Oncology Dealmaking Trends: Multi-Indication Therapies in Focus

In 2024, the oncology dealmaking landscape experienced a notable decline, with the total value and number of transactions dropping by about 50% compared to the previous year. Despite this reduction, cancer remained the leading category for biopharma deals, accounting for over a third of all transactions.

The focus has shifted towards therapies that can address multiple tumor types, rather than those targeting specific genetic mutations. This shift is driven by the need for broader-spectrum treatments, similar to Merck’s Keytruda, which has become a blockbuster drug.

Key deals in 2024 included Merck’s acquisition of global rights to LaNova Medicines’ VEGF-PD-1 bi-specific antibody for $588 million upfront and up to $2.7 billion in milestones. Novartis also made a notable acquisition of MorphoSys for $2.9 billion, gaining the approved CD19 inhibitor Monjuvi for diffuse large B-cell lymphoma.

The trend towards multi-indication therapies is expected to continue, with companies seeking to develop treatments that can be applied to a wider range of cancers. View the full article here.

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About Biopharma Dealmakers

Providing timely information on dealmaking activity, Biopharma Dealmakers brings together life scientists, biotech and pharmaceutical professionals, and investors. Organizations seeking partners from the biopharma and investment community are invited to advertise and publish profile articles. 

The publication is free to access at Nature.com/biopharmdeal and print issues are distributed to the readers of Nature Biotechnology and Nature Reviews Drug Discovery.