Major Licensing Deals and M&A
Executive Summary - August 11 to August 18, 2026
- ✓Almirall entered a discovery-and-license collaboration with Shenzhen-based CrystalO Biopharma in medical dermatology (announced August 10, 2026): CrystalO runs ion-channel candidate discovery, optimization, IND-enabling work and early clinical proof-of-concept, while Almirall leads subsequent global development, manufacturing and commercialization holding exclusive rights outside mainland China - a classic China-out structure and the marquee cross-border licensing item in and around this week's window.
- ✓Fulcrum Therapeutics and privately held Slate Medicines agreed to an all-stock reverse merger; the combined company will operate as Slate Medicines (Nasdaq: SLTE) and focus on next-generation migraine therapies led by SLTE-1009, a clinical-stage subcutaneous anti-PACAP/VIP monoclonal antibody, alongside a concurrent, oversubscribed $245M private placement (Frazier Life Sciences, Forbion, RA Capital and others) expected to fund operations into 2029. Close is targeted for Q4 2026.
- ✓PTC Therapeutics was named the winning bidder for ST-920 (isaralgagene civaparvovec), a BLA-stage one-time AAV gene therapy for Fabry disease, in Sangamo Therapeutics' bankruptcy auction: $111M upfront plus up to $100M in contingent regulatory milestones, with a rolling BLA completion expected in Q4 2026 and a potential 2027 launch.
- ✓Regulatory and clinical news carried real China weight: China's NMPA approved Akeso's ivonescimab (a PD-1/VEGF bispecific antibody) with chemotherapy for first-line advanced squamous NSCLC on the strength of the Phase 3 HARMONi-6 trial - the first Phase 3 to show a statistically significant overall-survival benefit head-to-head against an anti-PD-(L)1 plus chemotherapy regimen.
- ✓Fresh, primary-source-confirmed China-out licenses beyond the Almirall-CrystalO collaboration stayed thin, but the structural pull for China-origin assets held: a week earlier Alphamab licensed its TROP2/HER3 bispecific ADC JSKN016 to Pathos AI for $125M upfront and up to roughly $2.1B in milestones (announced August 4), and Western appetite for China-origin oncology and I&I assets remains the newsletter's core thesis.
Almirall licenses ex-China rights to Shenzhen's CrystalO for ion-channel dermatology programs
Almirall entered a collaboration and license agreement with Shenzhen CrystalO Biopharma to discover and develop novel small molecules in medical dermatology (announced August 10, 2026). The deal pairs CrystalO's ion-channel discovery expertise with Almirall's dermatology development and commercialization engine: CrystalO conducts candidate discovery, optimization, IND-enabling studies and early clinical development to clinical proof-of-concept, after which Almirall leads global development, manufacturing and commercialization, holding exclusive rights outside mainland China while CrystalO retains mainland China rights. It is the latest in a run of China-sourced partnerships Almirall has pursued since opening a Shanghai office earlier in 2026, and - in an otherwise thin week for fresh cross-border signings - the clearest example of the China-out structure this newsletter tracks: Western commercial reach bolted onto China-originated innovation, with rights split along the China / ex-China line. Financial terms (upfront, milestones, royalties) were not disclosed.
This week's dealmaking leaned on structure rather than headline dollars. Almirall's China-out dermatology license from CrystalO supplied the cross-border signing; US activity ran through a reverse merger (Fulcrum-Slate, with a concurrent $245M financing) and a distressed-asset pickup (PTC's $111M-upfront purchase of Sangamo's BLA-stage Fabry gene therapy out of bankruptcy). None of these is a mega-deal, and that is the point: mid-size licensing, reverse mergers and asset carve-outs remain the practical levers while the largest combinations stay hard to strike.
The louder signal came from the clinic and the regulators, where China ran through the week. China's NMPA cleared Akeso's home-grown PD-1/VEGF bispecific ivonescimab in first-line squamous NSCLC on a Phase 3 that beat an anti-PD-(L)1-plus-chemo regimen head-to-head on overall survival - a genuine validation of a China-origin mechanism now partnered ex-China with Summit Therapeutics - while argenx's efgartigimod cleared Phase 3 in autoimmune myositis and Cullinan's zipalertinib hit its Phase 3 PFS endpoint in EGFR exon 20 NSCLC. For BioLink readers, the read-through is that China-origin oncology and immunology assets keep clearing the bars Western partners benchmark, and the standing mandates on the Opportunity Board (Section 4) map directly onto the dermatology, autoimmune, oncology and gene-therapy news that moved this week.
Licensing & Partnering - August 11 to August 18, 2026
| Date | Licensee | Licensor / Asset | Economics | Key Terms |
|---|---|---|---|---|
| Aug 10, 2026 (announced) | CHINA-OUTAlmirall | CrystalO Biopharma (Shenzhen) / ion-channel small molecules for medical dermatology | Undisclosed (collaboration + license; upfront, milestones and royalties not disclosed) | China-out. CrystalO leads candidate discovery, optimization, IND-enabling studies and early clinical development to proof-of-concept; Almirall leads subsequent global development, manufacturing and commercialization, holding exclusive rights outside mainland China while CrystalO retains mainland China rights. Announced at the window boundary (Aug 10) and not captured in Issue 18. |
Beyond the Almirall-CrystalO collaboration, no additional China-out or China-in licensing transaction met this newsletter's verification bar inside the August 11-18 window. For context, the prior week (out of window) saw Alphamab license its first-in-class TROP2/HER3 bispecific ADC JSKN016 to US-based Pathos AI for $125M upfront and up to roughly $2.1B in milestones (announced August 4), with Alphamab retaining mainland China rights - a reminder that the structural drivers behind China-out licensing remain intact even in a quiet signing week. 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 11 to August 18, 2026
| Date | Acquirer | Target | Deal Value | Strategic Rationale |
|---|---|---|---|---|
| Aug 17, 2026 (announced) | Fulcrum Therapeutics / Slate Medicines | All-stock reverse merger (combined company: Slate Medicines, Nasdaq: SLTE) | All-stock; concurrent $245M private placement | Migraine. Combines the two companies to advance Slate's SLTE-1009, a clinical-stage subcutaneous anti-PACAP/VIP monoclonal antibody for the prevention of migraine and other headache disorders. Oversubscribed $245M private placement (Frazier Life Sciences, Forbion, RA Capital and others) is expected to fund operations into 2029; both boards approved unanimously; close targeted for Q4 2026. |
| Aug 2026 (auction / announced) | PTC Therapeutics | Sangamo Therapeutics - ST-920 (Fabry gene therapy) | $111M upfront + up to $100M regulatory milestones | Rare disease / gene therapy. PTC was named the winning bidder for ST-920 (isaralgagene civaparvovec), a BLA-stage one-time AAV gene therapy for Fabry disease, in Sangamo's bankruptcy auction. A rolling BLA submission is expected to complete in Q4 2026 with a potential 2027 launch, leveraging PTC's existing rare-disease commercial infrastructure. |
| Aug 10, 2026 (close) | Curium | Abscint (Belgium) - ABS-011 | Undisclosed | Radiopharma / radiodiagnostics. Curium completed the acquisition of clinical-stage Abscint, adding ABS-011, an investigational gallium-68-labeled HER2 PET tracer in a Phase 2b trial, with global rights - extending Curium's oncology imaging pipeline in breast and gastric cancer. |
Noted as reported but not tabled as drug transactions: two large tools/imaging deals closed or were struck in the same window - Teledyne agreed to acquire X-ray component maker Varex Imaging for about $1.1B, and Astorg completed a $1.075B carve-out of Thermo Fisher's global microbiology business - neither of which is a therapeutic asset. All tabled transactions are dated by announcement or close as marked; the PTC-Sangamo row reflects a bankruptcy-auction award (subject to court process), and the Curium-Abscint row is dated by completion.
Weekly Takeaways
- China-out licensing reawakened, quietly: Almirall's ion-channel dermatology license from Shenzhen's CrystalO (ex-China rights to Almirall, mainland China retained) was the clearest cross-border signing in and around the window, even as fresh headline-dollar China-out deals stayed thin.
- US dealmaking leaned on structure: a Fulcrum-Slate all-stock reverse merger with a concurrent $245M financing and PTC's $111M-upfront purchase of Sangamo's BLA-stage Fabry gene therapy out of bankruptcy show mid-cap buyers using reverse mergers and distressed carve-outs rather than premium M&A.
- Ivonescimab is a China validation event: the NMPA's first-line squamous-NSCLC approval, on a Phase 3 that beat anti-PD-(L)1-plus-chemo head-to-head on overall survival, is exactly the kind of proof point that underwrites Western appetite for China-origin bispecifics (ivonescimab is partnered ex-China with Summit Therapeutics).
- Autoimmune stays a buy signal: argenx's positive Phase 3 ALKIVIA for efgartigimod in autoimmune myositis - the first Phase 3 to show benefit in immune-mediated necrotizing myopathy, a subtype with no approved therapy - maps to Board mandates #24 (autoimmune oral peptides / FIC antibodies) and #26 (TYK2 / JAK).
- Targeted oncology keeps delivering: Cullinan's Phase 3 PFS win for zipalertinib in EGFR exon 20 insertion NSCLC reinforces the late-stage oncology mandate (#28) and the target-defined oncology briefs (#8, #23).
- Gene therapy is still trading, even in distress: PTC's ST-920 pickup is a reminder that rare-disease gene therapy assets find buyers through bankruptcy processes, and maps to the modality-open Class 1.1 mandate #32, which explicitly includes gene therapy.
- What to watch: whether China-out signings pick back up after several thin weeks, how the Fulcrum-Slate and PTC-Sangamo deals close, and whether ivonescimab's China OS win accelerates ex-China PD-1/VEGF bispecific dealmaking.
Global Biomedicine Highlights
Clinical Readouts & Regulatory - August 11 to August 18, 2026
August 12, 2026 - China's NMPA Approves Akeso's PD-1/VEGF Bispecific Ivonescimab in First-Line Squamous NSCLC on HARMONi-6
China's National Medical Products Administration (NMPA) approved ivonescimab, Akeso's home-grown PD-1/VEGF bispecific antibody, in combination with chemotherapy for the first-line treatment of advanced squamous non-small cell lung cancer (NSCLC). The approval rests on the Phase 3 HARMONi-6 trial, which demonstrated a statistically significant and clinically meaningful benefit in both progression-free survival and overall survival; per Akeso, HARMONi-6 is the first known Phase 3 study in NSCLC - or any tumor type - to show a statistically significant overall-survival benefit over an anti-PD-(L)1 antibody plus chemotherapy regimen in a head-to-head setting. This is a further NMPA approval in ivonescimab's expanding China label.
BD Implication: A head-to-head Phase 3 overall-survival win over an anti-PD-(L)1-plus-chemo backbone is the strongest possible validation of a China-origin bispecific mechanism, and it lands on an asset already partnered ex-China (ivonescimab is licensed to Summit Therapeutics outside Greater China in a deal reported at up to roughly $5B). For Western partners weighing China-origin PD-1/VEGF and other bispecific programs, HARMONi-6 resets the efficacy bar to a survival benefit versus checkpoint-inhibitor standards of care, and reinforces why China-origin immuno-oncology assets keep drawing premium cross-border interest - directly relevant to the late-stage oncology mandate (#28) and the fund and newco mandates (#16, #17) that target China-origin clinical assets.
August 12, 2026 - Cullinan's Zipalertinib Hits the Phase 3 PFS Endpoint in First-Line EGFR Exon 20 Insertion NSCLC (REZILIENT3 Interim)
Cullinan Therapeutics reported that zipalertinib plus chemotherapy met the primary endpoint of progression-free survival in a planned interim analysis of the Phase 3 REZILIENT3 trial in first-line EGFR exon 20 insertion-mutation NSCLC, showing a statistically significant improvement versus chemotherapy alone. Zipalertinib is an orally available, irreversible EGFR tyrosine kinase inhibitor designed to target EGFR exon 20 insertion mutations, and is being developed in partnership with Taiho Oncology.
BD Implication: A first-line Phase 3 win in a genetically defined NSCLC subset keeps precision oncology - and orally available, mutation-selective small molecules - firmly in the competitive set, and shows that targeted EGFR programs can still differentiate against chemotherapy backbones in a crowded space. For sponsors of China-origin oncology small molecules, it underscores the value Western partners place on clean, biomarker-anchored late-stage data, mapping onto the target-defined oncology mandates (#8 KRAS G12V; #23 MEK-RAF / KRAS-CYP A) and the late-stage oncology brief (#28).
August 17, 2026 - argenx's Efgartigimod Clears Phase 3 ALKIVIA in Autoimmune Myositis, a First in IMNM
argenx reported positive topline results from the Phase 3 ALKIVIA study of efgartigimod (VYVGART Hytrulo) in adults with autoimmune myositis, meeting the primary endpoint of mean Total Improvement Score at Week 52 in the combined study population of immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM) patients, with improvements observed early and sustained through the study. argenx described ALKIVIA as the first Phase 3 study to show a statistically significant and clinically meaningful improvement in disease activity in IMNM, a subtype with no approved therapy.
BD Implication: A clean Phase 3 for an FcRn antagonist across two myositis subtypes - including one with no approved therapy - extends the FcRn franchise and reinforces autoimmune-and-inflammation as a high-conviction sourcing theme for Western buyers. It sets a Week-52 Total Improvement Score benchmark that partners will apply to China-origin autoimmune assets, 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).
Validation notes: The ivonescimab item reflects Akeso's August 12 NMPA approval in first-line squamous NSCLC on HARMONi-6 (statistically significant PFS and OS; first head-to-head Phase 3 OS benefit over anti-PD-(L)1 plus chemo) and named reporting; the ex-China Summit partnership figure (up to roughly $5B) is per prior named reporting. Zipalertinib REZILIENT3 (interim Phase 3 PFS primary met in first-line EGFR exon 20 insertion NSCLC; Cullinan/Taiho) is per Cullinan's August 12 disclosure. argenx ALKIVIA (primary endpoint of mean Total Improvement Score at Week 52 met in combined IMNM + DM population; first Phase 3 benefit in IMNM) is per argenx's August 17 topline. Also in-window but not tabled above: EyePoint's DURAVYU LUGANO Phase 3 in wet AMD (August 17) missed the visual-acuity primary in the full dataset - confounded by an asymmetric cohort - but was non-inferior to on-label aflibercept in an ad hoc analysis and hit key secondary endpoints including a 42% reduction in treatment burden; Amylyx's avexitide Phase 3 LUCIDITY in post-bariatric hypoglycemia was scheduled to read out August 18 but results were not yet confirmed at the time of writing and are therefore omitted. Deal terms (Almirall-CrystalO; Fulcrum-Slate; PTC-Sangamo ST-920; Curium-Abscint) are drawn from company releases and named reputable reporting; the Alphamab-Pathos figures ($125M upfront, up to roughly $2.1B) reflect the August 4 out-of-window announcement and are cited for context only.
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 to Biolink this window; the Board carries forward all 33 in-licensing mandates (#1 through #33) and the four service and capital offerings (#S1 through #S4) from Issue 18. The seven mandates added last week (#27 through #33) are now marked CONTINUING.
- The dermatology and autoimmune mandates map onto this week's news: #26 (TYK2, JAK and dual TYK2/JAK inhibitors) and #24 (autoimmune oral peptides and FIC antibodies) track Almirall's China-out ion-channel dermatology license from Shenzhen-based CrystalO and argenx's positive Phase 3 ALKIVIA for efgartigimod in autoimmune myositis.
- The oncology mandates sit against real regulatory and clinical proof points this week: China's NMPA approval of Akeso's PD-1/VEGF bispecific ivonescimab in first-line squamous NSCLC and Cullinan's Phase 3 PFS win for zipalertinib in EGFR exon 20 insertion NSCLC reinforce the late-stage oncology mandate (#28) and the target-defined oncology briefs (#8, #23).
- The modality-open, multi-therapeutic-area mandate #32 (Class 1.1 PCC/Pre-IND, explicitly including gene therapy) is worth re-reading against PTC's acquisition of Sangamo's BLA-stage AAV Fabry gene therapy ST-920 - a reminder that rare-disease gene therapy stays in active hands even through distressed processes.
No new buyer mandates were briefed this window; all 33 in-licensing mandates (#1 through #33) and the four service and capital offerings (#S1 through #S4) carry forward from Issue 18 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 dermatology and autoimmune mandates #24 and #26 alongside Almirall's China-out CrystalO license and argenx's ALKIVIA readout; the oncology mandates in light of the ivonescimab NMPA approval and Cullinan's zipalertinib Phase 3; and the modality-open mandate #32 against PTC's ST-920 Fabry gene-therapy acquisition.
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 positive Phase 3 ALKIVIA readout for argenx's efgartigimod in autoimmune myositis and the NMPA approval of ivonescimab 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 (#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 (#28) | Late-stage (clinical) oncology assets; broad oncology scope; ex-China / global rights. |
| Target List - TL1A / Keytruda & Darzalex biosimilars / A2M / BBB-penetrant CNS antibodies (#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 (#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 (#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 (#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 (#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: argenx's positive Phase 3 ALKIVIA readout for efgartigimod in autoimmune myositis - the first Phase 3 to show benefit in immune-mediated necrotizing myopathy, a subtype with no approved therapy - underlines 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 18, 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 #33 and #S1 to #S4) carry forward from Issue 18. 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