Behind the Headlines Episode 27: Unpacking Mega Deals and R&D Directions

Behind the Headlines bi-weekly episodes examine the ongoing trends, factors, and fashions that cause pharmaceutical news to happen. Panelists are a mix of consultants, venture capitalists, scientists, patient advocates, journalists, and editors. Each episode talks about the current headlines of the preceding weeks that are on everyone’s lips but seeks to highlight the more enduring lessons that hide behind these headlines.

In Episode 27, our experts—Christopher Hopkins, PhD, CEO, Glafabra Therapeutics; Omkar Kawalekar, PhD; ATMP lead, Deloitte; Barnaby Pickering, director, 59 North Communications; Jerry Rosenbaum, MD, director, Center for the Neuroscience of Psychedelics, Massachusetts General Hospital, and co-founder, Psy Therapeutics and Entheos Labs—take a 30,000 foot look at multiple recent multi-billion dollar deals. On October 15, 2025, J.P. Morgan released its Q3 2025 report showing biopharma licensing valued at $63.7 billion, while M&A transactions reached $30.8 billion (1).

Our panel singled out Novo Nordisk buying Akero Therapeutics for up to $5.2B (2), AstraZeneca’s construction of a $4.5B API plant in Virginia (3), the Bristol Myers Squib (BMS) $5B Orbital buyout that extended the in vivo cell therapy deal streak (including late-breaking news from Kite Pharma, a part of Gilead, partnering with Chinese company Pregene in a deal worth up to $1.2B) (4). Of note, the orbital acquisition provides BMS an experimental autoimmune disease treatment that could begin clinical testing in 2026.

All this, however, while both Novo and Takeda withdrawal from cell therapy R&D, despite myriad news like Regeneron’s gene therapy restores hearing in children with OTOF genetic hearing loss (5). Behind these headlines, the panel discusses to what direction all this activity leads.

Of particular note, we examine progress in central nervous system therapies, especially the chief opportunities and challenges of psychedelics, as anchored by the 50-year informed perspective of Dr. Rosenbaum. The panel also covered the relative strengths of several life science clusters, especially in Northern Europe.

References

1. McDonough, K. Biopharma, Medtech Activity Diverges in Q3 2025. JPMorgan.com. Oct 15, 2025.
2. Akero Therapeutics. Akero Therapeutics to be Acquired by Novo Nordisk for up to $5.2 Billion. Press Release. Oct 9, 2025.
3. Fick, M. AstraZeneca Breaks Ground at $4.5 Billion Virginia Plant as Drugmakers Court Trump. Reuters.com. Oct 9, 2025.
4. Staff reporter. Gilead's Kite Signs $1.64B In Vivo Cell Therapy Pact With Pregene Biopharma. PrecisionMedicineOnline.com. Oct 17, 2025.
5. Regeneron. Latest DB-OTO Results Demonstrate Clinically Meaningful Hearing Improvements in Nearly All Children with Profound Genetic Hearing Loss in CHORD Trial. Press Release. Feb 24, 2025.