Large pharmaceutical companies are constantly working on strategic shifts, balancing in-house innovation with external collaborations to maintain a competitive drug development pipeline while minimising risks. The data suggests that, in 2024, in-licensing conducted by Big Pharma moved to earlier-stage assets. Where do these assets fit into the equation a year later? What is considered early-stage in licensing discussions? Is there a framework of deals that pharma companies are prioritising? How can biotech and academia position themselves to secure meaningful partnerships? This session will explore how pharma approaches deals and the integration of early-stage projects into their pipelines.