Two major year‑end licensing deals reshaped late‑2025 headlines: Sanofi paid $80 million upfront and up to $1.04 billion in biobucks to license ADEL’s tau‑targeting antibody ADEL‑Y01 for Alzheimer’s, while Yarrow Bioscience agreed a deal worth up to $1.365 billion to acquire ex‑China rights to GenSci’s GS‑098, a TSHR‑targeting antibody for Graves’ disease and thyroid eye disease. Sanofi framed the ADEL transaction as a strategic accelerator for its neurodegeneration portfolio, gaining a clinical‑stage tau program. Yarrow said the GenSci deal positions it to develop a potential first‑in‑class therapy for autoimmune thyroid disease and thyroid eye disease, with near‑term clinical milestones already in motion in China and the U.S. Both transactions reflect pharma appetite for late‑stage and de‑risked biologics and continued robust year‑end dealmaking activity in biotech.