Despite strong deal activity throughout each of the last two years, the volume and value of partnerships began sliding in the first quarter (Q1) of 2023, while M&As continue to trail several other years.

In collaborating with Novo Nordisk A/S, privately held Aspect Biosystems Ltd. entered its biggest ever deal that could bring in more than $2.6 billion while advancing its 3D, bioprinted tissue therapeutics technology. The two companies will collaborate to develop up to four diabetes and/or obesity products, a Novo specialty, using implantable bioprinted tissues to replace, repair or supplement human biological functions. The initial target will be type 1 diabetes.

Merck & Co. Inc. has seen promise in Proxygen GmbH’s molecular glue degrader technology, agreeing to pay the drug discovery company up to $2.55 billion if specified research, development and commercial milestones are met.

Innate Pharma SA inked a licensing deal that grants Takeda Pharmaceutical Co Ltd exclusive worldwide rights to research and develop antibody-drug conjugates using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in celiac disease.

Confo Therapeutics NV closed out March in much the same way as it began the month – with a deal. 

Biontech SE has tapped into two of Duality Biologics Co. Ltd.’s antibody-drug conjugate candidates (ADCs), paying Duality $170 million up front and agreeing on development, regulatory and commercial milestone fees of $1.5 billion or more.

Biorchestra Co. Ltd. reached an exclusive research, option and licensing contract with a U.S.-based company to use its targeting technology platform to develop nucleic acid therapies to treat neurological disorders in a deal valued up to $861 million.

Scorpion Therapeutics Inc. has out-licensed two of its small-molecule EGFR inhibitors to Pierre Fabre SA in exchange for a $65 million up-front fee and could also earn up to $553 million in potential milestone payments, plus royalties on net sales.

The U.S. Federal Trade Commission (FTC) issued a final order in connection with the proposed reacquisition of Grail Inc. by Illumina Inc., in an action that might seem to finally conclude a matter that has stretched over several years. However, the FTC acknowledged that Illumina has 60 days to petition the order, which Illumina said it intends to do in conjunction with an effort to overturn a similarly adverse outcome in the EU.