Major Licensing Deals and M&A
Executive Summary - August 4 to August 11, 2026
- ✓Jazz Pharmaceuticals agreed to acquire Actio Biosciences for $820M upfront plus up to $500M in approval and sales milestones - up to $1.3B in total - for ABS-1230, an oral, selective KCNT1 inhibitor in development for KCNT1-related epilepsy, a rare developmental and epileptic encephalopathy with no FDA-approved therapies. Concurrent with closing, Actio will spin out a new private company (retaining the clinical-stage TRPV4 inhibitor ABS-0871 for Charcot-Marie-Tooth type 2C and earlier programs), with Jazz taking a minority stake.
- ✓Biogen completed its acquisition of RayThera, a secretive immunology startup founded in 2023, in a deal worth up to $1B (upfront plus clinical and regulatory milestones), adding a portfolio of immunology drug candidates with a lead program slated to enter the clinic in the third quarter of 2026.
- ✓argenx commenced its tender offer to acquire Forte Biosciences - the roughly $2.2B vitiligo deal for the anti-CD122 antibody FB102 first announced the prior week - moving the autoimmune-dermatology transaction toward close.
- ✓Reuters reported, citing a senior source, that there is no merger between AstraZeneca and Bristol Myers Squibb, deflating the roughly $400B mega-merger speculation that rattled the market the week before.
- ✓No fresh China-out licensing deal met this newsletter's verification bar during the window - a second consecutive quiet week for new China-to-West signings - even as Western buyers' structural appetite for China-origin assets (AstraZeneca, Pfizer and Bristol Myers Squibb have each committed more than $16B to China collaborations since the start of 2025) stayed intact.
Jazz to acquire Actio Biosciences for up to $1.3B, adding an oral KCNT1 inhibitor for rare epilepsy
Jazz Pharmaceuticals agreed to buy San Diego-based Actio Biosciences for $820M upfront and up to $500M in approval and sales milestones (up to $1.3B total), gaining ABS-1230, an orally available, potent and selective small-molecule KCNT1 inhibitor. ABS-1230 has already shown meaningful seizure reductions in an early clinical proof-of-concept study in children with KCNT1-related epilepsy, a rare genetic developmental and epileptic encephalopathy affecting roughly 2,500 people in the US with no FDA-approved treatments. Concurrent with closing, Actio will spin out a new, investor-funded private company holding the clinical-stage TRPV4 inhibitor ABS-0871 (for Charcot-Marie-Tooth type 2C) and earlier genetic-neurology programs, with Jazz retaining a minority stake. The board-approved deal is expected to close by the fourth quarter of 2026, extending Jazz's epilepsy franchise beyond Epidiolex into precision, genetically defined seizure disorders.
The week's dealmaking was led by US M&A rather than cross-border licensing. Jazz's up-to-$1.3B agreement for Actio and Biogen's completed up-to-$1B RayThera acquisition both bolt targeted, mechanism-defined assets - an oral KCNT1 inhibitor and an immunology portfolio - onto mid-cap pipelines, while argenx moved its roughly $2.2B Forte vitiligo deal into a formal tender offer. The pattern is consistent with a market where mid-size, single-platform acquisitions and licensing remain the practical growth levers even as the largest combinations stay hard to close.
That last point was underscored by the story that unwound this week: Reuters reported, citing a senior source, that AstraZeneca and Bristol Myers Squibb are not in fact discussing a merger, deflating the roughly $400B speculation that had knocked AstraZeneca shares the prior week. For BioLink readers, the signal is that China-out licensing - quiet this particular week on new signings - remains structurally favored as a lower-antitrust-risk route to pipeline expansion, and the standing buyer mandates on the Opportunity Board (Section 4) map directly onto the autoimmune, neurology and metabolic science that moved this week.
Licensing & Partnering - August 4 to August 11, 2026
No China-out or China-in licensing transaction met this newsletter's verification bar during the August 4-11 window - the second consecutive week without a fresh, primary-source-confirmed cross-border license. Rather than table an unverified or out-of-window deal, this section notes the pause explicitly. Context remains constructive: reporting through mid-2026 shows average upfronts on Western-China licenses up roughly 230% since 2022 (to about $172M), and AstraZeneca, Pfizer and Bristol Myers Squibb have each committed more than $16B to China collaborations since the start of 2025. The BD&L Opportunity Board in Section 4 carries the active buyer and fund mandates forward for any China-origin assets ready to move.
M&A and Control Transactions - August 4 to August 11, 2026
| Date | Acquirer | Target | Deal Value | Strategic Rationale |
|---|---|---|---|---|
| Aug 10, 2026 (announced) | Jazz Pharmaceuticals | Actio Biosciences | $820M upfront + up to $500M milestones; up to $1.3B | Neurology / rare epilepsy. Adds ABS-1230, an oral, selective small-molecule KCNT1 inhibitor for KCNT1-related epilepsy (a rare developmental and epileptic encephalopathy with no approved therapy; ~2,500 US patients), which has shown meaningful seizure reductions in an early proof-of-concept study in children. Concurrent with closing, Actio spins out a new investor-funded private company retaining the clinical-stage TRPV4 inhibitor ABS-0871 (Charcot-Marie-Tooth type 2C) and earlier programs; Jazz takes a minority stake. Board-approved; close expected by Q4 2026. |
| Aug 7, 2026 (close) | Biogen | RayThera | Up to $1B (upfront + clinical & regulatory milestones) | Immunology. Completed acquisition of a secretive startup founded in 2023, adding a portfolio of immunology drug candidates with a lead program slated to enter the clinic in Q3 2026. Extends Biogen's push to rebuild growth beyond its neurology base into immunology and inflammation. |
| Aug 6, 2026 (tender offer) | argenx | Forte Biosciences | ~$2.2B | Autoimmune / dermatology. Commenced the tender offer for the roughly $2.2B acquisition (announced the prior week) of Forte and its anti-CD122 (IL-2Rbeta) antibody FB102, in development for vitiligo and other autoimmune indications - moving the deal toward completion. |
Not tabled as a completed transaction: Reuters reported this week, citing a senior source, that AstraZeneca and Bristol Myers Squibb are not discussing a merger, walking back the roughly $400B speculation that surfaced the prior week. Because there is no agreement (and, per the reporting, no live talks), it is noted here as reported strategy rather than a control transaction. All tabled transactions are dated by announcement or close as marked; the Jazz-Actio row is dated by announcement, the Biogen-RayThera row by completion.
Weekly Takeaways
- US M&A did the heavy lifting: Jazz-Actio (up to $1.3B) and the completed Biogen-RayThera (up to $1B), plus argenx's Forte tender offer (~$2.2B), show mid-cap buyers paying up for targeted, mechanism-defined assets in epilepsy, immunology and autoimmune dermatology.
- China-out signings paused for a second week: no fresh cross-border license cleared verification, but the structural drivers - upfronts up ~230% since 2022 and $16B+ committed to China by each of AstraZeneca, Pfizer and BMS since 2025 - are unchanged, so the quiet is better read as timing than as a trend break.
- Mega-mergers keep not happening: Reuters' report that AstraZeneca and BMS are not in merger talks deflates last week's ~$400B speculation and reinforces that antitrust and integration risk keep the largest combinations off the table - sustaining mid-size M&A and licensing as the reliable levers.
- Precision neurology is a buy signal: Jazz's move for an oral KCNT1 inhibitor in a genetically defined epilepsy tracks the Board's rare/specialty movement-disorder, MND and rare-epilepsy mandate (#4) and the CNS small-molecule interest in #20.
- Autoimmune dermatology stays hot: argenx-Forte (anti-CD122, vitiligo) alongside MoonLake's positive Phase 3 for the IL-17 Nanobody sonelokimab in psoriatic arthritis keeps immunology-and-inflammation front of mind, mapping to Board mandates #24 (autoimmune peptides / FIC antibodies) and #26 (TYK2 / JAK).
- Obesity keeps generating data, not just GLP-1 noise: Rhythm's MC4R agonist RM-718 posted an early -11.6% mean BMI reduction in acquired hypothalamic obesity, a reminder that non-incretin weight-loss mechanisms - the focus of Board mandate #3 (small-molecule weight loss via energy expenditure) - remain a live sourcing theme.
- What to watch: whether China-out signings resume after two quiet weeks, and how the Jazz, Biogen and argenx deals close into the back half of 2026's active M&A tape.
Global Biomedicine Highlights
Clinical Readouts & Regulatory - August 4 to August 11, 2026
August 10, 2026 - MoonLake's IL-17A/F Nanobody Sonelokimab Clears Phase 3 IZAR-1 in Psoriatic Arthritis, Hitting All Endpoints
MoonLake Immunotherapeutics reported positive topline results from the Phase 3 IZAR-1 trial of sonelokimab, an IL-17A- and IL-17F-inhibiting Nanobody, in biologic-naive adults with active psoriatic arthritis (PsA). Roughly 60% of sonelokimab-treated patients achieved an ACR50 response and minimal disease activity (MDA) at Week 24 (the primary endpoints), with 66.5% achieving ACR20, 41.2% achieving MDA, and, among patients with concomitant skin involvement, 61% achieving PASI90 at Week 16. The trial is expected to complete in the first half of 2027, and MoonLake described improvements across all clinical endpoints.
BD Implication: A clean Phase 3 in PsA for an IL-17A/F Nanobody keeps the IL-17 axis - and differentiated formats like Nanobodies - firmly in the competitive set for inflammatory disease, alongside TYK2/JAK oral agents. For sponsors of China-origin immunology-and-inflammation assets, this sets the efficacy bar (ACR50/MDA at Week 24, PASI90 for skin) that Western partners will benchmark, and maps directly onto Opportunity-Board mandates #24 (autoimmune oral peptides and first-in-class autoimmune antibodies) and #26 (TYK2, JAK and dual TYK2/JAK inhibitors).
August 4, 2026 - Rhythm's Weekly MC4R Agonist RM-718 Posts an Early -11.6% BMI Reduction in Acquired Hypothalamic Obesity
Rhythm Pharmaceuticals reported preliminary Phase 2 data for RM-718, an investigational once-weekly, MC4R-selective (and MC1R-sparing) agonist, in acquired hypothalamic obesity (HO). Among the 11 enrolled patients, those reaching Week 16 (n=7) showed an 11.6% mean reduction in BMI from baseline - comparable to the roughly 10% reductions reported for setmelanotide and for bivamelagon at similar durations - with only two mild, injection-site-limited instances of hyperpigmentation and no generalized hyperpigmentation. RM-718 was generally well tolerated, with injection-site reactions, nausea and vomiting the most common adverse events.
BD Implication: Meaningful weight loss from a non-incretin, MC4R-pathway mechanism - with a cleaner hyperpigmentation profile than first-generation melanocortin agonists - reinforces that obesity value is not confined to GLP-1. This is precisely the space of Opportunity-Board mandate #3 (small-molecule weight loss via energy expenditure rather than appetite suppression); China-origin metabolic assets with differentiated, non-GLP-1 mechanisms have a credible Western audience, and rare neuroendocrine obesity is a defensible, orphan-priced entry point.
August 10, 2026 - Tenax's Oral Levosimendan (TNX-103) Misses in the Phase 3 LEVEL Trial in PH-HFpEF
Tenax Therapeutics reported that the Phase 3 LEVEL trial of TNX-103 (oral levosimendan) in pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF) did not meet its primary endpoint of improvement in 6-minute walk distance versus placebo, nor its key secondary endpoint on the Kansas City Cardiomyopathy Questionnaire. Prespecified subgroup analyses identified a beneficial treatment effect in patients with greater disease burden, supported by changes in predefined cardiac-biomarker and pulmonary-hemodynamic measures.
BD Implication: A high-profile miss in PH-HFpEF is a reminder of how unforgiving cardiovascular exercise-capacity endpoints remain, and why Western buyers gravitate toward assets with clear biomarker- or hemodynamic-anchored differentiation. For China-origin cardiovascular and pulmonary-hypertension programs matching Opportunity-Board mandates #7 (cardiovascular and kidney disease, multi-modality) and #21 (six named CV indications, including pulmonary hypertension), the lesson is to lead diligence with mechanism and hard hemodynamic data rather than symptom scales alone.
Validation notes: Jazz-Actio terms ($820M upfront, up to $500M milestones, up to $1.3B; ABS-1230 KCNT1 inhibitor; ABS-0871 spinout) are per Jazz's and Actio's August 10 disclosures and named reporting. Biogen-RayThera (up to $1B; completion) is per Biogen's August 7 close announcement and named reporting. argenx-Forte (~$2.2B; anti-CD122 FB102) reflects the announced deal and the August 6 tender-offer commencement. The AstraZeneca-BMS 'no deal' item is per Reuters reporting (August 5) and is labeled as reported strategy, not a transaction. Sonelokimab IZAR-1 figures (~60% ACR50/MDA at Week 24; ACR20 66.5%; MDA 41.2%; PASI90 61% at Week 16) are company-reported (August 10). RM-718 figures (-11.6% mean BMI at Week 16, n=7; 11 enrolled) are per Rhythm's August 4 release. Tenax LEVEL (missed 6MWD primary and KCCQ key secondary; subgroup benefit) is per Tenax's August 10 topline. China-licensing context figures (~230% upfront growth; $16B+ per AZ/Pfizer/BMS since 2025) are per named industry reporting.
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
- Seven new buyer mandates were briefed this window and added as #27 through #33 (tagged NEW THIS WEEK): I&I Phase II-complete rescue assets (#27); late-stage oncology for a European buyer (#28); a named target list including a TL1A antibody (FG-M701), Keytruda and Darzalex biosimilars, Alpha-2-Macroglobulin (A2M) and BBB-penetrant CNS antibodies (#29); differentiated CNS in less-competitive spaces (#30); molecular glues (#31); a well-capitalized Class 1.1 PCC/Pre-IND multi-therapeutic-area buyer (#32); and a corporate-venture fund seeking China Phase II/III assets (#33). The 26 prior mandates (#1 through #26) and #S1 through #S4 all carry forward from Issue 17.
- The neurology mandates map onto this week's M&A: #4 (rare and specialty movement disorders, MND and rare epilepsy) and the CNS small-molecule interest in #20 track Jazz's up-to-$1.3B move for Actio's oral KCNT1 inhibitor in a genetically defined epilepsy.
- The autoimmune / dermatology mandates #24 (autoimmune oral peptides and FIC antibodies) and #26 (TYK2, JAK and dual TYK2/JAK inhibitors) track MoonLake's positive Phase 3 for the IL-17 Nanobody sonelokimab in psoriatic arthritis and argenx's ~$2.2B tender offer for Forte's anti-CD122 antibody in vitiligo.
- The metabolic mandate #3 (small-molecule weight loss via energy expenditure) is worth re-reading against Rhythm's early -11.6% BMI reduction with the MC4R agonist RM-718 - evidence that non-GLP-1 obesity mechanisms keep drawing Western interest.
Seven new buyer mandates (#27 through #33) were briefed to Biolink this window and appear below tagged NEW THIS WEEK; the 26 prior in-licensing mandates (#1 through #26) and four service and capital offerings (#S1 through #S4) carry forward from Issue 17 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 neurology mandates #4 and #20 in light of Jazz's acquisition of Actio's oral KCNT1 inhibitor; the autoimmune mandates #24 and #26 alongside MoonLake's sonelokimab Phase 3 and argenx's Forte tender offer; and the metabolic mandate #3 against Rhythm's MC4R agonist RM-718 obesity data.
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 - psoriatic arthritis, psoriasis and vitiligo readouts continue to draw both small-molecule and antibody competition, as this week's sonelokimab Phase 3 and the argenx-Forte tender offer underline. Sponsors should expect diligence on JH1 versus JH2 binding and on selectivity against the wider JAK family.
Immunology & Inflammation - Phase II-Complete Assets with Strong Safety but Unclear Efficacy
US/EU companies are in-licensing immunology and inflammation programs - small molecules, antibodies, or proteins - that have completed Phase II with a strong safety profile but limited or unclear efficacy. This is a repositioning / rescue mandate: buyers intend to re-cut the indication, patient population, dose, or endpoint around a clean safety package. Ex-China / global rights preferred.
Late-Stage Clinical Oncology Assets
A European company is seeking to in-license late-stage (clinical) oncology assets. Broad oncology scope with a preference for later clinical stage. Ex-China / global rights preferred.
Target-Interest Mandate - TL1A, Keytruda/Darzalex Biosimilars, A2M, BBB-Penetrant CNS Antibodies
US/EU companies are in-licensing programs against a specific target list: a TL1A antibody (FG-M701); biosimilars of Keytruda (pembrolizumab) and Darzalex (daratumumab); Alpha-2-Macroglobulin (A2M); and blood-brain-barrier (BBB)-penetrant antibodies for CNS. Assets matching any single item can be routed. Ex-China / global rights preferred.
Differentiated CNS Assets in Less-Competitive Spaces
A US/EU buyer is seeking differentiated CNS assets in less crowded spaces - orphan neurology, novel mechanisms without three or more programs already ahead of them, or assets that fall through the cracks at larger companies. The emphasis is on differentiation and white space rather than a single named target. Ex-China / global rights preferred.
Molecular Glue Programs - Oncology-Led, Open to I&I / Neuro / Obesity
Several US/EU companies are in-licensing molecular glue projects, led by oncology (preferably solid tumors) and open to immunology & inflammation (I&I), neurodegeneration (ND), and obesity. This is broader than the MEK-RAF / KRAS-CYP A glue mandate (#23); assets fitting either can be routed to both. Ex-China / global rights preferred.
Well-Capitalized Buyer - Class 1.1 Innovative Drugs at PCC / Pre-IND, Multi-TA, Multi-Modality
A well-capitalized company is in-licensing Class 1.1 innovative drug projects at PCC (preclinical candidate compound) or Pre-IND stage across a broad set of therapeutic areas: kidney disease; autoimmune disease; degenerative disease; aging-related conditions (cardiovascular disease, fibrosis of all organs); CNS (Alzheimer's, Parkinson's, depression, etc.); infectious disease; and refractory/relapsed or otherwise untreatable ('no drug available') oncology. Modalities are open and not limited to small molecules, antibodies, peptides, cyclic peptides, cell therapies (e.g., UCAR-T / NK), and gene therapies (e.g., in vivo therapy, small nucleic acids / oligonucleotides, circular RNA, mRNA, LNP).
Corporate Venture Mandate - In-License China Phase II/III Innovative Drugs
A board member of a well-known US/EU corporate venture fund, having raised several hundred million dollars, is looking to in-license innovative drug projects in China that have already reached Phase II or Phase III. Metabolic, autoimmune, and oncology areas will be prioritized.
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. |
| I&I - Phase II-complete, safe but underpowered (NEW #27) | Completed Phase II I&I small molecules, antibodies, or proteins with clean safety but limited/unclear efficacy, suitable for repositioning (indication, population, dose, or endpoint re-cut); ex-China / global rights. |
| Late-Stage Oncology - European buyer (NEW #28) | Late-stage (clinical) oncology assets; broad oncology scope; ex-China / global rights. |
| Target List - TL1A / Keytruda & Darzalex biosimilars / A2M / BBB-penetrant CNS antibodies (NEW #29) | Programs matching any listed item: TL1A antibody (FG-M701); Keytruda (pembrolizumab) or Darzalex (daratumumab) biosimilars; Alpha-2-Macroglobulin (A2M); or BBB-penetrant CNS antibodies. |
| Differentiated CNS - less-competitive spaces (NEW #30) | Orphan neurology, novel-mechanism CNS without 3+ programs ahead, or overlooked assets from larger companies; differentiation-led; ex-China / global rights. |
| Molecular Glues - oncology-led (NEW #31) | Molecular glue programs; oncology (preferably solid tumors) preferred, also I&I, neurodegeneration, and obesity; can route alongside #23. |
| Well-Capitalized Buyer - Class 1.1 PCC/Pre-IND, multi-TA (NEW #32) | Class 1.1 PCC or Pre-IND projects in kidney, autoimmune, degenerative, aging (CV, fibrosis), CNS (AD/PD/depression), infectious disease, or refractory oncology; modality-open incl. cell & gene therapy, oligonucleotides, mRNA/LNP. |
| Fund - China Phase II/III in-license, corporate venture (NEW #33) | China-origin Phase II or III innovative drugs; metabolic, autoimmune, and oncology prioritized; corporate-venture buyer with several hundred million USD raised. |
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 reinforced how actively that space trades: MoonLake's positive Phase 3 for the IL-17 Nanobody sonelokimab in psoriatic arthritis and argenx's roughly $2.2B tender offer for Forte's anti-CD122 antibody FB102 in vitiligo underline the premium Western partners 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 August 11, 2026. Buyer and fund mandates are summarized from direct briefings; specific terms available upon NDA. Seven new mandates (#27 to #33) were briefed during this window; all other entries (#1 to #26 and #S1 to #S4) carry forward from Issue 17. 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