Major Licensing Deals and M&A
Executive Summary - August 18 to August 25, 2026
- ✓Sandoz entered a strategic collaboration with China's Shanghai Henlius Biotech for ex-China commercialization rights to three biosimilars - of cetuximab (Erbitux), evolocumab (Repatha) and belimumab (Benlysta) - with the option to expand to as many as 10 products. Total consideration is up to $322M, with near-term payments of roughly $100.5M tied to the first three assets; Henlius leads development and manufacturing. It is the week's clearest China-out signing and builds on an April 2025 pact for a Henlius biosimilar of BMS's Yervoy.
- ✓BioMarin agreed to acquire Alesta Therapeutics for $275M upfront plus up to $215M in development and regulatory milestones (up to $490M), gaining ALE1, an orally active small molecule in a Phase 1/2a trial for hypophosphatasia (HPP) - a potential first oral therapy for the rare genetic bone disease. Alesta spins out all non-ALE1 assets to a new entity; the deal was announced August 18 and is expected to close this quarter.
- ✓Merck and Moderna reported that the Phase 3 INTerpath-001 trial of the personalized mRNA vaccine intismeran autogene (mRNA-4157 / V940) plus Keytruda met its primary endpoint of recurrence-free survival and key secondary endpoint of distant metastasis-free survival at a prespecified interim analysis in 1,137 patients with completely resected Stage IIB-IV melanoma - the first Phase 3 success for a personalized mRNA cancer vaccine.
- ✓Amylyx's first-in-class GLP-1 receptor antagonist avexitide hit in the Phase 3 LUCIDITY trial in post-bariatric hypoglycemia, meeting its FDA-agreed primary endpoint with a 55% reduction in the composite rate of Level 2 and Level 3 hypoglycemic events and all secondary endpoints - a reminder that metabolic value extends beyond GLP-1 agonism.
Sandoz expands its Shanghai Henlius pact to as many as 10 biosimilars (up to $322M), taking ex-China rights to cetuximab, evolocumab and belimumab copies
Sandoz and China's Shanghai Henlius Biotech entered a strategic collaboration under which Sandoz gains commercialization rights outside China to Henlius biosimilar versions of three established biologics - cetuximab (marketed as Erbitux), evolocumab (marketed as Repatha) and belimumab (marketed as Benlysta) - with the potential to expand the partnership to as many as 10 products. Sandoz will pay Henlius up to $322M in total upfront and milestone payments across the collaboration, with near-term payments tied to the initial three assets capped at roughly $100.5M, plus royalties. Henlius will be responsible for development and manufacturing, while Sandoz holds certain ex-China commercialization rights. The agreement extends an existing relationship - in April 2025 Sandoz signed a roughly $31M upfront deal for Henlius's biosimilar of BMS's Yervoy (ipilimumab) - and shows the China-to-West channel widening from novel assets into biosimilars, where Western generics houses increasingly source development and manufacturing from Chinese partners.
The week's dealmaking was led by a China-out biosimilar pact and a rare-disease bolt-on rather than a headline novel-asset license. BioMarin's up-to-$490M agreement for Alesta adds an oral HPP candidate to its rare-disease franchise, and Sandoz's expanded Henlius collaboration takes ex-China rights to a growing basket of biosimilars. The pattern is consistent with a market where bolt-on acquisitions and structured licensing - not mega-mergers - remain the practical growth levers.
For BioLink readers the signal is that the China-to-West channel is broadening: alongside the novel-asset licensing wave (average Western-China upfronts up roughly 230% since 2022, to about $172M), biosimilar developers such as Henlius are now supplying Western commercialization partners at scale. The standing buyer and fund mandates on the Opportunity Board (Section 4) map directly onto the rare-disease, oncology, mRNA-platform and metabolic science that moved this week.
Licensing & Partnering - August 18 to August 25, 2026
| Date | Licensee | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Aug 16, 2026 (announced) | CHINA-OUTSandoz | Shanghai Henlius Biotech / biosimilars of cetuximab (Erbitux), evolocumab (Repatha) and belimumab (Benlysta) | Up to $322M total; ~$100.5M near-term across the first three assets; plus milestones and royalties | Strategic collaboration granting Sandoz ex-China commercialization rights to three Henlius biosimilars, expandable to as many as 10 products; Henlius leads development and manufacturing. Builds on an April 2025 ~$31M upfront pact for a Henlius biosimilar of BMS's Yervoy (ipilimumab). Extends the China-to-West channel from novel assets into biosimilars. |
The Sandoz-Henlius expansion was the week's clearest cross-border China signing. No China-origin novel-asset out-license met this newsletter's verification bar during the window, so rather than table an unverified transaction the section carries only the confirmed biosimilar collaboration. Context remains constructive: average upfronts on Western-China licenses are up roughly 230% since 2022 (to about $172M), and the Opportunity Board in Section 4 carries active buyer and fund mandates forward for any China-origin assets ready to move.
M&A and Control Transactions - August 18 to August 25, 2026
| Date | Acquirer | Target | Deal Value | Strategic Rationale |
|---|---|---|---|---|
| Aug 18, 2026 (announced) | BioMarin Pharmaceutical | Alesta Therapeutics | $275M upfront + up to $215M milestones; up to $490M | Rare disease / metabolic bone. Adds ALE1, an orally active small molecule for hypophosphatasia (HPP), a rare genetic bone disease caused by ALPL mutations; ALE1 is in an ongoing Phase 1/2a trial and could be the first oral therapy for HPP. Alesta spins out all non-ALE1 assets to a new entity and Alesta employees transfer to that spinout, so none join BioMarin. Board-approved; expected to close this quarter. |
The tabled transaction is dated by announcement and is expected to close in the fourth quarter of 2026 subject to customary conditions. Also noted this week as reported strategy rather than a control transaction: AstraZeneca discontinued its Phase 3 eVOLVE-Lung02 trial of volrustomig in first-line PD-L1-low NSCLC (see Section 2), a pipeline setback rather than a deal.
Weekly Takeaways
- The China-out channel is widening beyond novel assets into biosimilars: Sandoz-Henlius (up to $322M, up to 10 products) shows Western generics and biosimilar houses now sourcing development and manufacturing from China at scale, a distinct lane from the multibillion-dollar novel-asset licenses that have defined 2025-2026.
- Rare-disease M&A stays a reliable lever: BioMarin's up-to-$490M Alesta deal for an oral HPP small molecule fits the bolt-on, mechanism-defined pattern - modest upfront, milestone-weighted, spin-out of non-core assets - that dominates 2026 dealmaking and maps to the rare/orphan mandates on the Board.
- mRNA cancer vaccines cross a threshold: the first Phase 3 win for intismeran autogene validates personalized neoantigen therapy and, by extension, the mRNA and platform interest in Board mandate #22 (Data & AI, discovery and supply) - China-origin mRNA and neoantigen programs now have a clearer Western benchmark.
- Metabolic value beyond GLP-1 agonism: Amylyx's avexitide, a first-in-class GLP-1 receptor antagonist, hit in post-bariatric hypoglycemia - evidence that non-agonist metabolic mechanisms keep drawing interest, the space of Board mandate #3 (small-molecule weight loss via energy expenditure) and adjacent metabolic-disease sourcing.
- IO combinations still carry real risk: AstraZeneca halting the volrustomig eVOLVE-Lung02 Phase 3 in PD-L1-low NSCLC underscores the bar in crowded checkpoint and bispecific spaces - directly relevant to China's large PD-1/VEGF and PD-1/CTLA-4 pipelines, where Western buyers will demand clear biomarker-defined differentiation.
- What to watch: whether a fresh China-out novel-asset signing lands after a biosimilar-led week, and how the BioMarin acquisition and the Merck-Moderna filing progress into the fourth quarter of 2026.
Global Biomedicine Highlights
Clinical Readouts & Regulatory - August 18 to August 25, 2026
August 19, 2026 - Merck and Moderna's Personalized mRNA Vaccine Intismeran Autogene Clears Phase 3 INTerpath-001 in Resected Melanoma
Merck and Moderna reported that the Phase 3 INTerpath-001 trial met its primary endpoint of recurrence-free survival (RFS) and its key secondary endpoint of distant metastasis-free survival (DMFS) at a prespecified interim analysis in 1,137 patients with completely resected Stage IIB-IV cutaneous melanoma. The trial evaluated intismeran autogene (also known as mRNA-4157 or V940), an individualized neoantigen therapy, in combination with Keytruda versus Keytruda alone - the first Phase 3 success for a personalized mRNA cancer vaccine. Full numerical results (hazard ratios and confidence intervals) were not released with the topline and will be presented at an upcoming oncology congress; the closest public proxy is the Phase 2b KEYNOTE-942 five-year update, where the combination cut the risk of recurrence or death by 49% (HR 0.51). Moderna's market value roughly doubled on the news.
BD Implication: A Phase 3 win de-risks individualized mRNA neoantigen therapy as a modality and puts a premium on mRNA design, manufacturing and platform capabilities - squarely the space of Opportunity-Board mandate #22 (Data & AI; discovery, development and supply), and a benchmark for China-origin mRNA and neoantigen programs that will now be measured against a validated adjuvant-melanoma standard. It also reinforces that oncology remains the highest-volume therapeutic area for Western in-licensing (mandates #8, #15, #28).
August 18, 2026 - Amylyx's First-in-Class GLP-1 Receptor Antagonist Avexitide Hits in Phase 3 LUCIDITY in Post-Bariatric Hypoglycemia
Amylyx reported positive topline results from LUCIDITY, a 78-participant, multicenter, randomized, double-blind, placebo-controlled Phase 3 trial of avexitide, an investigational first-in-class GLP-1 receptor antagonist, in post-bariatric hypoglycemia (PBH) following Roux-en-Y gastric bypass. The trial met its FDA-agreed primary endpoint, with avexitide delivering a 55% reduction in the composite rate of Level 2 and Level 3 hypoglycemic events, and met all secondary endpoints (Level 2 events by self-monitored blood glucose, Level 2 by continuous glucose monitoring, and Level 3 events). Avexitide was generally well tolerated. It holds FDA Breakthrough Therapy and Orphan Drug designations; Amylyx plans to submit an NDA by year-end, with a potential commercial launch in 2027.
BD Implication: A clean Phase 3 for a GLP-1 receptor antagonist - blocking rather than agonizing the GLP-1 pathway - shows metabolic value that has nothing to do with appetite suppression, and defines an orphan, biomarker-anchored entry point in metabolic disease. This complements Opportunity-Board mandate #3 (small-molecule weight loss via energy expenditure rather than appetite suppression); China-origin metabolic assets with differentiated, non-agonist mechanisms have a credible Western audience.
August 17, 2026 - AstraZeneca Discontinues the Phase 3 eVOLVE-Lung02 Trial of Volrustomig in First-Line PD-L1-Low NSCLC
AstraZeneca discontinued the Phase 3 eVOLVE-Lung02 trial evaluating volrustomig, a PD-1/CTLA-4 bispecific antibody, in combination with chemotherapy as first-line therapy in metastatic non-small cell lung cancer (mNSCLC) with tumor PD-L1 expression below 50%. The Independent Data Monitoring Committee concluded that the volrustomig combination was unlikely to meet either of the dual primary endpoints of progression-free survival (PFS) or overall survival (OS) in the primary analysis population of PD-L1-negative (<1%) patients versus the comparator arm.
BD Implication: A first-line NSCLC discontinuation in PD-L1-low disease is a reminder of how punishing crowded checkpoint and bispecific spaces remain - directly relevant to China's deep PD-1/VEGF and PD-1/CTLA-4 bispecific pipelines, several of which are being courted by Western buyers. The lesson for China-origin immuno-oncology assets matching Opportunity-Board oncology mandates (#8 KRAS G12V, #15 CD39, #28 late-stage oncology) is to lead diligence with a defined biomarker strategy and a differentiated combination rationale rather than broad PD-L1-agnostic positioning.
Validation notes: Sandoz-Henlius terms (up to $322M; ~$100.5M near-term; three biosimilars - cetuximab, evolocumab, belimumab - expandable to 10; ex-China rights to Sandoz; prior April 2025 ~$31M Yervoy pact) are per Sandoz/Henlius disclosures and named reporting (BioSpace, pharmaphorum, Pearce IP), announced ~August 16-17. BioMarin-Alesta ($275M upfront, up to $215M milestones, up to $490M; ALE1 oral for HPP; Phase 1/2a; non-ALE1 spinout) is per BioMarin's August 18 announcement and named reporting (BioPharma Dive, CNBC). Merck-Moderna INTerpath-001 (met RFS primary and DMFS key secondary; 1,137 patients; resected Stage IIB-IV melanoma; intismeran autogene / mRNA-4157 / V940 plus Keytruda; full data pending) is per Merck's August 19 release and named reporting; the HR 0.51 / 49% figure is the Phase 2b KEYNOTE-942 five-year proxy, not the Phase 3 result. Amylyx LUCIDITY (78 participants; 55% composite Level 2/3 reduction; all secondaries met; GLP-1 receptor antagonist; Breakthrough and Orphan designations; NDA by year-end) is per Amylyx's August 18 topline. AstraZeneca eVOLVE-Lung02 discontinuation (volrustomig PD-1/CTLA-4 bispecific; first-line PD-L1<50% mNSCLC; IDMC futility on PFS/OS in PD-L1<1%) is per AstraZeneca's August 17 statement. China-licensing context (~230% upfront growth since 2022, to ~$172M) is 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
- 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 19.
- The oncology and platform mandates map onto this week's science: #28 (late-stage oncology), #8 (KRAS G12V) and #15 (CD39), plus the platform mandate #22 (Data & AI; discovery, development and supply), sit against Merck and Moderna's first Phase 3 win for the personalized mRNA vaccine intismeran autogene in resected melanoma - and against AstraZeneca's discontinuation of the volrustomig eVOLVE-Lung02 trial in PD-L1-low NSCLC.
- The metabolic mandate #3 (small-molecule weight loss via energy expenditure) reads well against Amylyx's Phase 3 win for the GLP-1 receptor antagonist avexitide in post-bariatric hypoglycemia - further evidence that non-agonist metabolic mechanisms keep drawing Western interest.
- The rare-disease and CNS mandates #30 (differentiated CNS) and #32 (Class 1.1 PCC/Pre-IND, multi-therapeutic-area) track BioMarin's up-to-$490M move for Alesta's oral hypophosphatasia drug, while Sandoz's expansion of its Shanghai Henlius biosimilar collaboration to as many as 10 products underlines how actively Western partners source manufacturable assets from China.
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 19 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 oncology and platform mandates #8, #15, #22 and #28 in light of the Merck-Moderna mRNA-vaccine Phase 3 win and AstraZeneca's volrustomig discontinuation; the metabolic mandate #3 against Amylyx's avexitide Phase 3; and the CNS and rare-disease mandates #30 and #32 against BioMarin's Alesta acquisition and the Sandoz-Henlius biosimilar expansion.
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 ongoing psoriatic arthritis, psoriasis and vitiligo competition underlines. 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. Cross-border appetite stayed visible this week on the biosimilar side, with Sandoz expanding its Shanghai Henlius collaboration to as many as 10 products, underlining how actively Western partners are sourcing validated, manufacturable assets from China across both novel and follow-on modalities.
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 25, 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 19. 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