Major Licensing Deals and M&A
Executive Summary - September 15 to September 22, 2026
- ✓GSK agreed on September 15, 2026 to acquire a potential best-in-class trispecific T-cell engager (TCE) for multiple myeloma from China's privately held Chimagen Biosciences, in a deal worth up to $750M including an undisclosed upfront fee plus development and commercial milestones. The asset engages T cells while binding two validated tumor-associated antigens, is designed for a deeper, more durable response with improved tolerability, and is expected to enter Phase 1 in 2027 - GSK's second deal with Chimagen after its 2024 CMG1A46 (CD19/CD20 bispecific TCE) agreement.
- ✓Reuters reported on September 18 that the U.S. Treasury is drafting outbound-investment rules likely to let American drugmakers keep signing most licensing deals for China-originated drugs - excluding assets tied to pathogens or biotechnology that could be weaponized - putting biopharma on a different track from AI and semiconductors. Chinese biopharma stocks jumped the following Monday (September 21): Akeso and Sino Biopharmaceutical rose about 8%, and CSPC and Innovent Biologics about 6%.
- ✓Connect Biopharma reported positive preliminary topline data on September 15 from its global Phase 2 study of rademikibart - a China-origin IL-4Ralpha antibody - as an add-on for acute asthma exacerbations in patients with type 2 inflammation: a statistically significant improvement in post-bronchodilator FEV1 at Day 7 (+250 mL vs +120 mL on placebo) and a 66% reduction in treatment failures at Day 28 (which did not reach statistical significance), with placebo-comparable safety. COPD data are expected later in September, after which Connect plans to engage the FDA on a Phase 3 program.
- ✓At WCLC 2026 (presented September 14, with full data circulating through the week), AstraZeneca and Daiichi Sankyo's HER2-directed ADC Enhertu (T-DXd) cut the risk of progression or death 37% versus pembrolizumab plus chemotherapy in first-line HER2-mutant NSCLC (median PFS 14.3 vs 8.3 months; HR 0.63; p<0.0001; ORR 70.0% vs 44.5%) in DESTINY-Lung04 - though interim overall survival numerically favored the control arm (33.1 vs 29.3 months; ~46.9% mature, no formal testing), a caveat for the filing.
GSK bets up to $750M on Chimagen Biosciences' China-origin trispecific T-cell engager for multiple myeloma - its second deal with the Chinese biotech
On September 15, 2026, GSK agreed to acquire a potential best-in-class trispecific T-cell engager (TCE) for multiple myeloma from Chimagen Biosciences, a privately held, China-based biotech, in a transaction worth up to $750 million inclusive of an undisclosed upfront fee and development and commercial milestone payments. The asset is engineered to bind T cells while simultaneously engaging two strategically selected, validated tumor-associated antigens - an approach intended to deliver a deeper and more durable response with an improved tolerability profile versus existing myeloma TCEs; GSK expects the program to enter Phase 1 in 2027 and will lead global development and commercialization. It is GSK's second deal with Chimagen, following the 2024 agreement for CMG1A46, a clinical-stage CD19/CD20 bispecific TCE ($300M upfront; up to roughly $850M total). For BioLink readers the signal is that large pharma is now returning to the same China innovators for follow-on assets and paying nine figures for preclinical China-origin multispecific biology - a pattern that maps directly onto the late-stage oncology (#28), China in-license (#33) and technology-platform (#22) mandates on the Opportunity Board.
The week's headline deal was another China-out oncology story - GSK's up-to-$750M acquisition of a preclinical trispecific T-cell engager for multiple myeloma from Chimagen Biosciences - but its backdrop was macro. On September 18 Reuters reported that the U.S. Treasury is drafting outbound-investment rules likely to preserve most pharma-China licensing, carving biopharma out of the tighter restrictions applied to AI and semiconductors, and Chinese biopharma equities rallied 6-8% on September 21. Together the two stories frame the same thesis: the cross-border channel that has carried a record volume of China-origin assets to Western buyers looks set to stay open.
For BioLink readers the throughline is continuity of demand at both the deal and the policy level. GSK returning to Chimagen for a second asset shows MNCs deepening relationships with proven China innovators; the reported Treasury framework, if finalized as described, would remove a key overhang on that flow. The standing buyer and fund mandates on the Opportunity Board (Section 4) - weighted toward oncology, immunology and platform science - map directly onto the multiple-myeloma TCE, the China-origin I&I antibody (Connect's rademikibart) and the HER2 ADC data (Enhertu) that moved this week.
Licensing, Partnering & Company Creation - September 15 to September 22, 2026
| Date | Licensee | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Sep 15, 2026 (announced) | CHINA-OUTGSK | Chimagen Biosciences (China) / trispecific T-cell engager (T cell + two tumor-associated antigens) for multiple myeloma | Up to $750M total (undisclosed upfront + development & commercial milestones); royalties | GSK agreed to acquire the preclinical program for worldwide development and commercialization, expecting Phase 1 in 2027. The trispecific is designed for deeper, more durable myeloma responses with better tolerability than existing TCEs. It is GSK's second Chimagen deal, following the 2024 CMG1A46 (CD19/CD20 bispecific TCE) agreement - a sign of MNCs returning to the same China innovators for follow-on assets. |
It was a comparatively quiet week for brand-new headline China-out licensing pacts, with the GSK-Chimagen trispecific the standout; the prior weeks' larger transactions - including HUTCHMED's up-to-$1.295B KRAS-EGFR ATTC (HMPL-A830) deal with GSK, announced September 3 - continue to frame the quarter. The more consequential development this week was arguably policy rather than a single deal: the reported U.S. Treasury rules preserving most pharma-China licensing (Section 2.1).
M&A and Control Transactions - September 15 to September 22, 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. Cross-border oncology dealmaking instead ran through licensing (GSK-Chimagen, Section 1.2). The previously announced Eli Lilly agreement to acquire autoimmune and allergy biotech Merida Biosciences (up to ~$2.88B; announced August 31, expected to close in the fourth quarter of 2026) remains outstanding.
Weekly Takeaways
- MNCs are re-upping with proven China innovators: GSK's up-to-$750M acquisition of Chimagen Biosciences' trispecific multiple-myeloma T-cell engager is its second Chimagen deal, and it paid nine figures for a still-preclinical China-origin multispecific - reinforcing the late-stage oncology (#28) and China in-license (#33) mandates and the multispecific-platform angle of the technology mandate (#22).
- Policy is now the biggest swing factor for China-out flow: the reported U.S. Treasury draft rules preserving most pharma-China licensing - and the 6-8% one-day rally in Akeso, Sino Biopharmaceutical, CSPC and Innovent - suggest biopharma will be spared the harshest China restrictions, directly supporting the geographic-arbitrage (#16), Newco (#17) and China in-license (#33) mandates that depend on the channel staying open.
- China-origin immunology keeps generating Western-quality data: Connect Biopharma's IL-4Ralpha antibody rademikibart hit a statistically significant Day-7 FEV1 improvement in a global Phase 2 acute-asthma study (with a non-significant 66% cut in treatment failures), a readout relevant to the I&I repositioning and TYK2/JAK immunology mandates (#26, #27) and to buyers sourcing differentiated respiratory and I&I assets.
- HER2 stays a battleground where efficacy and survival can diverge: Enhertu's DESTINY-Lung04 win on PFS (14.3 vs 8.3 months) alongside a numerically worse interim overall survival is a reminder that late-stage oncology diligence - including for the many China-origin HER2 ADCs and bispecifics seeking partners - must weigh OS and subsequent-therapy effects, not just response and PFS.
- What to watch: whether the Treasury rules are finalized as reported; Connect Biopharma's COPD readout for rademikibart later in September; ivonescimab's U.S. FDA target action date of November 14, 2026; and data flow from the International Myeloma Society annual meeting (Glasgow, September 23-26), immediately after this window.
Global Biomedicine Highlights
Clinical, Regulatory & Policy - September 15 to September 22, 2026
September 18, 2026 - U.S. Treasury Reportedly Drafts Rules to Preserve Most Pharma-China Licensing Deals; Chinese Biopharma Stocks Jump 6-8%
Reuters reported on September 18, 2026 that the U.S. Treasury Department is drafting outbound-investment rules that would likely allow American pharmaceutical companies to continue signing most licensing deals for drugs originating in China, provided the assets are not tied to pathogens or to biotechnology that could be weaponized. The approach would put biopharma on a different track from artificial intelligence and semiconductors, where the U.S. has tightened China restrictions. The report noted that almost half of U.S. deals to license drugs from overseas in 2025 involved Chinese companies, and that China-linked licensing reached roughly $110 billion in the first half of 2026. On Monday, September 21, Chinese biopharma equities rallied: Akeso and Sino Biopharmaceutical rose about 8%, and CSPC Pharmaceutical Group and Innovent Biologics about 6%.
BD Implication: For a newsletter built on US-China dealmaking, this is the single most consequential development of the week. A finalized carve-out preserving pharma-China licensing would remove the principal policy overhang on the entire China-out channel, sustaining the deal flow behind the geographic-arbitrage (#16), Newco (#17) and China in-license (#33) mandates on the Opportunity Board. It is a draft, not a rule - terms could tighten, and pathogen or dual-use assets would remain restricted - so sellers of China-origin programs should keep diligencing deal structures against the eventual final text, but the near-term signal to Western buyers is that the door stays open.
September 15, 2026 - Connect Biopharma's China-Origin IL-4Ralpha Antibody Rademikibart Posts Positive Phase 2 Data in Acute Asthma Exacerbations
Connect Biopharma announced positive preliminary topline data from its global Phase 2 study of rademikibart, an IL-4Ralpha antibody, as an add-on treatment for acute exacerbations in adult and adolescent asthma patients with type 2 inflammation. Rademikibart achieved a statistically significant improvement in post-bronchodilator FEV1 at Day 7 (mean +250 mL versus +120 mL on placebo) and a 66% reduction in treatment failures at Day 28, though that failure-rate endpoint did not reach statistical significance. Safety was comparable to placebo, with one serious adverse event in the rademikibart arm versus three on placebo. Connect expects topline data from the parallel Phase 2 COPD study later in September and then plans to engage the FDA on a Phase 3 program.
BD Implication: Rademikibart is a China-discovered IL-4Ralpha antibody being developed globally, and a positive acute-exacerbation readout in a large indication validates continued Western appetite for differentiated China-origin respiratory and immunology assets - the thesis behind the I&I repositioning (#27) and TYK2/JAK immunology (#26) mandates. The failure-rate endpoint missing significance is a reminder that buyers will scrutinize which endpoints hit; the clean FEV1 signal and placebo-like safety keep rademikibart, and the acute-exacerbation angle in asthma and COPD, squarely on the sourcing list for buyers seeking respiratory options ex-China.
September 14, 2026 - AstraZeneca and Daiichi Sankyo's HER2 ADC Enhertu Wins on PFS but Not Overall Survival in First-Line HER2-Mutant NSCLC (DESTINY-Lung04, WCLC 2026)
At the World Conference on Lung Cancer (WCLC 2026, presented September 14 with detailed data circulating through the window), AstraZeneca and Daiichi Sankyo reported primary results from the Phase 3 DESTINY-Lung04 trial of Enhertu (trastuzumab deruxtecan) as first-line therapy for unresectable or metastatic HER2-mutant non-squamous NSCLC. Enhertu monotherapy reduced the risk of disease progression or death by 37% versus pembrolizumab plus chemotherapy (median PFS 14.3 vs 8.3 months; HR 0.63; 95% CI 0.50-0.79; p<0.0001), with an objective response rate of 70.0% versus 44.5% and median duration of response of 13.4 versus 9.7 months. At an interim, immature overall-survival analysis (about 46.9% mature, no formal testing), median OS numerically favored the chemoimmunotherapy control (33.1 vs 29.3 months), which the sponsors attributed in part to imbalanced subsequent therapies.
BD Implication: The first Phase 3 win in first-line HER2-mutant NSCLC is a landmark for the HER2 ADC franchise, but the split between a strong PFS benefit and a numerically worse interim OS is exactly the kind of nuance late-stage oncology diligence must weigh. For the many China-origin HER2-directed ADCs and bispecifics seeking Western partners - and for buyers under mandates #28 (late-stage oncology) and #33 (China Phase II/III) - the readout raises the bar: mature overall-survival data and a clear read on post-progression therapy, not response and PFS alone, will increasingly gate deals in crowded ADC classes.
Validation notes: The GSK-Chimagen Biosciences agreement (potential best-in-class trispecific T-cell engager for multiple myeloma; up to $750M including an undisclosed upfront plus development and commercial milestones; Phase 1 expected 2027; announced September 15, 2026; GSK's second Chimagen deal after 2024's CMG1A46, a CD19/CD20 bispecific TCE at $300M upfront and up to roughly $850M) is per GSK's press release and named reporting (Fierce Biotech, BioSpace, MedCity News, technode). The reported U.S. Treasury draft rules preserving most pharma-China licensing (excluding pathogen or weaponizable assets; roughly half of 2025 U.S. inbound licensing deals with China; roughly $110B China-linked licensing in H1 2026) are per Reuters' September 18 exclusive and named reporting (STAT, Seeking Alpha); the September 21 stock moves (Akeso and Sino Biopharmaceutical about +8%, CSPC and Innovent about +6%) are per CNBC. Connect Biopharma's rademikibart Phase 2 asthma data (post-bronchodilator FEV1 +250 vs +120 mL at Day 7, statistically significant; 66% reduction in treatment failures at Day 28, not statistically significant; September 15, 2026) are per Connect Biopharma's GlobeNewswire release and named reporting (BioSpace, StockTitan). Enhertu DESTINY-Lung04 (first-line HER2-mutant NSCLC; median PFS 14.3 vs 8.3 months, HR 0.63, p<0.0001; ORR 70.0% vs 44.5%; interim OS 33.1 vs 29.3 months, about 46.9% mature; presented at WCLC 2026 on September 14) is per AstraZeneca's press release and named reporting (Fierce Pharma, OncLive, BioSpace).
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 23.
- GSK's up-to-$750M acquisition of Chimagen Biosciences' China-origin trispecific multiple-myeloma T-cell engager - its second Chimagen deal - reads directly against the late-stage oncology mandate #28, the corporate-venture China Phase II/III mandate #33, and the multispecific-platform angle of technology mandate #22.
- The reported U.S. Treasury draft rules preserving most pharma-China licensing - which lifted Akeso, Sino Biopharmaceutical, CSPC and Innovent 6-8% - underpin the whole Board's China-origin thesis, and in particular the geographic-arbitrage (#16), Newco (#17) and China in-license (#33) mandates that depend on cross-border deal flow staying open.
- Connect Biopharma's China-origin IL-4Ralpha antibody rademikibart posting a positive Phase 2 asthma readout maps onto the immunology mandates #26 (TYK2/JAK) and #27 (I&I repositioning), while AstraZeneca and Daiichi Sankyo's Enhertu HER2-mutant lung data keeps HER2 and ADC competition - relevant to the multi-modality mandates - firmly in view.
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 23 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 read directly against this week's news: the late-stage oncology and China in-license mandates #28 and #33 in light of GSK's up-to-$750M Chimagen multiple-myeloma T-cell-engager deal; the geographic-arbitrage and Newco mandates #16 and #17 against the reported U.S. Treasury rules preserving pharma-China licensing; and the immunology mandates #26 and #27 against Connect Biopharma's China-origin rademikibart Phase 2 asthma 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: GSK's up-to-$750M acquisition of China's Chimagen Biosciences' trispecific T-cell engager shows how readily large pharma will pay nine figures for a validated China-origin multispecific asset, while the reported U.S. Treasury rules preserving most pharma-China licensing - which lifted Chinese biopharma stocks 6-8% - signal that the cross-border channel for exactly this kind of Phase II China-origin immunology platform is set to stay open.
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 22, 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 23. 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