Deal flow continued to concentrate in complex modalities like ADCs and targeted immunology. Agios reached a potential $665 million agreement with Oscotec for cevidoplenib, an oral SYK inhibitor in immune thrombocytopenia, as the companies pivot to cancer resistance and immune signaling. Separately, Ona’s ADC platform financing and Innovent’s CLDN18.2 ADC regulatory submission reinforced the momentum of tumor-targeted payload strategies in oncology. The common thread across these moves is that sponsors are buying differentiation—payload, target, and mechanism—rather than relying solely on incremental clinical reformulation.