Boehringer Ingelheim’s aggressive deal-making and R&D investments reflect a strategic push to diversify its pipeline beyond traditional therapeutic areas, with a strong emphasis on emerging modalities like T-cell engagers, ADCs, and in-vivo CAR-T therapies. The company’s preference for preclinical assets and partnerships over outright acquisitions suggests a calculated approach to balancing innovation with financial prudence, avoiding the inflated costs of late-stage assets in a seller’s market....