Top Companies in Targeted Protein Degradation

The global targeted protein degradation market is projected to reach USD 9.85 billion by 2035 from USD 0.48 billion in 2025, at a CAGR of 35.4% from 2025 to 2035. The growth of the targeted protein degradation market can be credited to capital inflows & big-pharma tie-ups, as well as technological advancements in degrader design and discovery.

Several key players in the targeted protein degradation industry with a strong global footprint include Bristol Myers Squibb (US), Arvinas (US), BeiGene (US), Nurix (US), Kymera (US), C4 Therapeutics (US), Stemline Therapeutics (US), AstraZeneca (UK), F. Hoffmann-La Roche (Switzerland), Bayer (Vividion) (Germany), Captor Therapeutics (Poland), Ranok Therapeutics (US), Pfizer (US), Novartis (Switzerland), and Foghorn Therapeutics (US). Companies in this sector employ various growth strategies to strengthen their international presence and reinforce market positions.

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In May 2024, Bristol Myers Squibb (BMS) signed a collaboration with VantAI to utilize its AI-enabled degrader discovery platform to develop molecular glues. The deal includes USD 674 million in milestone payments and potential royalties on sales. In April 2024, Novo Nordisk entered into a strategic collaboration with Neomorph to develop molecular glue degraders targeting rare diseases. The deal is valued at up to USD 1.46 billion, including upfront payments and milestone-based payouts.

Bristol Myers Squibb (BMS)

Bristol Myers Squibb (BMS) is a key player in the targeted protein degradation (TPD) market, leveraging its extensive drug development capabilities to advance next-generation therapeutics. BMS was among the earliest large pharmaceutical companies to recognize the potential of TPD, particularly through molecular glues that reprogram E3 ligases to degrade disease-causing proteins. The company inherited significant TPD assets and expertise by acquiring Celgene, including its partnership with Evotec and initial collaborations with startups such as C4 Therapeutics. BMS continues to build a robust pipeline of TPD candidates, especially in oncology and immunology, where traditional small molecules or biologics have limited efficacy. Its approach combines in-house discovery with strategic partnerships to broaden target scope and accelerate clinical progression. With ongoing investments in E3 ligase biology and protein degradation mechanisms, BMS is positioning itself as a long-term leader in the TPD space. Its focus on molecular glues and degrader programs highlights a commitment to expanding and offering new therapeutic avenues for complex diseases.

Arvinas (US)

Arvinas is a pioneer in the targeted protein degradation (TPD) field, recognized for being the first company to bring a PROTAC (PROteolysis TArgeting Chimera) degrader into clinical trials. Founded on technology from Yale University, Arvinas has developed a proprietary platform that harnesses the ubiquitin-proteasome system to selectively degrade disease-causing proteins. Its clinical pipeline includes ARV-110 and ARV-471, which target androgen and estrogen receptors in prostate and breast cancers, respectively. Its strong scientific foundation and first-mover advantage have positioned it as a leader in the TPD space. In addition to internal programs, Arvinas has formed high-profile collaborations with Pfizer and Bayer, leveraging its platform to explore new targets and therapeutic areas beyond oncology. These partnerships validate its technology and provide significant funding and development support. As the TPD field matures, Arvinas stands out for its clinical progress, strategic alliances, and expanding expertise in rational degrader design, which could lead to transformative therapies for patients with limited treatment options.

Market Ranking

The targeted protein degraders market is characterized by intense consolidation, with top three key players commanding a substantial share of global revenues, estimated to be between 80% to 90% of the total market. These leading companies reinforce their market positions through strategic investments, regulatory advancements, and extensive partnerships. Notably, Bristol Myers Squibb (US) is a front-runner in molecular glue-based protein degradation, leveraging legacy assets from Celgene. Its focus is oncology and immunology, with several internal and partnered programs. BMS leads the industry in clinical-stage degraders and invests heavily in expanding the druggable proteome through strategic collaborations and innovation. In this competitive landscape, Arvinas is a pioneer of PROTAC technology, advancing clinical candidates such as ARV-110 and ARV-471. As the first to move a TPD drug into clinical trials, it holds a leadership position. Furthermore, BeiGene (US) is expanding into the TPD space through strategic R&D and technology licensing. While primarily known for its oncology pipeline, the company is exploring protein degradation to complement its existing small molecules and biologics capabilities.

Companies are investing in ligase expansion, oral bioavailability, and tissue specificity. The market is expected to shift toward precision degradation therapies for cancers, neurodegenerative diseases, and inflammatory conditions. The rise of AI-driven degrader design increased regulatory receptivity, and favorable reimbursement models for novel targeted therapies position the TPD market for significant growth. These developments and strong M&A and venture funding momentum highlight a high-opportunity environment for established players and innovation-driven startups.

The remainder of the market, comprising approximately 10–20%, is populated by various regional players. These players are gaining ground through partnerships, collaborations, and technological innovation. Market shifts are driven by advances in pharmaceutical contract manufacturing, changing regulatory landscapes, and growing demand for non-invasive, personalized medicine.

Related Reports:

Targeted Protein Degradation Market by Type [PROTACs (Vepdegestrant, Bavdegalutamide), SERDs (Elacestrant), Molecular Glues (Mezigdomide), LDD, LYTAC/ATAC], Indication (Oncology, Inflammatory), Formulation (Oral), End User - Global Forecast to 2035

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