During the year‑end period major pharma deployed upfront payments to secure clinical oncology assets. Deals include AbbVie’s high‑value optioning of a DLL3‑targeting trispecific T‑cell engager and Gilead’s licensing of Repare’s Polθ inhibitor RP‑3467. The transactions transfer ex‑China or global development rights and carry large milestone and royalty structures aimed at accelerating late‑stage programs. Deal terms shift risk and resources to larger companies with commercial infrastructure while providing smaller developers with near‑term capital and validation. The transactions illustrate continued appetite for oncology multispecifics and synthetic lethality approaches despite mixed clinical readouts in the field. Clarification: trispecific T‑cell engagers recruit T cells to tumor cells via multiple binding domains; Polθ inhibitors exploit synthetic lethality in DNA‑repair‑deficient cancers.