Major Licensing Deals and M&A
Executive Summary - July 21 to July 28, 2026
- ✓argenx agreed to acquire Forte Biosciences for $77.00 per share in cash (about $2.2B equity value), adding the first-in-class anti-CD122 antibody FB102 - a Phase 2-stage autoimmune asset with vitiligo and celiac proof-of-concept.
- ✓Repligen agreed to acquire biopreservation supplier BioLife Solutions for about $1.5B in enterprise value (cash-and-stock; roughly $31 per share), deepening its cell-therapy bioprocessing position.
- ✓Tempus AI agreed to acquire genomics company Personalis for $16.25 per share (about $1.5B enterprise value net of Tempus's existing stake), pulling ultrasensitive MRD testing into its precision-oncology platform.
- ✓Ipsen closed its acquisition of Memo Therapeutics (EUR 200M upfront; up to more than EUR 700M total), adding the first-in-class anti-BK-polyomavirus antibody potravitug in transplant nephrology.
- ✓China-out licensing was quiet, but the two-way pipeline stayed visible: China's NMPA accepted Junshi's toripalimab for earlier-stage resectable NSCLC, and Merck signed seven royalty-free generic licenses for its once-monthly oral HIV PrEP alimatravir across 129 countries.
argenx to acquire Forte Biosciences for about $2.2B, adding the first-in-class anti-CD122 antibody FB102
$77.00 per share in cash, about an 86% premium to Forte's average price since it reported Phase 1b vitiligo data on July 9. FB102 blocks CD122, the shared beta chain of the IL-2 and IL-15 receptors, and has produced proof-of-concept in two separate autoimmune diseases - vitiligo and celiac - positioning it as a pipeline-in-a-product rather than a single-indication asset. For a company built on the FcRn franchise Vyvgart, it is a deliberate move up the autoimmune value chain into prevalent dermatology and gastroenterology indications.
The week's dealmaking ran through M&A rather than cross-border licensing. argenx put about $2.2B toward Forte Biosciences to acquire FB102, an anti-CD122 antibody that has shown facial repigmentation in vitiligo and inflammatory improvement in celiac disease; Repligen paid about $1.5B for BioLife Solutions to lock up biopreservation media embedded across cell and gene therapy workflows; and Tempus AI agreed to buy Personalis for roughly $1.5B to bring ultrasensitive molecular-residual-disease testing in-house. All three are US-on-US transactions, and two are autoimmune or oncology plays - a reminder that when China-out licensing slows for a week, Western buyers keep consolidating platforms and diagnostics at home.
The US-China axis this newsletter tracks was quieter but not idle. On the regulatory side, China's NMPA accepted Junshi Biosciences' supplemental application to expand toripalimab into resectable stage II-III non-small cell lung cancer on the strength of the final NEOTORCH analysis, which cut the risk of recurrence or death by about 60%. On the access side, Merck signed seven royalty-free voluntary licenses - three with sub-Saharan African manufacturers and four with Indian generics - to supply its investigational once-monthly oral HIV PrEP alimatravir across 129 lower-income countries, the first time African manufacturers have been included in the initial voluntary-license cohort for an HIV product. For BD readers the takeaway is that a light licensing week does not mean a light pipeline: the assets and approvals that seed next quarter's deals are still moving.
Licensing & Partnering - July 21 to July 28, 2026
| Date | Licensee | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Jul 23, 2026 (announced) | Seven generic manufacturers (Aspen Pharmacare, Aurobindo, Cipla, Emcure, Quality Chemical Industries, UCL Kenya, Viatris) | Merck - alimatravir (MK-8527), once-monthly oral HIV PrEP | Royalty-free, non-exclusive voluntary licenses; no disclosed upfront or royalty economics | Access-oriented licensing rather than a commercial out-license. Merck granted seven royalty-free generic licenses covering 129 low- and middle-income countries - three sub-Saharan African manufacturers (Aspen, Quality Chemical Industries, UCL Kenya) and four Indian generics (Aurobindo, Cipla, Emcure, Viatris). alimatravir is in Phase 3; this is the first time sub-Saharan African manufacturers have been included in the initial voluntary-license cohort for an HIV product. |
No China-out or China-in commercial licensing transactions met this newsletter's verification bar during the window. That is a single-week gap in deal flow rather than a trend break - the pipeline indicators in Sections 2 and 4 remain active - and it is noted here explicitly rather than filled with unverified items.
M&A and Control Transactions - July 21 to July 28, 2026
| Date | Acquirer | Target | Deal Value | Strategic Rationale |
|---|---|---|---|---|
| Jul 27, 2026 (announced) | argenx | Forte Biosciences (Nasdaq: FBRX) | $77.00/share cash; ~$2.2B equity value | Autoimmune expansion. Adds first-in-class anti-CD122 antibody FB102, which blocks the shared beta chain of the IL-2 and IL-15 receptors. In a 43-patient Phase 1b vitiligo study FB102 improved F-VASI by 29.6% versus 7.9% on placebo at week 24 (43.2% vs 0.5% in extensive disease), and a Phase 1b celiac study was positive, with Phase 2 celiac topline expected in 2H 2026. The $77.00 offer is about an 86% premium to Forte's average price since the July 9 vitiligo readout. Close expected Q3 2026. |
| Jul 22, 2026 (announced) | Repligen | BioLife Solutions (Nasdaq: BLFS) | ~$1.5B enterprise value; ~$31/share (64% stock, 36% cash) | Cell-therapy bioprocessing. BioLife's biopreservation media are embedded in commercial and clinical cell and gene therapy workflows; the deal pairs that recurring, high-margin consumables business with Repligen's bioprocessing platform. Consideration of $11.25 cash plus 0.1442 Repligen shares implies about $31/share, a 24% premium to the 90-day VWAP through July 21. Close expected Q4 2026. |
| Jul 20, 2026 (announced) | Tempus AI | Personalis (Nasdaq: PSNL) | $16.25/share; ~$1.5B enterprise value net of Tempus stake | Diagnostics / MRD. Integrates Personalis's ultrasensitive NeXT Personal Dx molecular-residual-disease test into Tempus's AI-enabled precision-oncology platform, a US MRD market Tempus sizes above $20B. Structured as a stock deal with a Tempus option to pay up to 50% in cash. Announced July 20, one day before this window opened and not covered in the prior issue; tabled here with a boundary flag. Close expected Q4 2026 at the earliest. |
| Jul 22, 2026 (closed) | Ipsen | Memo Therapeutics (Switzerland) | EUR 200M upfront (cash-free, debt-free); up to more than EUR 700M total with milestones | Rare disease / transplant nephrology. Closes the acquisition first announced July 1, 2026, adding potravitug, a first-in-class monoclonal antibody against BK polyomavirus reactivation in kidney-transplant recipients. Listed here as a completed control transaction; deferred payments are tied to development, regulatory and sales milestones. |
Boundary and dating notes: the Tempus AI / Personalis agreement was announced July 20, 2026 - one day before this window opened and outside the material Issue 15 covered - and is reported here rather than skipped. The Ipsen / Memo Therapeutics transaction was first announced July 1, 2026 and is tabled on its July 22 closing, flagged '(closed)' rather than '(announced)'. All other transactions are dated by announcement.
Weekly Takeaways
- M&A carried the week: with no verifiable China-out license in the window, three US acquisitions - argenx/Forte, Repligen/BioLife and Tempus/Personalis - accounted for the headline economics.
- Autoimmune is where the premium is: argenx paid about an 86% premium for a Phase 2-stage anti-CD122 antibody with proof-of-concept in two indications, underlining that de-risked, multi-indication autoimmune assets still clear at aggressive multiples.
- CD122 joins the crowded I&I target set: FB102's mechanism - blocking the IL-2/IL-15 receptor beta chain - sits alongside the TYK2, IL-23 and CD40L programs anchoring recent China-out immunology licenses, a reminder that Western buyers are assembling autoimmune portfolios across mechanisms.
- Bioprocessing and diagnostics are being bought, not built: Repligen's move for BioLife (cell-therapy consumables) and Tempus's for Personalis (MRD testing) both acquire an embedded, recurring-revenue capability rather than a single drug - the same picks-and-shovels logic behind the CDMO offerings on the Opportunity Board.
- The China axis stayed visible through regulation, not licensing: the NMPA's acceptance of toripalimab for earlier-stage NSCLC and Merck's 129-country generic-licensing move for alimatravir show product and access flowing even in a quiet dealmaking week.
- Vitiligo is becoming a proving ground for autoimmune mechanisms: FB102's Phase 1b repigmentation data - the trigger for the argenx deal - lands in the same indication where InnoCare's TYK2 inhibitor soficitinib hit its Phase 2 endpoint last week, signaling a competitive autoimmune indication that will draw more BD attention.
- What to watch: whether a quiet licensing week is followed by a catch-up in China-out signings into August, and whether argenx's CD122 bet prompts competing bids for other multi-indication autoimmune antibodies.
Global Biomedicine Highlights
Clinical Readouts & Regulatory - July 21 to July 28, 2026
July 24, 2026 - FDA Approves Otsuka's First-in-Class SIMTRIYO (centanafadine) for ADHD in Patients Aged 6 and Older
The FDA approved SIMTRIYO (centanafadine; Otsuka), a once-daily extended-release capsule, for attention-deficit/hyperactivity disorder in adults and pediatric patients aged 6 and older weighing at least 20 kg. Centanafadine is a norepinephrine, dopamine and serotonin reuptake inhibitor (NDSRI) - a mechanism Otsuka describes as first-in-class for ADHD. The approval rests on four randomized, double-blind, placebo-controlled Phase 3 trials: the two pivotal adult studies showed statistically significant improvements in the Adult ADHD Investigator Symptom Rating Scale (AISRS) versus placebo as early as week 1 and sustained through the six-week treatment period, and the pediatric and adolescent studies showed significant improvement on the ADHD Rating Scale-5 (ADHD-RS-5) at the high dose.
BD Implication: A first-in-class oral mechanism clearing the FDA in a large, well-served indication like ADHD is a reminder that differentiated small-molecule CNS assets still reach approval on head-to-head symptom scales rather than novel biomarkers. For China-origin CNS and psychiatry programs seeking Western partners, the read-through is that a clean, mechanism-differentiated efficacy signal spanning both adult and pediatric populations is what widens the addressable label - and the licensing value - of a crowded-category entrant.
July 21, 2026 - China's NMPA Accepts Junshi's Toripalimab for Earlier-Stage Resectable NSCLC on the Final NEOTORCH Analysis
China's NMPA accepted Junshi Biosciences' supplemental application to expand its anti-PD-1 antibody toripalimab, in combination with chemotherapy, as perioperative treatment for resectable stage II-III non-small cell lung cancer - broadening an existing label that covered resectable stage IIIA-IIIB disease. The filing is based on the final analysis of the Phase 3 NEOTORCH trial in 501 patients, in which perioperative toripalimab plus chemotherapy significantly improved event-free survival, reduced the risk of recurrence or death by about 60%, and increased major pathological and complete-response rates versus chemotherapy alone. Toripalimab's earlier stage IIIA-IIIB perioperative indication was first approved by the NMPA in December 2023.
BD Implication: A domestically developed PD-1 backbone extending into earlier, curative-intent lung cancer with a roughly 60% reduction in recurrence risk strengthens the case for China-origin checkpoint inhibitors as combination anchors rather than standalone assets. For Western buyers and funds, the NEOTORCH dataset is the kind of large, hard-endpoint perioperative evidence that supports either ex-China licensing of the backbone or its use as a comparator or combination partner for novel China-origin agents.
July 2026 - Forte's Anti-CD122 Antibody FB102 Shows Repigmentation in Phase 1b Vitiligo, Triggering the $2.2B argenx Deal
The clinical dataset behind argenx's $2.2B acquisition of Forte Biosciences is FB102's Phase 1b vitiligo readout, first reported July 9, 2026. In a 43-patient study, FB102 - a first-in-class antibody against CD122, the shared beta chain of the IL-2 and IL-15 receptors - improved the Facial Vitiligo Area Scoring Index (F-VASI) by 29.6% versus 7.9% on placebo at week 24, with a substantially larger effect in patients with extensive disease (43.2% vs 0.5%). FB102 has also shown positive Phase 1b data in celiac disease, with Phase 2 celiac topline expected in the second half of 2026, and Forte has flagged additional autoimmune indications including alopecia areata.
BD Implication: CD122 blockade sits upstream of the memory T-cell and NK-cell signaling implicated across multiple autoimmune diseases, which is why a single antibody can generate proof-of-concept in indications as different as vitiligo and celiac. For sponsors of China-origin autoimmune antibodies, FB102 is the template Western buyers are paying for: a mechanism with multi-indication reach, clean early efficacy on a validated endpoint, and an active-comparator-ready profile. It also lands in vitiligo, the same indication where InnoCare's TYK2 inhibitor soficitinib posted a positive Phase 2 last week - an autoimmune target-rich zone now drawing both small-molecule and antibody competition.
Validation notes: The argenx/Forte (about $2.2B), Repligen/BioLife (about $1.5B) and Tempus/Personalis (about $1.5B) figures are the companies' stated deal values; per-share terms are as announced, and enterprise-versus-equity framing varies by outlet and is labeled here as each company described it. The Merck alimatravir licenses carry no disclosed upfront or royalty economics and are reported as royalty-free. Junshi's NEOTORCH figures are from the company's final-analysis disclosure. FB102 Phase 1b vitiligo figures are company-reported. The Tempus/Personalis transaction is dated by announcement (July 20, 2026) and the Ipsen/Memo transaction by its July 22, 2026 closing.
Job Postings
Executive and senior-level openings across C-suite, BD&L, R&D leadership, manufacturing, and medical affairs - spanning both U.S. and China-based employers - are tracked on the dedicated Job Board. BD&L talent searches frequently pair with the buyer and fund mandates on the Opportunity Board below.
View the Job BoardBD&L Opportunity Board
Active In-Licensing Mandates (Standing)
New & Updated This Week
- No new buyer mandates were briefed during this window; all 26 in-licensing mandates (#1 through #26) and four service and capital offerings (#S1 through #S4) carry forward from Issue 15 as continuing.
- The autoimmune mandates (#10 ANCA-associated vasculitis; #24 oral peptides in autoimmune plus FIC autoimmune antibodies) map directly to this week's largest deal - argenx's $2.2B acquisition of Forte and its anti-CD122 antibody FB102.
- The oncology mandate #8 (KRAS G12V) stays relevant to Section 2 this week: China's NMPA accepted Junshi's toripalimab in resectable NSCLC, and #26 (TYK2 / JAK inhibitors) tracks the vitiligo readouts that FB102 also addresses.
- The capital-markets offering #S4 (China late-stage programs to a direct NASDAQ listing) is worth re-reading against this week's Hong Kong biotech IPO activity, where US and China developers alike are tapping HK listings as an alternative route to public capital.
No new buyer mandates were briefed to Biolink during this window; all 26 in-licensing mandates (#1 through #26) and four service and capital offerings (#S1 through #S4) carry forward from Issue 15 as continuing, and new assets matching any mandate can be routed via the BD inbox at any time. All entries below are US/EU buyer or fund mandates with ex-China or global rights preferred unless noted. Several entries are worth re-reading against this week’s news: the autoimmune mandates (#10 ANCA-associated vasculitis and #24 FIC autoimmune antibodies) in light of argenx’s $2.2B acquisition of Forte and its anti-CD122 antibody FB102, the oncology mandate #8 (KRAS G12V) alongside the NMPA’s acceptance of Junshi’s toripalimab in resectable NSCLC, and the capital-markets offering #S4 in light of this week’s Hong Kong biotech IPO activity.
Hematology Diseases - Polycythemia Vera, Von Willebrand Disease, Warm AIHA
US/EU companies are in-licensing programs across three hematology indications: polycythemia vera (PV), von Willebrand disease (VWD), and warm autoimmune hemolytic anemia (warm AIHA). Large molecules, small molecules, siRNA, and peptides are all acceptable; preclinical stage is acceptable. Ex-China / global rights preferred.
Target-Interest Mandates - 16 Targets
US/EU companies are in-licensing programs against the following targets (mechanism in parentheses where specified); preclinical stage is acceptable: CHRM4 inhibitor; COX / 5-LOX inhibitor; FcRn inhibitor; IFN-gamma inhibitor; JAK2 V617F mutant-selective inhibitor; LNK inhibitor; AKT1 inhibitor; APJ antagonist; BMP9 recombinant protein (mimic endogenous BMP9); CALR mutant-selective inhibitor; matriptase-2 inhibitor; plasminogen inhibitor; protein S inhibitor; SF3B1 splicing modulator; TIE2 inhibitor; and TPO receptor / MPL inhibitor. Ex-China / global rights preferred.
Small-Molecule Weight Loss via Energy Expenditure
US/EU companies are in-licensing small-molecule weight-loss programs, oral formulations preferred. They are not seeking traditional appetite-suppression mechanisms; rather, they want weight loss achieved by boosting energy metabolism or energy expenditure. Preclinical stage is acceptable. Ex-China / global rights preferred.
Rare & Specialty Movement Disorders, Motor Neuron Disease, Rare Epilepsy (Active Roadshow)
US/EU companies are running an active roadshow to in-license novel, potentially disease-modifying therapies for rare and specialty movement disorders, motor neuron diseases, and rare epilepsies. Open to small and large molecules and siRNA; preclinical-stage assets acceptable and any stage considered. Ex-China / global rights preferred.
TRAIL Agonist - Target Interest
US/EU companies are in-licensing TRAIL-agonist programs. Assets from preclinical candidate (PCC) stage through Phase II can be considered; indication flexible. Ex-China / global rights preferred.
Oligonucleotide & Small Nucleic Acid Programs (Fund Mandate)
A well-established US/EU fund is seeking siRNA, antisense oligonucleotide, and small nucleic acid programs. No restriction on disease area; preclinical assets are acceptable. Ex-China / global rights preferred.
Cardiovascular & Kidney Disease - Multi-Modality
US/EU companies are in-licensing cardiovascular and kidney disease programs across modalities - small molecules, large molecules, siRNA, peptides, and antisense oligonucleotides. Preclinical assets are acceptable. Ex-China / global rights preferred.
KRAS G12V - Target-Specific (Oncology)
US/EU buyer seeking to in-license a KRAS G12V-targeted oncology program. Target-specific mandate open to small molecule or biologic; asset must be IND-cleared or later. Ex-China / global rights preferred.
AL Amyloidosis - Disease-Area Mandate
US/EU buyer disease-area mandate for AL amyloidosis. Small molecule or biologic; preclinical candidate (PCC) stage or later. Mechanism open.
ANCA-Associated Vasculitis (GPA, MPA, EGPA)
US/EU buyer disease-area mandate for ANCA-associated vasculitis across GPA, MPA, and EGPA. Small molecule or biologic; PCC stage or later. Mechanism open.
Anemia of Chronic Kidney Disease
US/EU buyer disease-area mandate for anemia of chronic kidney disease. Small molecule or biologic; PCC stage or later. Mechanism open.
Anemia of Inflammatory Bowel Disease
US/EU buyer disease-area mandate for anemia of inflammatory bowel disease. Small molecule or biologic; PCC stage or later. Mechanism open.
CCR3 Antagonist - Target Interest
US/EU buyer target-interest mandate for CCR3 antagonist programs. Preclinical-stage assets acceptable; indication flexible. Ex-China / global rights preferred.
JAG1 Agonist - Target Interest
US/EU buyer target-interest mandate for JAG1 (Jagged-1) agonist programs. Preclinical-stage assets acceptable; indication flexible.
ENTPD1 / CD39 Antagonist - Target Interest
US/EU buyer target-interest mandate for ENTPD1 (CD39) antagonist programs. Preclinical-stage assets acceptable; immuno-oncology focus.
Geographic-Arbitrage: Chinese Phase I/IIa Assets
Fund invests in Chinese-originated Phase I or IIa assets, re-runs / extends clinical development in EU/US (Western data is more readily accepted by MNCs), then out-licenses or sells to MNCs.
Newco Formation around Phase III Programs
Large European/American funds building purpose-built Newcos around Phase III clinical-stage programs in Oncology, Autoimmune, and CNS. Asset contributable or out-licensable into a fund-backed Newco structure.
Oral Peptides & Cyclic Peptides
US/EU companies are in-licensing oral peptide and cyclic peptide programs. No restriction on development stage or indication. Ex-China / global rights preferred.
Mutant CALR (Calreticulin) - Hematology
US/EU companies are in-licensing programs targeting mutant CALR (calreticulin) for hematologic malignancies. Open to small molecules, large molecules (biologics), or siRNA modalities. Preclinical stage acceptable. Ex-China / global rights preferred.
BBB-Penetrant I&I Small Molecules / CNS Small Molecules for Neurodegeneration
A US/EU company is in-licensing blood-brain-barrier (BBB)-penetrant immunology & inflammation (I&I) small molecules, or CNS small molecules for neurodegenerative diseases - particularly assets addressing targets in neuroinflammatory or neurometabolic pathways. Ex-China / global rights preferred.
Cardiovascular Disease - Six Named Indications
Overseas companies are in-licensing programs treating cardiovascular disease across six named indications: cardiopulmonary disease, heart failure, atrial fibrillation, stroke, atherosclerosis, and pulmonary hypertension. Preclinical-stage assets are acceptable. This narrows the broader cardiovascular and kidney mandate (#7) to a specific indication list; assets fitting either can be routed to both.
Technology Platforms - Data & AI, and Discovery / Development / Supply
European and American companies are looking to both invest in and license in technology platforms across two groups. Data, Data Science & Artificial Intelligence: frontier models to elucidate biology; digital health and AI biomarkers and endpoints; GenAI to enhance and accelerate scientific discovery; GenAI for productivity and optimization. Discovery, Product Development & Supply: small molecules; protein therapeutics; cell therapy and gene editing; siRNA therapeutics; AI and machine learning for discovery research; safety testing; drug delivery solutions; supply chain technologies. This is a platform and enabling-technology mandate rather than a single-asset mandate, and it carries an equity-investment option alongside licensing.
MEK-RAF and KRAS-CYP A - Small Molecules & Molecular Glues
European and American companies are in-licensing small-molecule and molecular glue programs targeting MEK-RAF and KRAS-CYP A. Pre-PCC (pre-preclinical-candidate) stage assets are explicitly in scope, making this one of the earliest-stage mandates on the Board.
Oral Peptides in Autoimmune, plus FIC Autoimmune Antibodies
European and American companies are in-licensing oral peptide programs targeting autoimmune and immune-related diseases at near-IND or clinical stage. The same buyers are separately interested in first-in-class (FIC) autoimmune antibody programs at pre-PCC stage. Note the two different stage gates: near-IND or later for the oral peptides, pre-PCC acceptable for the FIC antibodies. This is the autoimmune-specific, stage-gated counterpart to the indication-agnostic oral peptide mandate (#18).
Anti-TRBV9 mAb or TRBV9/CD3 T-Cell Engager
European and American companies are in-licensing an IND-stage anti-TRBV9 monoclonal antibody, or a TRBV9/CD3 T-cell engager (TCE). A tightly specified, single-target mandate with a firm IND-stage requirement - the narrowest brief currently on the Board.
TYK2, JAK, and TYK2/JAK Small-Molecule Inhibitors
European and American companies are in-licensing TYK2, JAK, or dual TYK2/JAK small-molecule inhibitors. Preclinical-stage assets are acceptable. The mechanism stays active in the autoimmune deal flow this newsletter tracks - vitiligo and psoriasis readouts continue to draw both small-molecule and antibody competition, as this week's FB102 vitiligo data underlines. Sponsors should expect diligence on JH1 versus JH2 binding and on selectivity against the wider JAK family.
Sourcing Cross-Reference - What to Flag into Biolink
For readers with assets or intros that match the mandates above, the following cross-reference summarizes what Biolink can route directly to the relevant buyer or fund.
| Buyer Mandate | What to Source / Flag to Biolink |
|---|---|
| Hematology Diseases (PV, VWD, warm AIHA) | Programs for polycythemia vera, von Willebrand disease, or warm autoimmune hemolytic anemia; large or small molecule, siRNA, or peptide; preclinical acceptable; ex-China / global rights. |
| Target-Interest - 16 Targets | Programs against CHRM4, COX/5-LOX, FcRn, IFN-gamma, JAK2 V617F (mutant-selective), LNK, AKT1, APJ, BMP9 (recombinant), CALR (mutant-selective), matriptase-2, plasminogen, protein S, SF3B1, TIE2, or TPO-R/MPL; preclinical acceptable. |
| Small-Molecule Weight Loss (energy expenditure) | Oral-preferred small molecules that drive weight loss via energy metabolism / expenditure (not appetite suppression); preclinical acceptable. |
| Rare/Specialty Movement Disorders, MND, Rare Epilepsy (roadshow) | Disease-modifying programs for rare/specialty movement disorders, motor neuron diseases, or rare epilepsies; small and large molecules or siRNA; preclinical acceptable, any stage. Active roadshow. |
| TRAIL Agonist | TRAIL-agonist programs from PCC through Phase II; indication flexible. |
| siRNA / ASO / Small Nucleic Acid (fund) | Oligonucleotide and small-nucleic-acid programs - siRNA, antisense, small nucleic acids; any disease area; preclinical acceptable. Extrahepatic (e.g., renal) delivery of particular current interest. |
| Cardiovascular & Kidney Disease | CV and renal programs - small molecule, large molecule, siRNA, peptide, or antisense; preclinical acceptable. Acute kidney injury of current interest following the Dimerix/Mission transaction. |
| KRAS G12V (Oncology) | KRAS G12V-targeted programs, small molecule or biologic, IND-cleared or later; ex-China / global rights. |
| AL Amyloidosis | Programs for AL amyloidosis at PCC stage or later; small molecule or biologic; mechanism open. |
| ANCA-Associated Vasculitis | Programs addressing GPA, MPA, or EGPA at PCC stage or later; small molecule or biologic. |
| Anemia of CKD | Programs for anemia of chronic kidney disease at PCC stage or later; small molecule or biologic. |
| Anemia of IBD | Programs for anemia of inflammatory bowel disease at PCC stage or later; small molecule or biologic. |
| CCR3 Antagonist | CCR3 antagonist programs; preclinical acceptable; indication flexible. |
| JAG1 Agonist | JAG1 (Jagged-1) agonist programs; preclinical acceptable; indication flexible. |
| ENTPD1 / CD39 Antagonist | ENTPD1 (CD39) antagonist programs; preclinical acceptable; immuno-oncology focus. |
| Oral & Cyclic Peptides | Oral peptide or cyclic peptide programs; any development stage; any indication; ex-China / global rights. |
| Mutant CALR - Hematology | Programs targeting mutant CALR (calreticulin) for hematologic malignancies; small molecule, biologic, or siRNA; preclinical acceptable. Heightened interest following the Halozyme/Incyte subcutaneous mutCALR agreement. |
| BBB-Penetrant I&I / CNS Neuro Small Molecules | BBB-penetrant I&I small molecules, or CNS small molecules for neurodegeneration addressing neuroinflammatory or neurometabolic targets; ex-China / global rights. |
| Cardiovascular - Six Named Indications | Programs in cardiopulmonary disease, heart failure, atrial fibrillation, stroke, atherosclerosis, or pulmonary hypertension; preclinical acceptable; modality open. |
| Technology Platforms - Data & AI | Frontier models for biology, digital health and AI biomarkers/endpoints, GenAI for scientific discovery, GenAI for productivity and optimization. Licensing and/or equity investment. |
| Technology Platforms - Discovery, Development & Supply | Small molecules, protein therapeutics, cell therapy and gene editing, siRNA therapeutics, AI/ML for discovery research, safety testing, drug delivery solutions, supply chain technologies. Licensing and/or equity investment. |
| MEK-RAF and KRAS-CYP A | Small-molecule or molecular glue programs against MEK-RAF or KRAS-CYP A; pre-PCC stage explicitly acceptable. |
| Oral Peptides in Autoimmune / FIC Autoimmune Antibodies | Oral peptides for autoimmune and immune-related disease at near-IND or clinical stage; separately, first-in-class autoimmune antibodies at pre-PCC stage. |
| Anti-TRBV9 mAb or TRBV9/CD3 TCE | IND-stage anti-TRBV9 monoclonal antibody, or a TRBV9/CD3 T-cell engager. Single-target brief; IND stage required. |
| TYK2 / JAK / TYK2-JAK Inhibitors | TYK2, JAK, or dual TYK2/JAK small-molecule inhibitors; preclinical acceptable. Expect diligence on JH1 vs JH2 binding and JAK-family selectivity. |
| Fund - China Phase I/IIa geographic-arbitrage | Chinese sponsor with a clean Phase I or IIa readout, open to a Western development plan; fund leads EU/US clinical work and downstream MNC out-license. |
| Fund - Newco around Phase III asset | Late-stage (Ph III) programs in Oncology, Autoimmune, or CNS where the originator is open to a fund-backed Newco. |
| Capital - China late-stage to NASDAQ direct listing | Chinese sponsors with late-stage clinical programs open to taking the company public directly on NASDAQ with US investor backing. See #S4, Section 4.4. |
Featured License-Out
A China-based biotech is seeking global partners for a first-in-class (FIC) immunotherapy platform targeting autoimmune diseases. The platform is built on a proprietary antigen-specific tolerance technology designed to modulate immune response without systemic immunosuppression - a mechanism that, if validated, would directly address the central limitation of currently marketed biologics in this space.
| Attribute | Detail |
|---|---|
| Opportunity Type | License-Out - global partnership sought |
| Originator | China-based biotech (fully integrated; R&D, clinical, manufacturing, global supply chain) |
| Platform | First-in-class (FIC) immunotherapy platform based on proprietary antigen-specific tolerance technology. Designed to modulate the immune response without systemic immunosuppression. |
| Lead Asset - Stage | Phase II in Graves' disease (GD) |
| Additional Indications | Thyroid eye disease (TED) - Multiple sclerosis (MS) - Type 1 diabetes (T1D) |
| Clinical Readouts to Date | Safety: no severe AEs in Phase I. Efficacy: meaningful reduction in disease biomarkers. Mechanism benefit: potential for long-term disease remission via immune-tolerance induction. |
| IP Position | >150 granted patents; multiple FIC assets in the pipeline |
| Deal Type Sought | Global partnership / out-license discussions (ex-China rights negotiable) |
| Contact | BD@biorichinc.com (direct message also welcome) |
The lead asset is Phase II and the platform produces multiple FIC programs in autoimmune disease - squarely within the autoimmune mandate from Western buyers. This week's largest transaction is directly relevant precedent: argenx paid about $2.2B for Forte's first-in-class anti-CD122 antibody FB102 on the strength of multi-indication autoimmune proof-of-concept, underlining the premium Western buyers will pay for validated, mechanism-differentiated autoimmune assets with reach across several indications.
Services & Capital - Standing
Beyond asset licensing, four service and capital offerings are open (#S1 through #S4), all continuing from prior issues. These are not drug-licensing deals and are listed here rather than on the Licensing Opportunities page.
ADC CDMO - Services in Exchange for Equity
An ADC-focused contract development and manufacturing organization (CDMO) is offering its services in exchange for equity, supporting ADC companies that need development and manufacturing capacity. ADC companies with such needs are welcome to make contact.
ADC Investment Mandate - Chinese ADC Developers
An investor is looking to invest in Chinese ADC (antibody-drug conjugate) drug-development companies. Each investment is USD 2-3M, with a preference for ADC projects that are close to entering the CMC stage.
ADC & RDC (Radioconjugate) CDMO - Services-for-Equity or Direct Investment
A CDMO offering ADC and radioconjugate (RDC) development and manufacturing services can provide those services in exchange for equity, or invest several million USD, in ADC and radiopharmaceutical companies in need of funding or manufacturing support. Interested parties are welcome to make contact.
China Late-Stage Programs to a Direct NASDAQ Listing
Two highly experienced US investors are looking to bring in late-stage clinical programs from China, with the company listing directly on NASDAQ. This is a capital-markets route rather than an out-licensing route: the objective is a US-listed vehicle built around the asset, not a milestone-and-royalty licence. Chinese sponsors with late-stage clinical data who are open to a US listing structure are welcome to make contact.
Contact & Submissions
- To submit assets matching any mandate above: BD@biorichinc.com (include modality, stage, last clinical readout, and territory availability).
- Browse the full, filterable opportunity set - including out-licensing assets - on the Licensing Opportunities page.
- Role cross-reference - see Section 3 (Job Postings) for BD&L professionals available for hire (VP BD, licensing counsel).
BioLink Weekly - Section 4, BD&L Opportunity Board. Prepared July 28, 2026. Buyer and fund mandates are summarized from direct briefings; specific terms available upon NDA. No new mandates were briefed during this window; all entries (#1 to #26 and #S1 to #S4) carry forward from Issue 15. Deal terms and clinical figures elsewhere in this issue are drawn from company press releases and named reputable sources; unverifiable items were omitted.
BioLink Weekly is published by BioRich International, Princeton NJ.
lisa.fan@biorichinc.com