TABLE OF CONTENTS

6 EXECUTIVE SUMMARY

9 IMMUNO-ONCOLOGY: A BRIEF INTRODUCTION
11 Immuno-oncology has sparked multiple industry, academic, and government initiatives
12 Bibliography

13 KEY TRENDS IN IMMUNO-ONCOLOGY DEAL-MAKING
13 Immuno-oncology deal volume has rapidly increased
13 Bristol-Myers Squibb and Merck & Co were the top immuno-oncology dealmakers
14 Immuno-oncology represented most of the overall oncology deal value
18 Solid tumors, especially lung cancer and melanoma, led immuno-oncology deals
20 Non-Hodgkin’s lymphoma and myeloma decreasing in overall share of deals
21 PD-L1/PD-1 dominated immuno-oncology deals
23 Immuno-oncology targets vary across indications
24 Bibliography

26 IMMUNO-ONCOLOGY COMBINATIONS: COLLABORATIVE EFFORTS
26 Combinations are the driving force in immuno-oncology deal-making
26 Combination collaborations have unique characteristics
27 Combination collaborations
32 Bibliography

34 IMMUNO-ONCOLOGY DEAL-MAKING CASE STUDIES
34 AstraZeneca has high hopes for durvalumab in combinations and in hematological cancers
37 Bristol-Myers Squibb aims to extend immuno-oncology leadership
41 Celgene is trying to make an impact in hematological cancers
44 GlaxoSmithKline looks to alternative immuno-oncology targets
47 Merck & Co is banking on Keytruda combinations
49 Roche’s atezolizumab advances in bladder cancer, but combinations and non-PD-L1 targets
are of importance
52 Bibliography

56 APPENDIX
56 Scope
56 Methodology
10 Figure 1: Number of pipeline anti-cancer immunotherapy drugs, 1995–2015
13 Figure 2: Immuno-oncology deal-making takes off: deals by Big Pharma and Mid Pharma peer sets, 2011–15
14 Figure 3: Bristol-Myers Squibb and Merck & Co led in immuno-oncology deals during 2011–15

List of figures

15 Figure 4: Immuno-oncology deal values are growing: Big Pharma and Mid Pharma in- and out-licensing, 2011–15
15 Figure 5: Average immuno-oncology deal values, Big Pharma and Mid Pharma in- and outlicensing, 2011–15
18 Figure 6: Most Big Pharma/Mid Pharma immuno-oncology deals focus on solid tumors, 2011–15
20 Figure 7: Lung cancer and melanoma led Big Pharma/Mid Pharma immuno-oncology deals, 2011–15
21 Figure 8: Lung cancer’s share of immuno-oncology deals grew over 2011–15
21 Figure 9: PD-L1/PD-1 dominated Big Pharma/Mid Pharma immuno-oncology deals during 2011–15
23 Figure 10: Shift from CTLA-4 to PD-L1/PD-1: Big Pharma/Mid Pharma immuno-oncology deals by target, 2011–15
23 Figure 11: Immuno-oncology target focus varied across indications, Big Pharma/Mid Pharma deals, 2011–15
27 Figure 12: Big Pharma/Mid Pharma immuno-oncology combination deal volume, 2011–15
28 Figure 13: Merck & Co and Bristol-Myers Squibb also led in immuno-oncology combination collaborations during 2011–15
29 Figure 14: Melanoma was the top indication among Big Pharma/Mid Pharma combination collaborations during 2011–15
30 Figure 15: PD-L1/PD-1 was the backbone in most combination agreements during 2011–15
31 Figure 16: VEGFR led non-anti-cancer immunotherapy targets used in combinations during 2011–15
31 Figure 17: VEGFR and CTLA-4 were most often paired with a PD-L1/PD-1 backbone during 2011–15
36 Figure 18: Development status of AstraZeneca’s durvalumab, February 2016
48 Figure 19: Opdivo sales are greater, but Keytruda is growing at a faster rate
50 Figure 20: Development status of Roche/Genentech’s atezolizumab, February 2016

List of tables

9 Table 1: Currently approved anti-cancer immunotherapies, February 2016
16 Table 2: Top 10 Big Pharma/Mid Pharma immuno-oncology deals, 2011–15
34 Table 3: AstraZeneca and Celgene’s FUSION program for durvalumab
35 Table 4: Select key AstraZeneca/MedImmune immuno-oncology deals, 2011–15
38 Table 5: Beyond Opdivo and Yervoy: Bristol-Myers Squibb’s anti-cancer immunotherapy pipeline, February 2016
40 Table 6: Select key Bristol-Myers Squibb immuno-oncology deals, 2011–15
41 Table 7: Celgene’s combination collaborations, 2011–15
44 Table 8: Select key Celgene immuno-oncology deals, 2011–15
45 Table 9: OX40 target pipeline, February 2016
47 Table 10: Select key GlaxoSmithKline immuno-oncology deals, 2011–15
49 Table 11: Select key Merck & Co immuno-oncology deals, 2011–15
51 Table 12: Select key Roche/Genentech immuno-oncology deals, 2011–15
56 Table 13: Big Pharma and Mid Pharma peer sets