释放创新：医药交易揭示未来疗法的趋势

Unlocking innovation: What Pharma deals reveal abouttomorrow’s therapies November 2025 Presenters Sofia Petta Ben Folwell Sachin Purwar Director, BD&L Lead,Portfolio Strategy Consultant,Portfolio Strategy Partner,Strategy Consulting, Introduction Our Unlocking Innovation report analyzes ▪M&A and Alliance deals have been fairly consistent in2025 compared to previous years, but the value perdeal is increasing, which shows partners are willing to dealmaking activity to identify the broader ▪Immuno-modulators, GI, Respiratory, and Endocrineare top therapeutic areas driving recent growth whilehistorically strong areas, such as Musculoskeletal and wave of mechanisms and technologies that could shape the biopharmaceutical ▪Recombinant antibody, RNA therapies, and plasmaderived therapies are leading technologies that landscape, beyond ADCs or GLP-1s. ADCs and GLP-1 ADCs and GLP-1s have been the hottest areas in alliance dealmaking in the past several years,although momentum seems to be slowing due to deal premiums and potential market saturation. Alliance Deal Landscape Top Alliance Deals in October 2025 Deal Value ($b)1.$11,400m–Innovent Biologics Announces Global StrategicPartnership with Takeda for Immuno-Oncology Therapies andADCMolecules2.$2,115m–Chiesi and Arbor Biotechnologies Enter Rare DiseaseGene EditingPartnership3.$2,055m-Manifold Bio Enters Potential $2B Collaboration withRoche to Develop MultipleBrain Shuttlesfor Neurological Diseases4.$2,050m–Novo Nordisk Licenses Omeros Corp.'sMASP-3 InhibitorZaltenibart M&A Deal Landscape The number of M&A Deals have been on a downward trajectory since its peak in 2021 but are still higherthan pre-Covid levels. However, overall deal value has seen an uptick compared to its recent low in 2024. Identifying Innovation ▪Deal trends can provide a window into whatbets for future commercial success arebeing prioritized by theindustry This assessment combines historical deals with Evaluates predicative sales data and NPV assessments to map a 10- ▪The trends willbe segmented by technology and mechanism of action▪Each technology/MoA is scored and ranked for each parameter in different time periods ▪The analysis provides anagnostic view,which isnot influenced by big pharma or therapeutic class Deal Value Trends–by TA ▪Musculoskeletal, CV, andOncology led deal value overthe past 10 years, but theformer two have seen a ▪Immuno-modulators, CV,Respiratory, and Endocrinehave seen significant growth in ▪Oncology remains strong withconsistent deal values over thepast 10 years Deal Value Trends–by Technology ▪Amongst the top 3technologies, recombinantantibody, protein & peptide ▪This reflects the industry's shifttoward complex, targetedtherapies with better efficacy ▪mAbs, In-vivo diagnostics.Vaccines, and cell therapiesas seeing high growth by ▪The % of deals for monoclonal antibodies has increased from 12% to 17% in the sameperiod Ranking of MoAs–Top 10 Mechanisms of Action The top 10MoAsshow a clear industry shift toward biologic and novel modalities, with protein degradersand TL1A inhibitors rising rapidly in prominence Ranking of MoAs–Emerging Mechanisms of Action Emerging MoAs like Treg therapies, and triple incretin agonists are gaining traction, reflecting strongclinical validation and expanding therapeutic potential ▪TL1A Inhibitorsdriven by strong clinical ▪Regulatory T-cell therapyrepresenttheexpansionof cell therapies into ▪Triple incretin agonistsofferenhanced metabolic coverage •In 2023, Merck & Co announced theacquisitionof Prometheus Biosciences and its immunologyprofile along with its most advanced asset MK-7240, a potentiallybest in class TL1A inhibitormAbthat is in clinical development for UC, Crohn’s Disease, hidradenitis suppurative and systemicsclerosis •With the acquisition of Prometheus, Merck aims to become akey player in immunology Ranking of MoAs–Emerging Technologies Technologies such ascircRNA,BiTEs, are emerging as promising platforms, driven by improved stability,efficacy, and expanding applications in immunotherapy and rare diseases ▪Bispecific T-Cell Engagers interestnowexpandingfrom hematologicmalignancies intosolid tumors ▪Circular RNAshows the most dramaticemergence, driven by post-mRNAvaccine validation andsuperior stabilityandreduced immunogenicity •In 2024, Novo NordiskacquiredCardiorTherapeutics and its pipeline of drugs that aimsto addresscardiac diseasesby targetingnon-coding RNAs (ncRNAs) •In 2025, Vertex announced a 3 yearcollaboration agreementto utilize OrnaTherapeutics’circRNA(oRNA) technologyand its proprietary LNP delivery solutiontechnology to advancein vivo CAR RNA therapiesfor patients inrare hematologicaldiseases Unpartnered assets Thoughts on 2026 and discussion •The industry is pursuing selective, innovation-driven biotech acquisitions and furthermore, licensing dealsare holding in average potential deal value, but are fewer in number indicating a strategic shift towardshigh