Roche is moving beyond licensing in China, striking a discovery collaboration with Defand Therapeutics focused on molecular glue medicines. Defand will discover and develop multiple candidates for cancer and immune-driven diseases, with a source suggesting the deal could approach $1 billion when milestones are included. The partnership signals a shift from buying or licensing existing assets toward co-developing platforms and discovery work inside China. It also arrives as molecular glue programs gain momentum off emerging clinical readouts from the field. In parallel, Viatris announced a plan to acquire Pacira Biosciences for $1.7 billion, adding non-opioid pain therapies at a time when several assets face potential patent cliffs. The combination shows pharma leaning toward both pipeline-replenishment and portfolio-defense through M&A.