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64 deals since 2015: 34 acquisitions and 30 licences or co-development agreements, 22 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; filter the table from any column header.
| From \ To | United States | Europe | China | Japan | Other |
|---|---|---|---|---|---|
| United States | 21 | 8 | · | 1 | · |
| Europe | 1 | 4 | · | 1 | · |
| China | 9 | 11 | 1 | 2 | · |
| 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.
| From | To | Asset | Linked | Territories | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
2026-07 announced | 2026 | Personalis (Tempus) | Tempus AI | United States | United States | 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 | 2026 | Orna Therapeutics (Eli Lilly) | Eli Lilly (incl. Loxo) | United States | United States | Circular-RNA in vivo CAR platform (ORN-252 and a BCMA programme) | Acquisition | not disclosed | about $2.4bn | Company acquisition | source | |
2025-11 announced | 2025 | Exact Sciences (Abbott) | Abbott | United States | United States | Cologuard, Oncotype DX, Cancerguard and Oncodetect | Acquisition | not disclosed | $21bn | Company acquisition | source | |
| 2025-10-22 | 2025 | Innovent Biologics | Takeda | China | Japan | IBI363, PD-1 x IL-2 alpha-bias bispecific antibody-cytokine fusion, and IBI343, Claudin 18.2 ADC; option on IBI3001 (EGFR x B7-H3 ADC) Largest upfront paid for a Chinese oncology asset to date. | Co-development | $1.2bn (including a $100m equity investment premium) | up to $11.4bn | Worldwide except Greater China for IBI343; co-development and co-commercialisation of IBI363 in the United States, Takeda leads elsewhere outside Greater China | source | |
2025-09-29 announced | 2025 | Merus | Genmab | Europe | Europe | Petosemtamab (EGFR x LGR5) and zenocutuzumab (Bizengri) | Acquisition | not disclosed | about $8.0bn ($97 per share) | Company acquisition | source | |
| 2025-07-28 | 2025 | Jiangsu Hengrui Pharmaceuticals | GSK | China | Europe | HRS-9821 (PDE3/4 inhibitor for COPD) plus options on up to eleven further programmes across respiratory, immunology, inflammation and oncology Largest China-out agreement by headline value; mostly outside oncology but the clearest signal of Western pharma sourcing pipelines from China. | - | Licence | $500m | up to about $12bn | Worldwide except mainland China, Hong Kong, Macau and Taiwan | source |
2025-07 announced | 2025 | LaNova Medicines | Sino Biopharmaceutical (Chia Tai Tianqing) | China | China | LaNova Medicines (remaining equity), developer of LM-299 (PD-1 x VEGF, licensed to Merck & Co.) and ADCs A Chinese pharma buying a Chinese biotech whose lead asset had already been licensed West. | Acquisition | not disclosed | up to about $951m | Company acquisition | source | |
| 2025-06-02 | 2025 | BioNTech | Bristol Myers Squibb | Europe | United States | 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 | 2025 | Blueprint Medicines | Sanofi | United States | Europe | 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 | 2025 | 3SBio | Pfizer (incl. Seagen) | China | United States | 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 | 2025 | SpringWorks Therapeutics (Merck KGaA) | Merck KGaA | United States | Europe | Nirogacestat (Ogsiveo) and mirdametinib (Gomekli) | Acquisition | not disclosed | $3.9bn | Company acquisition | source | |
| 2025-03 | 2025 | Araris Biotech (Taiho) | Taiho Pharmaceutical (Otsuka) | Europe | Japan | AraLinQ site-specific ADC linker platform and preclinical ADCs | Acquisition | $400m | up to $1.14bn | Company acquisition | source | |
| 2025-01-13 | 2025 | IDRx | GSK | United States | Europe | IDRX-42, KIT inhibitor for gastrointestinal stromal tumours | Acquisition | $1.0bn | up to $1.15bn | Company acquisition | source | |
| 2025-01-02 | 2025 | Innovent Biologics | Roche / Genentech | China | Europe | IBI3009, DLL3 ADC for small cell lung cancer | Licence | $80m | up to $1.0bn | Worldwide | source | |
| 2024-12-30 | 2024 | Jiangsu Hengrui Pharmaceuticals | IDEAYA Biosciences | China | United States | SHR-4849 (IDE849), DLL3 ADC | Licence | $75m | up to about $1.045bn | Worldwide except Greater China | source | |
| 2024-12 | 2024 | Duality Biotherapeutics | Avenzo Therapeutics | China | United States | DB-1418 (AVZO-1418), EGFR x HER3 bispecific ADC | Licence | $50m | up to $1.15bn | Worldwide except Greater China | source | |
| 2024-11-14 | 2024 | LaNova Medicines | Merck & Co. (MSD) | China | United States | LM-299, PD-1 x VEGF bispecific antibody Merck's answer to ivonescimab. | Licence | $588m | up to $3.3bn | Worldwide | source | |
| 2024-11-13 | 2024 | Biotheus | BioNTech | China | Europe | Biotheus, developer of the PD-L1 x VEGF bispecific PM8002 (BNT327, pumitamig) Pumitamig then became the subject of BioNTech's $11.1bn co-development with BMS in 2025. | Acquisition | $800m | up to $950m | Company acquisition (BioNTech had licensed ex-China rights to PM8002 in November 2023) | source | |
| 2024-09-12 | 2024 | RadioMedix | Sanofi | United States | Europe | 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 | 2024 | Mariana Oncology | Novartis | United States | Europe | 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 | 2024 | Deciphera Pharmaceuticals (Ono) | Ono Pharmaceutical | United States | Japan | Ripretinib (Qinlock) and vimseltinib | Acquisition | not disclosed | $2.4bn | Company acquisition | source | |
| 2024-04-03 | 2024 | ProfoundBio | Genmab | United States | Europe | Rinatabart sesutecan (Rina-S), folate receptor alpha ADC, and two other clinical ADCs | Acquisition | not disclosed | $1.8bn | Company acquisition | source | |
| 2024-03-19 | 2024 | Fusion Pharmaceuticals (AstraZeneca) | AstraZeneca | Other | Europe | 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 | 2024 | MorphoSys (Novartis) | Novartis | Europe | Europe | Pelabresib (BET inhibitor) and tulmimetostat | Acquisition | not disclosed | €2.7bn | Company acquisition; tafasitamab rights had already passed to Incyte | source | |
| 2024-01-08 | 2024 | Ambrx Biopharma | Johnson & Johnson | United States | United States | ARX517 (PSMA ADC) and ARX788 (HER2 ADC) with site-specific conjugation technology | Acquisition | not disclosed | $2.0bn | Company acquisition | source | |
| 2024-01 | 2024 | MediLink Therapeutics | Roche / Genentech | China | Europe | YL211, c-MET ADC | Licence | $50m | about $1.0bn | Worldwide | source | |
| 2023-12-26 | 2023 | RayzeBio (BMS) | Bristol Myers Squibb | United States | United States | RYZ101 (actinium-225 DOTATATE) and an actinium-based radiopharmaceutical platform | Acquisition | not disclosed | $4.1bn | Company acquisition; closed February 2024 | source | |
| 2023-12-26 | 2023 | Gracell Biotechnologies | AstraZeneca | China | Europe | 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 | 2023 | SystImmune / Sichuan Biokin | Bristol Myers Squibb | United States | United States | 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 | 2023 | Hansoh Pharmaceutical | GSK | China | Europe | 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 | 2023 | ImmunoGen | AbbVie (incl. ImmunoGen, Capstan) | United States | United States | Mirvetuximab soravtansine (Elahere) and pivekimab sunirine | Acquisition | not disclosed | $10.1bn | Company acquisition; closed February 2024 | source | |
| 2023-11-13 | 2023 | Legend Biotech | Novartis | United States | Europe | LB2102, DLL3-directed CAR-T for small cell lung cancer, and other DLL3 CAR-T candidates | Licence | $100m | up to $1.01bn | Worldwide | source | |
| 2023-10-30 | 2023 | Jiangsu Hengrui Pharmaceuticals | Merck KGaA | China | Europe | HRS-1167, PARP1-selective inhibitor, and SHR-A1904, Claudin 18.2 ADC | Licence | EUR 160m | up to about EUR 1.4bn | Worldwide except mainland China, Hong Kong, Macau and Taiwan (option on Claudin 18.2 ADC co-development) | source | |
| 2023-10-20 | 2023 | Daiichi Sankyo | Merck & Co. (MSD) | Japan | United States | 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 | |
| 2023-10-20 | 2023 | Hansoh Pharmaceutical | GSK | China | Europe | HS-20089 (GSK5733584), B7-H4 ADC First of two Hansoh ADC licences to GSK in late 2023 (see the B7-H3 deal). | Licence | $85m | up to $1.485bn | Worldwide except mainland China, Hong Kong, Macau and Taiwan | source | |
| 2023-10-08 | 2023 | Mirati Therapeutics | Bristol Myers Squibb | United States | United States | 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 | 2023 | POINT Biopharma | Eli Lilly (incl. Loxo) | United States | United States | PNT2002 (177Lu-PNT2002, PSMA) and PNT2003 (SSTR), radioligand pipeline and manufacturing | Acquisition | not disclosed | $1.4bn | Company acquisition; closed December 2023 | source | |
| 2023-10 | 2023 | MediLink Therapeutics | BioNTech | China | Europe | 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 | 2023 | Duality Biotherapeutics | BioNTech | China | Europe | 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 | 2023 | Seagen | Pfizer (incl. Seagen) | United States | United States | 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 | 2023 | Keymed Biosciences (KYM Biosciences) | AstraZeneca | China | Europe | CMG901 (sonesitatug vedotin, AZD0901), Claudin 18.2 ADC | Licence | $63m | up to $1.19bn | Worldwide | source | |
| 2023-01-23 | 2023 | Hutchmed | Takeda | China | Japan | Fruquintinib (Fruzaqla), VEGFR1-3 inhibitor FDA approval followed in November 2023 on the global FRESCO-2 trial, the first for a Chinese-discovered drug in a common solid tumour. | Licence | $400m | up to $1.13bn | Worldwide except mainland China, Hong Kong and Macau | source | |
| 2022-12-06 | 2022 | Akeso | Summit Therapeutics | China | United States | 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 | 2022 | Sichuan Kelun-Biotech | Merck & Co. (MSD) | China | United States | 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 | 2022 | Zymeworks | Jazz Pharmaceuticals | Other | Europe | 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 | 2022 | Turning Point Therapeutics | Bristol Myers Squibb | United States | United States | Repotrectinib (Augtyro), ROS1 and NTRK inhibitor | Acquisition | not disclosed | $4.1bn | Company acquisition | source | |
| 2022-05 | 2022 | Sichuan Kelun-Biotech | Merck & Co. (MSD) | China | United States | Sacituzumab tirumotecan (SKB264, MK-2870), TROP2 ADC | Licence | $47m | up to $1.4bn | Worldwide except Greater China | source | |
| 2021-08-09 | 2021 | RemeGen | Pfizer (incl. Seagen) | China | United States | Disitamab vedotin (RC48), HER2 ADC The first major licence of a Chinese ADC to a Western company. | Licence | $200m | up to $2.4bn | Worldwide except Asia (excluding Japan and Singapore) | source | |
| 2021-03-04 | 2021 | Five Prime Therapeutics | Amgen | United States | United States | Bemarituzumab, anti-FGFR2b antibody | Acquisition | not disclosed | $1.9bn | Company acquisition | source | |
| 2021-02-01 | 2021 | Shanghai Junshi Biosciences | Coherus BioSciences | China | United States | Toripalimab (Loqtorzi), anti-PD-1 antibody; options on two further programmes Led to the first FDA approval of a Chinese PD-1 antibody (nasopharyngeal carcinoma, October 2023). | Licence | $150m | up to $1.11bn | United States and Canada | source | |
2021-01-11 terminated | 2021 | BeOne Medicines (formerly BeiGene) | Novartis | Europe | Europe | Tislelizumab, anti-PD-1 antibody Terminated by mutual agreement in September 2023 after FDA review delays; BeiGene regained global rights and won FDA approval itself in 2024. | Licence | $650m | up to $2.2bn | North America, Europe and Japan | source | |
| 2020-11-05 | 2020 | VelosBio | Merck & Co. (MSD) | United States | United States | VLS-101, later zilovertamab vedotin (MK-2140), ROR1 ADC | Acquisition | not disclosed | $2.75bn | Company acquisition | source | |
| 2020-09-13 | 2020 | Immunomedics | Gilead Sciences (incl. Kite) | United States | United States | Sacituzumab govitecan (Trodelvy), TROP2 ADC | Acquisition | not disclosed | $21bn | Company acquisition | source | |
| 2020-07-27 | 2020 | Daiichi Sankyo | AstraZeneca | Japan | Europe | Datopotamab deruxtecan (DS-1062, Datroway) | Co-development | $1.0bn | up to $6.0bn | Worldwide except Japan; joint development and commercialisation | source | |
| 2020-03-02 | 2020 | Forty Seven | Gilead Sciences (incl. Kite) | United States | United States | Magrolimab, anti-CD47 antibody Magrolimab was discontinued in 2024 after the ENHANCE trials failed. | Acquisition | not disclosed | $4.9bn | Company acquisition | source | |
| 2019-06-17 | 2019 | Array BioPharma | Pfizer (incl. Seagen) | United States | United States | Encorafenib (Braftovi) and binimetinib (Mektovi) | Acquisition | not disclosed | $11.4bn | Company acquisition | source | |
| 2019-03-28 | 2019 | Daiichi Sankyo | AstraZeneca | Japan | Europe | 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 | 2019 | Loxo Oncology | Eli Lilly (incl. Loxo) | United States | United States | LOXO-292 (selpercatinib, Retevmo) and LOXO-305 (pirtobrutinib, Jaypirca) | Acquisition | not disclosed | $8.0bn | Company acquisition | source | |
| 2019-01-03 | 2019 | Celgene | Bristol Myers Squibb | United States | United States | 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 | |
| 2018-10-18 | 2018 | Endocyte | Novartis | United States | Europe | 177Lu-PSMA-617, later Pluvicto | Acquisition | not disclosed | $2.1bn | Company acquisition | source | |
| 2017-12-21 | 2017 | Legend Biotech | Johnson & Johnson | United States | United States | 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 | 2017 | Advanced Accelerator Applications | Novartis | Europe | Europe | Lutathera (lutetium-177 dotatate) and the NETSPOT/SomaKit imaging kits | Acquisition | not disclosed | $3.9bn | Company acquisition | source | |
| 2016-04-28 | 2016 | Stemcentrx | AbbVie (incl. ImmunoGen, Capstan) | United States | United States | 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 | |
| 2015-03-04 | 2015 | Pharmacyclics | AbbVie (incl. ImmunoGen, Capstan) | United States | United States | Ibrutinib (Imbruvica), shared with Johnson & Johnson | Acquisition | not disclosed | $21bn | Company acquisition | source |
“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; sorting by amount treats every currency alike.
Where a figure was not disclosed the cell says so. Nothing is estimated.
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.