AbbVie and Gilead executed late‑December licensing deals that immediately reshaped their oncology pipelines. AbbVie paid an up‑front sum to secure ex‑China rights to Zelgen Biopharmaceuticals’ DLL3‑targeting trispecific T‑cell engager alveltamig; the agreement includes near‑term milestones and potential development and commercial payments totaling about $1.07 billion. Gilead acquired rights to Repare Therapeutics’ polymerase theta (Polθ) ATPase inhibitor RP‑3467 with a smaller up‑front fee and contingent payments. Both transactions transfer clinical‑stage assets into large pharma development engines while leaving the originating biotechs with China or other retained rights. DLL3 is highly expressed in small‑cell lung cancer and has become a renewed multispecific antibody focus; Polθ inhibitors target synthetic‑lethality vulnerabilities in BRCA‑mutant and HR‑deficient tumors. These deals signal continued willingness of big pharma to buy clinical‑stage oncology programs to diversify immuno‑oncology and synthetic‑lethality portfolios.