Healthcare & Life Sciences News & Trends: Jan Week 2

Healthcare & Life Sciences News & Trends: Jan Week 2
1. Business Moves
i. BrainAurora Lists on Hong Kong Stock Exchange
BrainAurora Medical Technology, a provider of medical diagnostics and digital therapies, successfully debuted on the Hong Kong Stock Exchange, completing the city’s first IPO of 2025. The company’s shares rose 3.4% on the first day, closing at HK$3.33, giving it a market value of HK$4.22 billion (US$542 million).
Takeaway: The IPO saw significant demand, with retail bids oversubscribed by 11.4 times, reflecting strong investor interest in the growing healthcare and technology sectors.
ii. ONRAD Buys Direct Radiology from Philips
Pheonix-based teleradiology provider OnRad Inc. acquired competitor Direct Radiology from Philips, creating one of the largest independent teleradiology groups in the US Direct Radiology, with a combined team of 240 radiologists.
- Context: Established in 2012, Direct Radiology has provided services to over 430 healthcare institutions and was acquired by Philips in 2019 as part of its remote healthcare strategy.
- Scope: The acquisition includes Direct Radiology’s advanced radiology information systems (RIS), which ensure HIPAA compliance, secure data transmission, and high accuracy.
Takeaway: This merger will allow OnRad to expand its national footprint and enhance operational efficiencies. The acquisition comes as teleradiology groups face increasing demand and a shortage of qualified radiologists. Following the merger, Direct Radiology will operate as a subsidiary of OnRad, continuing its expansion efforts and strengthening its radiology team.
iii. Regeneron Buys UK-Based Retinal Diseases Biotech Oxular
Regeneron Pharmaceuticals acquired UK-based Oxular, a biotech specialising in retinal diseases, at the end of 2024.
- Scope: The acquisition focuses on Oxular’s proprietary delivery technology for ocular gene therapies, specifically its microcatheter delivery device, Oxulumis, used for sustained release of the anti-inflammatory drug dexamethasone. This device is currently being evaluated in clinical trials for diabetic macular edema, a retinal disease. While the deal was “non-material” for Regeneron and no Oxular employees are joining, some will assist with technology transfer.
Takeaway: The acquisition aligns with Regeneron’s broader strategy to enhance its gene therapy pipeline and complements its existing portfolio in retinal diseases like Eylea and recent cell and gene therapy acquisitions. With increasing competition from Vabysmo, it is worth observing if Regeneron’s acquisition of Oxular will enhance its long-term strategy to deliver more innovative, long-acting treatments.
2. Licensing & Partnerships
i. Novo Nordisk Commits $190m in Pact to Apply AI to Obesity, Diabetes
Novo Nordisk is deepening its partnership with Valo Health to apply AI across up to 20 programmes.
- Scope: The deal involves up to $190 million in immediate payments, with potential billions more if milestones are met. Initially focused on cardiovascular diseases, the expanded deal now includes Novo’s core therapeutic areas—obesity and Type 2 diabetes. The collaboration aims to leverage AI to identify novel drug targets and advance differentiated programmes, with potential payments to Valo reaching $4.6 billion, plus R&D funding and royalties.
Takeaway: This move aligns with Novo’s strategy to expand beyond its core diabetes and obesity focus into other metabolic diseases, including liver and kidney conditions. The deal follows positive early results from the initial collaboration, despite setbacks for Valo, such as the failure of a Phase 2 trial in diabetic retinopathy.
ii. Roche’s Chugai Partners Inks ADC Deal with Swiss Biotech Araris
Roche’s Chugai Pharmaceutical entered a collaboration with Swiss biotech Araris Biotech to develop new antibody-drug conjugates (ADCs).
Scope: The deal is valued at up to $780 million and includes upfront payments, milestones, and royalties on product sales. Under the agreement, Araris will use its proprietary AraLinQ™ linker-conjugation platform to create ADCs, while Chugai will oversee development, manufacturing, and global commercialisation after exercising its options.
Takeaway: This marks Araris’ second major collaboration with a large pharmaceutical company, following its 2023 partnership with Taiho Pharmaceutical. The deal underscores growing industry interest in innovative ADC technologies to address unmet needs in oncology and other areas.
iii. Lonza’s Synaffix Inks ADC Deal with Boehringer Ingelheim
Lonza’s ADC subsidiary, Synaffix, entered a licensing agreement with Boehringer Ingelheim.
- Context: Synaffix’s enzymatic ADC technology offers partners a streamlined path to develop proprietary, best-in-class ADC products.
- Scope: The deal grants Boehringer access to its proprietary ADC technology for multiple targets. It includes an undisclosed upfront payment, milestone payments of up to $1.3 billion, and potential royalties from commercialised products. Boehringer aims to leverage the technology through its subsidiary, NBE Therapeutics, to accelerate innovative cancer treatments.
Takeaway: This partnership follows Synaffix’s success in preclinical evaluations and builds on its reputation as a key player in ADC development. The company recently secured similar deals with Mitsubishi Tanabe Pharma and several other biopharma companies, including Amgen and Genmab, collectively worth billions.
The move highlights a growing trend of strategic collaborations in the ADC space, emphasising innovation in cancer therapies.
iv. Climb Bio Inks Licensing Deal with Mabworks for CLYM116
Climb Bio entered into an exclusive licensing agreement with Beijing Mabworks Biotech to develop and commercialise the anti-A proliferation-inducing ligand (APRIL) monoclonal antibody, CLYM116 (formerly MIL116), outside Greater China.
- Context: CLYM116 is targeted at IgA nephropathy and other B-cell-mediated conditions. It has a unique molecular design and antibody engineering that effectively blocks and degrades APRIL, potentially offering deeper and longer-lasting suppression of APRIL signalling. Meanwhile, the extended half-life of MIL116 also aims to reduce patient dosing frequency, improving treatment adherence. Its preclinical data shows promising potential in treating IgA nephropathy.
- Scope: Under the terms, Mabworks will receive up to $893 million in upfront payments, development and sales milestone payments, royalties on global sales outside Greater China, and potential sublicensing revenue. The deal includes $9 million in upfront payments, up to $51.75 million in development milestones, up to $832 million in sales milestones, and a percentage of sales royalties.
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Image Credits:
- Novo Nordisk
- Bloomberg