Deal and licensing map
51 deals since 2015: 32 acquisitions and 19 licences or co-development agreements, 12 of them China-out. Every row has the announcement, the parties, the asset, what was paid up front and the headline total, with territories. The chord shows where assets move between regions.
Yearsto51 deals
| From \ To | United States | Europe | China | Japan | Other |
|---|---|---|---|---|---|
| United States | 21 | 7 | · | 1 | · |
| Europe | 1 | 3 | · | 1 | · |
| China | 6 | 6 | · | · | · |
| Japan | 1 | 2 | · | · | · |
| Other | · | 2 | · | · | · |
Rows are the seller or licensor region, columns the buyer or licensee region. Hover a ribbon or a cell to list the deals. Ribbons are counts of deals, not values, because headline values mix upfront cash with contingent milestones.
2026 2 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-07 announced | Personalis (Tempus) | Tempus AI | NeXT Personal tumour-informed MRD test | Acquisition | not disclosed | about $1.5bn in stock ($16.25 per share) | Company acquisition; expected to close late 2026 or early 2027 | source |
| 2026-02-09 announced | Orna Therapeutics (Eli Lilly) | Eli Lilly (incl. Loxo) | Circular-RNA in vivo CAR platform (ORN-252 and a BCMA programme) | Acquisition | not disclosed | about $2.4bn | Company acquisition | source |
2025 8 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2025-11 announced | Exact Sciences (Abbott) | Abbott | Cologuard, Oncotype DX, Cancerguard and Oncodetect | Acquisition | not disclosed | $21bn | Company acquisition | source |
| 2025-09-29 announced | Merus | Genmab | Petosemtamab (EGFR x LGR5) and zenocutuzumab (Bizengri) | Acquisition | not disclosed | about $8.0bn ($97 per share) | Company acquisition | source |
| 2025-06-02 | BioNTech | Bristol Myers Squibb | BNT327 (pumitamig), PD-L1 x VEGF bispecific antibody BioNTech had acquired the asset with its purchase of Biotheus (China) in 2024. | Co-development | $1.5bn (plus $2.0bn in non-contingent payments through 2028) | up to $11.1bn | Global co-development and co-commercialisation, costs and profits shared equally | source |
| 2025-06-02 | Blueprint Medicines | Sanofi | Avapritinib (Ayvakit) and the systemic mastocytosis franchise | Acquisition | $9.1bn | up to $9.5bn including a contingent value right | Company acquisition | source |
| 2025-05-20 | 3SBio | Pfizer (incl. Seagen) | SSGJ-707, PD-1 x VEGF bispecific antibody | Licence | $1.25bn (plus a $100m equity investment) | up to $4.8bn | Worldwide except China | source |
| 2025-04-28 | SpringWorks Therapeutics (Merck KGaA) | Merck KGaA | Nirogacestat (Ogsiveo) and mirdametinib (Gomekli) | Acquisition | not disclosed | $3.9bn | Company acquisition | source |
| 2025-03 | Araris Biotech (Taiho) | Taiho Pharmaceutical (Otsuka) | AraLinQ site-specific ADC linker platform and preclinical ADCs | Acquisition | $400m | up to $1.14bn | Company acquisition | source |
| 2025-01-13 | IDRx | GSK | IDRX-42, KIT inhibitor for gastrointestinal stromal tumours | Acquisition | $1.0bn | up to $1.15bn | Company acquisition | source |
2024 10 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2024-12 | Duality Biotherapeutics | Avenzo Therapeutics | DB-1418 (AVZO-1418), EGFR x HER3 bispecific ADC | Licence | $50m | up to $1.15bn | Worldwide except Greater China | source |
| 2024-11-14 | LaNova Medicines | Merck & Co. (MSD) | LM-299, PD-1 x VEGF bispecific antibody Merck's answer to ivonescimab. | Licence | $588m | up to $3.3bn | Worldwide | source |
| 2024-09-12 | RadioMedix | Sanofi | AlphaMedix (lead-212 DOTAMTATE), targeted alpha therapy for neuroendocrine tumours Financial terms were not disclosed in full. | Licence | not disclosed | not disclosed | Worldwide commercialisation rights | source |
| 2024-05-02 | Mariana Oncology | Novartis | Preclinical radioligand pipeline including MC-339 (actinium-225, small-cell lung cancer) | Acquisition | $1.0bn | up to $1.75bn | Company acquisition | source |
| 2024-04-29 | Deciphera Pharmaceuticals (Ono) | Ono Pharmaceutical | Ripretinib (Qinlock) and vimseltinib | Acquisition | not disclosed | $2.4bn | Company acquisition | source |
| 2024-04-03 | ProfoundBio | Genmab | Rinatabart sesutecan (Rina-S), folate receptor alpha ADC, and two other clinical ADCs | Acquisition | not disclosed | $1.8bn | Company acquisition | source |
| 2024-03-19 | Fusion Pharmaceuticals (AstraZeneca) | AstraZeneca | FPI-2265 (actinium-225 PSMA) and the Fusion targeted alpha therapy platform | Acquisition | $2.0bn | up to $2.4bn including a contingent value right | Company acquisition; closed June 2024 | source |
| 2024-02-05 | MorphoSys (Novartis) | Novartis | Pelabresib (BET inhibitor) and tulmimetostat | Acquisition | not disclosed | €2.7bn | Company acquisition; tafasitamab rights had already passed to Incyte | source |
| 2024-01-08 | Ambrx Biopharma | Johnson & Johnson | ARX517 (PSMA ADC) and ARX788 (HER2 ADC) with site-specific conjugation technology | Acquisition | not disclosed | $2.0bn | Company acquisition | source |
| 2024-01 | MediLink Therapeutics | Roche / Genentech | YL211, c-MET ADC | Licence | $50m | about $1.0bn | Worldwide | source |
2023 12 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2023-12-26 | RayzeBio (BMS) | Bristol Myers Squibb | RYZ101 (actinium-225 DOTATATE) and an actinium-based radiopharmaceutical platform | Acquisition | not disclosed | $4.1bn | Company acquisition; closed February 2024 | source |
| 2023-12-26 | Gracell Biotechnologies | AstraZeneca | GC012F (AZD0120), BCMA x CD19 CAR-T, and the FasTCAR platform | Acquisition | $1.0bn | up to $1.2bn including a contingent value right | Company acquisition | source |
| 2023-12-11 | SystImmune / Sichuan Biokin | Bristol Myers Squibb | Izalontamab brengitecan (BL-B01D1), EGFR x HER3 bispecific ADC The largest China-out single-asset licence at the time. | Licence | $800m | up to $8.4bn | Worldwide except mainland China, Hong Kong, Macau and Taiwan; co-development in the US | source |
| 2023-12 | Hansoh Pharma | GSK | HS-20093 (GSK5764227), B7-H3 ADC | Licence | $185m | up to about $1.7bn | Worldwide except mainland China, Hong Kong, Macau and Taiwan | source |
| 2023-11-30 | ImmunoGen | AbbVie (incl. ImmunoGen, Capstan) | Mirvetuximab soravtansine (Elahere) and pivekimab sunirine | Acquisition | not disclosed | $10.1bn | Company acquisition; closed February 2024 | source |
| 2023-10-20 | Daiichi Sankyo | Merck & Co. (MSD) | Patritumab deruxtecan (HER3), ifinatamab deruxtecan (B7-H3) and raludotatug deruxtecan (CDH6) The largest ADC collaboration by headline value. | Co-development | $4.0bn (plus $1.5bn in continuation payments over 24 months) | up to $22bn | Worldwide except Japan; joint development and commercialisation | source |
| 2023-10-08 | Mirati Therapeutics | Bristol Myers Squibb | Adagrasib (Krazati) and MRTX1133 (KRAS G12D) | Acquisition | not disclosed | $4.8bn (plus a contingent value right of up to $1.0bn) | Company acquisition; closed January 2024 | source |
| 2023-10-03 | POINT Biopharma | Eli Lilly (incl. Loxo) | PNT2002 (177Lu-PNT2002, PSMA) and PNT2003 (SSTR), radioligand pipeline and manufacturing | Acquisition | not disclosed | $1.4bn | Company acquisition; closed December 2023 | source |
| 2023-10 | MediLink Therapeutics | BioNTech | YL202 (BNT326), HER3 ADC on the TMALIN linker platform | Licence | $70m | more than $1.0bn | Worldwide except mainland China, Hong Kong and Macau | source |
| 2023-04-03 | Duality Biotherapeutics | BioNTech | DB-1303 (HER2 ADC, later BNT323) and DB-1311 (B7-H3 ADC, BNT324) | Licence | $170m | more than $1.5bn | Worldwide except mainland China, Hong Kong and Macau | source |
| 2023-03-13 | Seagen | Pfizer (incl. Seagen) | Padcev, Tivdak, Adcetris, Tukysa and the vedotin ADC platform The largest ADC acquisition to date. | Acquisition | not disclosed | $43bn | Company acquisition; closed 14 December 2023 | source |
| 2023-02 | Keymed Biosciences (KYM Biosciences) | AstraZeneca | CMG901 (sonesitatug vedotin, AZD0901), Claudin 18.2 ADC | Licence | $63m | up to $1.19bn | Worldwide | source |
2022 5 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2022-12-06 | Akeso | Summit Therapeutics | Ivonescimab (AK112, SMT112), PD-1 x VEGF bispecific | Licence | $500m | up to $5.0bn | United States, Canada, Europe and Japan (expanded in 2024 to Latin America, the Middle East and Africa) | source |
| 2022-12 | Sichuan Kelun-Biotech | Merck & Co. (MSD) | Up to seven preclinical ADCs Third Kelun deal of 2022; Merck later returned some of the programmes. | Licence | $175m | up to $9.3bn | Worldwide except Greater China (Kelun retains options in China) | source |
| 2022-10-19 | Zymeworks | Jazz Pharmaceuticals | Zanidatamab, HER2 biparatopic bispecific antibody | Licence | $50m | up to $1.76bn | United States, Europe, Japan and all other territories except those licensed to BeiGene (Asia-Pacific) | source |
| 2022-06-03 | Turning Point Therapeutics | Bristol Myers Squibb | Repotrectinib (Augtyro), ROS1 and NTRK inhibitor | Acquisition | not disclosed | $4.1bn | Company acquisition | source |
| 2022-05 | Sichuan Kelun-Biotech | Merck & Co. (MSD) | Sacituzumab tirumotecan (SKB264, MK-2870), TROP2 ADC | Licence | $47m | up to $1.4bn | Worldwide except Greater China | source |
2021 1 deal
2020 4 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2020-11-05 | VelosBio | Merck & Co. (MSD) | VLS-101, later zilovertamab vedotin (MK-2140), ROR1 ADC | Acquisition | not disclosed | $2.75bn | Company acquisition | source |
| 2020-09-13 | Immunomedics | Gilead Sciences (incl. Kite) | Sacituzumab govitecan (Trodelvy), TROP2 ADC | Acquisition | not disclosed | $21bn | Company acquisition | source |
| 2020-07-27 | Daiichi Sankyo | AstraZeneca | Datopotamab deruxtecan (DS-1062, Datroway) | Co-development | $1.0bn | up to $6.0bn | Worldwide except Japan; joint development and commercialisation | source |
| 2020-03-02 | Forty Seven | Gilead Sciences (incl. Kite) | Magrolimab, anti-CD47 antibody Magrolimab was discontinued in 2024 after the ENHANCE trials failed. | Acquisition | not disclosed | $4.9bn | Company acquisition | source |
2019 4 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2019-06-17 | Array BioPharma | Pfizer (incl. Seagen) | Encorafenib (Braftovi) and binimetinib (Mektovi) | Acquisition | not disclosed | $11.4bn | Company acquisition | source |
| 2019-03-28 | Daiichi Sankyo | AstraZeneca | Trastuzumab deruxtecan (DS-8201, Enhertu) The deal that made the DXd platform a franchise. Enhertu went on to become the best-selling ADC. | Co-development | $1.35bn | up to $6.9bn | Worldwide except Japan; joint development and commercialisation, Daiichi Sankyo books sales | source |
| 2019-01-07 | Loxo Oncology | Eli Lilly (incl. Loxo) | LOXO-292 (selpercatinib, Retevmo) and LOXO-305 (pirtobrutinib, Jaypirca) | Acquisition | not disclosed | $8.0bn | Company acquisition | source |
| 2019-01-03 | Celgene | Bristol Myers Squibb | Revlimid, Pomalyst, bb2121 (Abecma), liso-cel (Breyanzi) and the Celgene pipeline The largest pharmaceutical acquisition at the time. | Acquisition | not disclosed | $74bn (plus a contingent value right) | Company acquisition; closed November 2019 | source |
2018 1 deal
2017 2 deals
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2017-12-21 | Legend Biotech | Johnson & Johnson | LCAR-B38M / JNJ-4528, later ciltacabtagene autoleucel (Carvykti) | Co-development | $350m | not disclosed | Worldwide; 50/50 outside Greater China, 70/30 in favour of Legend in Greater China | source |
| 2017-10-30 | Advanced Accelerator Applications | Novartis | Lutathera (lutetium-177 dotatate) and the NETSPOT/SomaKit imaging kits | Acquisition | not disclosed | $3.9bn | Company acquisition | source |
2016 1 deal
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2016-04-28 | Stemcentrx | AbbVie (incl. ImmunoGen, Capstan) | Rovalpituzumab tesirine (Rova-T), DLL3 ADC Rova-T failed in phase 3 and was discontinued in 2019; one of the largest ADC write-offs. | Acquisition | $5.8bn | up to $9.8bn | Company acquisition | source |
2015 1 deal
| Date | From | To | Asset | Type | Upfront | Total | Territories | Source |
|---|---|---|---|---|---|---|---|---|
| 2015-03-04 | Pharmacyclics | AbbVie (incl. ImmunoGen, Capstan) | Ibrutinib (Imbruvica), shared with Johnson & Johnson | Acquisition | not disclosed | $21bn | Company acquisition | source |
Reading the numbers
“Upfront” is cash at signing plus any stated non-contingent payments. “Total” is the headline “up to” figure including development, regulatory and sales milestones, most of which are never paid. For acquisitions the total is the equity value announced; contingent value rights are noted. Amounts are as announced and are not adjusted for inflation or currency.
Where a figure was not disclosed the cell says so. Nothing is estimated.
What the flow shows
The chord counts deals by the region of the seller or licensor and the buyer or licensee, using the company’s headquarters. The China-to-United States and China-to-Europe ribbons are the China-out ADC and bispecific wave of 2022 to 2025; Japan-to-United States is the Daiichi Sankyo DXd platform; United States-to-United States is mostly acquisitions.
Add a deal in src/data/deals.ts with the announcement as the source. Companies outside the corpus are named with a country code so they still appear in the flow.