March 2025 marked a significant surge in biopharma activity, with companies intensifying drug development in areas such as small molecules, bispecific antibodies, and protein therapeutics. AstraZeneca and Novo Nordisk emerged as key players, while the volume of mergers and acquisitions (M&A) exceeded that of February. Here’s a comprehensive look at the top biotech and pharmaceutical deals from March.
Major Mergers & Acquisitions (M&A)
AstraZeneca acquires EsoBiotec
AstraZeneca made headlines with its billion-dollar acquisition of Belgian biotech EsoBiotec. The company’s proprietary ENaBL platform (Engineered NanoBody Lentiviral) reprograms immune cells using lentiviral delivery to target cancer and autoimmune diseases.
Bristol Myers Squibb buys 2seventy bio
Bristol Myers Squibb (BMS) announced a $286 million acquisition of U.S.-based 2seventy bio, deepening its involvement in CAR-T cell therapy with their joint product Abecma, approved by the FDA in 2021 for multiple myeloma.
Sanofi secures DR-0201 from Dren Bio
Sanofi acquired a bispecific antibody, DR-0201, from California-based Dren Bio. DR-0201 targets myeloid cells for B-cell depletion and is being explored for immune-related conditions. The deal includes $600 million upfront and up to $1.3 billion in milestones.
Sun Pharma takes over Checkpoint Therapeutics
India’s Sun Pharma acquired U.S.-based Checkpoint Therapeutics for up to $355 million. The acquisition includes Unloxcyt (cosibelimab), an anti-PD-L1 antibody recently approved for advanced cutaneous squamous cell carcinoma.
Taiho Pharmaceutical acquires Araris Biotech
Japan’s Taiho Pharmaceutical purchased Swiss ADC specialist Araris Biotech for up to $1.14 billion. Araris, a spin-off from ETH Zurich and the Paul Scherrer Institute, develops next-gen antibody-drug conjugates for cancer.
Key Licensing & Collaboration Deals
Protein Therapeutics on the Rise
AbbVie and Gubra join forces
AbbVie licensed GUB014295, an amylin analog from Danish biotech Gubra, for $350 million upfront and up to $1.875 billion in milestones. The drug targets obesity by activating appetite-regulating receptors in the brain.
Roche and Zealand Pharma partner on Petrelintide
Roche and Zealand Pharma teamed up on the amylin analog petrelintide, with a deal worth $1.65 billion upfront and $3.6 billion in total potential milestones as it progresses toward phase 3.
AstraZeneca teams with Syneron Bio and Alteogen
- With Syneron Bio (China), AstraZeneca is developing macrocyclic peptides for chronic diseases in a deal potentially worth $3.4 billion.
- It also partnered with Alteogen (South Korea) for subcutaneous drug delivery via the ALT-B4 Hybrozyme platform, enabling alternatives to IV infusions.
Novo Nordisk and Gensaic collaborate on protein design
Novo Nordisk and Gensaic aim to develop protein therapeutics for cardiometabolic diseases, using Gensaic’s AI-enabled platform. The agreement includes up to $354 million in payments.
Small Molecules Continue to Attract Big Bets
Merck inks $1.77B deal with Hengrui Pharma
Merck signed a major deal with China’s Hengrui Pharma to license an oral lipoprotein(a) inhibitor currently in phase 2, aimed at reducing cardiovascular risk.
Novo Nordisk and Lexicon target obesity
Novo Nordisk partnered with U.S.-based Lexicon to develop LX9851, a non-incretin small molecule for metabolic diseases, in a deal valued up to $1 billion.
Novartis licenses KRP-M223 from Kyorin
Novartis licensed the preclinical candidate KRP-M223, a GPCR antagonist from Japan’s Kyorin, for treating chronic spontaneous urticaria. Kyorin will receive $55 million upfront and up to $777.5 million in milestones.
Servier and Black Diamond partner on cancer drug
Servier and Black Diamond Therapeutics signed a deal for BDTX-4933, a phase 1 small molecule targeting RAS and RAF mutations. Black Diamond stands to earn $70 million upfront and $710 million in milestone payments.
Bispecific Antibodies Take the Spotlight
AstraZeneca expands with Harbour BioMed
AstraZeneca entered a deal with China’s Harbour BioMed to license immunology programs from its Harbour Mice antibody platform. The deal includes $175 million upfront and could exceed $4.4 billion with milestones.
Roche teams with Oxford BioTherapeutics
Roche partnered with Oxford BioTherapeutics to discover new cancer drugs using the OGAP-Verify platform. The deal offers $36 million upfront and milestone potential exceeding $1 billion.
Japan Doubles Down on RNA Therapies
Ono Pharmaceutical partners with Ionis
Ono secured global rights to sapablursen, an RNA-targeting antisense oligonucleotide from Ionis, for polycythemia vera. The deal includes $280 million upfront and up to $660 million in milestones.
Daiichi Sankyo taps AI-powered RNA from Nosis Biosciences
Daiichi Sankyo is collaborating with U.S.-based Nosis to develop RNA medicines using Nosis’ AI-driven Connexa platform. Financial details remain undisclosed.
GLP-1 & AI-Powered Discovery Efforts
Novo Nordisk licenses UBT251
Novo licensed UBT251, a triple receptor agonist for obesity and type 2 diabetes from China-based United Biotechnology, for $200 million upfront and up to $1.8 billion in milestones.
Boehringer Ingelheim and Salipro Biotech join forces
Boehringer is partnering with Salipro Biotech to target GPCRs and other membrane proteins for drug discovery in mental health and metabolic diseases.
Hologen AI and MeiraGTx form joint venture
British AI company Hologen and U.S. biotech MeiraGTx launched a joint venture, Hologen Neuro AI, to advance MeiraGTx’s Parkinson’s disease gene therapy. Hologen invested $230 million; MeiraGTx received $200 million upfront.
Partex and Fortress Biotech explore AI drug discovery
Germany’s Partex and Fortress Biotech (U.S.) have teamed up to identify novel therapeutic compounds using AI. Financial details were not disclosed.
Conclusion
March 2025 was a pivotal month for the biotech and pharmaceutical industries, characterized by bold acquisitions, high-value collaborations, and increasing use of AI and protein therapeutics. With major players investing heavily in obesity treatments, cancer immunotherapies, and next-gen delivery systems, the industry’s innovation pipeline has never looked more dynamic.
