Eyes on Firms Executing Strategic Plans
- Jana Chisholm
- 3 days ago
- 7 min read

We've had Eyes on several firms that are actively executing on their strategic plans to ensure competitiveness in their markets. Take a look at how BioNTech, Novo Nordisk, and Merck are adapting to changing markets and technologies to remain competitive in the long-term.
BioNTech - Building a fully operational ImmunoOncology Company. As part of an all-stock deal, BioNTech is purchasing CureVac, another German mRNA vaccine producer, for $1.25 billion. CureVac’s wholly-owned candidates, which include a phase 1-stage therapeutic mRNA vaccine for resected glioblastoma, are not specifically mentioned in the announcement regarding onboarding. Rather, CureVac’s cutting-edge research and manufacturing facility in Tübingen, Germany, was highlighted by BioNTech as the main focus.
CureVac’s stock closed at $4 earlier this week, but the deal, which is anticipated to be finalised later this year, will exchange each CureVac share for about $5.46 worth of BioNTech American depository shares (ADSs). This means that CureVac’s equity is worth about $1.25 billion. The June statement highlighted that following the deal, CureVac’s stockholders will hold between 4% and 6% of BioNTech.
BioNTech gained notoriety and financial success because of their collaboration with Pfizer on the COVID-19 vaccine Comirnaty. More recently, as part of its plan to become a fully operational immunotherapy leader, the business is preparing to file for approval later this year for a next-generation HER2-targeted antibody-drug combination that it has licensed from DualityBio in China. Additionally, the business is developing two key oncology programs: its mRNA cancer immunotherapy platform and the PD-L1xVEGF bispecific antibody BNT327.
Putting this week’s acquisition in the framework of its cancer goals, BioNTech asserts that the agreement will advance the study, development, production, and marketing of mRNA-based cancer immunotherapy prospects, marking the company’s next significant step in the implementation of its oncology strategy.
Following GSK’s payment of $430 million in cash up front for the rights to CureVac’s COVID-19 and influenza vaccines a year ago, CureVac has already tried to shift its focus to oncology, making 30% of its employees redundant in the process. BioNTech will initiate a corporate reorganisation of CureVac, making it a subsidiary of BioNTech, provided that the acquisition is approved by the shareholders of both businesses.
In another deal - BioNTech is being paid $3.5 billion by Bristol Myers Squibb to join the PD-1/L1xVEGF-A wave. With milestones totalling up to $7.6 billion, the agreement grants BMS a 50% share in one of the top contenders in the hottest field of immuno-oncology.
In the battle to introduce a PD-1/L1xVEGF-A bispecific to the US market, BioNTech is trailing Summit Therapeutics. This year, the German biotech plans to launch a pivotal study in triple-negative breast cancer and is undertaking phase 3 investigations in lung cancer, both small and non-small cell. BioNTech is leading the race, but Summit has worldwide phase 3 data in one setting.
BioNTech has secured a significant deal thanks to its prominent position. BMS is making an upfront payment of $1.5 billion. Through 2028, BioNTech will get an additional $2 billion in non-contingent anniversary payments. Additionally, BMS has committed up to $7.6 billion in relation to commercial, regulatory, and development milestones.
BMS has been granted co-development and co-commercialization rights by BioNTech in exchange. The agreement puts BMS and BioNTech in a position to work together to develop the PD-L1xVEGF-A bispecific BNT327 as a monotherapy and in combination, with an equal share of expenses and earnings. The candidate can be developed independently by both firms in further combinations and indications.
By speeding up the investigation and validation of BNT327’s potential, BioNTech may be able to optimise its early-mover advantage with BMS’s assistance. PD-1/L1xVEGF-A bispecifics have the potential to upset the checkpoint inhibitor industry, which BMS dominates following years of investment in its now-aging oncology medications, Yervoy and Opdivo.
For BioNTech, which acquired the ex-China rights to BNT327 in 2023 for $55 million up front and acquired its partner Biotheus wholly for $800 million up front late last year, the deal is a swift financial victory. The Biotheus acquisition signalled the beginning of a spike in M&A activity, which led to data indicating that ivonescimab, a PD-1xVEGF-A candidate from Akeso and Summit, outperformed Keytruda from Merck & Co.
The day following BioNTech’s announcement of the Biotheus acquisition, Merck paid $588 million to enter the race. Last month, Pfizer went all out by paying 3SBio $1.25 billion up front for a PD-1xVEGF bispecific that is scheduled to go into phase 3 in China this year.
The ability of the VEGF mechanism to produce a clinically meaningful overall survival benefit has been questioned by industry analysts, but BMS management has maintained a compelling commentary on the data, citing several studies that demonstrate a significant PFS benefit and high activity from additional single-arm trials.
Prior to the deal’s announcement, the firm met with BMS management and stated that the agreement supports the company’s growth profile into the 2030s. However, the firm cautioned that there is a clinical risk of reaching a clinically relevant overall survival benefit.
BioNTech’s stock surged 11% to surpass $106 during premarket trading, while BMS increased by 1% to $48.76.
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Novo Nordisk has progressed in support of its obesity business by entering into a $812 million agreement with Deep Apple Therapeutics to obtain small medicines that target a non-incretin GPCR. To find small-molecule therapeutic candidates, Apple Tree Partners established the biotech and invested $52 million in series A capital to screen virtual libraries created by artificial intelligence. Deep Apple has established a pipeline that comprises three obesity programs. Although it has not yet identified its targets, the biotech has disclosed that two of its programs target receptors other than GLP-1.
Novo has committed to paying up to $812 million for a worldwide license to small compounds that go after a GPCR target other than an incretin, which includes an upfront payment, research expenses, and milestones. The two main obesity medications on the market now target incretins, GLP-1 and GIP. Obesity and other cardiometabolic disorders are likely to benefit.
The target is a good fit for Deep Apple’s platform, according to the collaborators, who also highlighted the biotech’s use of cryo-electron microscopy to record the motion and dynamics of GPCRs in various conformations in order to uncover new binding sites. To find tiny molecules that dock in the binding locations, Deep Apple combines its structural biology skills with virtual libraries.
Deep Apple will find and optimise chemicals against the target using its platform. Novo will take over shortly prior to the start of IND-enabling investigations and collaborate with Deep Apple on the research plan.
Since CagriSema, Novo’s next-generation obesity candidate, performed poorly in phase 3 late last year, the deal is the most recent in a string of agreements the company has made. Novo promoted CagriSema in an attempt to retaliate after competitor Eli Lilly declared victory in the fight for current-generation products, but the weight reduction results in the phase 3 study fell short of their own target.
More recently, Novo has given United Laboratories $200 million for a triple agonist, committed $190 million in near-term payments to expand a pact with Valo Health, offered Variant Bio $50 million in upfront and near-term funding, agreed to pay Gensaic up to $354 million per target, and bet $200 million and $75 million in upfront and near-term payments on preclinical prospects from Septerna and Lexicon Pharmaceuticals.
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Merck’s plan for beyond Keytruda: Merck’s Keytruda patent is due to expire in 2028 causing an enormous patent cliff for the company to overcome. Merck’s strong pipeline and a continued focus on successfully launching their portfolio could mitigate falling revenues. There is significant pressure to scale its launch and growth portfolio before 2028 as Dr. Reddy’s Laboratories and Alvotech have announced a partnership to co-develop and commercialize a biosimilar for pembrolizumab (Keytruda) - $29.5 billion in 2024 sales. The collaboration aims to expedite the development process and broaden global access to this important cancer treatment. Both companies will share the costs and commercialization rights, positioning themselves to compete in the high-value oncology biosimilars market.
Merck has 20 new blockbuster drugs in development with estimated combined sales of US$50 billion across a diversified range of therapeutic areas. Two promising candidates with estimated peak sales exceeding $5 billion are MK-1022 for non-small-cell lung cancer and MK-0616 an oral PCSK9 inhibitor drug for lowering LDL cholesterol. This offers improved convenience to currently available injectable PCSK9 inhibitors.
In addition, Merck’s launch of Winrevair (sotatercept), acquired through it’s $11.5 billion acquisition of Acceleron is going well. It is the first disease-modifying treatment for pulmonary arterial hypertension. It generated $280 million in sales in Q1 2025 after bringing in $419 million in sales during 2024. The clinical data for Winrevair shows a 76% reduction in the risk of death, lung transplantation, and hospitalization; peak sales are estimated to be $3 billion, but this may be exceeded given the momentum in sales seen since launching.
Capvaxive, also known as PCV21, is also off to a good start. It is a vaccine designed to protect against invasive pneumococcal disease and pneumonia caused by Streptococcus pneumoniae bacteria in individuals 18 years of age and older. It is the only FDA-approved 21-valent pneumococcal conjugate vaccine. The vaccine generated $107 million in Q1 2025 sales and has a peak sales potential exceeding $2 billion.
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