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Market Trend6 min read

Other Deal Trends 2026: Activity Up 1271% in 6 Months

Other modality deals jumped from 7 to 96 in six months — a 1271% increase that reflects Big Pharma's aggressive push beyond traditional small molecules and biologics. The Omeros-Novo Nordisk ($2.4B TDV) and CSPC-AstraZeneca ($18.5B TDV) deals anchor a trend that BD teams can no longer treat as noise.

AV
Ambrosia Ventures
·Based on 1,600+ transactions

Ninety-six deals in six months — up from seven in the prior period. That's a 1271% surge in licensing and partnership activity across "other" modalities between February 22 and August 22, 2026, compared to the August 2025–February 2026 window. This isn't statistical noise or a taxonomy artifact. Big Pharma is systematically acquiring assets that don't fit neatly into traditional buckets — gene editing platforms, radiopharmaceuticals, synthetic biology constructs, microbiome therapeutics, and hybrid modalities — because the conventional pipeline playbook is running dry.

The Data — Other Deal Activity, Period over Period

PeriodValue
2025-08-22 to 2026-02-227
2026-02-22 to 2026-08-2296
Change+1271.0%

The magnitude here demands scrutiny. A 1271% jump doesn't happen because deal teams collectively decided to be 13 times more active. Something structural shifted. We'll unpack the drivers below, but the top-line takeaway is clear: the "other" category is no longer other. It's becoming the center of gravity for high-value pharma licensing in 2026.

What's Driving the Trend

Pipeline exhaustion in core modalities is the primary accelerant. The antibody and small molecule spaces are saturated in oncology, immunology, and metabolic disease — the three therapeutic areas that still command >70% of Big Pharma R&D spend. When every major player is running a GLP-1 program, a PD-1/L1 combo, or a bispecific T-cell engager, differentiation becomes nearly impossible. The rational response: go where the competition isn't. That means modalities where manufacturing is harder, regulatory pathways are less established, and clinical development requires novel endpoints. These are features, not bugs, if you're a $200B-market-cap pharma trying to build a durable competitive moat.

Regulatory signals have also turned favorable. FDA's 2025–2026 guidance updates on radiopharmaceuticals, in vivo gene editing, and cell-free nucleic acid therapeutics reduced ambiguity around CMC requirements and accelerated approval pathways. The agency's willingness to grant breakthrough therapy and RMAT designations to non-traditional modalities lowered the perceived regulatory risk enough for BD committees to greenlight deals they'd have tabled 18 months ago. The EMA's parallel track on ATMP classifications reinforced this globally.

Capital availability is the third leg. Crossover and late-stage venture financing for platform-stage biotech companies in unconventional modalities grew substantially through late 2025 and into 2026, creating more licensable assets at clinical stage. Simultaneously, Big Pharma balance sheets remain flush — aggregate free cash flow among the top 20 pharma companies exceeded $180B in trailing twelve months through Q2 2026. The money is there, and the internal pipelines aren't generating enough shots on goal. External innovation in "other" modalities fills the gap. You can track how these deal values compare against historical benchmarks using our Deal Benchmarks database.

Notable Deals

LicensorLicenseeUpfrontTDVDate
OmerosNovo Nordisk$2,400M2026-07-18
AmgenBeiGene2026-07-18
CSPC Pharmaceutical GroupAstraZeneca$1,770M2026-07-15
BridgeBio PharmaNovartis$105M2026-07-13
CSPC PharmaceuticalAstraZeneca$1,200M$18,500M2026-07-12

The CSPC-AstraZeneca deal is the headline number. An $18.5B total deal value with a $1.2B upfront — that's a 6.5% upfront-to-TDV ratio, which sits on the lower end for deals of this magnitude. AstraZeneca is clearly loading the back end with milestone-heavy structures, but a $1.2B upfront signals genuine conviction, not an option play. The fact that AstraZeneca executed two separate transactions with CSPC within three days (the second at $1.77B TDV) suggests this was a programmatic acquisition of a platform, not a one-off asset grab. That's a qualitatively different strategic posture.

Omeros-Novo Nordisk at $2.4B TDV is equally telling. Novo Nordisk — a company that has historically stayed disciplined within its metabolic and rare disease lanes — reaching for an Omeros asset signals a broadening of therapeutic ambition that coincides with the GLP-1 cash engine throwing off enough capital to underwrite exploratory bets. When Novo starts shopping outside its core, the competitive intensity in non-traditional modalities escalates for everyone.

BridgeBio's $105M upfront from Novartis deserves attention for a different reason. BridgeBio has consistently structured deals to retain meaningful economics while de-risking through partner capital. The $105M upfront — with no disclosed TDV, suggesting terms are still partially confidential or milestone-dependent — fits their pattern of extracting premium upfronts by presenting clinical data packages that compress partner diligence timelines. BD teams licensing out should study this playbook.

The Amgen-BeiGene deal, while lacking disclosed financial terms, represents the ongoing strategic entanglement between two companies with a complex shared history. The modality classification as "other" likely reflects a technology access or co-development arrangement that doesn't map to a traditional licensing framework.

What This Means for BD Teams Right Now

If you're selling: this is the best market for non-traditional modality assets in at least five years. The 1271% deal volume increase means more buyers are competing for a still-limited pool of clinical-stage assets. Upfront percentages should be negotiated aggressively — the CSPC-AstraZeneca deal's 6.5% upfront-to-TDV ratio is a floor, not a ceiling, for most assets. If your platform has generated IND-enabling data or Phase 1 proof-of-concept, you have leverage. Use it. Run a competitive process. Don't accept the first term sheet from a pharma partner claiming they're "the only ones who understand your modality." They're not — the data says 96 deals got done in six months.

If you're buying: speed matters more than precision. The window on attractively priced other-modality assets is closing. Every deal announced in July 2026 raises the valuation expectation for the next licensor who walks into a BD meeting. Diligence cycles that stretch beyond 90 days will lose to competitors willing to move faster with structured risk mitigation — larger upfronts with tighter milestone gates, or opt-in structures that give you data readouts before committing to full development funding. Use the Ambrosia calculator to stress-test your deal economics against comparable recent transactions before entering negotiations.

Deal structures are shifting toward hybrid models. Pure royalty-based licenses are giving way to co-development agreements, equity-plus-milestone hybrids, and platform access deals with multiple program options. The Amgen-BeiGene and dual CSPC-AstraZeneca structures reflect this. BD teams that show up with a single-template term sheet will lose to those offering creative structural flexibility. The best deals in this environment are the ones where both parties share downside risk on the modality's novel manufacturing or regulatory challenges while splitting the upside on what could be first-in-class commercial opportunities.

Benchmark your deal against current market rates. Whether you're structuring an upfront, negotiating milestone splits, or sizing royalty tiers, the 2026 other licensing market has moved fast enough that last quarter's comps are already stale. Use the Ambrosia calculator to pressure-test your terms against live deal data and ensure you're not leaving value on the table — or overpaying for hype.

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