The first half of 2025 has seen a wave of high-value licensing activity across the life sciences sector, signaling a strong appetite among pharma and biotech players to expand pipelines and access innovative therapies. From immunology to metabolic diseases, the largest deals so far reflect continued investment in high-growth therapeutic areas and strategic partnerships that span continents.
In this article, we spotlight the five largest licensing agreements announced between January and June 2025, breaking down each deal’s scope, financials and the strategic rationale behind the collaboration.
5. Harbour BioMed & AstraZeneca
Date Announced: March 2025
Potential Deal Size: USD 4.7b
Deal Overview:
AstraZeneca invested USD 105m via a share subscription and secured exclusive options to license two preclinical immunology programs from Harbour’s proprietary platform. The collaboration includes the opportunity to add more targets over five years, and establishes a joint innovation center in Beijing.
Key Financials: USD 175m upfront (milestones & equity), up to USD 4.4b in future development/commercial milestones, plus tiered royalties.
4. Zealand Pharma & Roche
Date Announced: March 2025
Potential Deal Size: USD 5.3b
Deal Overview:
Roche acquired rights to an obesity therapy by Danish company Zealand Pharma in a collaboration deal worth up to USD 5bn, in an attempt by Roche to catch up with obesity market leaders Novo Nordisk and Eli Lilly. The deal will see the two companies co-develop and co-commercialize the therapy, petrelintide, as both a standalone treatment and as a combo-therapy with Roche’s lead incretin asset CT-388.
Key Financials: USD 1.65b upfront, with milestone payments pushing the deal to USD 5.3b depending on Phase III trials and phase development.
3. CSPC Pharmaceutical Group & AstraZeneca
Date Announced: June 2025
Potential Deal Size: USD 5.3b
Deal Overview:
AstraZeneca and CSPC Pharmaceutical Group entered into a strategic research collaboration aimed at discovering and developing novel oral therapies across multiple chronic indications. The partnership focuses on high-priority targets, including a preclinical-stage small molecule for immunological diseases. Research and early development will be carried out by CSPC in Shijiazhuang, leveraging its AI-driven, dual-engine drug discovery platform.
The collaboration enhances AstraZeneca’s R&D footprint in China and builds on its recent USD 2.5bn investment in Beijing.
Key Financials: USD 110m upfront, USD 1.62b in development milestones, up to USD 3.6b in sales milestones and single-digit royalties on net product sales.
2. 3SBio & Pfizer
Date Announced: May 2025
Potential Deal Size: USD 6.0b
Deal Overview:
Pfizer entered into a global licensing agreement (excluding China) with Chinese biopharma firm 3SBio for SSGJ-707, a bispecific antibody targeting PD-1 and VEGF. This drug belongs to a class of immunotherapies showing significant promise in treating various cancers, particularly non-small cell lung cancer, metastatic colorectal cancer and gynecological tumors. The move positions Pfizer as a key contender in the highly competitive PD-1/VEGF bispecific space, following high-profile deals by Merck, BioNTech and Summit Therapeutics.
The agreement grants Pfizer full development, manufacturing and commercialization rights outside China and the option to expand into the Chinese market in the future.
Key Financials: USD 1.25b upfront, up to USD 4.8b in milestone payments, USD 100m equity investment into 3SBio upon closing, tiered double digit royalties on global net sales.
1. BioNTech & Bristol Myers Squibb
Date Announced: June 2025
Potential Deal Size: USD 11.1b
Deal Overview:
BMS is co-developing and commercializing BNT327, a next-gen PD-L1 x VEGF bispecific antibody for multiple solid tumor indications by BioNTech. Development costs and profits will be split 50/50, with shared manufacturing oversight as they seek to accelerate clinical trials in a field that’s becoming increasingly competitive.
Key Financials: USD 1.5b upfront, USD 2b in guaranteed “anniversary” payments through 2028, and up to USD 7.6b in tiered milestone payments.