IBD takes centre stage in I&I

$1.275bnGilead's upfront for PepStar's oral IL-23R drug

58%China's share of global licensing value in 2026

60–64%Mutant huntingtin cut with Alnylam's brezosiran

$1.275bn upfront for Phase 1 HCXT-2001, days after its own oral IBD drug emvistegrast hit in Phase 2. An all-oral IBD combination is the plan.

$20 per ADS, about $1.3bn in equity value, for divesiran in polycythemia vera. Merck KGaA's entry into haematology.

Why it matters: pharma is buying single programmes and Phase 3-ready biotechs outright, and each deal needs people to integrate it.

Sanofi and Teva's anti-TL1A antibody kept up to 58% of UC responders in remission. Four Phase 3 trials are already running.

Brezosiran cut mutant huntingtin by 60–64% in its top dose group. A placebo-controlled pivotal study is planned for 2027.

US share is down to 26% from 56% in 2024, per Locust Walk. A proposed US Treasury rule on China biotech investment exempts licensing.

Why it matters: licensing single assets from China stays open, so search & evaluation teams stay busy.

IBD is where I&I money is going right now. Clinical leads and medical directors with Phase 2b/3 gastroenterology experience are the hires we expect to get harder to find.
Every acquisition this week has an integration job behind it: alliance management, CMC transfer and clinical operations people who can bring in outside data fast.
For 2027 plans: If you're in-licensing from China, budget for BD and search & evaluation people who can read Chinese data and deal terms. It's a small pool.

Harry Aaronson specialises in Therapeutics hiring at QP Group. Talk to Harry about the market, salaries or a search.

Harry AaronsonRx Weekly · QP Group
harry@qpexec.com