Major Licensing Deals and M&A
Executive Summary - August 25 to September 1, 2026
- ✓AstraZeneca completed its exclusive global license to Dizal Pharmaceutical's Zegfrovy (sunvozertinib), an oral irreversible EGFR inhibitor for EGFR exon 20 insertion-mutant NSCLC, on September 1, 2026. First announced July 14, the agreement pays Dizal $600M upfront plus up to $900M in development, regulatory and sales milestones (up to about $1.5B) plus tiered royalties, and gives AstraZeneca worldwide rights to an asset already approved in the US and China. It is the week's clearest China-out event - notable as a completed transaction rather than a signing.
- ✓Eli Lilly agreed to acquire Merida Biosciences for up to $2.88B in upfront and milestone payments (the upfront was not disclosed), gaining MER511, a Phase 1 antibody engineered to eliminate the pathogenic autoantibodies that drive Graves' disease and thyroid eye disease (TED), plus a platform aimed at antibody-mediated autoimmune and allergic diseases. It is Lilly's 13th acquisition of 2026 and is expected to close in the fourth quarter.
- ✓The FDA approved Revolution Medicines' RASONQUE (daraxonrasib), the first broad RAS-targeted medicine, for adults with previously treated metastatic pancreatic adenocarcinoma. In the Phase 3 RASolute 302 trial (500 patients), daraxonrasib delivered a median overall survival of 13.2 months versus 6.7 months for chemotherapy, is dosed once daily orally, and requires no companion diagnostic - working with or without an identified RAS mutation.
- ✓The FDA approved two Ziihera (zanidatamab-hrii) regimens for first-line HER2+ gastroesophageal adenocarcinoma, including Ziihera plus the China-origin PD-1 inhibitor tislelizumab (Tevimbra) and chemotherapy for all HER2+ patients regardless of PD-L1 status - a new front-line standard, based on HERIZON-GEA-01, that triggered a $250M milestone from Jazz Pharmaceuticals to Zymeworks.
AstraZeneca completes its up-to-$1.5B exclusive global license to Dizal's oral EGFR inhibitor Zegfrovy ($600M upfront) - a rare closed, not merely announced, China-out transaction
AstraZeneca completed its exclusive global license agreement with Shanghai-based Dizal Pharmaceutical for Zegfrovy (sunvozertinib), a novel oral irreversible EGFR inhibitor, on September 1, 2026. First announced on July 14, the deal pays Dizal $600M upfront and up to $900M in development, regulatory and sales-related milestones - up to roughly $1.5B in total - plus tiered royalties on global sales. AstraZeneca gains worldwide rights to Zegfrovy, which is already approved in both the US and China for non-small cell lung cancer harboring EGFR exon 20 insertion mutations, and which has read out positive first-line Phase 3 data (WU-KONG28). For BioLink readers the signal is twofold: the China-to-West channel is now producing not just multibillion-dollar signings but completed transactions around assets already carrying regulatory approvals, and a $600M upfront ranks among the larger single-asset upfronts of 2026 - a marker of how far Chinese-origin asset valuations have moved.
The week's dealmaking paired a closed China-out license with a premium autoimmune bolt-on. AstraZeneca's completion of the up-to-$1.5B Zegfrovy license takes global control of a China-approved oral EGFR drug, while Eli Lilly's up-to-$2.88B agreement for Merida adds a Graves' and thyroid-eye-disease autoantibody program. The pattern is consistent with a market where completed China-out licenses and mechanism-defined bolt-ons - not mega-mergers - remain the practical growth levers.
For BioLink readers the throughline is that Chinese innovation is moving from early pipelines into Western standards of care: the same week AstraZeneca closed its Dizal license, the FDA built a new first-line gastric-cancer regimen partly on the China-origin PD-1 tislelizumab. The standing buyer and fund mandates on the Opportunity Board (Section 4) map directly onto the RAS oncology, immuno-oncology and autoimmune science that moved this week.
Licensing & Partnering - August 25 to September 1, 2026
| Date | Licensee | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Sep 1, 2026 (close) | CHINA-OUTAstraZeneca | Dizal Pharmaceutical / Zegfrovy (sunvozertinib), oral EGFR exon 20 insertion inhibitor | $600M upfront + up to $900M milestones (up to ~$1.5B); tiered royalties | Exclusive global license first announced July 14, 2026 and completed September 1, 2026. AstraZeneca gains worldwide rights to Zegfrovy, an oral irreversible EGFR inhibitor already approved in the US and China for EGFR exon 20 insertion-mutant NSCLC; Shanghai-based Dizal retains tiered royalties. A rare completed - not merely announced - China-out transaction, and one of the larger single-asset upfronts of 2026. |
The Zegfrovy completion was the week's clearest cross-border China event. No new China-origin novel-asset out-license was signed within the window that met this newsletter's verification bar, so the section records the AstraZeneca-Dizal close rather than tabling an unverified signing. Context remains constructive: average upfronts on Western-China licenses are up roughly 230% since 2022 (to about $172M), and a $600M upfront on a completed deal shows the ceiling continuing to rise.
M&A and Control Transactions - August 25 to September 1, 2026
| Date | Acquirer | Target | Deal Value | Strategic Rationale |
|---|---|---|---|---|
| Aug 31, 2026 (announced) | Eli Lilly | Merida Biosciences | Up to $2.88B (upfront + milestones; upfront undisclosed) | Immunology / autoantibody. Adds MER511, a Phase 1 antibody engineered to eliminate the pathogenic IgG autoantibodies that drive Graves' disease and thyroid eye disease (TED), plus a discovery platform aimed at antibody-mediated autoimmune and allergic diseases. Lilly's 13th acquisition of 2026; board-approved and expected to close in the fourth quarter of 2026. Extends Lilly's immunology franchise beyond its metabolic core. |
The tabled transaction is dated by announcement (August 31) and is expected to close in the fourth quarter of 2026 subject to customary conditions. Also reported in the window, though outside this newsletter's US-China focus: RedHill Biopharma acquired global and US commercialization rights to Rebyota and divested its 70% stake in Talicia to an Apotex subsidiary ($18M upfront, up to $35M in sales milestones), and BioMarin reached a binding settlement with Ascendis Pharma resolving patent disputes over Yuviwel (navepegritide).
Weekly Takeaways
- China-out matures from signing to closing: AstraZeneca's completion of the up-to-$1.5B Zegfrovy license shows the channel producing not just headline signings but closed, revenue-relevant transactions around China-approved assets - and a $600M upfront that ranks among 2026's larger single-asset payments.
- China-origin assets now sit inside Western standards of care: the FDA's first-line HER2+ gastric approval of Ziihera used with the China-origin PD-1 tislelizumab shows Chinese innovation embedded in front-line regimens, not just early pipelines - relevant to late-stage oncology mandate #28 and the corporate-venture China mandate #33.
- RAS goes broad and biomarker-agnostic: daraxonrasib's approval as the first pan-RAS medicine, with no companion diagnostic and a doubling of median OS in pancreatic cancer (13.2 vs 6.7 months), resets the bar for China's crowded KRAS and pan-RAS field - mapping to mandates #8 (KRAS G12V), #23 (MEK-RAF / KRAS-CYP A) and #31 (oncology molecular glues).
- TYK2/JAK keeps winning new autoimmune ground: brepocitinib's approval as the first oral therapy for dermatomyositis extends the TYK2/JAK class into a new indication - directly on-thesis for mandate #26 (TYK2/JAK inhibitors) and the I&I repositioning mandate #27.
- Autoimmune autoantibody plays draw premium M&A: Lilly's up-to-$2.88B Merida deal for a Graves'/TED autoantibody eliminator validates antigen- and antibody-specific immunology - the exact space of this week's Featured License-Out, a China antigen-specific tolerance platform in Phase 2 Graves' disease (Section 4.3).
- What to watch: whether the AstraZeneca-Dizal close spurs further China-out completions, and how daraxonrasib and the tislelizumab-containing Ziihera regimens reshape competitive dynamics into the fourth quarter of 2026.
Global Biomedicine Highlights
Clinical Readouts & Regulatory - August 25 to September 1, 2026
August 26, 2026 - FDA Approves Revolution Medicines' Daraxonrasib (RASONQUE), the First Broad RAS-Targeted Medicine, in Metastatic Pancreatic Cancer
The FDA approved RASONQUE (daraxonrasib), a once-daily oral inhibitor that targets multiple active forms of the RAS protein, for adults with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy. Approval was based on RASolute 302, a randomized Phase 3 trial in 500 patients with previously treated metastatic pancreatic adenocarcinoma, in which daraxonrasib delivered a median overall survival of 13.2 months versus 6.7 months for standard chemotherapy. The drug does not require a companion diagnostic and is approved for patients with or without an identified RAS tumor mutation; it holds Breakthrough Therapy and Orphan Drug designations and was granted Priority Review. It is the first broad RAS-targeted medicine to reach the market.
BD Implication: A broad, biomarker-agnostic RAS approval in one of oncology's hardest indications validates pan-RAS as a commercial modality and resets the benchmark for China's deep KRAS and pan-RAS pipelines. It maps directly onto Opportunity-Board mandates #8 (KRAS G12V), #23 (MEK-RAF and KRAS-CYP A small molecules and molecular glues) and #31 (oncology-led molecular glues); China-origin RAS programs will now be measured against a validated overall-survival standard rather than response-rate proxies.
August 25, 2026 - FDA Approves Ziihera (Zanidatamab-hrii) Regimens - Including With China-Origin Tislelizumab - as a New First-Line Standard in HER2+ Gastroesophageal Cancer
The FDA approved two Ziihera (zanidatamab-hrii)-containing regimens for the first-line treatment of adults with unresectable locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma (GEA): Ziihera plus Tevimbra (tislelizumab-jsgr) and chemotherapy for all HER2+ patients (IHC 3+ and IHC 2+/ISH+) regardless of PD-L1 status, and Ziihera plus chemotherapy (IHC 3+). Approval was based on the three-arm, randomized, global HERIZON-GEA-01 trial. Zanidatamab is a HER2-targeted bispecific antibody originally out-licensed by Zymeworks; the approval triggered a $250M milestone payment from Jazz Pharmaceuticals to Zymeworks, with Zymeworks eligible for up to $1.3B in further milestones plus tiered royalties of up to 20% on net sales.
BD Implication: The regimen puts a China-origin PD-1 (tislelizumab, from BeOne Medicines, formerly BeiGene) inside a new US front-line standard of care - concrete evidence that Chinese immuno-oncology assets can anchor, not merely supplement, Western regimens. That validates the late-stage oncology mandate #28 and the corporate-venture China Phase II/III mandate #33, and raises the bar for China-origin checkpoint assets to demonstrate combination value in biomarker-defined populations.
August 27, 2026 - FDA Approves Priovant's Brepocitinib (LISRAYA), the First Oral Therapy for Dermatomyositis in Adults
The FDA approved LISRAYA (brepocitinib), an oral TYK2/JAK1 inhibitor from Priovant Therapeutics, for the treatment of dermatomyositis in adults - the first oral therapy approved for the rare autoimmune myopathy, and available in the US immediately. Dermatomyositis had previously been treated largely with off-label immunosuppressants and one approved intravenous immune globulin product, leaving a clear gap for a targeted oral option.
BD Implication: A first-in-indication approval extends the TYK2/JAK class into a new autoimmune disease and reinforces oral small-molecule immunomodulation as a franchise strategy - squarely the space of Opportunity-Board mandate #26 (TYK2, JAK and dual TYK2/JAK inhibitors) and the I&I repositioning mandate #27. China's large TYK2/JAK small-molecule pipeline now has a fresh Western indication precedent to target.
Validation notes: AstraZeneca-Dizal Zegfrovy terms ($600M upfront; up to $900M milestones; tiered royalties; global rights; announced July 14 and completed September 1, 2026; sunvozertinib approved in US and China for EGFR exon 20 insertion NSCLC) are per AstraZeneca and Dizal disclosures and named reporting. Lilly-Merida (up to $2.88B; upfront undisclosed; MER511 Phase 1 for Graves' disease and TED; Lilly's 13th acquisition of 2026; expected Q4 2026 close) is per Lilly's August 31 announcement and named reporting (CNBC, Endpoints, BioSpace). Daraxonrasib (RASONQUE) approval (August 26; metastatic pancreatic adenocarcinoma, previously treated; RASolute 302, 500 patients; median OS 13.2 vs 6.7 months; no companion diagnostic; Breakthrough/Orphan/Priority Review) is per the FDA and Revolution Medicines. Ziihera (zanidatamab-hrii) first-line HER2+ GEA approval (August 25; with tislelizumab/Tevimbra and chemotherapy regardless of PD-L1, and with chemotherapy for IHC 3+; HERIZON-GEA-01; $250M Jazz-to-Zymeworks milestone; up to $1.3B further plus royalties to 20%) is per the FDA and Jazz/Zymeworks disclosures. Brepocitinib (LISRAYA) approval (August 27; first oral dermatomyositis therapy; oral TYK2/JAK1 inhibitor; Priovant) is per the FDA and named reporting (Healio, Drug Topics, AJMC).
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 20.
- The oncology mandates #8 (KRAS G12V), #23 (MEK-RAF / KRAS-CYP A) and #31 (oncology molecular glues) map directly onto the FDA approval of Revolution Medicines' daraxonrasib, the first broad RAS-targeted medicine, in metastatic pancreatic cancer - a Western benchmark for China's deep KRAS and pan-RAS pipelines.
- The late-stage oncology mandate #28 and the corporate-venture China mandate #33 read against the FDA's first-line HER2+ gastroesophageal approval of Ziihera used with the China-origin PD-1 tislelizumab (Tevimbra) - China-origin immuno-oncology now embedded inside a Western front-line standard of care.
- The immunology mandates #26 (TYK2 / JAK inhibitors) and #27 (I&I repositioning) track the approval of Priovant's oral TYK2/JAK1 inhibitor brepocitinib as the first oral dermatomyositis therapy, while the autoimmune Featured License-Out (Section 4.3) sits directly against Eli Lilly's up-to-$2.88B acquisition of Merida for a Graves' disease / thyroid eye disease autoantibody program.
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 20 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 mandates #8, #23 and #31 in light of the daraxonrasib RAS approval; the late-stage oncology and China mandates #28 and #33 against the tislelizumab-containing first-line gastric approval; and the immunology mandates #26 and #27 against the brepocitinib dermatomyositis approval and Lilly's Merida 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 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, and pointedly timely this week: Eli Lilly agreed to pay up to $2.88B for Merida and its program against the pathogenic autoantibodies of Graves' disease and thyroid eye disease - the same antigen- and antibody-specific immunology this platform targets. Cross-border appetite also stayed visible on the licensing side, with AstraZeneca completing its up-to-$1.5B global license to Dizal's Zegfrovy, underlining how actively Western partners are sourcing validated, China-approved assets 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 September 1, 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 20. 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