Pre-JPM 2025: The Quiet Deals You May Have Missed Before the Big Show
The J.P. Morgan Healthcare Conference 2025 in San Francisco has kicked off, bringing a wave of significant announcements and deals in the life sciences sector. As momentum builds, notable agreements and funding rounds are reshaping the industry landscape.
However, before one of the most anticipated events occurred though, certain players were already warming up in the weeks leading up to JPM 2025. Boasting mid-range deals, Lonza’s Synaffix expanded its partner network with a $1.3 billion ADC technology deal involving Boehringer Ingelheim, while Roche secured a $780 million ADC agreement with Chugai. Meanwhile, Sanofi struck a $400 million biobucks partnership with Alloy, leveraging its antisense platform. Adding to the excitement, Verdiva raised $410 million to advance its oral GLP-1 treatments, and Tenvie, a neurology-focused biotech, launched with $200 million in funding.
Boehringer Ingelheim Taps Synaffix for Advanced Cancer Treatments
Boehringer Ingelheim has partnered with Synaffix, a Lonza company, to license its antibody-drug conjugate (ADC) technology. This collaboration aims to enhance Boehringer’s cancer treatment pipeline, driven by its subsidiary, NBE Therapeutics. ADCs are innovative cancer therapies that precisely deliver drugs to tumors while sparing healthy cells, boosting treatment effectiveness and minimizing side effects.
Synaffix’s clinically validated platform modifies glycan anchor points on antibodies, enabling the creation of best-in-class ADCs and bispecifics. With this technology, NBE Therapeutics broadens its portfolio to develop first-in-class cancer treatments targeting high unmet needs. The focus is on innovative tumor targets within Boehringer’s comprehensive oncology pipeline.
The agreement includes access to multiple ADC targets, starting with one already selected, along with upfront payments, milestone fees of up to $1.3 billion, and royalties on sales. This partnership combines Boehringer’s oncology expertise with Synaffix’s platform to accelerate next-generation cancer therapies.
Chugai Teams Up with Araris for $780M ADC Deal
Reflecting the growing interest in this space, which is considered one of the fastest-growing sectors in oncology research, Roche’s Chugai Pharmaceutical has partnered with Swiss biotech Araris Biotech to develop next-generation ADCs. The $780 million deal includes an upfront payment, research funding, and royalties, with Chugai handling development and global commercialization after exercising its option rights.
Araris will use its AraLinQ platform to create ADCs targeting undisclosed cancer markers supplied by Chugai. The platform attaches payloads to antibodies in a single step without prior modification, allowing dual or triple payload integration while maintaining antibody stability and performance. This method addresses key challenges like ADC instability and manufacturing complexity.
Araris, a spin-off from the Paul Scherrer Institute and ETH Zurich, touts its technology as a breakthrough for ADC innovation. Chief Scientific Officer Philipp Spycher highlighted the platform’s ability to improve pharmacokinetics and widen therapeutic indexes, further cementing Araris’s position in the ADC space.
Alloy Therapeutics Partners with Sanofi for CNS Drug Development
Alloy Therapeutics has entered a collaboration with Sanofi to use its proprietary AntiClastic Antisense Platform for a central nervous system (CNS) target. In exchange, Alloy will receive upfront fees and preclinical milestone payments up to $27.5 million. The deal also includes over $400 million in potential milestone payments and royalties on sales of any resulting products.
The AntiClastic Antisense platform, launched by Alloy in 2023, addresses challenges in antisense drug development by targeting RNA at the intracellular level. The technology was developed from a novel oligonucleotide spatial conformation by Sudhir Agrawal of Arnay Sciences. Alloy’s platform aims to improve the therapeutic index and overcome limitations of current antisense chemistries.
Sanofi will use the platform to deliver therapeutics to the brain, targeting the blood-brain barrier to develop innovative CNS treatments. Alloy’s CEO, Errik Anderson, emphasized the partnership’s potential to reshape antisense drug development and accelerate genetic medicine breakthroughs. The collaboration highlights Alloy’s focus on accessible, cutting-edge technologies to advance RNA-based therapies.
Tenvie Therapeutics and Verdiva Bio Launch with Strong Fundraising to Tackle Key Health Challenges
Verdiva Bio and Tenvie Therapeutics have each secured significant funding to advance their breakthrough treatments in pressing healthcare areas. Verdiva, a clinical-stage biopharma company, raised $411 million in Series A financing to develop next-generation therapies for obesity and cardiometabolic disorders. Meanwhile, Tenvie secured $200 million to fund its efforts in transforming the treatment of neurological diseases with a diverse pipeline of small molecules. Both companies are tackling major unmet needs with innovative, cutting-edge technologies.
Verdiva is focused on oral and injectable treatments with best-in-class potential, including a first-in-class, once-weekly oral GLP-1 receptor agonist aimed at obesity and weight maintenance. The company also plans to introduce a proprietary oral amylin agonist for use alone or in combination with the GLP-1 therapy. Its patented oral delivery system makes treatments more accessible, scalable, and patient-friendly, meeting the growing demand for effective weight loss and metabolic health solutions.
Tenvie, on the other hand, is targeting neurological diseases with a range of small molecules designed to address critical disease pathways. The company’s most advanced programs focus on NLRP3 and SARM1 inhibitors, which aim to resolve inflammation and restore cellular function. Tenvie designs highly brain-penetrant molecules to treat both central and peripheral nervous system disorders, offering a fresh approach to diseases with limited or no effective therapies.
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