The second half of 2025’s “top 10” is where the industry’s center of gravity moved. The defining themes were clear: obesity drugs entering a second act (oralization + access design), ADCs solidifying as a pillar modality, China out-licensing going mainstream, and M&A accelerating as a rational response to patent cliffs and pricing pressure.
Part 1 (#10–#6) covered the foundation layer—policy, safety, supply, and reimbursement mechanics. Part 2 (#5–#1) covers the headline forces that concentrated capital and reshaped competitive strategy.
#5: CAR-T Steps Further Into “Standard Care” — First CAR-T Indication for Marginal Zone Lymphoma (MZL)
Cell therapy continues to deliver transformational benefit, but scalability constraints—manufacturing, specialized centers, and cost—have remained persistent. In 2025, CAR-T’s continued indication expansion signaled a further shift from “niche” to broader integration in hematologic oncology.
What happened
- In the U.S., Breyanzi (lisocabtagene maraleucel) received approval as the first CAR-T therapy for marginal zone lymphoma (MZL) in adults after multiple prior lines of therapy.
Why it matters
- Each new indication strengthens the business case for treatment infrastructure—referral networks, center readiness, patient selection, and toxicity management.
- At the same time, it intensifies competition with next-generation approaches (faster manufacturing, outpatient feasibility, and in-vivo concepts).
What to watch in 2026
- Execution advantage: who wins on “implementation,” not only response rates.
#4: China Out-Licensing Goes Mainstream — A Multi-Polar Innovation Supply Chain
In 2025, Chinese-origin drug candidates increasingly moved from “exceptional deals” to “routine pipeline sourcing” for global pharma. Importantly, the shift was visible not only in volume but also in perceived strategic importance and deal economics.
What happened
- China’s share in global development and licensing continued rising, with a strong focus in oncology and growing presence in metabolic and immune disease areas.
Why it matters
- Facing patent cliffs and pricing pressure, large pharma cannot rely only on U.S./EU biotech for pipeline replenishment.
- Success hinges on standardized diligence (CMC, data integrity, regulatory pathway) and post-deal integration capability.
What to watch in 2026
- Not “who to buy from,” but “how to contract and integrate” across CMC, clinical operations, and regulatory strategy.
#3: M&A Accelerates Again — “Buy to Fill the Gap” Returns as a Rational Strategy
2025 reinforced M&A as a rational response to structural headwinds: patent cliffs, pricing dynamics, and the probabilistic nature of R&D productivity. Strategic acquisitions—especially those that strengthen commercial platforms—became more visible.
What happened
- Late in the year, deals such as Sanofi’s agreement to acquire Dynavax highlighted targeted portfolio strengthening (e.g., adult vaccines).
Why it matters
- M&A is increasingly a portfolio tool for risk-managed growth, especially under combined patent and pricing pressure.
- Integration skill—manufacturing, distribution, access strategy—often determines whether the asset is truly “worth it.”
What to watch in 2026
- Premium assets tend to be those with late-stage differentiation and credible commercial execution pathways.
#2: ADCs Cement Their Role as a Major Oncology Modality — Pipeline Depth and Strategic Gravity
By 2025, ADCs shifted from “boom” to “pillar.” With expanding clinical-stage depth and strategic deal-making, ADCs increasingly became a default platform for oncology growth strategies.
Why 2025 mattered
- ADCs are an engineering-heavy modality with multiple optimization levers: target, linker chemistry, payload, toxicity management, biomarker strategy, and combinations. Competition moved into a more mature optimization phase.
- Strategically, companies sought ADC exposure not only through internal builds but via partnering and acquisitions.
What to watch in 2026
- How winners manage resistance, safety (e.g., pulmonary toxicity), and combination design in late-stage trials.
#1: Obesity Drugs Enter “Act Two” — Oral GLP-1 and Access Design Become the Deciding Battle
The biggest story of 2025 was the obesity market moving from “weekly injectable dominance” into an all-out contest defined by oralization, access/reimbursement design, supply capacity, and long-term adherence. This is where clinical efficacy meets real-world scalability.
What happened
- Oral Wegovy (semaglutide) was approved in the U.S., opening a pathway where obesity care is no longer injection-dependent.
- In parallel, U.S. public-sector discussions and models for expanding GLP-1 coverage made “access architecture” a central market driver.
Why it matters
- The obesity market’s constraint is not demand—it’s price, supply, and persistence. Oral options may expand demand while also intensifying price competition.
- Winning requires integration: clinical value + manufacturing scale + payer strategy.
What to watch in 2026
- Whether oral GLP-1 expands the market faster than it compresses pricing, and how reimbursement design shapes adoption curves.
Wrap-up: The “Winning Formula” 2025 Locked In
2025 consolidated the industry’s near-term map: metabolic/obesity, oncology via ADCs, China as a sourcing engine, and M&A as capital reallocation. With the foundation layer (policy, safety, supply, reimbursement) becoming more decisive, 2026 is likely to amplify the gap between “good science” and “scalable winners.”
Related Articles (Selection)
- Oral GLP-1: the real determinants—dosing rules, adherence, and supply capacity
- Obesity access design: why reimbursement architecture can decide the market
- ADC winning playbooks: target selection, payload strategy, and combinations
- China out-licensing diligence: CMC, data integrity, and regulatory execution
- M&A acceleration: what assets deserve premiums in the patent-cliff era
- Cell therapy adoption: centers, cost, and the path toward outpatient delivery
This article is edited by the Morningglorysciences team based on publicly available information, with added context and implications for 2026.
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