This Week's Highlights
Mid-cap pharma BD teams most active since 2021
Business development activity from US companies with $2B–$15B market cap is at its highest since 2021, driven by looming patent expirations and pressure to rebuild pipelines.
BioRich closes Q1 with 3 term sheets
BioRich facilitated its third term sheet of Q1 2026 — ahead of pace versus the same period last year and on track for an exceptional full year.
Metabolic disease assets dominate in-licensing interest
GLP-1, GLP-1/GIP, and GIPR-targeted programs are the most frequently requested assets from US in-licensors — reflecting commercial excitement driven by approved weight-loss therapies.
Featured Deal
A US mid-cap specialty pharmaceutical company signed a licensing agreement with a Beijing-based biotech for North American rights to a once-daily oral GLP-1 receptor agonist in Phase II. The deal was structured with a $25M upfront payment, $280M in development and commercial milestones, and royalties escalating from 8% to 14% based on net sales tiers. This represents one of the largest upfront payments for a China-originated metabolic disease asset to date.
$25M upfront + $280M milestones + 8–14% royalties
Rights: North America | Modality: Small Molecule (Oral GLP-1 RA) | Indication: Type 2 Diabetes / Obesity | Stage: Phase II
Market Moves
US IND Cleared for TROP-2 ADC
Zai Lab received FDA clearance for its IND for a TROP-2 targeted ADC, strengthening its US development presence beyond its commercial portfolio.
Fruquintinib US Revenue Beats Expectations
HUTCHMED reported stronger-than-expected US revenue for fruquintinib (Fruzaqla) in its first full year of US commercial availability, validating the cross-border commercialization model.
In-Licenses TLR7/8 Agonist from Chinese Partner
Kineta, a Seattle-based immunology company, in-licensed a TLR7/8 agonist platform from a Shanghai biotech, citing early immuno-oncology combination data.
Regulatory & Policy Watch
FDA Issues Final Guidance on Decentralized Clinical Trials
The FDA finalized its guidance on decentralized clinical trials, with implications for sponsors running US-China parallel studies who may benefit from remote monitoring options.
China NDA Submission Wave Expected in H2 2026
NMPA analysts project a record number of NDA submissions in the second half of 2026, driven by Phase III completions from assets that initiated trials in 2022–2023.
BioRich Perspective
The in-licensing wave from US mid-cap pharma represents a generational opportunity for Chinese biotechs that have clinical assets and are ready to engage seriously with US business development teams. The key bottleneck is not deal interest — it exists in abundance — but deal readiness. Chinese companies that have invested in preparing professional data packages, having regulatory strategy clarity, and identifying a US-side advocate or facilitator will close deals. Those relying solely on WeChat introductions and conference meetings will fall behind. This is exactly the gap BioRich was built to bridge.
BioLink Weekly is published by BioRich International, Princeton NJ.
lisa.fan@biorichinc.com