Sep. 2026 Biopharma Deals: Billion-Dollar Bets on ADCs, Obesity and AI

Sep. 2026 saw a series of licensing agreements, acquisitions and strategic investments across oncology, autoimmune, metabolic, cardiovascular and neurological diseases. Multispecific antibodies, antibody-drug conjugates (ADCs), oral and long-acting metabolic therapies, AI drug discovery and innovative delivery platforms were among the areas attracting attention.

• Sep.2, Pfizer x Medicus Pharma, More than $1 billion

Medicus Pharma, through a wholly owned subsidiary, signed a co-development and global licensing agreement with Pfizer to advance the CD228-targeted ADC PF-08046031.

• Sep.3, GSK and HUTCHMED, Up to $1.295 billion

GSK obtained development and commercialization rights to HUTCHMED’s HMPL-A830 (EGFR-targeted KRAS inhibitor) outside Greater China. This antibody-targeted therapeutic conjugate (ATTC) uses an EGFR-targeting antibody to deliver a KRAS inhibitor, with an initial focus on colorectal, pancreatic and lung cancers.

• Sep.15, GSK and Chimagen Biosciences, Up to $750 million

GSK agreed to acquire global rights to a preclinical trispecific T-cell engager (TCE) from Chimagen for the treatment of multiple myeloma, with a potential total value of up to $750 million. The molecule binds T cells and two tumor antigens; the specific targets have not been disclosed. A Phase I study is planned for 2027.

• 22, Boehringer Ingelheim and Envisagenics, More than $1 billion

Boehringer Ingelheim and Envisagenics signed a research collaboration and option agreement to explore ADCs, TCEs and multispecific antibodies against tumor-specific targets derived from RNA splicing and identified through SpliceCore.

• 22, Novartis and BoomRay Pharmaceuticals, Up to $900 million

Novartis obtained an exclusive global license to a preclinical radioligand therapy candidate from BoomRay. The specific target, radionuclide and indications have not been disclosed.

• 23, Henlius and Amberstone Biosciences, Up to $888 million

Henlius obtained an exclusive global license to develop conditionally activated TCEs against two agreed targets using Amberstone’s T-MATE platform, with a focus on solid tumors.

• 24, Genentech and Earendil Labs, More than $1.5 billion

Genentech and Earendil Labs partnered on multiple oncology bispecific antibody programs. Earendil will lead antibody discovery through early clinical studies, while Genentech will be responsible for subsequent global clinical development and commercialization.

• 28, Merck & Co. and SciBrunch Therapeutics, Up to $2.13 billion

Merck & Co. obtained exclusive global development, manufacturing and commercialization rights to SciBrunch’s preclinical oral KRAS G12D (ON) inhibitor SPR2015. The molecule uses a molecular glue mechanism and is intended for solid tumors harboring KRAS G12D mutations.

• 28, AstraZeneca and Summit Therapeutics, $2 billion equity investment 

On Sep. 28, Summit announced a clinical collaboration and a $2 billion convertible preferred stock investment agreement with AstraZeneca. The companies will evaluate ivonescimab (PD-1/VEGF bispecific antibody) in combination with the CLDN18.2 ADC sonesitatug vedotin and signed a non-binding memorandum of understanding on further collaboration.

• 29, Mabwell and Lianwei Chuangyuan, RMB 826 million TCE asset transfer and RMB 160 million external financing

Mabwell proposed a capital injection of RMB 825 million into Lianwei Chuangyuan and the transfer of TCE program assets for RMB 826 million. Lianwei Chuangyuan also plans to raise RMB 160 million from external investors.

• 1, Roche and Simcere Zaiming, Up to $1.53 billion

Roche obtained exclusive global development, manufacturing and commercialization rights to Simcere Zaiming’s SIM0660. The CD79a/CD19/CD3 trispecific antibody is designed to recruit T cells to eliminate B cells and has potential in B-cell-mediated and autoimmune diseases.

• 17, Roche and Dualitas Therapeutics, Up to $1 billion

Roche and Dualitas entered a research and licensing collaboration to discover bispecific antibodies for immunology and inflammation using the DualScreen platform. Specific targets and indications have not been disclosed.

• 17, Aethlon Medical and North Immunology, Approximately $180 million concurrent financing

Aethlon and North Immunology signed an all-stock merger agreement and arranged approximately $180 million in concurrent private placement financing to advance the IL-13/IL-18 bispecific antibody NOR-101 for atopic dermatitis.

• 3, Menarini and Gan & Lee Pharmaceuticals, Up to €726 million

Menarini obtained registration and commercialization rights to Gan & Lee’s long-acting GLP-1 receptor agonist bofanglutide (GZR18) in 39 European countries. The drug is being developed for weight management in adults with obesity or overweight, with dosing once every two weeks.

• 17, Novo Nordisk and Orbis Medicines, Up to $1.4 billion

Novo Nordisk partnered with Orbis to develop oral macrocyclic molecules, known as nCycles, using the nGen platform, with a focus on cardiometabolic diseases. Specific targets have not been disclosed.

• 18, Novo Nordisk and Kallyope, Financial terms undisclosed

Novo Nordisk signed an asset purchase agreement to acquire three non-incretin obesity programs from Kallyope, encompassing peptides and small molecules. The lead peptide, K-554, is being prepared for an IND submission and could be explored as monotherapy or in combination with incretin-based treatments.

• 24, Novo Nordisk and Nanexa, Up to €1.165 billion

Novo Nordisk obtained an exclusive global license to Nanexa’s PharmaShell platform for up to five peptide drug development programs targeting cardiometabolic diseases, including obesity and type 2 diabetes. The development goals include monthly or quarterly dosing.

• 29, Novo Nordisk and Hengrui Pharma, Up to $2.6 billion

Novo Nordisk obtained exclusive development, manufacturing and commercialization rights to Hengrui’s HRS-1596 outside Greater China. The dual GLP-1/GIP receptor agonist is being prepared for Phase I development and has the potential for once-weekly oral dosing.

• 17, Lisata Therapeutics and Marea Therapeutics, Approximately $225 million concurrent financing

Lisata announced that it had acquired Marea in an all-stock transaction and arranged approximately $225 million in concurrent private placement financing. The transaction supports cardiovascular and endocrine programs, including MAR001/005 and MAR002, addressing conditions such as severe hypertriglyceridemia and acromegaly.

• 23, Boehringer Ingelheim and Variant Bio, More than $250 million in additional potential payments

Boehringer Ingelheim and Variant Bio expanded their existing kidney disease collaboration into cardiovascular disease, using the Inference platform and human genetic data to discover and validate novel targets. Specific targets have not been disclosed.

• Sep. 24 | Roche and Atavistik Bio | Up to $1.97 billion

Roche partnered with Atavistik to discover allosteric small-molecule therapies for cardiovascular, renal and metabolic (CVRM) diseases using the AMPS platform. Atavistik will lead early discovery, while Roche will be responsible for subsequent development and commercialization.

• 2, NewBiologix and Synastra Biotechnology, Financial terms undisclosed

NewBiologix will use its Xcell stable production platform to establish and characterize stable research cell banks for Synastra’s recombinant adeno-associated virus (rAAV) gene therapy program for Duchenne muscular dystrophy (DMD). The agreement includes an option to convert to a commercial license. Financial terms have not been disclosed; the collaboration centers on a manufacturing platform.

• 3, Médunik Canada and Biocodex, Financial terms undisclosed

Médunik Canada and Biocodex signed an exclusive promotional services agreement for Diacomit (stiripentol) in Canada, covering sales, marketing and medical affairs. In Canada, the drug is approved as an adjunctive treatment with clobazam and valproate for seizures associated with Dravet syndrome. Financial terms have not been disclosed.

• 16, Novartis and Sironax, $125 million

Novartis exercised its exclusive purchase option to acquire global rights to Sironax’s brain delivery platform. The platform is designed to help therapeutics, including large molecules, cross the blood-brain barrier. Sironax retains the right to use the platform to develop, manufacture and commercialize selected assets.

• 2, Novartis and Alteogen, Up to $3.223 billion

Novartis and Alteogen entered an option and licensing collaboration for ALT-B4, using recombinant human hyaluronidase technology to support the conversion of multiple biologics from intravenous to subcutaneous administration.

• 21, AbbVie and Iambic Therapeutics, Financial terms undisclosed

AbbVie and Iambic entered a multi-year collaboration to develop small-molecule therapies in immunology, neuroscience and oncology using Enchant v3 and Iambic’s AI drug discovery platform. Iambic is eligible for an upfront payment, success-based milestones and tiered sales royalties.

• 21, Insilico Medicine and an undisclosed foundation model laboratory, Tens of millions of dollars 

Insilico Medicine signed a collaboration agreement worth tens of millions of dollars with an undisclosed foundation model laboratory. The partners will combine MMAI Gym, proprietary life sciences data and closed-loop wet-lab validation to jointly develop and commercialize AI foundation models for biology. They will also establish a revenue-sharing mechanism.

• 24, Eli Lilly and InnoCare Pharma | Up to approximately $3.35 billion 

Lilly and InnoCare partnered to advance compound programs against up to five targets using InnoCare’s drug discovery platform. Specific targets, disease areas and molecular modalities have not been disclosed.

Overall, Sep. 2026 biopharma transactions spanned innovative medicines, technology platforms and value-chain consolidation. Oncology deals focused on multispecific antibodies, ADCs and radiopharmaceuticals; autoimmune disease collaborations emphasized B-cell depletion and modulation of multiple pathways. Metabolic disease deals covered oral therapies, long-acting delivery and differentiated mechanisms. AI drug discovery and innovative delivery platforms also attracted multiple partnerships, while Chinese-origin assets continued to feature in cross-border licensing. Together, the transactions illustrate the month’s diversity in disease areas, technologies and deal structures.