Multi-Specific Antibodies, Market Analysis & Investment Trends

The latest in our series of healthcare analyst reports is now available and focuses on the rapid growth of bispecific or multi-specific antibodies (msAbs).

With now 14 FDA-approved msAbs and nearly 250 assets in clinical development, msAbs are indeed entering an age of innovation and commercial validation.

  • Commercial momentum is strong: 14 FDA-approved msAbs with eight approvals since 2023, including two blockbuster non-oncology products (Hemlibra and Vabysmo) generating over $1B annually, and seven oncology assets projected to achieve blockbuster status by 2030.

  • Robust clinical pipeline: Nearly 250 msAbs are in clinical trials, including 24 in late-stage registrational studies, showcasing robust industry commitment and a steady flow of new candidates entering the market.

  • Deal activity is accelerating: MsAbs transactions have nearly matched ADCs (180 vs. 192 deals, respectively, over 5.5 years) with upfront economics trending higher and a significant interest in early-stage transactions.

  • Diversification beyond oncology: While historically 60%+ of deals focused on oncology, immunology and inflammation (I&I) applications represented 43% of 2024 transactions (9 of 21 deals), supported by a shift in venture capital with $319M raised for I&I companies versus $50M for oncology in H1 2025.

DOMINIQUE LEFEBVRE

Consultant,
Back Bay Life Science Advisors

PETER BAK, PHD

Managing Director
Back Bay Life Science Advisors

GEIR H. HOLOM, PHD, MD

Senior Equity Analyst, Healthcare
DNB Carnegie

MAVRA NASIR, PHD

Engagement Manager
Back Bay Life Science Advisors

 
 

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Healthcare Analyst ReportDNB//Back BayDelivery, Biopharma