Peter Kirkpatrick

The potential to pursue drug targets that have historically been considered ‘undruggable’ is one of the key attractions of targeted protein degraders (TPDs). While the roots of the field date back more than two decades, dealmaking interest in this therapeutic modality—through which target proteins are degraded by inducing proximity to ubiquitin E3 ligases—has surged in the past five years.

Fifteen years ago, obesity drug development was out of favor, weighed down by limited efficacy and problems with side effects. But as recent clinical trials have shown strong weight-loss effects of glucagon-like peptide 1 (GLP-1) receptor agonists that were originally developed for type 2 diabetes, the field has ignited.

Last year was an outstanding period for deals focused on antibody–drug conjugates (ADCs), with Pfizer’s $43 billion acquisition of Seagen and AbbVie’s $10.1 billion buyout of ImmunoGen being among the highlights1. The popularity of the ADC platform has persisted in 2024, leading to several acquisitions and licensing deals with potential values in the billion-dollar range (as detailed in the deal snapshots).