presence in the increasingly competitive market. CNS targets. Committing Us$55 M upfront and fell 8% from 2024 to 2025, reaching a 5-year low up to US$2 B in milestones, Roche partnered with despite pressures to drive long-term innovation, key in their R&D investments, only signing alliances that complemented their already sizeable R&D portfolios. critical barriers in the pathway to narcolepsy diagnosis. one of the highest increases in activity, up by 52% in 2025 compared to 2024. This jump in activity was indications. Following a summer of restructuring and reprioritizing its pipeline, in September, Vertex signed diseases. Other key I&I deals include Gilead's to develop and commercialize CUE-501, a differentiated B-cell depletion therapy for autoimmune diseases.