuticals ($7.8B)

Acquisition of a neuroscience-focused company, adding orexin receptor 2 (OX2R) agonist programs for sleep-wake disorders.

• Mar 6,Servier X Day One Biopharmaceuticals (~$2.5B)

Acquisition including marketed RAF inhibitor tovorafenib and two clinical-stage ADCs (B7-H4, PTK7).

• Mar 20,Novartis X Synnovation / Pikavation (up to $3B)

Acquisition of PI3Kα portfolio. Lead asset SNV4818 is a mutant-selective PI3Kα inhibitor in Phase I/II trials.

• Mar 26,Merck & Co. X Terns Pharmaceuticals (~$6.7B)

Full acquisition. Lead asset TERN-701 is an oral BCR-ABL inhibitor targeting next-generation CML therapy.

• Mar 4,UCB X Antengene (~$1.2B)

Licensing of CD19/CD3 bispecific antibody ATG-201 (preclinical), representing a classic TCE hematologic malignancy strategy.

• Mar 23,Sanofi X Kali Therapeutics (up to $1.23B)

Licensing of trispecific TCE KT501 (CD3/CD19/BCMA), featuring CD3 masking to reduce CRS risk; in Phase I.

• Mar 24,Gilead Sciences X Ouro Medicines (up to $2.1B)

Acquisition of a NewCo. Lead asset CM336 (CD3×BCMA bispecific) for multiple myeloma; a landmark case of Chinese biotech exit via NewCo.

• Mar 3,Boehringer Ingelheim X Sitryx Therapeutics (undisclosed)

Acquisition of immunometabolism small-molecule programs (preclinical).

• Mar 3,Teva X Blackstone Life Sciences ($400M financing)

Supporting Phase III development of duvakitug (TL1A antibody) for UC and CD.

• Mar 9,GSK X Alfasigma (up to $690M)

Licensing of IBAT inhibitor linerixibat for PBC-associated pruritus; near FDA approval.

• Mar 12,Enodia Therapeutics X Kezar Life Sciences (up to $128M)

Acquisition of Sec61-targeting protein degradation program (preclinical).

• Mar 25,Alteogen X Biogen (up to $560M)

Licensing of ALT-B4 technology for subcutaneous biologics delivery.

• Mar 27,Novartis X Excellergy (up to $2B)

Acquisition of long-acting anti-IgE antibody EXL-111.

• Mar 31,Biogen X Apellis Pharmaceuticals (up to $5.6B)

Acquisition of a complement-focused company with two approved drugs: EMPAVELI® and SYFOVRE®.

• Mar 2,Gyre Therapeutics X Cullgen (~$300M)

Acquisition of TPD + DAC platform; includes TRK and GSPT1 degraders (Phase I).

• Mar 12,Enodia Therapeutics X Kezar Life Sciences ($128M)

Sec61 protein degradation platform (preclinical).

• Mar 24,Quotient Therapeutics X Merck & Co. (up to $2.2B)

Somatic genomics platform for novel IBD target discovery.

• Mar 29,Insilico Medicine X Eli Lilly (up to $2.75B)

Cross-therapeutic AI platform collaboration.

• Mar 5,Tenaya Therapeutics X Alnylam Pharmaceuticals (up to $1.14B)

Collaboration on RNAi therapies for cardiovascular diseases.

• Mar 15,Samsung Bioepis X G2GBIO ($13.35M)

Development of long-acting semaglutide using microsphere technology.

• Mar 23,Everest Medicines X Jixing Pharmaceuticals (up to $50M)

Acquisition of etripamil nasal spray rights in Greater China (approved in the U.S. for PSVT).

• Mar 4,China Biologic Products X Sanofi (up to $1.53B)

Licensing of dual JAK/ROCK inhibitor rovadicitinib (approved in China for myelofibrosis).

• Mar 17,Lebang Pharma X R1 Therapeutics (undisclosed)

Licensing of AP306 for CKD-related hyperphosphatemia (clinical stage).

• Mar 17,Everest Medicines X Hysen Biologics (Singapore) (RMB 200M deposit)

Planned acquisition of a Southeast Asia commercial platform covering ~600 million population.

• Mar 26,Recordati X CVC Capital Partners (~$12.6B)

Takeover of a rare disease leader with marketed products including Isturisa (Cushing’s syndrome) and Qarziba (neuroblastoma).

March 2026 global biotech BD activity demonstrates a clear “dual-engine” model:

• Late-stage or commercial assets are being rapidly monetized, particularly in CNS and immunology, to strengthen pipelines and cash flow.
• Oncology remains the core battlefield, with continued premium valuations across both targeted small molecules (e.g., PI3Kα inhibitors) and next-generation biologics such as TCEs and trispecific antibodies.
• Notably, Gilead’s acquisition of Ouro Medicines highlights the maturation of the NewCo exit model for Chinese biotech, signaling deeper global integration.

Overall, BD transactions are increasingly converging toward a combination of high-certainty assets and high-barrier technology platforms.