Major Licensing Deals and M&A
Executive Summary - September 24 to October 1, 2026
- ✓Novo Nordisk and Hengrui Pharma announced on September 29, 2026 an exclusive license agreement for HRS-1596, a Phase 1-ready once-weekly oral GLP-1/GIP dual receptor agonist. Novo pays $300M upfront and up to $2.6B in total (upfront plus development, regulatory and commercial milestones, plus royalties) for exclusive global development, manufacturing and commercialization rights outside Mainland China, Hong Kong, Macao and Taiwan, which Hengrui retains. The deal pushes a China-origin asset into the single highest-value therapeutic category - obesity and metabolic disease.
- ✓Also on September 29, 2026, AstraZeneca made a $2 billion strategic equity investment in Summit Therapeutics, taking preferred stock with rights equal to roughly 12% of Summit, and opened a clinical collaboration to evaluate ivonescimab - Akeso's China-origin PD-1/VEGF bispecific antibody, licensed to Summit outside China - in combination with AstraZeneca's antibody-drug conjugates, including sonesitatug vedotin. Each company keeps the rights to its own molecules, AstraZeneca sponsors the combination studies and the parties share costs; Summit shares rose about 17% on the news.
- ✓At the International Myeloma Society (IMS) 2026 annual meeting in Glasgow (September 23-26, 2026, with data circulating through the window), AbbVie's BCMAxCD3 bispecific etentamig cut the risk of progression or death by 40% versus standard therapy in the Phase 3 CERVINO trial in relapsed/refractory multiple myeloma (PFS hazard ratio 0.60), with MRD negativity (at 10^-6) of 82.8% versus 12.5% and about 90% versus 72% 12-month overall survival at a still-early 11.4-month median follow-up.
- ✓Johnson & Johnson's CAR-T Carvykti (cilta-cel) posted five-year CARTITUDE follow-up showing half of treated patients in a treatment-free remission (alive and progression-free), 62.9% overall survival and a median progression-free survival of 60.5 months - a durability bar that frames the competitive context for the many China-origin BCMA and GPRC5D myeloma programs now seeking Western partners.
Novo Nordisk bets up to $2.6B on Hengrui's China-origin once-weekly oral GLP-1/GIP obesity pill - $300M upfront for ex-Greater China rights
On September 29, 2026, Novo Nordisk and Hengrui Pharma entered an exclusive license agreement for HRS-1596, a Phase 1-ready once-weekly oral GLP-1/GIP dual receptor agonist for obesity, type 2 diabetes and metabolic disease. Novo pays $300 million upfront and up to $2.6 billion in total, including development, regulatory and commercial milestones plus royalties, for exclusive global development, manufacturing and commercialization rights outside Mainland China, Hong Kong, Macao and Taiwan; Hengrui retains those territories and is eligible for royalties on Novo's net sales. The transaction is notable on three counts: it takes a China-origin asset into obesity, the single highest-value therapeutic category of the cycle; it is an oral once-weekly format in a field still dominated by injectables and daily orals; and it has the market leader in incretins paying nine figures upfront for a program that is only Phase 1-ready. For BioLink readers it reinforces that the China-out channel now reaches Novo's core franchise, and it maps onto the China in-license (#33), geographic-arbitrage (#16) and Class 1.1 multi-TA (#32) mandates on the Opportunity Board.
Two September 29 transactions reset the US-China deal map in a single day. Novo Nordisk's up-to-$2.6B license of Hengrui's oral obesity pill carries a China-origin asset into the incretin franchise that defines the current cycle, while AstraZeneca's $2B equity investment in Summit Therapeutics doubles down on ivonescimab - the China-origin PD-1/VEGF bispecific that has become the most-watched asset of the cross-border wave. One is a classic China-out license; the other is a Western pharma writing a $2B check to accelerate a China-origin molecule it does not itself own.
For BioLink readers the throughline is that demand for China-origin innovation now spans both the highest-value chronic-disease category (obesity/metabolic, via Novo-Hengrui) and the most competitive oncology franchise of the moment (PD-1/VEGF plus ADCs, via AstraZeneca-Summit). The standing buyer and fund mandates on the Opportunity Board (Section 4) - weighted toward oncology, immunology, metabolic and platform science - map directly onto both deals and onto the IMS 2026 myeloma readouts that set this week's efficacy bar.
Licensing, Partnering & Company Creation - September 24 to October 1, 2026
| Date | Licensee / Investor | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Sep 29, 2026 (announced) | CHINA-OUTNovo Nordisk | Hengrui Pharma (China) / HRS-1596, once-weekly oral GLP-1/GIP dual receptor agonist (obesity, type 2 diabetes, metabolic disease) | $300M upfront; up to $2.6B total (incl. development, regulatory & commercial milestones); royalties to Hengrui | Novo takes exclusive global development, manufacturing and commercialization rights outside Mainland China, Hong Kong, Macao and Taiwan (Hengrui retains those). Asset is Phase 1-ready. Carries a China-origin asset into the obesity/incretin franchise - the cycle's highest-value category - in an oral once-weekly format. |
| Sep 29, 2026 (announced) | AstraZeneca | Summit Therapeutics / ivonescimab (China-origin PD-1/VEGF bispecific, discovered by Akeso; licensed to Summit ex-China) | $2B strategic equity investment (preferred stock; rights to ~12% of Summit); collaboration costs shared | Not a new China-out license but a Western equity-plus-collaboration deal built around a China-origin asset. The companies will evaluate ivonescimab combined with AstraZeneca ADCs (including sonesitatug vedotin); each retains rights to its own molecules and AstraZeneca sponsors the combination studies. Summit shares rose ~17%. |
The week's two headline transactions were announced the same day (September 29) and sit on opposite ends of the deal spectrum: a straightforward China-out license (Novo-Hengrui) and a large Western equity investment that deepens development of a China-origin molecule already partnered to a US company (AstraZeneca-Summit). Both underscore that China-origin assets are now central to Western pharma's two highest-priority areas - obesity/metabolic and PD-1/VEGF-anchored oncology.
M&A and Control Transactions - September 24 to October 1, 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 activity instead ran through licensing and equity (Novo-Hengrui and AstraZeneca-Summit, Section 1.2). The AstraZeneca-Summit transaction is a strategic equity investment and clinical collaboration, not a change of control: AstraZeneca takes preferred stock with rights to roughly 12% of Summit, and Summit remains independent.
Weekly Takeaways
- China-origin innovation has reached obesity, the cycle's highest-value category: Novo Nordisk - the incretin market leader - paid $300M upfront and committed up to $2.6B for Hengrui's Phase 1-ready once-weekly oral GLP-1/GIP pill, reinforcing the China in-license (#33), geographic-arbitrage (#16) and Class 1.1 multi-TA (#32) mandates and validating China-sourced metabolic assets at the top of the market.
- Western pharma is now investing equity, not just licensing, to control China-origin oncology upside: AstraZeneca's $2B preferred-stock investment for rights to ~12% of Summit - to build ivonescimab (Akeso's PD-1/VEGF bispecific) into ADC combinations - shows buyers willing to take balance-sheet positions around China-origin molecules, directly relevant to the late-stage oncology (#28), China in-license (#33) and technology-platform/bispecific (#22) mandates.
- Oral and once-weekly formats are the next competitive axis in metabolic disease: HRS-1596's once-weekly oral GLP-1/GIP profile is the feature Novo paid up for, a signal to sourcing teams that differentiated administration (oral, less-frequent dosing) - not just a new incretin target - is what commands premium China-out economics now.
- IMS 2026 reset the myeloma efficacy bar that China-origin programs must clear: AbbVie's etentamig (PFS HR 0.60; 82.8% vs 12.5% MRD negativity) and J&J's Carvykti (median PFS 60.5 months; 62.9% OS at five years) define the depth and durability now expected - a high bar for the many China-origin BCMA, GPRC5D and T-cell-engager myeloma assets seeking Western partners under the late-stage oncology (#28) and China Phase II/III (#33) mandates.
- What to watch: whether Novo files HRS-1596 into its oral obesity pipeline on an accelerated timeline; the first AstraZeneca-Summit ivonescimab-ADC combination trials; ivonescimab's U.S. FDA target action date of November 14, 2026 in EGFR-mutant NSCLC; and ESMO 2026 (mid-October), where China-origin oncology assets including ivonescimab's HARMONi-GI1 biliary-tract data are slated to feature.
Global Biomedicine Highlights
Clinical, Regulatory & Policy - September 24 to October 1, 2026
September 23-26, 2026 - AbbVie's BCMAxCD3 Bispecific Etentamig Cuts Progression or Death 40% in Phase 3 Relapsed/Refractory Myeloma (CERVINO, IMS 2026)
At the International Myeloma Society 2026 annual meeting in Glasgow (September 23-26, with data circulating through the window), AbbVie reported primary results from the Phase 3 CERVINO trial of etentamig, a BCMAxCD3 bispecific T-cell engager, in relapsed/refractory multiple myeloma. Etentamig reduced the risk of progression or death by 40% versus standard available therapy (progression-free survival hazard ratio 0.60), with minimal residual disease negativity (at the 10^-6 threshold) of 82.8% versus 12.5%, roughly double the 12-month PFS rate of the control arm, and 12-month overall survival of about 90% versus 72%, at a still-early median follow-up of 11.4 months.
BD Implication: A BCMAxCD3 bispecific delivering a 0.60 PFS hazard ratio and 82.8% MRD negativity resets the efficacy bar in a crowded myeloma T-cell-engager field - exactly the class in which numerous China-origin BCMA and trispecific programs are seeking Western partners (GSK's up-to-$750M Chimagen trispecific of the prior week is a case in point). For buyers under the late-stage oncology (#28) and China Phase II/III (#33) mandates, the readout raises the comparative bar: China-origin myeloma engagers will be diligenced against deep MRD negativity and durable PFS, and the immature overall-survival follow-up is a reminder to weight maturity, not just early separation.
September 23-26, 2026 - J&J's Carvykti (Cilta-cel) Shows Half of Patients in Treatment-Free Remission at Five Years (CARTITUDE, IMS 2026)
Johnson & Johnson presented five-year follow-up from its CARTITUDE program for Carvykti (ciltacabtagene autoleucel), a BCMA-directed CAR-T, in relapsed/refractory multiple myeloma. Half (50%) of treated patients were in a treatment-free remission - alive and progression-free without further therapy - at five years, with overall survival of 62.9% and a median progression-free survival of 60.5 months; notably, half of the patients still progression-free at year five carried high-risk cytogenetic abnormalities.
BD Implication: A five-year median PFS surpassing five years and a 50% treatment-free-remission rate set an exceptionally high durability benchmark for BCMA-directed cell therapy. For the many China-origin CAR-T and allogeneic cell-therapy programs seeking ex-China partners - relevant to the late-stage oncology (#28), China Phase II/III (#33) and the cell-and-gene element of the Class 1.1 multi-TA (#32) mandates - this is the durability number Western buyers will benchmark against, and it underlines why differentiated manufacturing, logistics and off-the-shelf formats remain the key value levers for new entrants.
September 23-26, 2026 - BMS's Iberdomide Triplet Roughly Doubles MRD-Negative Complete Response in Phase 3 Relapsed Myeloma (EXCALIBER-RRMM, IMS 2026)
Bristol Myers Squibb reported Phase 3 EXCALIBER-RRMM results for an iberdomide-based triplet (iberdomide plus daratumumab and dexamethasone) versus daratumumab, bortezomib and dexamethasone in relapsed/refractory multiple myeloma. The iberdomide arm achieved a minimal-residual-disease-negative complete response rate of 41.1% versus 20.7% for the control at a median 15.7-month follow-up, roughly doubling deep response; grade 3/4 neutropenia was substantially higher in the iberdomide arm (84.3% versus 11.3%), described as mostly manageable with dose interruptions.
BD Implication: An all-oral-core CELMoD triplet roughly doubling MRD-negative complete response keeps the pressure on both antibody and cell-therapy approaches and signals continued demand for differentiated oral immunomodulatory backbones. For sourcing teams, the neutropenia signal is the reminder that efficacy gains in myeloma now come with tolerability trade-offs that diligence must weight - relevant to the hematology (#1) and late-stage oncology (#28) mandates and to any China-origin CELMoD, degrader or molecular-glue program (mandates #23, #31) positioned against this backbone.
Validation notes: The Novo Nordisk-Hengrui HRS-1596 license (Phase 1-ready once-weekly oral GLP-1/GIP dual receptor agonist; $300M upfront, up to $2.6B total including milestones and royalties; Novo takes global rights outside Mainland China, Hong Kong, Macao and Taiwan; announced September 29, 2026) is per the joint Novo/Hengrui GlobeNewswire release and named reporting (Reuters, Bloomberg, STAT, Axios, Pharmaceutical Executive). The AstraZeneca-Summit Therapeutics transaction ($2B strategic equity investment via preferred stock with rights to roughly 12% of Summit; collaboration to evaluate ivonescimab plus AstraZeneca ADCs including sonesitatug vedotin; each party retains rights to its own molecules; announced September 29, 2026; Summit shares up about 17%) is per the Summit/AstraZeneca press release and named reporting (MedCity News, Contract Pharma, GuruFocus); ivonescimab is a PD-1/VEGF bispecific discovered by Akeso (China) and licensed to Summit outside China. The IMS 2026 myeloma readouts (Glasgow, September 23-26, 2026) are per named reporting: AbbVie etentamig CERVINO (PFS HR 0.60; MRD negativity 82.8% vs 12.5%; 12-month OS about 90% vs 72%; median follow-up 11.4 months), J&J Carvykti CARTITUDE five-year (50% treatment-free remission; 62.9% OS; median PFS 60.5 months), and BMS iberdomide EXCALIBER-RRMM (MRD-negative complete response 41.1% vs 20.7% at median 15.7 months; grade 3/4 neutropenia 84.3% vs 11.3%) are per Clinical Trials Arena, Johnson & Johnson's release and Cancer Network. ESMO 2026 is scheduled for mid-October (outside this window); items dated outside September 24-October 1, 2026 were excluded.
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 24.
- Novo Nordisk's up-to-$2.6B license of Hengrui's China-origin once-weekly oral GLP-1/GIP obesity pill reads directly against the China in-license mandate #33 (metabolic prioritized), the geographic-arbitrage mandate #16, and the well-capitalized Class 1.1 multi-TA mandate #32 (which explicitly spans metabolic and aging-related disease).
- AstraZeneca's $2B equity investment in Summit to build China-origin ivonescimab (PD-1/VEGF) into ADC combinations underpins the late-stage oncology (#28), China in-license (#33) and multispecific-platform angle of the technology mandate (#22), and shows Western buyers willing to take equity positions around China-origin oncology.
- The IMS 2026 myeloma readouts (AbbVie etentamig, J&J Carvykti, BMS iberdomide) reset the efficacy and durability bar for BCMA and T-cell-engager programs, keeping the late-stage oncology (#28) and China Phase II/III (#33) mandates squarely in focus for China-origin myeloma assets.
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 24 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 China in-license and geographic-arbitrage mandates #33 and #16 in light of Novo's up-to-$2.6B Hengrui oral-obesity license; the late-stage oncology and technology-platform mandates #28 and #22 against AstraZeneca's $2B ivonescimab investment in Summit; and the late-stage oncology and China Phase II/III mandates #28 and #33 against the IMS 2026 myeloma efficacy 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: Novo Nordisk's up-to-$2.6B license of China's Hengrui oral obesity pill and AstraZeneca's $2B investment in Summit to build China-origin ivonescimab both show how readily large pharma will commit nine- and ten-figure sums to validated China-origin assets, while the cross-border channel for exactly this kind of Phase II China-origin immunology platform remains wide 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 October 1, 2026. Buyer and fund mandates are summarized from direct briefings; specific terms available upon NDA. No new mandates were briefed during this window; all entries (#1 to #33 and #S1 to #S4) carry forward from Issue 24. 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