Mega-Partnerships and Oncology Biotech Deals
The most prominent transaction in the recent landscape is the global strategic partnership between BioNTech and Bristol Myers Squibb (BMS). Focused on the co-development of BNT327 (pumitamig), an investigational PD-L1/VEGF-A bispecific antibody, BMS agreed to pay BioNTech a massive $1.5 billion upfront. This followed BioNTech’s strategic move to acquire the asset outright by completing its acquisition of Biotheus, cementing it as one of the most substantial Oncology Biotech Deals of the era.
Cross-Border Oncology Biotech Deals
Companies are increasingly executing creative, cross-border licensing transactions to rapidly build combination therapy portfolios. For instance, in December 2025, Crescent Biopharma and Kelun-Biotech engaged in a highly strategic two-way licensing partnership. Crescent granted Kelun Greater China rights to CR-001 (a PD-1xVEGF bispecific) for $20 million upfront, while Crescent acquired the ex-China global rights to SKB105/CR-003, an ITGB6-targeted ADC, for an $80 million upfront payment.
Venture Capital Powering Future Oncology Biotech Deals
The private financing environment remains fiercely active, laying the groundwork for future transaction pipelines. For example, NEOK Bio recently emerged from stealth with a $75.0 million Series A round backed by ABL Bio to advance its dual-targeting bispecific ADC architectures. As clinical milestones continue to read out positively across the industry, we expect the volume and valuation of Oncology Biotech Deals to remain highly elevated throughout 2026.
References
- Bristol Myers Squibb (June 2025). Global Strategic Partnership to Co-Develop and Co-Commercialize BNT327.
- BioNTech SE (Feb 2025). BioNTech Completes Acquisition of Biotheus.
- Crescent Biopharma (Dec 2025). Transformational Partnership with Kelun-Biotech and $185 Million Private Placement.
- NEOK Bio (Nov 2025). NEOK Bio Launches from Stealth with $75 Million Series A.