Nimbus Therapeutics
Small Molecule Drug Developer
AstraZeneca
Pharmaceutical Technology Research and Development Provider
CSPC
Innovative Drug Research and Development, Manufacturer
Sciwind
Metabolic Disease Drug Developer
4Month16On [date], J.P. Morgan released2026Global Pharmaceutical Licensing and Venture Capital Report for the First Quarter of the Year: Deal Size in Obesity and Diabetes Hits New Highs, with Total Commitments for Related Collaborations Reaching220Billion USD, directly surpassing2025Year-round203Total transaction volume reached billions of US dollars, with continued high enthusiasm in track capital.
The report shows that, as of2026Year3Month31In just three months, global biopharmaceutical companies' investment in licensing deals within the obesity and diabetes fields has exceeded2025The total transaction amount for the year includes milestone payments and other contingent payments. Even if we only consider upfront payments and equity investments, the scale for the first quarter has reached13Billion USD, nearly2025Year-round29Half of the billion-dollar investment, the funding intensity remains strong.
Notably, what was once the core of the trackGLP-1/GIPTargeted drug deals have significantly cooled down.
2026Achieved only in the first quarter of the year2Related cooperation with undisclosed specific amount;2025Throughout the year8Pen, Total Transaction Amount108Billion US dollars;2023The year has reached12Peak of the pen, total amount96Billion US dollars.
JPMorgan Chase noted in the report that the overall strategic investment enthusiasm in the track remains high, but the transaction flow has become highly concentrated in a few high-value projects.
In the first quarter, global pharmaceutical companies launched several major collaborations focusing on obesity and diabetes pipelines:
Lilly:Advance payment at the beginning of the year5500Million USD, withNimbus TherapeuticsCo-development of Preclinical Weight Loss Assets, with Maximum Commitment13USD billion milestone payment, targeting significant unmet needs in the obesity field.
AstraZeneca:1Prepaid in the second half of the month12USD billion, reached a cooperation with CSPC to obtain long-actingGLP-1/GIPGlobal exclusive rights for dual-target drugs acquired simultaneously3Preclinical weight loss assets, and jointly advance4A brand-new project, with overall R&D and sales milestone amounts exceeding170Billion US dollars.
Pfizer:Invest4.95USD billion (including upfront payment, regulatory and sales milestones) to acquire SciwindGLP-1Injection-related rights and interests. The drug has been approved for use in China.2Type 2 diabetes and obesity indications are currently under review.
2026The first quarter data of the year confirmed that obesity and diabetes remain the golden track in the global pharmaceutical field, with capital investment continuing to increase. DespiteGLP-1/GIPTraditional target transactions are cooling, but high-value, differentiated next-generation assets are still receiving significant investment. Cross-border collaborations between multinational pharmaceutical companies and local innovative drug enterprises continue to deepen, and the global innovation competition in weight-loss and glucose-lowering drugs is entering a new phase.
Source:biospace
