At BIO-Europe Spring, executives from Lundbeck, Ipsen, Astellas, and others described how biotech dealmaking has shifted toward resilience-driven structuring amid geopolitical uncertainty. Panelists said risk-sharing models and milestone-driven partnerships are becoming more common as parties attempt to price non-scientific uncertainties into development plans. The discussion also highlighted an intensified appetite for late-stage assets aimed at managing upcoming loss of exclusivity, while noting that high-quality, derisked opportunities remain scarce due to competition among pharma buyers. Speakers pointed to tension between the need for selectable risk and the capital discipline required in a more selective market. For biotech operators, the takeaway is that partner negotiations may increasingly hinge on staged financing, measurable milestones, and explicit risk allocation—rather than upfront-heavy structures—when external conditions add development uncertainty.