PETRI DISH PERSPECTIVES
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PETRI DISH PERSPECTIVES
December 2025: Biotech & Pharma NEWS Roundup
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Welcome to your essential overview of the global biotech and pharmaceutical landscape for December 2025!
This month was dominated by a surge in M&A activity and licensing deals.
🎧 Listen now, stay curious, and don’t forget to subscribe for new episodes!
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© 2026 Petri Dish Perspectives LLC. All rights reserved.
Hello and welcome to Petri Dish Perspectives, the podcast where we geek out about science and the companies shaping the future of healthcare. I’m your host, Manead, and I’m a PhD scientist by training, and a storyteller by choice.
Due to popular demand, I’ll be starting monthly episodes for biotech and pharma news. So, I’ll be releasing monthly recaps for news on the first day of every month and my goal is to deliver digestible pieces of news on pharma and biotech companies in under 15 mins.
Grab your coffee or tea cuz you’re in for a treat!
Novartis has entered a significant $1.7 billion strategic partnership with London-based TechBio firm Relation Therapeutics to revolutionize target discovery for inflammatory skin and atopic diseases. The deal includes a $55 million upfront commitment in cash and equity, with the remainder tied to ambitious development, regulatory, and commercial milestones. Relation will utilize its proprietary "Lab-in-the-Loop" platform, which integrates single-cell multi-omics with active-learning AI to map the causal biology of conditions like atopic dermatitis. This collaboration aims to identify high-confidence, first-in-class targets by bridging the gap between digital machine learning models and real-world patient tissue analysis. For Novartis, this move reinforces its "pure-play" commitment to innovative medicines by leveraging cutting-edge technology to reduce the high failure rates typically associated with early-stage drug development.
GSK has officially offloaded its bioelectronic-focused venture unit, Action Potential Venture Capital (APVC), into a new independent entity called the Synapse Fund. Backed by Revelation Partners and SR One, this spin-out allows the fund to operate with greater agility while continuing to invest in neuromodulation and implantable devices. Originally launched in 2013 with a $50 million commitment, APVC has been a pioneer in "electroceuticals" that treat chronic diseases via electrical pulses rather than traditional chemistry. The move mirrors GSK’s broader strategy to streamline its corporate structure and focus internal resources on its core innovative medicines pipeline. Synapse Fund will now manage existing portfolio companies like SetPoint Medical while seeking new frontiers in medical technology.
340B Drug Pricing Program reached a record $81 billion in sales in 2024, representing a massive 23% year-over-year increase that has significantly heightened tensions between hospitals and manufacturers. The 340B Program is a U.S. federal program established in 1992 that requires pharmaceutical manufacturers to provide outpatient drugs at significantly discounted prices to eligible healthcare organizations (called "covered entities") that serve vulnerable, low-income populations, helping them stretch resources to expand patient access and services. In response to this growth, the American Hospital Association (AHA) and several safety-net systems filed a high-stakes lawsuit in December 2025 to block the federal government’s new 340B Rebate Model Pilot Program. This pilot, scheduled to begin in January 2026, would replace upfront discounts with a complex rebate system that hospitals argue creates overwhelming administrative and financial burdens. While drugmakers claim the pilot is necessary to prevent duplicate discounts and increase transparency, providers warn it could jeopardize the razor-thin margins of facilities serving vulnerable populations.
Regeneron and Tessera Therapeutics have entered a global collaboration to develop TSRA-196, a highly anticipated in vivo gene-writing therapy for Alpha-1 Antitrypsin Deficiency (AATD). The deal includes a $150 million upfront and equity investment from Regeneron, with both companies agreeing to split future development costs and profits equally. TSRA-196 is designed to use Tessera’s proprietary Gene Writing and non-viral delivery platforms to precisely correct the underlying genetic mutation in the liver. This one-time treatment aims to restore the production of functional AAT protein, potentially eliminating the need for lifelong weekly intravenous augmentation therapies.
Pfizer has secured an exclusive license for YP05002 from YaoPharma, a novel, small-molecule GLP-1 receptor agonist, through a massive $2 billion agreement with Fosun’s YaoPharma. Under the deal, Pfizer pays $150 million upfront to take over the development of the oral candidate, which is currently completing Phase 1 clinical trials. Unlike many current injectable obesity treatments, YP05002 offers the convenience of a pill, which could significantly improve patient adherence and market penetration. Pfizer plans to test the drug in combination with its own pipeline assets, such as GIPR antagonists, to maximize weight loss efficacy.
US FDA has approved Exdensur (depemokimab), making it the first ultra-long-acting biologic for the treatment of severe eosinophilic asthma. Developed by GSK, the monoclonal antibody is uniquely administered only twice a year, offering a significant convenience advantage over existing biologics that require monthly or bi-monthly dosing. Clinical data from the SWIFT trials demonstrated that Exdensur reduced annual asthma attacks by up to 58% and decreased hospitalizations by 72%. By addressing the "treatment burden" associated with frequent injections, Exdensur is expected to improve long-term adherence in the two million Americans living with severe asthma.
Bristol Myers Squibb has inked a $1.1 billion collaboration with Harbour BioMed to discover and develop next-generation multi-specific antibodies. Harbour BioMed will receive an initial $90 million in upfront and near-term payments, while leveraging its "Harbour Mice" platform to generate highly targeted, fully human antibodies. The partnership aims to address complex diseases where targeting a single pathway is insufficient, utilizing multi-specifics that can engage several different disease-driving proteins simultaneously. This deal reinforces BMS’s commitment to building a dominant position in the evolving biologics landscape by accessing external innovation.
BioMarin has reached a definitive agreement to acquire Amicus Therapeutics for $4.8 billion, a move that immediately establishes it as a global leader in lysosomal storage disorders. The all-cash acquisition adds the established Fabry disease therapy Galafold and the Pompe disease combination Pombiliti + Opfolda to BioMarin’s commercial portfolio. Beyond existing revenue, BioMarin gains access to Amicus’s late-stage pipeline, including a Phase 3 candidate for rare kidney disease. This acquisition is expected to accelerate BioMarin’s revenue growth immediately and significantly strengthen its long-term financial outlook through 2030.
Shionogi has finalized a $2.5 billion agreement to acquire the global rights to the ALS medication Radicava (edaravone) from Tanabe Pharma. The deal includes both the original intravenous formulation and the more recently approved oral suspension, providing Shionogi with a steady revenue stream in the neurology space. Shionogi intends to leverage Radicava’s existing US commercial infrastructure to support future product launches in its growing pipeline. As one of the few FDA-approved therapies for ALS, Radicava remains a cornerstone of treatment, making this a strategic defensive and offensive play for Shionogi’s global expansion.
Sanofi has agreed to acquire Dynavax Technologies for approximately $2.2 billion, signaling a renewed focus on adult immunization after recent R&D setbacks. The centerpiece of the deal is Heplisav-B, the only two-dose adult hepatitis B vaccine that can be completed in just one month, providing a clear competitive edge over traditional three-dose regimens. Sanofi also gains a promising shingles vaccine candidate currently in Phase 1/2 development, which could eventually compete in a multi-billion dollar market. This all-cash transaction at a 39% premium underscores Sanofi's commitment to becoming a "pure-play" leader in high-value innovative medicines and vaccines.
- Pharma valuations
With that, that is a wrap for December 2025 news.
This has been Petri Dish Perspectives. I’m Manead. Thanks for listening.
© 2025 Petri Dish Perspectives LLC. All rights reserved.
