February 2026 Deal Report: Five Signals from $53B in Activity
February 2026 recorded 218 biopharma transactions totalling $53B in disclosed value.
license agreeements
Lilly taps InduPro’s proximity-guided platform in up to $950M oncology deal
Eli Lilly and Company has entered a global strategic collaboration, licensing agreement, and equity investment with InduPro Therapeutics, betting up to $950 million on a proximity-guided approach to discover first-in-class bispecific and multispecific oncology therapeutics. Under the agreement, the companies will collaborate on up to three oncology targets, with Lilly also taking an equity stake … Read more
AbbVie Bets $1.2B on Zelgen’s DLL3 Trispecific
AbbVie has licensed ex-China rights to Zelgen’s DLL3 trispecific T-cell engager ZG006 in a deal worth up to $1.2B.
Novartis inks $1.7 Billion skin-disease pact with AI startup Relation
Novartis and Relation Therapeutics have struck a $1.7 billion collaboration to discover new immuno-dermatology drug targets using Relation’s AI-powered “Lab-in-the-Loop” platform.
Pfizer and YaoPharma Forge $2.1B Alliance to Advance Oral GLP-1 Drug
Pfizer has forged an exclusive global partnership with YaoPharma to develop and commercialize YP05002, a small-molecule GLP-1 agonist for chronic weight management.
ABL Bio’s Grabody lands record heigh $2.6B deal with Lilly
ABL Bio has signed a major license and research collaboration with Eli Lilly worth up to $2.602 billion, granting access to its Grabody bispecific platform.
Lepu Medical Licenses Promising Triple-Agonist Platform to Denmark’s Sidera Bio in Global Metabolic Push
Lepu Medical expands its biotech footprint through a licensing deal with Sidera Bio for MWN105, a triple-agonist drug targeting obesity and metabolic disorders, combining equity, milestone, and royalty gains in a global partnership.
Regeneron Unlocks Game-Changing Multispecific Antibody Pact
Regeneron boosts its pipeline with multispecific platform for disease innovation.
The Big Bet: Health Care Deal Spotlight for September 1 to 7, 2025)
Healthcare deal spotlight September 1 to 7, 2025
NanoVation Therapeutics Partners with Novo Nordisk to Develop Genetic Medicines for Cardiometabolic and Rare Diseases
Overview of the Deal:NanoVation Therapeutics has entered into a multi-year partnership with Novo Nordisk to develop cutting-edge genetic medicines that target cardiometabolic and rare diseases. Announced on September 18, 2024, this collaboration will leverage NanoVation’s long-circulating lipid nanoparticle (lcLNP™) technology, which enables RNA delivery to cells outside the liver, combined with Novo Nordisk’s expertise in … Read more