After GLP-1s and ADCs, what’s next to drive biopharma innovation?
After a tough few years, the biopharma industry may finally be seeing an improvement in the dealmaking landscape. Consolidation and innovation are the name of the game and 2025 has seen a clear move toward fewer, higher-value licensing deals, with M&A following a similar path.
As well as suggesting cautious optimism about the state of the market, dealmaking also provides clues about the technologies and modalities that will drive the next wave of biopharma innovation. GLP-1s and ADCs have done a lot of heavy lifting in recent years but may be nearing their peak, which begs the question; what’s next? Where is Big Pharma placing its bets?
In this report, Evaluate’s business development and licensing consultants have analyzed the recent dealmaking activity to answer that question.
Key Insights
- Biologics and next-gen modalities dominate: The industry is doubling down on complex biologics, reflecting a shift toward targeted therapies with superior efficacy and safety profiles.
- Emerging MoAs Steal the Spotlight: TL1A inhibitors, protein degraders, and PDE3/4 inhibitors are rapidly climbing the dealmaking ranks, signaling a move from symptomatic treatments to novel disease-modifying approaches.
- RNA Technologies: Circular RNA and Micro RNA are gaining momentum, with Pfizer, Novo Nordisk and Merck all striking deals in the recent past.
- Cell & Gene Therapies Expand Horizons: Regulatory T-cell (Treg) therapies and gene-modified cell therapies are pushing into new territory, a new era of precision and regenerative medicine.
