Biotech Deal Week: Lilly, Novo And Novartis Pay Up For Platforms, Not Pipelines

• On Thursday, Eli Lilly and China’s InnoCare Pharma signed a research collaboration and license covering up to five undisclosed targets.
• Novo Nordisk licensed Nanexa’s PharmaShell coating technology for long-acting peptide injectables in obesity, type 2 diabetes and other cardiometabolic uses.
• AbbVie began a multi-year AI discovery alliance with Iambic covering small molecules in immunology, neuroscience and oncology.

Biotech dealmaking this week was lighter on blockbuster takeovers than earlier in 2026, but the tape was busy: Eli Lilly, Novo Nordisk, Novartis and AbbVie used licenses and research pacts to buy access to platforms rather than whole companies.

Big pharma is still paying up, but more often for delivery and discovery engines than for a single late-stage asset.

Lilly And Novo Pay For Platforms

On Thursday, Eli Lilly & Co (LLY) and China’s InnoCare Pharma signed a research collaboration and license covering up to five undisclosed targets. InnoCare can receive as much as $100 million in upfront and near-term payments, about $3.25 billion more in development and commercial milestones, and single-digit royalties. The companies did not name the disease areas but InnoCare works mainly in cancer and autoimmune disease. For Lilly, the pact adds another China-origin discovery alliance to a year already crowded with acquisitions.

Novo Nordisk (NVO) licensed Nanexa’s PharmaShell coating technology for long-acting peptide injectables in obesity, type 2 diabetes and other cardiometabolic uses. The exclusive global deal covers up to five programs and aims at monthly or quarterly dosing. Nanexa can earn up to €1.165 billion (about $1.33 billion), including €615 million in upfront payments and development and regulatory milestones, plus low single-digit royalties. Novo will run development and sales.

Abbvie And Novartis Add Smaller Tickets

AbbVie (ABBV) began a multi-year AI discovery alliance with Iambic covering small molecules in immunology, neuroscience and oncology. Iambic gets an undisclosed upfront payment, plus milestones and royalties. Iambic filed for a Nasdaq IPO the same week.

Novartis (NVS) licensed a preclinical radioligand from BoomRay in a deal worth up to $900 million plus royalties. The upfront was not disclosed.

How Do The Fresh Deals Differ?

This week’s biotech deals were smaller and more modular than the company-buying wave that opened 2026. In January, AstraZeneca licensed eight obesity and diabetes programs from China’s CSPC for up to $18.5 billion. February and March then brought full takeovers: Gilead paid about $7.8 billion for Arcellx’s late-stage CAR-T franchise, Lilly paid up to $7.8 billion for Centessa’s orexin sleep drugs, and Merck bid $6.7 billion for Terns.

How Did Retail Traders React?

On Stocktwits, retail sentiment around LLY was neutral at the time of writing, while sentiment around NVO was extremely bullish. Sentiment around ABBV and NVS, meanwhile, was bearish.    

While LLY has gained 10% year-to-date, NVO is down 24%. ABBV added 16% in the meantime, and NVS 6%. The SPDR S&P Biotech ETF (XBI) has added 27% this year, though it fell 2.5% this week. 

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