Major Licensing Deals and M&A
Executive Summary - September 29 to October 6, 2026
- ✓Novartis and Abogen Biosciences (Suzhou, China) announced on October 2, 2026 a licensing and option agreement under which Novartis takes an exclusive worldwide license to ABO2203, an mRNA-encoded CD19xCD3 T-cell engager for B-cell-mediated autoimmune diseases, plus exclusive options on next-generation assets from Abogen's RNA platform. Abogen receives $575M upfront and is eligible for up to approximately $7.2B in development, regulatory and commercial milestones if all options are exercised (about $7.8B in total), plus royalties. The deal is subject to customary closing conditions, including regulatory clearances.
- ✓Merck announced on September 28, 2026 - one day before this window and not covered in Issue 25 - an exclusive global license with Shanghai-based SciBrunch Therapeutics for SPR2015, a preclinical oral KRAS G12D (ON) inhibitor. Merck pays $400M upfront in a transaction worth up to $2.13B including milestones; the transaction has closed, and Merck will record a $400M pre-tax charge (about $0.13 per share) in its third-quarter 2026 results.
- ✓Outside the US-China channel, Sanofi and Regeneron expanded their Dupixent alliance on October 1, 2026 with four long-acting antibodies against IL-13 and IL-4 biology ($1B upfront to Regeneron, up to $7B in milestones, 50:50 cost and profit split); CSL agreed to pay Alentis $355M upfront (up to $1.555B in total) to co-develop the Phase 2 anti-claudin-1 antibody lixudebart; and Genentech paid Alector $100M upfront (up to $1.27B in total) for the preclinical brain-penetrant GCase therapy AL050.
- ✓On the clinical side, Takeda's oral TYK2 inhibitor zasocitinib beat deucravacitinib head-to-head in Phase 3 psoriasis (PASI 100 at week 16 of 36.5% vs 13.9%, EADV 2026); Boehringer Ingelheim's glucagon/GLP-1 dual agonist survodutide delivered up to 13.1% weight loss at 76 weeks in people with obesity and type 2 diabetes (SYNCHRONIZE-2, EASD 2026); and Vaxcyte's 31-valent pneumococcal vaccine VAX-31 met all primary endpoints in its pivotal adult Phase 3 trial, OPUS-1.
Novartis commits up to ~$7.8B for Abogen's China-origin mRNA-encoded CD19xCD3 T-cell engager - $575M upfront for worldwide rights plus options on Abogen's RNA platform
On October 2, 2026, Abogen Biosciences, a clinical-stage mRNA company headquartered in Suzhou, China, announced a licensing and option agreement with Novartis. Novartis receives an exclusive worldwide license to ABO2203, an mRNA-encoded CD19xCD3 T-cell engager that Abogen describes as the first mRNA-encoded T-cell engager to enter clinical evaluation for autoimmune diseases, together with exclusive options on next-generation therapeutic assets from Abogen's RNA platform. Abogen receives $575 million upfront and is eligible for up to approximately $7.2 billion in development, regulatory and commercial milestones if all options are exercised, plus royalties on future product sales; press coverage (Bloomberg, CNBC, Fierce Biotech) rounds the package to about $7.8 billion. Closing is subject to customary conditions, including required regulatory clearances. The transaction is notable on three counts: the upfront is among the largest paid for a China-origin asset this year; unlike most China-out licenses, Novartis takes worldwide rights rather than ex-Greater China rights; and the asset is a platform modality - an in vivo, mRNA-delivered T-cell engager - rather than a conventional antibody or small molecule. For BioLink readers it maps onto the Class 1.1 multi-TA mandate (#32, which explicitly spans autoimmune disease and mRNA/LNP), the technology-platform mandate (#22) and the geographic-arbitrage mandate (#16) on the Opportunity Board.
Coming days after Novo Nordisk's Hengrui license (Issue 25), two more large China-out transactions framed the window. Novartis's roughly $7.8B agreement with Abogen takes a China-origin mRNA-encoded T-cell engager into autoimmune disease with worldwide rights, and Merck's $400M-upfront, up-to-$2.13B license of SciBrunch's SPR2015 - announced and closed on September 28 - shows a top-five oncology buyer paying nine figures upfront for a preclinical China-origin KRAS G12D program from a company founded in late 2024.
Deal flow outside the US-China channel was equally active and concentrated in immunology and neurology: Sanofi-Regeneron's up-to-$8B reload of the IL-4/IL-13 franchise, CSL-Alentis in rare kidney and liver disease, Genentech-Alector in Parkinson's disease, and Lilly's expanded Gate Bioscience discovery pact. The standing buyer and fund mandates on the Opportunity Board (Section 4) read directly against several of these - notably the ANCA-associated vasculitis mandate (#10), the BBB-penetrant mandates (#20, #29) and the TYK2/JAK mandate (#26).
Licensing, Partnering & Company Creation - September 29 to October 6, 2026
| Date | Licensee / Investor | Licensor / Asset | Economics | Key Terms & Strategic Notes |
|---|---|---|---|---|
| Oct 2, 2026 (announced) | CHINA-OUTNovartis | Abogen Biosciences (Suzhou, China) / ABO2203, mRNA-encoded CD19xCD3 T-cell engager (B-cell-mediated autoimmune diseases) + options on next-generation RNA-platform assets | $575M upfront; up to ~$7.2B in development, regulatory & commercial milestones if all options are exercised (~$7.8B total); royalties | Exclusive worldwide license to ABO2203 plus exclusive options on additional Abogen RNA programs. Abogen describes ABO2203 as the first mRNA-encoded T-cell engager to enter clinical evaluation for autoimmune diseases. Not yet closed: subject to customary closing conditions, including regulatory clearances. |
| Sep 28, 2026 (announced and closed) | CHINA-OUTMerck | SciBrunch Therapeutics (Shanghai, China) / SPR2015, preclinical oral KRAS G12D (ON) inhibitor | $400M upfront; up to $2.13B total including development and commercialization milestones across multiple indications | Exclusive worldwide rights to develop, manufacture and commercialize. Announced one day before this window and not covered in Issue 25; included here for completeness. Merck records a $400M pre-tax charge (about $0.13 per share) in Q3 2026 - a one-time R&D charge, not an operating trend. SciBrunch was founded in late 2024. |
| Oct 1, 2026 (announced) | Sanofi | Regeneron / four long-acting antibodies: REGN20423 (IL-13; Phase 1, atopic dermatitis), an IL-4xIL-13 bispecific, an IL-4 antibody and an IL-4Ralpha antibody (preclinical) | $1B upfront to Regeneron; up to $7B in development, regulatory & commercial milestones (up to $8B total) | Expansion of the alliance that produced Dupixent. Costs and profits on the new programs are shared 50:50 globally; Regeneron leads R&D and Sanofi leads global commercialization. No China angle - listed as the week's largest immunology transaction. |
| Oct 4-5, 2026 (announced) | CSL | Alentis Therapeutics (Switzerland) / lixudebart, anti-claudin-1 monoclonal antibody (Phase 2; ANCA-associated vasculitis with rapidly progressive glomerulonephritis, FSGS, PSC) | $355M upfront; up to $1.2B in commercial milestones ($1.555B total); global profits split 55% CSL / 45% Alentis | Exclusive global co-development and co-promotion collaboration. CSL funds completion of the Phase 2 RENAL trial, a planned Phase 3 in AAV-RPGN and Phase 2 trials in FSGS and PSC. Reads directly against the ANCA-associated vasculitis mandate (#10). |
| Oct 5, 2026 (announced) | Genentech (Roche) | Alector / AL050, brain-penetrant glucocerebrosidase (GCase) enzyme replacement therapy (preclinical / IND-enabling; Parkinson's disease and other neurodegenerative diseases) | $100M upfront; up to $1.17B in development, regulatory & commercial milestones ($1.27B total); tiered royalties | Exclusive worldwide rights across all indications; Genentech takes over development, manufacturing and commercialization. Alector retains its Alector Brain Carrier (ABC) platform for its wholly owned pipeline. Relevant to the BBB-penetrant mandates (#20, #29). |
| Oct 5, 2026 (announced) | Eli Lilly | Gate Bioscience / Molecular Gate discovery platform (expansion of 2025 collaboration and license agreement) | Undisclosed upfront; total potential value exceeds $870M including preclinical, clinical & commercial milestones; tiered royalties | Multi-year expansion adding one target, with the opportunity to add a second (further payment on selection). Gate leads discovery; Lilly holds the exclusive worldwide license. Platform-style discovery deal, relevant to the technology-platform mandate (#22). |
Two of the week's six tabled transactions are China-out licenses, and both break from the usual template. Novartis-Abogen grants worldwide rights - with no Greater China carve-out - around a novel in vivo modality, and Merck-SciBrunch pays a $400M upfront for a preclinical asset from a company less than two years old. Dating is by announcement: the Novartis-Abogen agreement has been announced but not closed, whereas Merck-SciBrunch was announced and closed the same day. Total values quoted are potential maximums that include contingent milestones.
M&A and Control Transactions - September 29 to October 6, 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 ran entirely through licensing (Novartis-Abogen and Merck-SciBrunch, Section 1.2). None of the six transactions in Section 1.2 is a change of control: each is a license, option or collaboration structure, and Abogen, SciBrunch, Alentis, Alector and Gate Bioscience all remain independent.
Weekly Takeaways
- China-out has moved into platform modalities and worldwide rights: Novartis's $575M upfront and roughly $7.8B potential package for Abogen's mRNA-encoded CD19xCD3 T-cell engager is a global license with options across an RNA platform, not an ex-China single-asset deal - directly relevant to the Class 1.1 multi-TA mandate (#32, autoimmune and mRNA/LNP in scope), the technology-platform mandate (#22) and the geographic-arbitrage mandate (#16).
- Preclinical China-origin oncology can now command nine-figure upfronts: Merck paid $400M upfront (up to $2.13B) for SciBrunch's preclinical oral KRAS G12D (ON) inhibitor SPR2015, from a Shanghai company founded in late 2024. For sourcing teams this supports the early-stage KRAS-pathway mandates on the Board - KRAS G12V (#8) and MEK-RAF / KRAS-CYP A (#23) - and shows that differentiated early chemistry, not just clinical data, clears top-tier diligence.
- Incumbents are spending to defend immunology franchises: Sanofi's $1B upfront (up to $8B) for four long-acting Regeneron antibodies against IL-13 and IL-4 biology is a next-generation Dupixent play. Longer-acting formats and bispecifics in validated type 2 pathways are where the bar now sits for China-origin I&I assets under the FIC autoimmune antibody (#24) and Phase II-complete I&I (#27) mandates.
- Head-to-head wins are resetting oral immunology and obesity benchmarks: zasocitinib's 36.5% vs 13.9% PASI 100 against deucravacitinib raises the efficacy bar for every TYK2/JAK program (#26), while survodutide's up-to-13.1% weight loss came with an 18% GI-related discontinuation rate - a reminder that tolerability, not only headline efficacy, shapes the value of metabolic assets (#3, #33).
- What to watch: closing of the Novartis-Abogen agreement and which platform options Novartis exercises; the FDA decision on Merck and Daiichi Sankyo's ifinatamab deruxtecan in extensive-stage small cell lung cancer (target date October 10, 2026); ESMO 2026 in mid-October, where China-origin oncology assets are slated to feature; and ivonescimab's U.S. FDA target action date of November 14, 2026 in EGFR-mutant NSCLC.
Global Biomedicine Highlights
Clinical, Regulatory & Policy - September 29 to October 6, 2026
September 30, 2026 - Takeda's Oral TYK2 Inhibitor Zasocitinib Beats Deucravacitinib Head-to-Head in Phase 3 Plaque Psoriasis (LATITUDE Atlas, EADV 2026)
At the European Academy of Dermatology and Venereology (EADV) Congress 2026 in Vienna (September 30 to October 3), Takeda presented the Phase 3 LATITUDE Atlas head-to-head trial of zasocitinib 30 mg once daily versus deucravacitinib 6 mg once daily in 606 adults with moderate-to-severe plaque psoriasis. At week 16, zasocitinib achieved complete skin clearance (PASI 100, the primary endpoint) in 36.5% of patients versus 13.9% for deucravacitinib, PASI 90 in 62.5% versus 34.0%, and sPGA 0 in 43.2% versus 18.5% (all P<0.001), with no new safety signals; the most common adverse events were upper respiratory tract infection, nasopharyngitis and acne. Zasocitinib is under FDA priority review and under review at the European Medicines Agency.
BD Implication: A once-daily oral TYK2 inhibitor delivering roughly 2.6 times the PASI 100 rate of the approved in-class comparator moves oral psoriasis therapy toward biologic-like clearance and redefines what a TYK2 asset must show. For the TYK2 / JAK / TYK2-JAK small-molecule mandate (#26), preclinical China-origin candidates will now be diligenced against zasocitinib-level selectivity and efficacy rather than deucravacitinib; differentiated programs - dual mechanisms, BBB-penetrant TYK2 for neuroinflammation (#20), or non-dermatology indications - are easier to position than me-too allosteric inhibitors.
October 1, 2026 - Boehringer Ingelheim's Glucagon/GLP-1 Dual Agonist Survodutide Delivers Up to 13.1% Weight Loss in Obesity with Type 2 Diabetes (SYNCHRONIZE-2, EASD 2026)
Boehringer Ingelheim presented Phase 3 SYNCHRONIZE-2 results at the 62nd Annual Meeting of the European Association for the Study of Diabetes (EASD) in Milan, with simultaneous publication in The New England Journal of Medicine. In 755 adults with obesity or overweight and type 2 diabetes, once-weekly survodutide (3.6 mg or 6.0 mg) produced weight loss of up to 13.1% at 76 weeks versus 3.1% with placebo (P<0.0001); 79.3% of survodutide patients lost at least 5% of body weight versus 32.7% on placebo, and HbA1c fell by up to 1.21 percentage points from a baseline of 7.4% versus 0.03 with placebo. Gastrointestinal events were the most common adverse events and mostly mild to moderate, but discontinuations due to GI effects were 18% with survodutide versus 1.2% with placebo. Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma.
BD Implication: Survodutide confirms that a glucagon-containing dual agonist can deliver double-digit weight loss in the harder-to-treat type 2 diabetes population, but the 18% GI-related discontinuation rate shows where next-generation assets can differentiate. Coming a week after Novo Nordisk's up-to-$2.6B license of Hengrui's oral GLP-1/GIP pill, it reinforces demand for tolerability-advantaged and non-incretin mechanisms - exactly the brief of the energy-expenditure weight-loss mandate (#3) - and keeps China-origin metabolic assets in focus for the corporate-venture China Phase II/III mandate (#33, metabolic prioritized).
October 5, 2026 - Vaxcyte's 31-Valent Pneumococcal Conjugate Vaccine VAX-31 Meets All Primary Endpoints in Pivotal Adult Phase 3 (OPUS-1)
Vaxcyte reported positive topline data from OPUS-1, a randomized, double-blind, active-controlled Phase 3 trial of VAX-31 in 4,047 adults at about 30 U.S. sites, compared with Pfizer's Prevnar 20 (PCV20) and Merck's Capvaxive (PCV21). In adults aged 50 and older, VAX-31 met noninferiority for all 28 serotypes shared with the comparators (11 of 11 common to all three vaccines, 9 of 9 shared only with PCV20 and 8 of 8 shared only with PCV21) and met superiority for all 4 of the remaining serotypes (the three unique to VAX-31 plus serotype 20B). In the individual comparisons, 20 of 20 serotypes met noninferiority versus PCV20 and 17 of 19 versus PCV21. VAX-31 was well tolerated with a safety profile similar to both comparators and no related serious adverse events; Vaxcyte plans a BLA submission in the first half of 2028.
BD Implication: A 31-valent conjugate vaccine clearing a pivotal trial against both marketed leaders raises the valency bar in a multibillion-dollar adult pneumococcal market and validates cell-free, carrier-sparing conjugation technology as a platform. For China-based vaccine developers with higher-valency pneumococcal or other conjugate programs, the comparator and immunobridging design Western partners will expect is now explicit; platform-level manufacturing and conjugation technologies fit the Discovery, Development & Supply arm of the technology-platform mandate (#22), and infectious disease is in scope for the Class 1.1 multi-TA mandate (#32).
Validation notes: The Novartis-Abogen agreement (exclusive worldwide license to ABO2203, an mRNA-encoded CD19xCD3 T-cell engager, plus options on next-generation RNA-platform assets; $575M upfront; up to approximately $7.2B in milestones if all options are exercised; royalties; subject to customary closing conditions including regulatory clearances; announced October 2, 2026) is per Abogen's press release and named reporting (Bloomberg, CNBC, Fierce Biotech, pharmaphorum); the roughly $7.8B headline figure is the upfront plus maximum milestones, and one third-party tracker lists the asset as preclinical whereas Abogen's release describes it as in clinical evaluation - the company description is used here. The Merck-SciBrunch SPR2015 license ($400M upfront; up to $2.13B total; exclusive worldwide rights; closed; $400M pre-tax charge, about $0.13 per share, in Q3 2026; announced September 28, 2026, one day before this window) is per Merck's press release and Endpoints News. Sanofi-Regeneron (four antibodies including REGN20423; $1B upfront; up to $7B milestones; 50:50; announced October 1, 2026) is per named reporting (Reuters, BioPharm International, Fierce Biotech, Pharmaceutical Executive). CSL-Alentis (lixudebart; $355M upfront; up to $1.2B commercial milestones; 55%/45% profit split) is per CSL's newsroom release, dated October 4, 2026 in the U.S. and October 5 in Australia. Genentech-Alector (AL050; $100M upfront; up to $1.17B milestones; tiered royalties; October 5, 2026) and Lilly-Gate Bioscience (expansion; total potential value above $870M; upfront undisclosed; October 5, 2026) are per the companies' GlobeNewswire releases. Zasocitinib LATITUDE Atlas data are per HCPLive coverage of EADV 2026 and Takeda's release; survodutide SYNCHRONIZE-2 data are per Boehringer Ingelheim's and Zealand Pharma's releases and AJMC; VAX-31 OPUS-1 data are per Vaxcyte's October 5, 2026 release. The ifinatamab deruxtecan FDA target date is per a third-party FDA calendar. No US-China M&A met the verification bar; Fresenius's reported buyout of the remaining mAbxience stake and GSK's candidate selection under its Wave Life Sciences collaboration were seen in a third-party tracker but not confirmed against a primary source and are omitted.
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 25.
- Novartis's roughly $7.8B license-and-option agreement for Abogen's China-origin mRNA-encoded CD19xCD3 T-cell engager reads directly against the well-capitalized Class 1.1 multi-TA mandate #32 (autoimmune disease and mRNA/LNP explicitly in scope), the technology-platform mandate #22 and the geographic-arbitrage mandate #16.
- Merck's $400M-upfront license of SciBrunch's preclinical oral KRAS G12D (ON) inhibitor underlines buyer appetite for early KRAS-pathway chemistry, keeping the KRAS G12V mandate #8 and the MEK-RAF / KRAS-CYP A mandate #23 (pre-PCC acceptable) in focus.
- CSL's $355M-upfront partnership on Alentis's lixudebart in ANCA-associated vasculitis maps onto mandate #10; Genentech's license of Alector's brain-penetrant AL050 onto the BBB-penetrant mandates #20 and #29; and zasocitinib's head-to-head win over deucravacitinib onto the TYK2 / JAK mandate #26.
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 25 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 Class 1.1 multi-TA and technology-platform mandates #32 and #22 in light of Novartis's Abogen agreement; the KRAS mandates #8 and #23 against Merck's SciBrunch license; the ANCA-associated vasculitis mandate #10 against CSL-Alentis; the BBB-penetrant mandates #20 and #29 against Genentech-Alector; and the TYK2 / JAK mandate #26 against the zasocitinib head-to-head data.
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: Novartis's roughly $7.8B agreement for Abogen's China-origin mRNA-encoded T-cell engager in B-cell-mediated autoimmune disease, and Sanofi's up-to-$8B expansion with Regeneron in type 2 inflammation, both show how much large pharma will commit to next-generation immunology, 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 6, 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 25. 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