Global Briefs: Viatris, Sanofi, Lilly, Pfizer & More
A roundup of news from Viatris/Biocon, Sanofi/ViceBio, Eli Lilly and Company/Adverum Biotechnologies and Pfizer/YaoPharma. Highlights below.
General
* Biocon To Buy Out Viatris in Biocon Biologics for $815 M
M&A News
* Sanofi Completes Acquisition of Vicebio in $1.6-Bn Deal
* Lilly Completes Acquisition of Adverum Biotechnologies
Partnering News
* Pfizer, YaoPharma in $2.1-Bn GLP-1 Obesity Drug Pact
General
Biocon To Buy Out Viatris in Biocon Biologics for $815 M
Viatris has entered into definitive agreements with Biocon for the sale of Viatris’ equity stake in Biocon Biologics, a biosimilar-focused company that was a joint venture between the two companies, for $815 million ($400 million in cash and $415 million in equity shares of Biocon).
Biocon’s Strategy Committee, constituted in May 2025, undertook an evaluation of multiple strategic options for Biocon Biologics, including an initial public offering and a merger with Biocon. The committee decided to pursue full integration of Biocon Biologics with Biocon and make Biocon Biologics a wholly owned subsidiary of Biocon through the acquisition of minority stakes.
Under the definitive agreements, Biocon will acquire all of Viatris’ convertible preferred equity in Biocon Biologics for total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon. In addition, the agreements accelerate the expiration of biosimilars non-compete restrictions previously placed on Viatris in 2022 in connection with Viatris’ sale of its biosimilars portfolio and related commercial and other capabilities to Biocon Biologics. These restrictions will expire immediately at the time of closing for all ex-US markets and in November 2026 for US markets. The transaction is expected to close in the first quarter of 2026, subject to satisfaction of closing conditions.
M&A News
Sanofi Completes Acquisition of Vicebio in $1.6-Bn Deal
Sanofi has completed its acquisition of Vicebio, a privately held biotechnology company headquartered in London, UK, in a deal worth up to $1.6 billion ($1.15 billion upfront and $450 million in milestone payments). The deal was announced in October 2025.
The acquisition provides Sanofi an early-stage combination vaccine candidate for respiratory syncytial virus (RSV) and human metapneumovirus (hMPV), both respiratory viruses, and expands Sanofi’s capabilities in vaccine design and development with Vicebio’s “Molecular Clamp” technology.
The Molecular Clamp is a technology that stabilizes viral proteins in their native shape to enable the immune system to recognize and respond to them more effectively, according to information from Sanofi. This approach enables quicker development of fully liquid combination vaccines that can be stored at standard refrigeration temperatures (2–8°C) to eliminate the need for freezing or freeze-drying, thereby simplifying manufacturing and distribution. Furthermore, fully liquid vaccines can be made available in prefilled syringes, enhancing ease of use, safety, and operational efficiency across healthcare settings, according to the company.
Vicebio’s pipeline includes VXB-241, a bivalent vaccine candidate targeting RSV and hMPV, currently in an exploratory Phase I study in older adults, and VXB-251, a preclinical trivalent vaccine candidate targeting RSV, hMPV, and parainfluenza virus Type 3 (PIV3).
Under the agreement, Sanofi acquired all Vicebio’s share capital for a total upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements.
Source: Sanofi
Lilly Completes Acquisition of Adverum Biotechnologies
Eli Lilly and Company has completed its acquisition of Adverum Biotechnologies, a clinical-stage gene-therapy company. The deal was announced in October 2025.
Adverum’s lead product candidate is ixoberogene soroparvovec (ixo-vec), an intravitreal gene therapy in Phase III development to treat vision loss associated with wet age-related macular degeneration (wAMD). Ixo-vec is designed as a single one-time treatment to deliver continuous and stable intraocular aflibercept levels. The program has been granted Fast-Track and Regenerative Medicine Advanced Therapy designations by the US Food and Drug Administration, Prime Designation by the European Medicines Agency, and the Innovation Passport designation from the UK’s Medicines and Healthcare Products Regulatory Agency for the treatment of wAMD.
Under the agreement, Lilly acquired 16,493,335 shares (64%) of Adverum common stock for a per share price of $3.56 per share in cash payable at closing plus one non-transferrable contingent value right (CVR) that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones described below, for total potential per share consideration of up to $12.47. The CVR provides payments if and when the following milestones are achieved:
- Up to $1.78 per CVR in cash payable upon US approval of ixo-vec prior to the seventh anniversary of closing; and
- Up to $7.13 per CVR in cash payable upon the first achievement of annual worldwide net sales of ixo-vec by Lilly, its affiliates or licensees exceeding $1.0 billion dollars prior to the tenth anniversary of closing.
Source: Eli Lilly and Company
Partnering News
Pfizer, YaoPharma in $2.1-Bn GLP-1 Obesity Drug Pact
Pfizer has entered into an exclusive global collaboration and license agreement with YaoPharma, a subsidiary of Shanghai Fosun Pharmaceutical, a bio/pharmaceutical company, for the development, manufacturing, and commercialization of YP05002, a small-molecule glucagon-like peptide 1 (GLP-1) receptor agonist currently in Phase I development for chronic weight management, in a deal worth up to $2.1 billion ($150 million upfront and $1.935 billion in milestone payments).
Under the agreement, YaoPharma will complete an ongoing YP05002 Phase I clinical trial and grants Pfizer an exclusive license to further develop, manufacture, and commercialize YP05002 worldwide. YaoPharma will receive an upfront payment of $150 million and is eligible to receive milestone payments associated with certain development, regulatory, and commercial milestones up to $1.935 billion, as well as tiered royalties on sales, if approved.
Pfizer plans to conduct combination studies of YP05002 with its glucose-dependent insulinotropic polypeptide receptor (GIPR) antagonist PF-07976016, currently in Phase II development and with other small molecules in its pipeline.
Source: Pfizer
