Major Licensing Deals and M&A
Executive Summary - September 8 to September 15, 2026
- ✓Solstice Oncology launched on September 9, 2026 with a $225M Series A led by RA Capital Management (with Canaan Partners, Forbion and others) to advance porustobart, a second-generation, Fc-enhanced CTLA-4 antibody it licensed from China's Harbour BioMed in February 2026 ($105M upfront; up to $1.2B total). Porustobart is entering a Phase 2 study in combination with Keytruda (pembrolizumab) in the neoadjuvant setting for stage II-III microsatellite-stable (MSS) colon cancer, with a second undisclosed indication - a China-out asset built into a purpose-built, Western venture-backed Newco.
- ✓At the World Conference on Lung Cancer (WCLC 2026) on September 14, Akeso and Summit Therapeutics presented full overall-survival data from the China-only Phase 3 HARMONi-2 trial: their China-origin PD-1/VEGF bispecific ivonescimab delivered a median overall survival of 30.8 months versus 22.6 months for Merck's Keytruda in first-line PD-L1-positive NSCLC - roughly eight months longer, with a stronger benefit in high-PD-L1 tumors.
- ✓Insilico Medicine reported in Nature Biotechnology (published September 7, 2026, and covered widely through the week) that rentosertib - the first generative-AI-discovered and -designed drug candidate, a TNIK inhibitor now in Phase 3 for idiopathic pulmonary fibrosis (IPF) - shifted blood-based biological-age markers 2.7 to 3.5 years younger at week 4, benchmarked against 55,319 UK Biobank profiles across six proteomic aging clocks. The authors caution the signal cannot yet separate slower aging from a treated lung.
- ✓Pharvaris reported positive topline data on September 8 from its pivotal Phase 3 CHAPTER-3 study of deucrictibant XR, an oral bradykinin B2-receptor antagonist for hereditary angioedema (HAE) prophylaxis: an 83% reduction in attack rate versus placebo (87% in HAE Type 1/2), with all secondary endpoints met and marketing applications planned from the first half of 2027.
RA Capital leads a $225M launch of Solstice Oncology to take Harbour BioMed's Fc-enhanced CTLA-4 antibody porustobart into Phase 2 - a China-origin asset built into a Western venture-backed Newco
Solstice Oncology launched on September 9, 2026 with a $225M Series A financing led by RA Capital Management, joined by Canaan Partners, Forbion and others. The company is built around porustobart (HBM4003), a second-generation, Fc-enhanced CTLA-4 antibody that Solstice licensed from China's Harbour BioMed in February 2026 for $105M upfront and up to $1.2B in total consideration, covering rights outside Greater China. Porustobart is designed to combine CTLA-4 checkpoint blockade with ADCC-mediated depletion of regulatory T cells, and Solstice is advancing it into a Phase 2 study in combination with Keytruda (pembrolizumab) in the neoadjuvant setting for clinical stage II-III microsatellite-stable (MSS) colon cancer - a cold tumor - plus a second undisclosed indication, with data anticipated in the second half of 2027. For BioLink readers the signal is that the China-out channel increasingly runs through purpose-built, Western venture-backed Newcos: rather than a single pharma in-licensing an asset, a top-tier crossover syndicate is capitalizing a new company around a China-discovered antibody at nine-figure scale - a template that maps directly onto the Newco (#17) and geographic-arbitrage (#16) mandates on the Opportunity Board.
The week's headline event was a China-out story routed through company creation rather than a straight in-license: RA Capital's $225M launch of Solstice Oncology to advance Harbour BioMed's Fc-enhanced CTLA-4 antibody porustobart. It follows the now-familiar 2026 structure in which Western capital and a purpose-built Newco carry a China-discovered asset into US/EU clinical development - here a Phase 2 in neoadjuvant MSS colon cancer, one of immuno-oncology's hardest cold tumors.
For BioLink readers the throughline is that China-origin innovation is being validated across every point of the value chain at once. The same week Solstice was capitalized around a China-licensed antibody, Akeso and Summit's China-origin ivonescimab posted a median overall survival of 30.8 months against Keytruda's 22.6 in first-line lung cancer at WCLC, and Insilico Medicine's AI-designed rentosertib - a China-discovered, generative-AI-native molecule - drew global coverage for a biological-aging signal in fibrosis. The standing buyer and fund mandates on the Opportunity Board (Section 4) map directly onto the immuno-oncology, autoimmune, CNS and platform/AI science that moved this week.
Licensing, Partnering & Company Creation - September 8 to September 15, 2026
| Date | Licensee / Newco | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Sep 9, 2026 (financing) | CHINA-OUTSolstice Oncology (US Newco) | Harbour BioMed (China) / porustobart (HBM4003), 2nd-gen Fc-enhanced CTLA-4 antibody | $225M Series A (RA Capital-led); underlying license Feb 2026: $105M upfront, up to $1.2B | Solstice launched with a $225M Series A (RA Capital Management, with Canaan Partners and Forbion) to advance porustobart - licensed from China's Harbour BioMed for ex-Greater-China rights in February 2026 - into a Phase 2 combination with Keytruda in neoadjuvant stage II-III MSS colon cancer, plus a second undisclosed indication. A China-origin antibody taken forward inside a purpose-built, Western venture-backed Newco. |
| Sep 9, 2026 (announced) | Tectora Therapeutics (US Newco) | Schrodinger / SDGR-4594 + SDGR-8139, two preclinical I&I small molecules | $55M Series A (NEA, RA Capital); equity + milestones and royalties to Schrodinger | Schrodinger co-founded and seeded immunology & inflammation Newco Tectora with two computationally designed small-molecule programs in exchange for equity plus downstream milestones and royalties. A non-China deal, included as market context for the platform-plus-Newco model relevant to the I&I mandates (#24, #26, #27). |
The Solstice launch is tabled with a [[CHINA-OUT]] badge because its economic substance is a China-origin asset (Harbour BioMed's porustobart) advancing under Western venture capital; the Schrodinger-Tectora row is a non-China platform-plus-Newco deal included as context. It was a thin week for new headline China-out in-licensing pacts - the prior week's Roche-Simcere trispecific and Gan & Lee-Menarini GLP-1 deals (Issue 22) still frame the quarter - but the Solstice financing shows the same cross-border demand expressed through company creation rather than a straight license.
M&A and Control Transactions - September 8 to September 15, 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. Outside the US-China frame, immuno-oncology and platform dealmaking stayed active through new-company formation (Solstice Oncology and Tectora Therapeutics, both Section 1.2). The prior week's pending transaction - Eli Lilly's up-to-$2.88B agreement to acquire Graves' disease and thyroid-eye-disease biotech Merida Biosciences (announced August 31, expected to close in the fourth quarter of 2026) - remains outstanding.
Weekly Takeaways
- China-out is increasingly a company-creation story, not just an in-license: RA Capital's $225M launch of Solstice Oncology around Harbour BioMed's Fc-enhanced CTLA-4 antibody porustobart shows a top-tier crossover syndicate capitalizing a purpose-built Newco around a China-discovered asset - mapping directly onto the Newco (#17) and geographic-arbitrage (#16) mandates on the Opportunity Board.
- China-origin oncology keeps setting the global efficacy bar: ivonescimab's median overall survival of 30.8 months versus Keytruda's 22.6 in first-line NSCLC, presented in full at WCLC, is the head-to-head evidence Western buyers now expect from China-origin checkpoint and bispecific programs - reinforcing late-stage oncology mandate #28 and the corporate-venture China mandate #33.
- AI-native China biology is maturing into a platform asset class: Insilico Medicine's rentosertib - the first generative-AI-discovered drug, now in Phase 3 IPF - flashing a biological-aging signal underlines why the technology-platform and AI mandate (#22) treats discovery engines, not just single molecules, as the thing to license or invest in.
- Immunology remains the busiest ground for new-company creation: Schrodinger's co-founding of I&I Newco Tectora ($55M Series A) alongside the CTLA-4-driven Solstice launch tracks the antibody- and small-molecule immunology behind mandates #24 (FIC autoimmune antibodies), #26 (TYK2/JAK) and #27 (I&I repositioning).
- Oral small molecules keep winning in rare disease: Pharvaris's deucrictibant XR cutting HAE attacks 83% in a pivotal Phase 3 keeps the oral-therapeutics and rare-disease theses live - relevant to the oral-peptide mandates (#18, #24) and the differentiated-rare-disease mandate (#30), and to China developers building oral options in crowded biologic markets.
- What to watch: ivonescimab's US FDA target action date of November 14, 2026; whether more China-out assets are financed through Newcos rather than pharma in-licenses; and deal follow-through from BIOHK2026 (Hong Kong, September 9-12).
Global Biomedicine Highlights
Clinical Readouts & Regulatory - September 8 to September 15, 2026
September 14, 2026 - Akeso and Summit's China-Origin Ivonescimab Extends Median Overall Survival to 30.8 Months vs Keytruda's 22.6 in First-Line NSCLC (HARMONi-2, WCLC 2026)
At the World Conference on Lung Cancer (WCLC 2026), Akeso and Summit Therapeutics presented full overall-survival results from the China-only Phase 3 HARMONi-2 trial of ivonescimab, a China-origin PD-1/VEGF bispecific antibody, in first-line PD-L1-positive non-small cell lung cancer. Patients treated with ivonescimab lived a median of 30.8 months versus 22.6 months for those on Merck's Keytruda (pembrolizumab) - roughly eight months longer - with a larger benefit in tumors expressing high levels of PD-L1. The trial had previously met its progression-free survival endpoint (11.14 vs 5.82 months) and reported a topline OS win earlier in September; WCLC provided the detailed survival curves. 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.
BD Implication: A China-discovered bispecific delivering an eight-month median overall-survival advantage over the global immuno-oncology standard - with full curves now public - is the strongest efficacy statement yet for the PD-1/VEGF bispecific class and for China-origin oncology broadly. It sharpens late-stage oncology mandate #28 and the corporate-venture China Phase II/III mandate #33, and raises the diligence bar across the many China-origin checkpoint and bispecific programs seeking Western partners: buyers will expect mature OS data and a credible path to Western confirmatory evidence, not response-rate proxies.
September 7, 2026 - Insilico Medicine's Generative-AI-Designed TNIK Inhibitor Rentosertib Flashes a Biological-Aging Signal in Idiopathic Pulmonary Fibrosis
Insilico Medicine reported in Nature Biotechnology - published September 7 and covered widely through the window - an exploratory analysis of rentosertib, the first drug candidate both discovered and designed using generative AI. Rentosertib is a TNIK inhibitor now in a Phase 3 trial for idiopathic pulmonary fibrosis (IPF); in the analysis, treated patients' blood-based biological age read 2.7 to 3.5 years younger at week 4, benchmarked against 55,319 UK Biobank profiles across six independent proteomic aging clocks. The authors caution that the analysis cannot yet separate a genuine systemic anti-aging effect from the downstream benefit of easing lung fibrosis.
BD Implication: The result matters less as an anti-aging claim than as proof that a China-discovered, AI-native molecule is generating differentiated, publishable translational biology inside a Phase 3 program. That is exactly what the technology-platform and AI mandate (#22) - which explicitly seeks frontier models to elucidate biology and GenAI to accelerate discovery, via licensing or equity - is built to capture, and it maps onto the aging and fibrosis breadth of the Class 1.1 multi-TA mandate (#32). Expect buyers to scrutinize the underlying discovery engine, not just the single asset.
September 8, 2026 - Pharvaris's Oral Bradykinin Antagonist Deucrictibant XR Cuts Hereditary Angioedema Attacks 83% in the Pivotal Phase 3 CHAPTER-3 Study
Pharvaris announced positive topline data from CHAPTER-3, the pivotal Phase 3 study of deucrictibant extended-release (XR), an oral bradykinin B2-receptor antagonist, for the prophylaxis of hereditary angioedema (HAE) attacks. The study met its primary endpoint and all secondary efficacy endpoints, with an 83% reduction in attack rate versus placebo (87% in patients with HAE Type 1 or 2), early and sustained protection, and improvements in HAE-specific quality of life. Deucrictibant XR was well tolerated, with mild-to-moderate treatment-related adverse events, and the data will support marketing applications planned from the first half of 2027.
BD Implication: A convenient oral prophylactic posting biologic-like attack reduction validates continued demand for differentiated oral small molecules in rare disease - the thesis behind the oral-peptide and cyclic-peptide mandates (#18, #24) and the differentiated-CNS and orphan mandate (#30). For China developers, HAE and adjacent bradykinin-pathway and complement indications are areas where an oral option can leapfrog injectable incumbents, and where ex-China rights to a clean, late-stage oral asset would map onto multiple standing Western buyer mandates.
Validation notes: Solstice Oncology's $225M Series A (led by RA Capital Management, with Canaan Partners and Forbion; September 9, 2026) and the underlying Harbour BioMed license of porustobart/HBM4003 (Fc-enhanced CTLA-4 antibody; ex-Greater-China rights; $105M upfront, up to $1.2B total; February 2026; Phase 2 with pembrolizumab in neoadjuvant stage II-III MSS colon cancer plus a second undisclosed indication) are per the Solstice/Harbour BioMed GlobeNewswire release and named reporting (Fierce Biotech, BioPharma Dive, BioSpace, Pharmaceutical Technology). Schrodinger-Tectora Therapeutics ($55M Series A from NEA and RA Capital; two preclinical I&I small molecules SDGR-4594 and SDGR-8139 contributed for equity plus milestones and royalties; September 9, 2026) is per Schrodinger's release and named reporting (Fierce Biotech). Ivonescimab HARMONi-2 overall-survival data (median OS 30.8 vs 22.6 months for pembrolizumab in first-line PD-L1-positive NSCLC; prior PFS 11.14 vs 5.82 months; presented at WCLC 2026 on September 14; Summit FDA target action date November 14, 2026 in EGFR-mutated NSCLC) are per Akeso/Summit and named reporting (Bloomberg, BioPharma Dive, Fierce Pharma). Rentosertib biological-aging analysis (TNIK inhibitor; first generative-AI-discovered and -designed drug; Phase 3 IPF; 2.7-3.5 years younger biological age at week 4 across six proteomic clocks vs 55,319 UK Biobank profiles) is per Insilico Medicine's Nature Biotechnology publication (September 7, 2026) and named reporting (Bloomberg, The Wall Street Journal). Pharvaris CHAPTER-3 (deucrictibant XR; 83% reduction in HAE attack rate vs placebo, 87% in Type 1/2; primary and all secondary endpoints met; September 8, 2026; marketing applications planned from the first half of 2027) is per Pharvaris's GlobeNewswire release and named reporting (BioSpace, Seeking Alpha).
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 22.
- The Newco and geographic-arbitrage mandates #17 (Newco formation) and #16 (China Phase I/IIa arbitrage) map directly onto RA Capital's $225M launch of Solstice Oncology around Harbour BioMed's Fc-enhanced CTLA-4 antibody porustobart - a China-origin asset advanced inside a Western venture-backed Newco.
- The immunology mandates #24 (FIC autoimmune antibodies), #26 (TYK2/JAK) and #27 (I&I repositioning) read against the week's immunology company creation, including Schrodinger's co-founding of I&I Newco Tectora, while late-stage oncology mandate #28 and China mandate #33 track ivonescimab's WCLC overall-survival win over Keytruda.
- The technology-platform and AI mandate #22 reads against Insilico Medicine's generative-AI-designed rentosertib data, and the oral-peptide and differentiated-rare-disease mandates #18, #24 and #30 against Pharvaris's oral HAE Phase 3 win.
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 22 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 Newco and arbitrage mandates #17 and #16 in light of the RA Capital-led Solstice launch around Harbour BioMed's porustobart; the immunology mandates #24, #26 and #27 against the week's I&I company creation; the oncology and China mandates #28 and #33 against the ivonescimab WCLC data; and the platform/AI mandate #22 against Insilico's rentosertib readout.
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: RA Capital led a $225M launch of Solstice Oncology to advance Harbour BioMed's Fc-enhanced CTLA-4 antibody porustobart, showing how readily Western capital will now build a purpose-made Newco around a validated China-origin immunology asset. With immunology company creation active on both the antibody (Solstice) and small-molecule (Schrodinger's Tectora) sides this week, a Phase II China-origin antigen-specific tolerance platform is exactly the kind of asset Western buyers, funds and Newco builders are actively sourcing.
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 15, 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 22. 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