value of collaborative R&D deals, 2021-2025 In contrast, the aggregate total value of all the at tackling neurodegenerative diseases. Moreover, in November, Sarepta Therapeutics paid Arrowhead As was the case in 2024, approximately 45% of the study of ARO-DM1/SRP-1003, an investigational RNA 10 high-value R&D alliances. The mean total deal value terms increased 47% year-on-year to Us$1,156 M, after 2025 as ranked by total potential deal value. Despite the all-time high recorded in 2022 of Us$1,067 M. the continued slowdown in dealmaking activity, The median deal value increased by 36%, from US$600 M in 2024 to US$816 M in 2025. During the year, 32 deals were signed with a headline value of revenue-generating programs and technologies. US$1 B or more, compared to only 21 in 2024. Indicative of inflationary pressures, upfront payments for collaborative R&D deals increased 28% on average, in near-term payments to Chinese biotech, XtalPi, from US$47 M in 2024 to US$60.1 M in 2025, yet An aggregate of Us$1.7 B was committed in upfront Similarly driven by an AI drug discovery platform, in fees for collaborative R&D alliances in 2025, up June, AstraZeneca paid CSPC Pharmaceutical Group from US$1.5 B in 2024. It must be noted that this US$110 M upfront and committed up to Us$5.22 B oral candidates, with the potential to treat diseases in previous years. Examples of these include BMS' across multiple indications. AstraZeneca also took