Major Licensing Deals and M&A
Executive Summary - September 1 to September 8, 2026
- ✓Roche signed an exclusive global license to Simcere Zaiming's SIM0660, a preclinical trispecific T-cell engager targeting CD79a, CD19 and CD3 for B-cell-mediated diseases, on September 1, 2026. Roche pays $75M upfront and up to $1.53B in total payments plus tiered royalties up to double digits, and gains worldwide rights to develop, manufacture and commercialize the asset. It is Simcere Pharmaceutical Group's sixth out-licensing deal, lifting the group's aggregate potential biobucks to more than $6.1B, and the week's clearest China-out event.
- ✓China's Gan & Lee Pharmaceutical out-licensed European rights to its GLP-1 obesity and diabetes candidate bofanglutide (GZR18) to Italy's Menarini Group on September 3, 2026, covering 39 countries. Gan & Lee receives EUR 62M upfront, up to EUR 664M in milestones (up to EUR 726M total, about $771M) plus double-digit royalties; bofanglutide is dosed once every two weeks and has completed a Phase 3 trial in China and a Phase 2 trial in the US.
- ✓Akeso and Summit Therapeutics said on September 3, 2026 that their China-origin PD-1/VEGF bispecific ivonescimab delivered a statistically significant and clinically meaningful overall-survival improvement over Merck's Keytruda in the China-only Phase 3 HARMONi-2 trial in first-line PD-L1-positive NSCLC - the fourth Phase 3 trial for ivonescimab to meet an OS endpoint. Summit's US BLA carries an FDA target action date of November 14, 2026 in EGFR-mutated NSCLC.
- ✓Novartis reported two Phase 3 readouts: its oral BTK inhibitor remibrutinib met the primary endpoint in the REMODEL-1/-2 relapsing multiple sclerosis trials on September 1, while its Lp(a)-lowering antisense pelacarsen missed the primary endpoint of the 8,323-patient Lp(a)HORIZON cardiovascular outcomes trial on September 4, despite lowering Lp(a).
Roche pays $75M upfront in an up-to-$1.53B exclusive global license to Simcere Zaiming's trispecific T-cell engager SIM0660 - a top-5 pharma taking a preclinical China-origin asset worldwide
Roche entered an exclusive, global license agreement with Simcere Zaiming - the oncology-focused subsidiary of China's Simcere Pharmaceutical Group - for SIM0660, a preclinical trispecific T-cell engager, on September 1, 2026. SIM0660 combines a CD3-engaging arm with binding domains against the B-cell antigens CD79a and CD19, a design intended to drive potent T-cell-mediated killing while limiting cytokine release, with potential across B-cell-mediated diseases - including in patients previously treated with CD20- or CD19-directed therapies and in B-cell-mediated autoimmune disease. Roche pays $75M upfront and up to $1.53B in total payments plus tiered royalties up to double digits, and gains worldwide rights to develop, manufacture and commercialize the asset. For BioLink readers the signal is twofold: a top-5 pharma is now willing to take a preclinical Chinese asset global at a nine-figure upfront, and Simcere alone has now completed six out-licenses worth a potential aggregate of more than $6.1B - evidence that the China-to-West channel now extends upstream to discovery-stage biology, not just clinical assets.
The week's dealmaking was defined by China-out licensing across two of the highest-value spaces in the market. Roche's up-to-$1.53B license of Simcere Zaiming's trispecific T-cell engager takes a preclinical B-cell-directed asset global, while Gan & Lee's out-license of its GLP-1 bofanglutide to Menarini extends the China-origin obesity wave into Europe. Both are structured the way the 2026 market has settled - modest upfronts (a $75M cash payment from Roche; EUR 62M from Menarini) against large milestone-and-royalty packages.
For BioLink readers the throughline is that Chinese innovation is now sourced across the full value chain - from preclinical trispecifics and GLP-1s to late-stage assets producing Western standard-of-care data. The same week Roche licensed Simcere's engager, Akeso and Summit's China-origin ivonescimab beat Keytruda on overall survival in first-line lung cancer. The standing buyer and fund mandates on the Opportunity Board (Section 4) map directly onto the B-cell autoimmune, obesity, immuno-oncology, neurology and cardiovascular science that moved this week.
Licensing & Partnering - September 1 to September 8, 2026
| Date | Licensee | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Sep 1, 2026 (announced) | CHINA-OUTRoche | Simcere Zaiming (China) / SIM0660, preclinical CD79a/CD19/CD3 trispecific T-cell engager | $75M upfront + up to $1.53B total; tiered royalties up to double digits | Exclusive global license; Roche gains worldwide rights to develop, manufacture and commercialize SIM0660 for B-cell-mediated diseases, including B-cell-driven autoimmunity and patients previously treated with CD20- or CD19-directed therapies. Simcere Pharmaceutical Group's sixth out-license (aggregate potential >$6.1B). A preclinical China-origin asset taken global by a top-5 pharma. |
| Sep 3, 2026 (announced) | CHINA-OUTMenarini (Italy) | Gan & Lee Pharmaceutical (China) / bofanglutide (GZR18), long-acting GLP-1 | EUR 62M upfront + up to EUR 664M milestones (up to EUR 726M, ~$771M); double-digit royalties | Exclusive European rights across 39 countries (EU-27 plus UK, Switzerland, Norway, Iceland, Liechtenstein and the Balkans) to a GLP-1 dosed once every two weeks; bofanglutide has completed a Phase 3 trial in China and a Phase 2 trial in the US. Extends the China-origin obesity/GLP-1 wave into Europe - the single highest-value therapeutic category of 2026. |
| Sep 2, 2026 (announced) | Novartis | Alteogen (South Korea) / ALT-B4 (Hybrozyme subcutaneous platform) | Up to $3.2B across milestones + royalties | Option and license agreement for subcutaneous formulations of multiple products using Alteogen's recombinant human hyaluronidase ALT-B4. A non-China cross-border comparator (South Korea-out) and Alteogen's fourth ALT-B4 licensing deal of the year - context for the broader Asia-to-West licensing wave. |
| Sep 2, 2026 (announced) | Medicus Pharma | Pfizer / PF-08046031 (CD228V), anti-melanotransferrin (CD228) ADC | $12M upfront + $15M on first anniversary; >$1B milestones; royalties (Pfizer retains patent ownership) | Exclusive worldwide co-development and license to an early clinical-stage ADC that originated at Seagen and was discontinued by Pfizer; supported by an active US IND and a first-in-human Phase 1 study. A non-China deal, notable as continued recycling of shelved ADC assets. |
The two China-out licenses (Roche-Simcere and Gan & Lee-Menarini) were the week's clearest cross-border China events and are tabled with a [[CHINA-OUT]] badge; the Novartis-Alteogen and Pfizer-Medicus rows are non-China licensing deals included as market context. Also in the window, Boehringer Ingelheim licensed Owkin's K Pro 'AI Scientist' to accelerate discovery in oncology and immunology (terms undisclosed) - relevant to the technology-platform mandate #22 - and Roche's Simcere pact followed by just over a week its $190M-upfront, up-to-$2.5B deal for South Korea's Hanmi UCN2 analog (August 24), underscoring how aggressively Roche is sourcing Asia-origin biology.
M&A and Control Transactions - September 1 to September 8, 2026
No US-China M&A was announced or closed within the window that met this newsletter's verification bar, so no M&A table is tabled this week. For context, the prior week's headline transaction - Eli Lilly's agreement to acquire Graves' disease and thyroid-eye-disease biotech Merida Biosciences for up to $2.88B (announced August 31, expected to close in the fourth quarter of 2026) - was covered in Issue 21 and remains pending. Also reported in or around the window, though outside this newsletter's US-China focus: PerkinElmer completed its acquisition of SimoTech, and RedHill Biopharma divested its 70% stake in the H. pylori therapy Talicia to an Apotex subsidiary ($18M upfront, up to $35M in milestones).
Weekly Takeaways
- China-out moves upstream to discovery-stage biology: Roche's up-to-$1.53B license of Simcere Zaiming's preclinical trispecific T-cell engager - at a $75M cash upfront - shows a top-5 pharma willing to take a Chinese asset global before it reaches the clinic, and lifts Simcere's aggregate out-licensing to more than $6.1B across six deals.
- China-origin GLP-1 reaches Europe: Gan & Lee's out-license of bofanglutide to Menarini (up to EUR 726M / ~$771M for 39 countries) puts a China-discovered, once-every-two-weeks GLP-1 into a major Western obesity market - reinforcing obesity/GLP-1 as 2026's highest-value licensing category and mapping to obesity mandate #3 and the metabolic priority in China mandate #33.
- China-origin assets now set efficacy benchmarks, not just supply them: Akeso and Summit's ivonescimab beating Keytruda on overall survival in first-line NSCLC (its fourth Phase 3 OS win) shows a Chinese PD-1/VEGF bispecific challenging the global immuno-oncology standard head-to-head - directly relevant to late-stage oncology mandate #28 and the corporate-venture China mandate #33.
- B-cell-directed immunology is a two-sided opportunity: Roche's SIM0660 license targets B-cell-mediated disease including autoimmunity - the same antibody-directed immunology behind the autoimmune Featured License-Out (Section 4.3) and mandates #24 (FIC autoimmune antibodies) and #29 (target-interest brief).
- Cardiovascular risk-reduction theses take a hit: Novartis's pelacarsen missing its Lp(a)HORIZON primary endpoint (8,323 patients) despite lowering Lp(a) - and Novo Nordisk halting two ziltivekimab IL-6 heart-drug trials for futility the same week - raise the bar for CV outcome claims across the field, including China's cardiovascular and siRNA/ASO pipelines (mandates #7, #21, #6).
- What to watch: whether Roche's preclinical Simcere license spurs more discovery-stage China-out deals, how ivonescimab's OS data reads in Western patients ahead of the November 14 FDA date, and dealmaking around the BIOHK2026 conference in Hong Kong (September 9-12).
Global Biomedicine Highlights
Clinical Readouts & Regulatory - September 1 to September 8, 2026
September 3, 2026 - Akeso and Summit's China-Origin Bispecific Ivonescimab Beats Keytruda on Overall Survival in First-Line NSCLC (HARMONi-2)
Akeso and Summit Therapeutics announced that ivonescimab, a China-origin PD-1/VEGF bispecific antibody, delivered a statistically significant and clinically meaningful overall-survival (OS) improvement over Merck's Keytruda (pembrolizumab) in the China-only Phase 3 HARMONi-2 trial in first-line PD-L1-positive non-small cell lung cancer. The trial had previously met its progression-free survival endpoint (11.14 vs 5.82 months for pembrolizumab, reported 2024); HARMONi-2 is now the fourth Phase 3 trial for ivonescimab to meet an OS endpoint. Full data are due at a future medical meeting. Summit, which holds ex-China rights, has an FDA target action date of November 14, 2026 for ivonescimab in EGFR-mutated NSCLC and still needs to confirm the benefit in Western patients for a clean regulatory review.
BD Implication: A China-discovered bispecific establishing head-to-head overall-survival superiority over the global immuno-oncology standard of care is a milestone for Chinese innovation and for the PD-1/VEGF bispecific class specifically. It sharpens the case behind late-stage oncology mandate #28 and the corporate-venture China Phase II/III mandate #33, and raises the diligence bar for the many China-origin checkpoint and bispecific programs now seeking Western partners - buyers will increasingly expect OS data, not response-rate proxies, and Western confirmatory evidence.
September 1, 2026 - Novartis's Oral BTK Inhibitor Remibrutinib Hits Phase 3 Endpoints in Relapsing Multiple Sclerosis (REMODEL-1/-2)
Novartis reported positive topline results from the twin Phase 3 REMODEL-1 and REMODEL-2 trials of remibrutinib, an oral BTK inhibitor, in relapsing multiple sclerosis. Both studies met the primary endpoint of a statistically significant reduction in annualized relapse rate versus teriflunomide and showed reductions in MRI inflammatory brain lesions, with a positive trend on three-month and nominal significance on six-month confirmed disability progression in a preplanned combined analysis. Remibrutinib showed a favorable safety profile with no liver safety signal. Detailed data will be presented as a late-breaker at an upcoming MS congress, and Novartis plans to seek global approval in relapsing MS.
BD Implication: A clean Phase 3 win extends the oral BTK-inhibitor class into a large neuroimmunology indication and validates oral small-molecule immunomodulation in CNS disease - a template China's BTK-inhibitor developers (e.g., InnoCare's orelabrutinib) can target. It reads directly onto the differentiated-CNS mandate #30 and the immunology mandates #26 (TYK2/JAK and related small-molecule inhibitors) and #27 (I&I repositioning).
September 4, 2026 - Novartis's Lp(a)-Lowering Antisense Pelacarsen Misses the Primary Endpoint in the Lp(a)HORIZON Cardiovascular Outcomes Trial
Novartis announced that the Phase 3 Lp(a)HORIZON trial of pelacarsen, an antisense therapy that lowers lipoprotein(a), did not meet its primary endpoint of reducing the risk of a four-point composite of major adverse cardiovascular events (cardiovascular death, non-fatal myocardial infarction, non-fatal stroke, and urgent coronary revascularization) versus placebo. The trial enrolled 8,323 patients with elevated Lp(a) and established cardiovascular disease already on guideline-directed therapy; pelacarsen lowered Lp(a) and showed an acceptable safety profile. It was the first pivotal outcomes trial to test whether lowering Lp(a) reduces cardiovascular risk. Full data are to be presented at an upcoming medical congress. Per Endpoints News (September 7), the miss raises the stakes for the Lp(a)-lowering siRNA programs from Amgen (olpasiran) and Eli Lilly (lepodisiran); separately, Novo Nordisk halted two trials of its IL-6 heart drug ziltivekimab for futility the same week.
BD Implication: The first Lp(a) outcomes miss injects uncertainty into a category many buyers had treated as de-risked, and shifts diligence toward outcomes evidence over biomarker lowering - relevant to the cardiovascular mandates #7 (cardiovascular & kidney) and #21 (six named CV indications) and the siRNA/ASO fund mandate #6. Note the mechanism distinction that will now be scrutinized: pelacarsen is an antisense oligonucleotide, whereas the leading competitors are siRNAs. China's growing cardiovascular and nucleic-acid pipelines will be measured against a higher evidentiary bar.
Validation notes: Roche-Simcere Zaiming SIM0660 terms ($75M upfront; up to $1.53B total; tiered royalties up to double digits; exclusive global rights; preclinical CD79a/CD19/CD3 trispecific T-cell engager; announced September 1, 2026; Simcere's sixth out-license, aggregate potential >$6.1B) are per Simcere Zaiming's PR Newswire release and named reporting (Fierce Biotech, Contract Pharma). Gan & Lee-Menarini (bofanglutide/GZR18; European rights across 39 countries; EUR 62M upfront, up to EUR 664M milestones, up to EUR 726M total; double-digit royalties; Phase 3 complete in China, Phase 2 in the US; announced September 3, 2026) is per the Gan & Lee/Menarini release and named reporting (Endpoints, Fierce Biotech, European Biotechnology). Novartis-Alteogen (ALT-B4/Hybrozyme; option & license; up to $3.2B; September 2, 2026) is per Alteogen and named reporting. Medicus-Pfizer (PF-08046031/CD228V anti-melanotransferrin ADC; $12M upfront + $15M on the first anniversary; >$1B milestones; September 2, 2026) is per Medicus/Pfizer disclosures (Fierce Biotech, BioSpace, SEC 8-K). Ivonescimab HARMONi-2 OS result (China-only Phase 3; statistically significant OS vs pembrolizumab in first-line PD-L1+ NSCLC; fourth Phase 3 OS win; prior PFS 11.14 vs 5.82 months; September 3, 2026; Summit FDA target action date November 14, 2026 in EGFR-mutated NSCLC) is per Akeso/Summit and named reporting (Endpoints, BioSpace, Fierce Pharma). Remibrutinib REMODEL-1/-2 (positive topline; primary annualized relapse rate reduction vs teriflunomide; favorable safety, no liver signal; September 1, 2026) and pelacarsen Lp(a)HORIZON (missed primary four-point MACE endpoint; 8,323 patients with elevated Lp(a) and established CVD; acceptable safety; September 4, 2026) are per Novartis media releases and named reporting (BioSpace, Endpoints, Ionis, Royalty Pharma). Novo Nordisk ziltivekimab trial discontinuations are per Endpoints (September 7).
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 21.
- The autoimmune and immunology mandates #24 (FIC autoimmune antibodies), #27 (I&I repositioning) and the target-interest brief #29 map onto Roche's up-to-$1.53B license of Simcere Zaiming's CD79a/CD19/CD3 trispecific T-cell engager SIM0660 for B-cell-mediated diseases - a preclinical China-origin asset taken global by a top-5 pharma.
- The obesity mandate #3 (small-molecule weight loss) and the metabolic priority in the China corporate-venture mandate #33 read against Gan & Lee's out-license of its GLP-1 bofanglutide to Menarini for Europe (up to EUR 726M) - GLP-1 remaining the single highest-value therapeutic category of 2026.
- The late-stage oncology mandate #28 and the corporate-venture China mandate #33 track Akeso and Summit's ivonescimab beating Keytruda on overall survival in first-line NSCLC, while the CNS mandate #30 and the cardiovascular mandates #7 and #21 read against Novartis's remibrutinib Phase 3 MS win and its pelacarsen Lp(a) outcomes miss.
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 21 as continuing, and new assets matching any mandate can be routed via the BD inbox at any time. All entries below are US/EU buyer or fund mandates with ex-China or global rights preferred unless noted. Several entries are worth re-reading against this week's news: the autoimmune and I&I mandates #24, #27 and #29 in light of Roche's Simcere trispecific T-cell engager license; the obesity mandate #3 and metabolic-priority mandate #33 against the Gan & Lee-Menarini GLP-1 out-license; and the oncology, CNS and cardiovascular mandates #28, #30 and #7/#21 against the ivonescimab, remibrutinib and pelacarsen readouts.
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: Roche paid $75M upfront in an up-to-$1.53B license for Simcere Zaiming's trispecific T-cell engager against B-cell-mediated diseases, including B-cell-driven autoimmunity - the same antibody-directed immunology this platform targets. Cross-border appetite also stayed visible in metabolic disease, with China's Gan & Lee out-licensing European rights to its GLP-1 bofanglutide to Menarini for up to EUR 726M, underlining how actively Western partners are sourcing validated China-origin assets across autoimmune, oncology and obesity.
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 8, 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 21. 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