So did investment firms, smaller biotechs, law firms, and banks. With Big Pharma firms readying to buy new assets in the face of looming patent cliffs, all kinds of partnerships are fair game: licensing deals, co-development agreements, and outright acquisitions. It’s not unusual for the firm’s partnerships to span a decade or more. “I think we really want to work with them and bring something forward, rather than buy a baked cake later,” he said. Boehringer on Tuesday announced a new collaboration with the antibody firm ComboTope Therapeutics to develop cancer drugs. Sanofi, the French pharmaceutical giant, is looking for deals in the immunology, rare disease, and vaccine spaces, according to Brian Bronk, head of business development, who spoke on a panel about dealmaking on Tuesday. The law subjects outgoing US investments to reviews by the US Departments of Treasury and Defense. If passed, the updated legislation would likely dampen the spate of US-China biotech deals, which recently include a $15.2 billion co-development agreement between Bristol Myers Squibb and Hengrui and a $10.5 billion partnership between Pfizer and Innovent. Maha Radhakrishnan, executive partner for private equity at Sofinnova Partners, told C&EN that she is interested in drug candidates for cancer, immunology and inflammation, cardiometabolic and renal diseases, central nervous system disorders, and rare diseases. San Diego—Pharmaceutical executives and biotech investors spent their time on the prowl at the BIO International Convention this week, searching for promising new drug candidates as money starts moving through the sector again.

METiS TechBio secures $269M via Hong Kong listing with $148M cornerstone commitments. Biotech funding milestone revealed. METiS TechBio, headquartered in Hong Kong, is an AI-driven drug delivery company with a pipeline spanning oncology, immunology, central nervous system disorders, and metabolic diseases. The company reported revenue of RMB 105 million in 2025, primarily from an upfront payment related to its MTS-004 product partnership, and cumulative R\&D expenditure of approximately RMB 270 million from 2023 to 2025. METiS TechBio (HKEX: 7666) listed on the Hong Kong Stock Exchange on May 13, 2026, raising over HKD 2.1 billion (USD 269 million) in what the company described as the largest healthcare IPO fundraising on HKEX so far in 2026. In addition to BlackRock, cornerstone investors included UBS Asset Management Singapore, Mirae Asset, ORIX Corporation, Guofengtou Innovation Investment Fund, Deerfield, RTW, Lake Bleu Capital, Walden International, Hillhouse Capital, IDG Capital, GF Fund, ICBC UBS Asset Management, China Asset Management, and Fullgoal Fund. Pre-IPO private financing rounds were not disclosed.

Ligand’s acquisition of XOMA Royalty expands the royalty model, supporting late-stage drug development and diversifying access to oncology and rare disease therapies. Expanded royalty platforms can recycle capital into emerging pipelines, potentially accelerating development timelines for smaller biotechs while shifting value capture toward diversified royalty holders.SHOW MORE · Ligand’s acquisition of XOMA Royalty expands the royalty model, supporting late-stage drug development and diversifying access to oncology and rare disease therapies. Portfolio breadth expands across oncology, ophthalmology, CNS, and rare diseases, aiming to reduce single-asset volatility through stage and modality diversification. The expanded portfolio spans multiple therapeutic areas, including oncology, ophthalmology, central nervous system disorders, and rare diseases. https://www.wilmerhale.com/en/insights/client-alerts/20240904-royalty-financings-and-similar-revenue-monetizations-surge-in-difficult-life-sciences-fundraising-environment · Fleming C, Levin G, Rahmani F. Alternative sources of capital for biotechs.