Leo Pharma struck a licensing deal with Japan’s Tanabe Pharma for an oral drug targeting two genetic light-sensitive skin diseases, with total payments up to $435 million including upfront and near-term components. The arrangement provides Leo with an opportunity to extend its pipeline in rare dermatology while Tanabe monetizes late-stage development. In a separate strategic partnership, Eli Lilly signed an OmniAb collaboration tied to an ion channel program, with payments up to $370 million described as performance-linked while technical specifics remain limited in the coverage. Together, the transactions show continued Big Pharma appetite for late-stage rare disease assets and modular platform bets that can be adapted to defined targets or therapeutic modalities.