Data-driven analysis backed by 1,400+ primary-sourced biopharma transactions. Licensing benchmarks, negotiation strategies, and market intelligence.
Eli Lilly paid $2.8B upfront — a 73.7% upfront-to-TDV ratio — to acquire Atai Life Sciences / Beckley Psytech's psychedelics portfolio. This is the largest psychedelic medicine deal in history and a definitive signal that Big Pharma views next-generation neuropsychiatric small molecules as pipeline-critical assets.
Roche's $1.5B acquisition of PathAI marks the largest digital pathology deal in biopharma history. We break down the PathAI Roche Holding AG deal structure, competitive context, and what it signals for AI-enabled diagnostics valuations.
Novartis paid $1.5B to acquire Myricx Bio's ADC payload platform at discovery stage — one of the largest preclinical ADC acquisitions on record. Here's what the Myricx Bio Novartis deal structure tells us about where payload technology valuations are headed.
AstraZeneca paid $200M upfront to license TQC3721, a dual PDE3/PDE4 inhibitor, from Sino Biopharmaceutical in a deal valued at $1.9B. The 10.5% upfront-to-TDV ratio signals measured conviction with heavy milestone loading — here's what the structure reveals about AstraZeneca's respiratory strategy and what it means for comparable assets.
Bristol Myers Squibb and Hengrui Pharmaceuticals announced a $15.2B broad drug collaboration — the largest China-originated pharma partnership in history. Here's what the deal structure tells us about BMS's post-Revlimid strategy and what it means for comparable asset valuations.
Regeneron paid Telix $40M to enter radiopharma — 1% of what BMS paid for RayzeBio. A structural breakdown of why the deal signals the end of radiopharma's M&A era, and what comes next for the eight big pharmas still without a radiopharma presence.
Gilead's $465M option/license deal with Tubulis signals a disciplined re-entry into the ADC space after Trodelvy setbacks. We break down the deal economics, rNPV framework, and what the structure reveals about large pharma ADC strategy in 2026.
Neurocrine's $2.9B all-cash acquisition of Soleno Therapeutics adds VYKAT XR — the first approved treatment for Prader-Willi Syndrome hyperphagia — to a growing rare disease portfolio. We model the deal economics, assess the acquisition premium, and benchmark against rare disease M&A history.
ADC licensing deals have reached unprecedented valuations in 2026. We break down the forces behind this surge and what it means for deal teams negotiating their next partnership.
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