Propelled by a flurry of dealmaking late in the year, M&As in 2025 ended on a strong note, with high activity expected to continue in 2026.
The clawback reduction may help to quell souring pharma sentiments, which stem from the UK’s low spending on innovative medicines.
This discovery deal falls under Novartis’ wider ploy to strengthen its immunology portfolio.
Moderna is seeking to enhance some of its drugs with Nanexa’s technology as the biologics sector moves to less frequent dosing.
The cuts follow a broader downgrading of the drug manufacturer’s Swiss operations.
OTR will obtain an upfront payment of $20m, which could increase to $30m if certain predefined conditions are met.
