Pharma BD Deal Intelligence
A modest-upfront bolt-on that fits the pattern: Pfizer paid Nona Biosciences just $53M cash for HBM9033, a Phase 1 MSLN-targeted ADC, betting up to $1.05B in milestones on early clinical proof it doesn't yet have.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Pfizer has agreed to pay Nona Biosciences up to $1.1 billion for an investigational mesothelin-targeted antibody-drug conjugate called HBM9033. The deal…
Pfizer has struck another Chinese-origin antibody-drug conjugate deal, agreeing to pay Nona Biosciences and Harbour BioMed up to $1.1 billion for global rights…
Pfizer to present Phase 1 clinical study design for MesoC2 (HBM9033/PF-08052666), an MSLN-targeting ADC, at ASCO 2025 (abstract TPS3163); Phase 1…
Source summaries from our enrichment pipeline; follow links for originals.
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Pfizer entered an exclusive global license agreement with Nona Biosciences (a wholly owned subsidiary of Harbour BioMed) for HBM9033, an investigational MSLN-targeted antibody-drug conjugate for solid tumors, announced December 14, 2023. Nona received $53M upfront and near-term payments, up to $1.05B in development/commercial milestones, plus tiered royalties ranging from high single digits to high teens. Since the deal, Pfizer has advanced the asset (now also designated PF-08052666 / SGN-MesoC2, or "MesoC2") into the clinic: the Phase 1 open-label dose-escalation/expansion study NCT06466187 (sponsored by Seagen, a wholly owned Pfizer subsidiary) began August 2, 2024 in advanced solid tumors including mesothelioma, platinum-resistant ovarian cancer, pancreatic ductal adenocarcinoma, NSCLC, endometrial cancer and colorectal cancer, enrolling up to ~365 patients. Pfizer presented the Phase 1 study design at ASCO 2025 (poster TPS3163, June 2, 2025) and preclinical data on the TOP1i-based MSLN ADC at AACR 2025; the trial was active (not recruiting) as of mid-2026.
322K US cases/yr · $10.0B Combined addressable market for MSLN-expressing solid tumors 2023 ($USD MM; ovarian + pancreatic + NSCLC therapeutic spend fraction) · 1103 Total Pfizer-Nona deal size (USD MM, up to $53M upfront + near-term + up to $1.05B milestones)
Mesothelin (MSLN) is a glycosylphosphatidylinositol-anchored cell-surface glycoprotein with low expression in normal tissues (limited to mesothelial cells of pleura, peritoneum, pericardium) but high overexpression in multiple solid tumors — approximately 85-90% of epithelial mesotheliomas, 50-70% of ovarian cancers (~19,710 new US cases in 2023 per ACS), 80-90% of pancreatic ductal adenocarcinomas (~64,050 new US cases), 30-40% of non-small cell lung cancers (particularly adenocarcinoma histology, ~238,340 new US cases), and subsets of cholangiocarcinoma, triple-negative breast cancer and endometrial cancer. Mesothelin's restricted normal-tissue expression makes it a compelling ADC and bispecific target but an historically difficult clinical target because of tumor heterogeneity, shed soluble MSLN (decoy sink) and thin therapeutic window. Multiple prior anti-MSLN programs failed — amatuximab (Morphotek/Eisai chimeric antibody, discontinued), anetumab ravtansine (Bayer MSLN-DM4 ADC, discontinued 2019 after Phase 2 failure in mesothelioma), and a long list of MSLN-targeted CAR-Ts and immunotoxins. The class is entering a second wave built on better linker-payload chemistry, differentiated epitope selection and combination potential with checkpoint inhibitors.
The anti-mesothelin landscape is reviving on a second wave of ADC and bispecific chemistry after first-generation failures in the 2015-2020 window. MSLN-targeted ADCs: HBM9033 (Pfizer / Nona Biosciences, Phase 1 solid tumors, novel linker-payload); anetumab ravtansine / BAY 94-9343 (Bayer, anti-MSLN DM4 ADC, discontinued 2019 after Phase 2 failure in mesothelioma); BMS-986148 (Bristol Myers Squibb, Phase 1/2); RG6292 / RO7296682 (Roche, various stages); LY3361237 and LY4170156 (Lilly, Phase 1); ASP9592 (Astellas); IMGN901 lorvotuzumab mertansine (ImmunoGen, discontinued). Adjacent platform sponsor Mersana Therapeutics redirected its UpRi / upifitamab rilsodotin NaPi2b ADC portfolio 2023, freeing ovarian-cancer oncology space for MSLN re-entry. MSLN-targeted bispecifics / T-cell engagers: BAY 2287411 (Bayer anti-MSLN TCB); HPN536 (Harpoon Therapeutics, acquired by Merck December 2023 for $680M); CDX-586 (Celldex). MSLN CAR-T: MCY-M11 (MaxCyte); TNhYP218 (TCR2 / Adaptimmune); CAR-MSLN academic programs at Memorial Sloan Kettering and University of Pennsylvania. Adjacent ADC classes competing in the same MSLN-rich tumors: mirvetuximab soravtansine / Elahere (AbbVie / ImmunoGen, FRα ADC, approved platinum-resistant ovarian November 2022); trastuzumab deruxtecan / Enhertu (Daiichi Sankyo / AstraZeneca, HER2 ADC); sacituzumab govitecan / Trodelvy (Gilead, Trop-2); datopotamab deruxtecan / Datroway (Daiichi / AstraZeneca, Trop-2, approved 2024); patritumab deruxtecan (Daiichi / Merck, HER3 ADC). Pfizer already holds the largest ADC portfolio post Seagen acquisition ($43B March 2023) and adds HBM9033 as a differentiated MSLN payload extension.
Phase 1 open-label study NCT06466187 (sponsor Seagen, a Pfizer subsidiary) began Aug 2, 2024, evaluating the licensed MSLN ADC across mesothelioma, PROC, PDAC, NSCLC, endometrial and colorectal cancer (up to ~365 patients).
Pfizer presented the Phase 1 clinical study design for MesoC2 (HBM9033 / PF-08052666) at the 2025 ASCO Annual Meeting (poster TPS3163), following preclinical TOP1i ADC data at AACR 2025.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Pfizer Inc. / Nona Biosciences (Harbour BioMed subsidiary) (this deal) | 2023 | $1.1B | — |
| Pfizer Inc. / BioNTech SE | 2020 | $748M | 100 |
| Pfizer Inc. / FoldRx Pharmaceuticals | 2010 | — | 99 |
| Pfizer Inc. / Medivation Inc. | 2016 | $14.0B | 86 |
| Pfizer Inc. / Wyeth | 2009 | $68.0B | 86 |
| Pfizer Inc. / Warner-Lambert Company | 2000 | $90.0B | 83 |
| Pfizer Inc. / Arvinas, Inc. | 2021 | $2.4B | 77 |
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