Key Takeaways
- Big Pharma targets pain, obesity, and neuroscience in 2025 deal spree
Eli Lilly, Regeneron, and Biogen lead a surge in strategic acquisitions and partnerships focused on high-demand therapeutic areas like chronic pain, metabolic disorders, and central nervous system diseases. - Over $13 billion in total deal value highlights aggressive pipeline expansion
From Sanofi’s $9.5 billion acquisition of Blueprint Medicines to Astellas’ billion-dollar licensing deal, companies are doubling down on late-stage assets and next-gen biologics. - Precision medicine and novel modalities fuel innovation bets
RNAi, GLP-1/GIP agonists, antibody-drug conjugates, and selective ion channel inhibitors are at the center of these deals, signaling a shift toward more targeted, scalable drug development.
Six leading pharmaceutical companies recently unveiled a wave of acquisitions and partnerships to bolster pipelines in key therapeutic areas, including pain, obesity, and neuroscience.
Eli Lilly
Eli Lilly has announced a definitive agreement to acquire SiteOne Therapeutics, a private biotech focused on non-opioid treatments for chronic pain and neuronal hyperexcitability disorders. The acquisition includes STC-004, a Phase II-ready Nav1.8 sodium channel inhibitor with the potential to be a next-generation, non-addictive pain therapy. Under the terms of the deal, SiteOne shareholders could receive up to $1 billion in total consideration, including upfront and milestone payments.1
"The global burden of chronic pain continues to increase, and an effective non-opioid treatment remains elusive," said Mark Mintun, group VP, neuroscience research and development, Lilly, in a press release. "Lilly is eager to continue the development of STC-004 with the outstanding SiteOne team as part of our efforts to advance novel, addiction-free pain therapies. Innovation in pain management is critical to address the unmet needs of millions of patients around the world."
Regeneron
Regeneron announced a strategic in-licensing agreement with Hansoh Pharmaceutical Group to acquire exclusive rights, outside of Greater China, to HS-20094, a dual GLP-1/GIP receptor agonist that has shown promising safety and efficacy in trials involving more than 1,000 patients.
Under the terms of the deal, Regeneron will pay Hansoh $80 million upfront and could pay up to $1.93 billion in milestone payments and royalties on sales.2
“Regeneron is committed to advancing better obesity treatments by enhancing quality of weight loss,” said George Yancopoulos, MD, PhD, co-chair, president, chief scientific officer, Regeneron, in a press release. “Despite the transformative impact of recent weight loss therapies, significant unmet needs remain, including the ability to sustain weight loss and maintain muscle mass over time. Securing access to a GLP-1/GIP receptor agonist will increase the versatility of our clinical programs for obesity and accelerate our mission to support quality, sustained weight loss and the associated long-term health benefits.”
Novartis
Novartis has presented a tender offer to acquire all outstanding shares of Regulus Therapeutics, a company developing oligonucleotide therapeutics, for $7 per share in cash, plus a contingent value right (CVR) based on a regulatory milestone. The deal, initially announced in late April, includes standard conditions such as regulatory clearance and minimum share tender thresholds. Regulus’ board has endorsed the offer and urged shareholders to tender their stock.3
Sanofi
Sanofi announced an agreement to acquire Blueprint Medicines, which includes the assets Ayvakit/Ayvakyt—the only approved therapy for advanced and indolent systemic mastocytosis—and BLU-808, a highly selective and potent oral wild-type KIT inhibitor.
Under the terms of the deal, Sanofi will pay approximately $9.1 billion, with Blueprint shareholders receiving one non-tradeable CVR offering two potential milestone payments, bringing the total deal value to up to $9.5 billion.4
"The proposed acquisition of Blueprint Medicines represents a strategic step forward in our rare and immunology portfolios,” said Paul Hudson, CEO, Sanofi, in a press release. “It enhances our pipeline and accelerates our transformation into the world's leading immunology company. This acquisition is fully aligned with our strategic intent to strengthen our existing therapeutic areas, to bring relevant and differentiated medicines to patients and to secure attractive returns to our shareholders. It complements recent acquisitions of early-stage medicines that remain our main field of interest. Sanofi still retains a sizeable capacity for further acquisitions. We are excited to welcome Blueprint’s talented people, and we look forward to chasing the miracles of science together. This makes sense for science, for both companies, for healthcare professionals, and— most of all—for patients.”
Astellas
Astellas Pharma has signed an exclusive global licensing agreement with Evopoint Biosciences for XNW27011, a novel antibody-drug conjugate targeting CLDN18.2—a protein overexpressed in certain gastrointestinal cancers—outside of Greater China. Currently in Phase I/II clinical trials, XNW27011 has demonstrated promise in treating gastric, gastroesophageal, and pancreatic cancers.
Evopoint will receive $130 million upfront and may earn up to $1.34 billion in milestone payments, in addition to royalties.5
“Astellas is dedicated to advancing innovative therapies for some of the most challenging-to-treat cancers, such as gastric and pancreatic cancer,” said Adam Pearson, chief strategy officer, Astellas, in a press release. “XNW27011 is a promising new asset that complements Astellas’ pipeline and enhances our leading position in precision oncology. We look forward to harnessing our expertise in targeting CLDN18.2 and specialized knowledge in GI cancers to advance XNW27011 and deliver meaningful outcomes to patients.”
Biogen
Biogen has entered a strategic collaboration with City Therapeutics to co-develop RNA interference (RNAi)-based therapies for central nervous system (CNS) disorders. The partnership combines Biogen’s global development and commercialization capabilities with City Therapeutics’ next-generation RNAi trigger technologies and novel delivery systems.
Under the terms of the deal, City Therapeutics will receive a $16 million upfront payment and a $30 million convertible note investment, which would represent a minority equity interest if converted.6
"This collaboration underscores Biogen’s new strategic research approach of balancing our differentiated internal capabilities with external investments in cutting-edge science,” said Jane Grogan, PhD. Head, research, Biogen, in a press release. “With this effort, we are further expanding the modalities in our R&D toolbox to potentially reach our targets of interest more precisely by adding an RNAi-based approach. We are excited to collaborate with City Therapeutics and their world-class scientists on key programs, as well as to invest in their company as part of this innovative effort to develop new approaches to treating disease.”
References
1. Lilly to expand its pain pipeline with acquisition of SiteOne Therapeutics. Lilly. May 27, 2025. Accessed June 2, 2025. https://investor.lilly.com/news-releases/news-release-details/lilly-expand-its-pain-pipeline-acquisition-siteone-therapeutics
2. Regeneron Expands Clinical-Stage Obesity Portfolio with Strategic In-Licensing of Novel Dual GLP-1/GIP Receptor Agonist. Regeneron. June 2, 2025. Accessed June 2, 2025. https://investor.regeneron.com/news-releases/news-release-details/regeneron-expands-clinical-stage-obesity-portfolio-strategic
3. Novartis announces commencement of tender offer to acquire Regulus Therapeutics. Novartis. May 27, 2025. Accessed June 2, 2025. https://www.novartis.com/news/media-releases/novartis-announces-commencement-tender-offer-acquire-regulus-therapeutics
4. Press Release: Sanofi to acquire Blueprint Medicines, expanding portfolio in rare immunological disease and adding early-stage pipeline in immunology. Sanofi. June 2, 2025. Accessed June 2, 2025. https://www.sanofi.com/en/media-room/press-releases/2025/2025-06-02-05-00-00-3091541
5. Astellas Enters Exclusive License Agreement with Evopoint Biosciences for XNW27011, a Novel Clinical-stage Antibody-Drug Conjugate Targeting CLDN18.2. Astellas. May 30, 2025. Accessed June 2, 2025. https://www.astellas.com/en/news/29931
6. Biogen and City Therapeutics Announce Strategic Research Collaboration to Develop Select Novel RNAi-based Therapies. Biogen. May 27, 2025. Accessed June 2, 2025. https://investors.biogen.com/news-releases/news-release-details/biogen-and-city-therapeutics-announce-strategic-research
