Three Targeted Delivery Deals: What CMC Teams Should Watch

Three transactions announced Oct. 19, 2026, covering antibody-drug conjugates (ADCs), RNA interference, and AI-designed delivery vehicles, share a common thread: large drugmakers are paying for technologies that place therapeutic payloads precisely where they are needed.^1,3,4

What Does the Expanded Hansoh–Roche Agreement Cover?

Hansoh Pharma's second ADC collaboration with Roche includes two preclinical Hansoh programs and multiple programs built on Roche-proposed targets using Hansoh's proprietary ADC platform.¹ Hansoh will lead development through global Phase Ia trials. After that, Roche takes over worldwide development outside mainland China, Hong Kong, Macau, and Taiwan, where Hansoh keeps all rights. Hansoh receives $400 million upfront and $110 million on the first anniversary. It is eligible for more than $15 billion in milestones plus tiered royalties, and it may co-develop up to two programs for added US commercial upside.

“Expanding our strategic collaboration with Hansoh marks an important step in advancing our ADC vision. Exploring next generation ADCs is one of the most compelling frontiers in oncology today, offering the opportunity to address critical unmet needs and accelerate potential therapies for patients worldwide,” said Boris L. Zaïtra, head of corporate business development, Roche, in a press release.¹

A multiprogram portfolio multiplies an already demanding production model.² ADC production calls for both biopharmaceutical and chemical manufacturing expertise, along with the ability to conjugate highly potent small-molecule payloads to biologics.

Why is Merck KGaA Acquiring Silence Therapeutics?

Merck KGaA, Darmstadt, Germany, agreed to acquire London-based Silence Therapeutics for $20 per American depositary share in cash.³ That works out to an equity value of about $1.3 billion and an 82% premium to the 30-day volume-weighted average price. The deal will be funded with new debt and is expected to close in the first quarter of 2027.

The centerpiece is divesiran, a Phase III-ready short interfering RNA (siRNA) therapy for phlebotomy-dependent polycythemia vera, a rare blood cancer.³ Dosed every 3 months, divesiran silences TMPRSS6 to raise hepcidin and limit iron available for red blood cell production. In the Phase II SANRECO study, 88% of patients responded versus 19% on placebo, and mean phlebotomies dropped to 0.2 per patient versus 2.1.

“The planned acquisition of Silence Therapeutics will strengthen our capabilities to serve patients with targeted specialty and rare diseases,” said Kai Beckmann, group CEO, Merck KGaA, Darmstadt, Germany, in a press release.³ “We continue to transform our pipeline toward areas of high specialization and unmet medical need, with an ongoing commitment to external innovation.”

How Could AI Reshape Lipid Nanoparticle Design?

METiS TechBio and Eli Lilly and Company will pursue lipid nanoparticle (LNP) systems designed for tissue-specific delivery.⁴ METiS contributes its AiLNP platform for ionizable lipid discovery, and Lilly brings development and commercialization expertise. METiS is eligible for up to roughly $1.1 billion in milestones, and single-digit tiered royalties.

“Delivery remains a critical determinant of therapeutic success, particularly as the industry expands into increasingly sophisticated modalities,” said Chris Lai, chairman and CEO, METiS TechBio, in a press release.⁴ “By combining METiS’ AI-powered platform with Lilly’s scientific expertise and development capabilities, we aim to unlock a new generation of tissue-targeted delivery technologies that have the potential to transform how medicines reach patients.”

The technical bar is high.⁵ LNPs face challenging extrahepatic delivery, according to Davide Zocco, head of exosomes development, Lonza, because intravenously injected LNPs are mostly absorbed by the liver, with limited exposure to other tissues.⁵ “While new lipid chemistries have been developed to facilitate extrahepatic delivery, no (successful) clinical data have been reported yet,” Zocco said.

What Do These Deals Signal for Development and Manufacturing?

In each case, much of the value sits in the delivery architecture rather than the target alone: linker-payload chemistry for ADCs, oligonucleotide chemistry for siRNA, and lipid composition for LNPs.^1,3,4 Each of these adds process steps, critical quality attributes, and analytical burden. Developers working with LNPs, for example, rely on complementary analytical techniques to characterize stability and performance across formulations and batches. The deal structures also split responsibilities. Smaller innovators lead early discovery and development, then hand off to partners with global scale. Process and analytical decisions made during early development will carry into global programs, so these deals make technology transfer readiness and early process design an increasingly strategic concern.

References

1. Hansoh Pharma announces strategic collaboration and license agreement with Roche to advance novel ADC portfolio. News release. Hansoh Pharmaceutical Group Co, Ltd. October 19, 2026. Accessed October 19, 2026. View source

2. ADCs challenge manufacturers’ skill sets. Pharmaceutical Technology. Published May 4, 2016. Accessed October 19, 2026. View source

3. Merck KGaA, Darmstadt, Germany to acquire Silence Therapeutics, strengthening rare disease pipeline with innovative siRNA asset. News release. Merck KGaA, Darmstadt, Germany. October 19, 2026. Accessed October 19, 2026. View source

4. METiS TechBio announces strategic collaboration with Lilly to advance next-generation tissue-specific LNP delivery technologies. News release. METiS TechBio. October 19, 2026. Accessed October 19, 2026. View source

5. Challener CA. Organic nanoparticle-based drug-delivery systems as alternatives to lipid nanoparticles. Pharmaceutical Technology. 2025;49(2):14-17. Accessed October 19, 2026. View source