Pharma Monthly – December 2025

December 2025 wrapped up the year with a wave of clinical progress, strategic licensing deals, and investment shifts across the pharma and biotech landscape. Leading companies pursued next-generation therapies in oncology, immunology, and gene editing, while M&A activity and pipeline partnerships continued to reshape portfolios.

✅AstraZeneca and Daiichi’s Enhertu wins first-in-decade US oncology approval

FDA approval of the drug in combination with Perjeta initiates a $150 million milestone payment to Daiichi Sankyo from AstraZeneca under their joint collaboration.

✅Johnson & Johnson acquires Halda Therapeutics for $3.05bn

The deal adds early-stage candidates for breast, lung, and other tumour types, using RIPTAC technology, to J&J’s pipeline.

✅Johnson & Johnson wins EU approval for new gMG treatment

Johnson & Johnson has received European Commission approval for nipocalimab, marketed as IMAAVY, as an add-on therapy for generalised myasthenia gravis (gMG).

✅Lilly and Indiana University collaborate to expand clinical trial access

Eli Lilly and Indiana University (IU) have announced a new agreement, under which Lilly will provide up to $40m to IU in order to expand access to clinical trials in Indiana.

✅Lilly announces new study data on Inluriyo in metastatic breast cancer

Eli Lilly has announced new study data on Inluriyo (imlunestrant) as a treatment for patients with ER+, HER2– metastatic breast cancer.

✅Lilly announces plans for $6bn US manufacture facility

Lilly has announced plans to build a $6bn facility in Alabama in the US for the manufacture of active pharmaceutical ingredients (APIs).

✅Moderna signs deal worth up to $503m with Nanexa

Moderna is seeking to enhance some of its drugs with Nanexa’s technology as the biologics sector moves to less frequent dosing.

✅Novartis and UK-based Relation forge R&D deal worth up to $1.7bn

This discovery deal falls under Novartis’ wider ploy to strengthen its immunology portfolio.

✅Novartis chromatography study shows downstream purification benefits

The impurities research illustrates an approach that could offer a simpler and more flexible downstream purification process.

✅Novo Nordisk presents new findings on semaglutide in Alzheimer’s disease

Novo Nordisk has presented new findings from its phase 3 Evoke and Evoke+ trials on using semaglutide as part of Alzheimer’s disease (AD) treatment.

✅Pfizer gains another obesity asset with $2bn deal for YaoPharma’s GLP-1RA

This comes just under a month after Pfizer finalised a deal to acquire Metsera following a bidding war with Novo Nordisk.

✅Pfizer plans job cuts in Switzerland to reduce expenses

The cuts follow a broader downgrading of the drug manufacturer’s Swiss operations.

✅Regeneron and Tessera partner to develop gene therapy for AATD

The in vivo, one-time gene editing therapy has potential to transform outcomes for alpha-1 antitrypsin deficiency (AATD).

✅Sanofi buys hep B vaccine maker for $2.2bn

Sanofi is adding a hepatitis B vaccine and shingles vaccine candidate to its portfolio via the deal.

✅Sanofi signs pair of billion-dollar biotech deals to bolster pipeline

Sanofi has agreed $1.7bn and $1.04bn licensing deals with Dren Bio and ADEL, respectively.

✅Takeda expands its ADC and immuno-oncology pipeline as Innovent deal closes

The $11bn collaboration with the Chinese biopharma company gives Takeda the rights to several next-generation candidates.

✅Viatris signs agreements with Biocon on $815m stake sale 

The deal is anticipated to be finalised in the first quarter of 2026, pending the fulfilment of all closing conditions.

Macro Developments

✅Researchers at University of Geneva develop test platform for cancer treatments

Researchers at the University of Geneva (UNIGE) have developed in vitro models of the kidneys, liver and heart for the purposes of testing the effects of new cancer treatments on healthy tissue

✅UK and US agree on landmark pharma pricing tariff deal

The UK and US have agreed to keep tariffs on UK pharmaceutical shipments into the US at zero.

✅Europe makes progress in its bid to tackle medicine shortages

And as the Critical Medicines Act advances, so too does the Biotech Act, with the moves attracting mixed support from the region’s pharma industry.

✅AI-discovered IL-17 inhibitor from Ascletis Pharma shows best-in-class potential

New phase I data suggests the oral small molecule ASC50 could help address immunology conditions such as psoriasis.

✅BSI launches a world-first environmental standard for the pharma industry

New BSI standard PAS 2090 could reshape how the pharmaceutical industry reports and minimises its environmental footprint.