释放创新：医药交易揭示未来疗法的趋势

November 2025 Presenters Ben Folwell Sofia Petta Sachin Purwar Director, BD&L Lead,Portfolio StrategyAdvisory GroupCiteline | Evaluate Consultant,Portfolio StrategyAdvisory GroupCiteline | Evaluate Partner,Strategy Consulting,CommercialThe Dedham Group 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 tohold out for higher quality assets dealmaking activity to identify the broader ▪Immuno-modulators, GI, Respiratory, and Endocrineare top therapeutic areas driving recent growth whilehistorically strong areas, such as Musculoskeletal andCV have seen a large slowdown wave of mechanisms and technologies that could shape the biopharmaceutical ▪Recombinant antibody, RNA therapies, and plasmaderived therapies are leading technologies thatcontinue to have high deal value butmAbsand in-vivo diagnostics are seeing the largest increases invalue in recent years 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 The overall alliance deal value has continued to show strength over the last several years and hit recordlevels in 2025. However, the number of overall deals has seen a slight downward trajectory. 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 InhibitorZaltenibart5.$2,000m–Zenas BioPharma andInnoCarePharma Enter LicenseAgreement for Three Autoimmune Product Candidates includingOrelabrutiniand oralIL-17AA/AF inhibitorand an oral brain-penetrantTYK2 inhibitor ▪The volume of alliance deals in 2025 has remained steady compared to previous years but the overall number of deals has decreasedsignificantly, with about 200 less deals compared to 2024▪Partners are seeking higher quality and higher value alliances that could span multiple assets▪Eleven $1bn+ alliances were penned in October alone, with four exceeding $2bn 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. ▪Uncertainty driven by the US policy environment appears to be clearing, improving the outlook for business development as theoverall sizeper deal has increased in 2025▪Q3 2025 will be first quarter of $1bn-plus average value since Q4 2023▪The 2025 Q3 totals suggest a return to larger deal sizes not seen in 2024, with three acquisitions valued above $7bn, six at$2bn or above, andeight that met the $1bn threshold. Mega-mergers valued at $30bn or greater are still missing, but there appears to be a flow ofdeals above$5bn and some exceeding $10bn. Identifying Innovation Evaluating deal trends coupled with predictive sales data can be a strong proxy forunderstanding the up-and-coming technologies that could be the blockbusters of the future ▪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-year trend between 2015 and 2025 ▪The trends willbe segmented by technology and mechanism of action▪Each technology/MoA is scored and ranked for each parameter in different time periods▪Comparechange over time in ranking position will be compared over time and those with the mostimproved ranking are identified Deal Value Trends–by TA Musculoskeletal and CV have the highest overall deal volume over the past 10 years but have seena large slowdown, with Immuno-modulators, GI, Respiratory, and Endocrine driving recent growth ▪Musculoskeletal, CV, andOncology led deal value overthe past 10 years, but theformer two have seen asignificant drop off over the lastthree years ▪Immuno-modulators, CV,Respiratory, and Endocrinehave seen significant growth inthe past three years,compared to their historicaltrends ▪Oncology remains strong withconsistent deal values over thepast 10 years ▪In terms of number of deals, Oncology continues to lead consistently making up 33–36 % of deals followed by CNS at 14–15% Deal Value Trends–by Technology Recombinant antibody and plasma derived therapy have the highest deal value but mAbs and in-vivodiagnostics, and other biotech products have seen the largest jump in value ▪Amongst the top 3technologies, recombinantantibody,