Innovent and Eli Lilly announced a strategic collaboration to advance novel medicines globally in oncology and immunology, under which Innovent will lead development in China through Phase II completion and Lilly receives an exclusive license to develop and commercialize the programs worldwide outside Greater China, with Innovent receiving USD 350 million upfront and eligible for up to approximately USD 8.5 billion in development, regulatory, and commercial milestones plus tiered royalties on net sales outside Greater China.

Agreement Overview

• Innovent entered into a strategic collaboration with Eli Lilly to advance novel medicines in oncology and immunology.
• Innovent will lead program development in China from concept through clinical proof-of-concept, defined as Phase II clinical trial completion.
• Lilly receives an exclusive license to develop and commercialize the programs worldwide outside Greater China.
• Innovent retains rights in Greater China.
• The press release describes this as the seventh collaboration between Innovent and Lilly.

Financial Terms

• Upfront payment: USD 350 million to Innovent.
• Milestones: Innovent is eligible to receive development, regulatory, and commercial milestone payments totaling up to approximately USD 8.5 billion, contingent on achievement of specified future events.
• Royalties: Innovent is eligible for tiered royalties on net sales of each product outside Greater China.

Strategic / Development Rationale or Impact

• The collaboration is intended to accelerate global development of novel medicines by leveraging Innovent’s antibody technology platforms and clinical execution alongside Lilly’s global development and commercialization capabilities.
• Innovent described the structure as moving beyond traditional licensing to create an end-to-end model combining Innovent’s discovery and early-stage development with Lilly’s global scale.
• The collaboration is positioned as enabling acceleration of Innovent’s innovative pipeline toward global development.

Product / Technology / Context

• Innovent referenced its antibody technology platforms as a key capability supporting the collaboration.
• The collaboration scope is described as oncology and immunology programs, with development in China through Phase II completion and global development and commercialization outside Greater China by Lilly.

Overall Summary
AbbVie and RemeGen have entered into an exclusive licensing agreement under which AbbVie will develop, manufacture, and commercialize RC148, a PD-1/VEGF bispecific antibody, outside Greater China, with RemeGen receiving USD 650 million upfront, eligibility for up to USD 4.95 billion in milestones, and tiered double-digit royalties on net sales.

Agreement Overview

• AbbVie and RemeGen signed an exclusive licensing agreement covering development, manufacturing, and commercialization of RC148, a PD-1/VEGF bispecific antibody.
• AbbVie receives exclusive rights outside Greater China.
• RemeGen retains rights within Greater China.
• RC148 is being evaluated as monotherapy and in combination regimens across multiple advanced solid tumors.

Financial Terms

• Upfront payment: USD 650 million
• Milestone payments: Up to USD 4.95 billion across development, regulatory, and commercial milestones
• Royalties: Tiered, double-digit royalties on net sales outside Greater China

Strategic / Development Rationale or Impact

• RC148 expands AbbVie’s oncology pipeline, particularly in solid tumors with high unmet need.
• The PD-1/VEGF bispecific mechanism enables potential combination strategies with antibody-drug conjugates, including AbbVie’s investigational ADCs.
• The collaboration reflects AbbVie’s strategy of sourcing innovation through global biopharmaceutical partnerships.

Product / Technology / Context

• RC148 is a PD-1 / VEGF bispecific antibody designed to simultaneously block immune checkpoint inhibition and angiogenesis.
• Early clinical studies have shown initial favorable antitumor activity, including in combination with ADCs.
• Target indications include non-small cell lung cancer (NSCLC) and colorectal cancer (CRC) among other advanced solid tumors.

AstraZeneca announced a strategic collaboration agreement with CSPC Pharmaceuticals covering eight programmes to advance next-generation therapies for obesity and type 2 diabetes, including a once-monthly injectable portfolio and access to CSPC’s AI-driven peptide discovery platform and LiquidGel monthly dosing technology, with CSPC receiving an upfront payment of USD 1.2 billion and eligibility for up to USD 3.5 billion in development and regulatory milestones plus additional commercial milestones and tiered royalties.

Agreement Overview

• AstraZeneca entered into a strategic collaboration agreement with CSPC Pharmaceuticals covering eight programmes for obesity and type 2 diabetes.
• The companies will initially progress four programmes that utilise CSPC’s AI-driven peptide drug discovery platform and proprietary LiquidGel once-monthly dosing platform technology.
• AstraZeneca will receive exclusive global rights outside of China to CSPC’s once-monthly injectable weight management portfolio.
• The portfolio includes one clinical-ready asset, SYH2082, described as a long-acting GLP1R/GIPR agonist progressing into Phase I, plus three preclinical programmes with differing mechanisms.
• AstraZeneca has optionality to pursue future metabolic programmes leveraging CSPC’s LiquidGel platform and holds rights to deploy this across internal development programmes.
• The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory clearances.

Financial Terms

• Upfront payment: USD 1.2 billion from AstraZeneca to CSPC for access to eight programmes, AI molecular design capabilities, and LiquidGel once-monthly dosing platform technology.
• Development and regulatory milestones: up to USD 3.5 billion across all programmes.
• Additional consideration: eligibility for further commercialisation and sales milestones.
• Royalties: tiered royalties.

Strategic / Development Rationale or Impact

• AstraZeneca stated the collaboration advances its weight management portfolio by delivering novel assets and providing access to AI-enabled peptide capabilities and monthly dosing platform technology intended to address adherence and convenience.
• The agreement is positioned as supporting AstraZeneca’s strategy to develop a portfolio of options for obesity and weight-related complications.
• CSPC stated the collaboration expands and strengthens the companies’ strategic partnership into weight management.

Product / Technology / Context

• CSPC technologies referenced include an AI-driven peptide drug discovery platform and the LiquidGel once-monthly dosing platform technology.
• Under the agreement, CSPC will progress ongoing development of four programmes through Phase I completion, alongside four new programmes.
• After successful Phase I completion, AstraZeneca will be responsible for further development and commercialisation in territories outside of China.
• CSPC retains rights for China, Taiwan, Hong Kong and Macau, and AstraZeneca has the right to opt in to co-commercialise following successful approval.
• AstraZeneca referenced its existing weight management pipeline, including elecoglipron (formerly AZD5004), AZD6234, and AZD9550, plus additional preclinical assets.

Madrigal announced an exclusive global license agreement with Suzhou Ribo Life Science and its subsidiary Ribocure for six preclinical siRNA programs in MASH, under which Madrigal receives exclusive rights to develop, manufacture, and commercialize six siRNA compounds, paying an upfront USD 60 million with cumulative milestone payments across the programs up to USD 4.4 billion plus royalties on net sales, and stated IND-enabling activities in initial candidates will begin in 2026.

Agreement Overview

• Madrigal entered into an exclusive global license agreement with Suzhou Ribo Life Science and its subsidiary Ribocure for six preclinical siRNA programs.
• Ribo granted Madrigal an exclusive global license to develop, manufacture, and commercialize six siRNA compounds for MASH.
• Madrigal stated it will develop next-generation siRNA therapies that silence genes implicated in MASH.
• Madrigal stated IND-enabling activities in initial candidates will begin in 2026.

Financial Terms

• Upfront payment: USD 60 million payable to Ribo.
• Milestones: cumulative payments across the programs could reach USD 4.4 billion if certain milestones are achieved.
• Royalties: royalties on net sales.

Strategic / Development Rationale or Impact

• Madrigal stated future MASH patient needs may require combination approaches and genetically targeted treatments addressing drivers of disease.
• Madrigal stated the siRNA approach could complement Rezdiffra and support a genetically targeted treatment approach for patients with unmet needs.
• Madrigal described its MASH pipeline as having more than 10 programs at multiple stages of development, anchored by Rezdiffra.

Product / Technology / Context

• The licensed assets are six preclinical siRNA programs intended to silence genes implicated in MASH by breaking down targeted mRNA.
• The press release describes GalNAc-linked siRNAs as being delivered directly into hepatocytes to silence genes identified as key risk factors for MASH.
• Madrigal referenced Rezdiffra (resmetirom) as a foundational treatment and described exploring combination with siRNA gene silencing.

Earendil Labs entered a strategic collaboration with Sanofi to discover bispecific antibody candidates for multiple autoimmune and inflammatory disease programs, with Sanofi leading development and worldwide commercialization, and Earendil eligible to receive up to USD 160 million in upfront and near-term payments, total potential value up to USD 2.56 billion in milestones, plus tiered royalties up to low double-digit percentages.

Agreement Overview

• Earendil Labs announced a strategic collaboration with Sanofi to apply Earendil’s discovery platform to multiple autoimmune and inflammatory disease programs.
• The collaboration is focused on the discovery of bispecific antibody candidates.
• Sanofi will lead development and worldwide commercialization of bispecific candidates arising from the collaboration.
• The transaction is subject to customary closing conditions.

Financial Terms

• Earendil Labs will receive up to USD 160 million in upfront and near-term payments tied to early program achievements.
• Total potential value of the collaboration (including upfront, development, and commercial milestones) is up to USD 2.56 billion.
• Earendil Labs will receive tiered royalties on net product sales up to low double-digit percent.

Strategic / Development Rationale or Impact

• The collaboration enables Earendil to apply its platform to a broader set of autoimmune targets and aims to improve the efficiency and precision of discovering and optimizing bispecific antibody candidates.
• Sanofi’s role in clinical development and global commercialization is intended to accelerate translation of candidates into potential medicines for autoimmune diseases.

Product / Technology / Context

• Earendil’s platform is described as combining advanced predictive protein modeling with high-throughput experimental validation to identify and optimize bispecific antibody candidates.
• Earendil is an AI-powered biotech focused on next-generation biologics, using machine learning, generative protein engineering, and high-throughput experimental techniques to streamline discovery and optimization.

Overall Summary
Eli Lilly entered into a strategic alliance with Repertoire Immune Medicines to advance novel T cell-targeting tolerizing therapies for autoimmune conditions using Repertoire’s proprietary DECODE platform, paying USD 85 million upfront and committing up to USD 1.84 billion in development and commercial milestones, with Repertoire also eligible for tiered royalties on net sales if a product is commercialized.

Agreement Overview

• Parties: Eli Lilly and Repertoire Immune Medicines
• Scope / focus: Advance T cell-targeting therapies for autoimmune conditions
• Indications: Undisclosed autoimmune indications (not specified)
• Platform / contribution: Lilly can leverage Repertoire’s DECODE platform to develop and advance tolerizing therapies
• Division of responsibilities:
• Repertoire responsible for research activities until a candidate is nominated
• Lilly then leads clinical development, manufacturing, regulatory filing, and commercialization
• Programs: Unclear how many programs will be pursued (not specified)

Financial Terms

• Upfront payment: USD 85 million
• Development and commercial milestones: Up to USD 1.84 billion (described as “certain development and commercial milestones”)
• Royalties: Tiered royalties on net sales (rates not disclosed)
• Total stated potential economics (as framed in the article): “up to USD 1.9 billion” (headline framing)

Strategic/Development Rationale or Impact

• DECODE described as identifying the interaction point between a T cell and its target antigen, with the intent to enable therapies that may restore immune homeostasis and support durable remission without generalized immune suppression (described conceptually; no clinical outcomes or data provided)
• The alliance is described as Lilly’s second immunology play of 2026 in the article narrative context (no additional deal terms included here)

Product / Technology / Context

• Therapeutic concept: Tolerizing therapies targeting T cells for autoimmune disease (no modality details beyond “T cell-targeting” and “tolerizing”)
• Technology: DECODE platform used to map T cell and antigen interactions to characterize immune responses (as described in the article)

SanegeneBio entered a global licensing agreement with Genentech (Roche Group) granting Genentech exclusive worldwide rights to develop and commercialize one SanegeneBio RNAi program; SanegeneBio will receive USD 200 million upfront and is eligible for up to USD 1.5 billion in development and commercialization milestones, plus tiered royalties, with Genentech leading subsequent global clinical development and commercialization.

Agreement Overview

• Global licensing agreement for one SanegeneBio RNAi program based on SanegeneBio’s proprietary RNAi platform
• Genentech receives exclusive worldwide rights to develop and commercialize the program
• SanegeneBio responsible for early development activities; Genentech to subsequently lead all future clinical development and commercialization globally

Financial Terms

• Upfront payment: USD 200 million
• Development and commercialization milestones: up to USD 1.5 billion (total)
• Royalties: tiered royalties on potential future product sales (rates not disclosed)

Strategic/Development Rationale or Impact

• Agreement intended to advance one RNAi program leveraging SanegeneBio’s RNAi platform (including novel chemistries and delivery technologies)
• Positions Genentech to progress the program through global clinical development and commercialization after early development by SanegeneBio

Product / Technology / Context

• Modality: RNAi / siRNA therapeutics
• Platform context: SanegeneBio cites proprietary RNAi platform including novel chemistries and delivery technologies, and references LEAD tissue-selective RNAi delivery technology
• Specific target/indication for the licensed RNAi program: not disclosed in the release

Iambic and Takeda entered into a multi-year technology and drug discovery collaboration focused on advancing select high-priority small molecule programs initially in Takeda’s Oncology and Gastrointestinal and Inflammation therapeutic areas, with Takeda gaining access to Iambic’s AI models including NeuralPLexer, and Iambic eligible for payments exceeding USD 1.7 billion plus royalties.

Agreement Overview

• Iambic and Takeda signed a multi-year technology and discovery collaboration agreement to advance a select set of high-priority small molecule programs.
• Initial focus areas are Takeda’s Oncology and Gastrointestinal and Inflammation therapeutic areas.
• Takeda will receive access to Iambic’s NeuralPLexer model for predicting protein-ligand complexes.
• The collaboration will use Iambic’s AI drug discovery models and its integrated wet lab capabilities, described as high-throughput and automated, to support rapid Design–Make–Test–Analyze cycles.

Financial Terms

• Iambic will receive upfront payments, research cost payments, and technology access payments.
• Iambic is eligible to receive success-based payments that could exceed USD 1.7 billion.
• Iambic is eligible to receive royalties on net sales of any products generated from the collaboration.

Strategic / Development Rationale or Impact

• The collaboration is positioned to accelerate Takeda’s small molecule discovery and development efforts by leveraging Iambic’s AI models and wet lab execution.
• The parties described potential benefits including de-risking candidate selection, improving probability of success, and accelerating progress from early project start to IND.

Product / Technology / Context

• The collaboration is centered on AI-driven design of small molecules using Iambic’s platform.
• Platform elements referenced include NeuralPLexer (protein and protein-ligand structure prediction) and Enchant (a multimodal transformer model predicting clinical and preclinical endpoints).
• The workflow described integrates AI-generated molecular designs with automated chemical synthesis and experimental execution, with design–make–test cycles described as occurring on a weekly cadence.

Overall Summary
SciNeuro Pharmaceuticals and Novartis have entered into an exclusive worldwide licensing and collaboration agreement to advance a next-generation amyloid beta–targeted antibody program for Alzheimer’s disease, incorporating SciNeuro’s proprietary blood–brain barrier shuttle technology, with Novartis leading global development and commercialization following early collaborative development.

Agreement Overview

• SciNeuro grants Novartis an exclusive worldwide license to develop an amyloid beta–targeted antibody program for Alzheimer’s disease.
• The program incorporates SciNeuro’s proprietary blood–brain barrier shuttle technology to enhance brain delivery.
• SciNeuro and Novartis will collaborate during early development.
• Novartis will lead subsequent development and worldwide commercialization.
• Transaction expected to close in the first half of 2026, subject to customary regulatory conditions.

Financial Terms

• USD 165 million upfront payment to SciNeuro.
• Research funding to support early development activities.
• Up to USD 1.5 billion in aggregate development, regulatory, and commercial milestones.
• Tiered royalties on net sales.

Strategic / Development Rationale or Impact

• The collaboration combines SciNeuro’s disease biology expertise and early development capabilities with Novartis’ global clinical development and commercialization infrastructure.
• The antibody program aims to deliver differentiated amyloid beta–targeted therapeutics through enhanced brain delivery.
• Addresses the significant unmet medical need in Alzheimer’s disease.

Product / Technology / Context

• The program includes de novo antibody candidates targeting amyloid beta.
• Utilizes a proprietary blood–brain barrier shuttle technology designed to improve CNS delivery.
• Intended for the treatment of Alzheimer’s disease, a neurodegenerative disorder with limited disease-modifying options.

Overall Summary
Gilead Sciences has licensed global rights to Genhouse Bio’s clinic-ready MAT2A-targeting synthetic lethal cancer therapy GH31, paying USD 80 million upfront with potential milestone payments of up to USD 1.45 billion and tiered double-digit royalties on net sales.

Agreement Overview

• Gilead Sciences acquired global rights to GH31 from Genhouse Bio.
• GH31 is a MAT2A-targeting synthetic lethal therapy for various tumor types.
• GH31 has received IND clearance in both China and the United States.
• The therapy is described as clinic-ready and positioned for rapid clinical advancement.

Financial Terms

• USD 80 million upfront payment to Genhouse Bio.
• Up to USD 1.45 billion in milestone payments.
• Tiered double-digit royalties on net sales.

Strategic / Development Rationale or Impact

• The acquisition reflects Gilead’s strategy to expand its oncology pipeline through innovative science and partnerships.
• The agreement represents a value-realization milestone for Genhouse and underscores the global potential of its synthetic lethality platform.
• With IND clearance secured, GH31 is positioned for rapid clinical development.

Product / Technology / Context

• GH31 is a MAT2A-targeting synthetic lethal therapy designed for multiple tumor types.
• The program has regulatory clearance to begin clinical trials in both China and the United States.

Overall Summary – Nimbus Therapeutics entered into a multi-year research collaboration and exclusive worldwide license agreement with Eli Lilly to develop a novel oral small-molecule treatment for obesity and other metabolic diseases, with Nimbus eligible to receive up to approximately USD 1.3 billion in total payments plus tiered royalties.

Agreement Overview

• Parties: Nimbus Therapeutics and Eli Lilly and Company
• Agreement type: Research collaboration and exclusive worldwide license
• Scope: Discovery and development of a novel oral small-molecule therapy for obesity and other metabolic diseases
• Territory: Worldwide
• Research focus: Early-stage small-molecule discovery using computational chemistry and structure-based drug design
• Relationship context: Follows a prior Nimbus–Lilly collaboration targeting AMPK in cardiometabolic diseases

Financial Terms

• Upfront and near-term milestones: USD 55 million
• Total potential consideration: Up to approximately USD 1.3 billion
• Includes development, commercial, and sales milestones
• Royalties: Tiered royalties on global net sales

Strategic/Development Rationale or Impact

• Expands Lilly’s pipeline in obesity and metabolic diseases with a novel oral therapeutic approach.
• Leverages Nimbus’ AI-enhanced computational drug discovery engine and structure-based design to address a significant unmet need in obesity.
• Deepens an established strategic relationship between Nimbus and Lilly in cardiometabolic and metabolic disease research.

Product / Technology / Context

• Modality: Oral small-molecule
• Discovery approach:
• AI-driven predictive models
• Structure-based drug design
• Integrated computational chemistry and translational biology
• Development stage: Early discovery
• Indications: Obesity and other metabolic diseases

Simcere and Boehringer Ingelheim signed an exclusive license and collaboration to develop SIM0709, a preclinical TL1A/IL23p19 bispecific antibody for inflammatory bowel disease, with Boehringer receiving rights outside Greater China and Simcere eligible for up to EUR 1,058 million plus royalties.

Agreement Overview

• Simcere and Boehringer Ingelheim entered a license and collaboration agreement to develop SIM0709 for inflammatory bowel disease (IBD).
• Boehringer receives global rights excluding Greater China; Simcere retains rights in Greater China.
• Asset: SIM0709, a long-acting humanized TL1A/IL23p19 bispecific antibody developed using Simcere’s proprietary multi-specific antibody platform.

Financial Terms

• Success-based payments up to EUR 1,058 million (development, regulatory, and sales milestones).
• Upfront payment: not disclosed (stated as eligible to receive an upfront payment).
• Royalties on net sales outside Greater China (rate not disclosed).

Strategic/Development Rationale or Impact

• Parties aim to address ongoing unmet need in IBD where current options may not prevent progression or severe complications.
• Rationale for mechanism: dual targeting of TL1A and IL-23 to block two core pathways driving IBD onset and progression.
• Reported preclinical rationale: in vitro primary cell and in vivo animal studies showed superior synergistic efficacy, reported to outperform the combination of the two corresponding monotherapies.

Product / Technology / Context

• Indication focus: IBD (described as lifelong, progressive; significant hospitalizations/surgeries; unmet need).
• Modality: bispecific antibody simultaneously targeting TL1A and IL-23 (IL23p19).
• Stage: described as a pre-clinical asset.

Seamless Therapeutics announced a strategic global research collaboration and licensing agreement with Eli Lilly to develop and commercialize programmable recombinase-based treatments for hearing loss, under which Lilly receives an exclusive license and Seamless is eligible for over USD 1.12 billion in potential milestones, plus tiered royalties, and receives a guaranteed upfront payment and committed R&D funding.

Agreement Overview

• Seamless Therapeutics entered into a strategic global research collaboration and licensing agreement with Eli Lilly and Company.
• The collaboration targets hearing loss indications using Seamless’ proprietary recombinase platform.
• Seamless will design and program site-specific recombinases to correct mutations in certain genes of interest related to hearing loss.
• Lilly will receive an exclusive license to the programmed recombinases to advance through preclinical and clinical development and commercialization.

Financial Terms

• Seamless will receive a guaranteed upfront payment.
• Seamless will receive committed research and development funding.
• Seamless is eligible for over USD 1.12 billion in total, including potential development milestone payments and potential commercial milestone payments.
• The total eligibility figure is stated as excluding tiered royalties on successfully marketed drugs.
• The agreement includes tiered royalties on successfully marketed drugs.
• Further details of the agreement were not disclosed.

Strategic / Development Rationale or Impact

• The collaboration aims to advance a next generation gene editing approach by combining Seamless’ recombinase engineering expertise with Lilly’s development expertise in genetic hearing disorders.
• The collaboration is intended to develop treatments for patients with genetic hearing loss who have limited treatment options.
• The agreement is described as opening the potential for the technology to address high unmet need in genetic hearing loss.

Product / Technology / Context

• Seamless’ recombinase technology is described as enabling large, precise DNA insertions in any target gene sequence and operating independent of the cell’s natural DNA repair pathway.
• The platform enables programmable recombinases designed to precisely insert, exchange, invert, or excise DNA fragments in target gene sequences.
• The collaboration focuses on programmable recombinase-based therapeutics for defined hearing loss indications.

Overall Summary – Ikarovec and VectorBuilder signed an exclusive worldwide option agreement for VectorBuilder’s novel intravitreal AAV capsid technology to pair with Ikarovec’s gene therapy candidate IKAR-003 for intermediate age-related macular degeneration (AMD); if the technology evaluation is successful, the parties plan a strategic partnership with Ikarovec leading clinical development and commercialization, and the release states the proposed deal is expected to be worth more than USD 1 billion (no binding total consideration or detailed payment terms were disclosed).

Agreement Overview

• Parties: Ikarovec Ltd and VectorBuilder
• Agreement type: Exclusive worldwide option agreement (capsid technology option for use with IKAR-003)
• Asset / program: IKAR-003 (AAV-delivered dual-pathway gene therapy for intermediate AMD)
• Technology: VectorBuilder’s novel AAV capsid technology enabling intravitreal delivery (doctor’s office route)
• Next step / trigger: Further evaluation of the capsid technology; upon successful evaluation, the companies expect to enter a strategic partnership
• Who does what (if partnership proceeds):
• Ikarovec: responsible for clinical development and commercialisation of IKAR-003
• VectorBuilder: provides the capsid technology (and describes DeepCap-enabled capsid engineering)

Financial Terms

• Upfront payment: [Not disclosed]
• Milestones: [Not disclosed]
• Royalties: [Not disclosed]
• Stated potential value (non-binding language): The release says the proposed deal is expected to be worth in excess of USD 1 billion (based on IKAR-003 potential in intermediate AMD).

Strategic/Development Rationale or Impact

• Goal: Enable minimally invasive intravitreal delivery of IKAR-003 in a doctor’s office, aimed at broader access and adoption for intermediate AMD patients (earlier-stage disease where preventing progression is a priority).
• Positioning: Targets a population with no approved drug treatments for intermediate AMD and aims to prevent progression to geographic atrophy or wet AMD.

Product / Technology / Context

• IKAR-003 (as described): One-time intravitreal injection of an AAV-delivered dual-pathway gene therapy combining neuroprotection and complement modulation to preserve visual function and prevent progression.
• VectorBuilder capsid tech (as described): Engineered via AI-powered DeepCap; cited non-human primate data claiming broad retinal targeting and robust macular cell transduction versus current clinical intravitreal capsids (specific datasets not provided in the excerpt).
• Pipeline note (context in release): Ikarovec’s IKAR-001 remains on track for late 2026 clinical trial initiation in geographic atrophy using subretinal delivery (distinct delivery route and patient population).

Overall Summary – Teva and Royalty Pharma announced a funding agreement (Jan 11, 2026) of up to USD 500 million to accelerate development of Teva’s anti-IL-15 monoclonal antibody TEV-’408 for vitiligo, including USD 75 million to co-fund a planned Phase 2b study targeted to start in 2026, plus a Royalty Pharma option to provide an additional USD 425 million to co-fund a Phase 3 program contingent on Phase 2b results; if approved and launched, Teva will pay Royalty Pharma a milestone and a royalty on worldwide net sales (amounts not disclosed).

Agreement Overview

• Parties: Teva Pharmaceuticals (U.S. affiliate of Teva Pharmaceutical Industries Ltd.) and Royalty Pharma plc
• Agreement type: Funding agreement / R&D co-funding with option for additional co-funding
• Announced: Jan 11, 2026
• Asset: TEV-’408 (investigational anti-IL-15 human monoclonal antibody)
• Primary focus (as stated): Fund ongoing development costs for TEV-’408 in vitiligo
• Clinical stage (as stated):
• Vitiligo: Phase 1b (NCT06625177)
• Celiac disease: Phase 2a (NCT06807463)
• Planned development (as stated):
• Phase 2b vitiligo study targeted to start in 2026
• Potential Phase 3 vitiligo program supported via Royalty Pharma option (triggered by Phase 2b results)

Financial Terms

• Total funding: Up to USD 500 million
• Phase 2b co-funding: USD 75 million (R&D co-funding) to conduct Phase 2b in vitiligo
• Option for additional co-funding: USD 425 million option for Royalty Pharma to co-fund Phase 3 (based on Phase 2b results)
• Milestone to Royalty Pharma (post-approval/launch): Yes (amount not disclosed)
• Royalty to Royalty Pharma: Royalty on worldwide net sales (rate not disclosed)
• Other payments (upfront beyond the USD 75 million, equity, etc.): Not stated

Strategic/Development Rationale or Impact

• Agreement intended to accelerate clinical development of TEV-’408 in vitiligo by funding Phase 2b and enabling a potential Phase 3 path.
• Teva positions this as supporting its Pivot to Growth strategy to accelerate its innovative pipeline (as stated).
• Vitiligo described as an area of significant unmet need, with no systemic options currently available and only one approved topical treatment (as stated).

Product / Technology / Context

• Mechanism (as stated): TEV-’408 inhibits interleukin-15 (IL-15), described as a key cytokine in immune-mediated disease pathways.
• Product attributes (as stated):
• High affinity and potency (in vitro)
• Prolonged half-life
• Planned convenient self-administration option
• Regulatory status (as stated):
• Fast Track designation from U.S. FDA (May 2025) for celiac disease
• Stated rationale in vitiligo (as stated): By blocking IL-15 activity, TEV-’408 aims to reduce immune-mediated destruction of melanocytes, addressing vitiligo’s white skin patches.

Overall Summary – AirNexis Therapeutics launched with a USD 200 million Series A (announced Jan 9, 2026) and in-licensed AN01 (HSK39004), a Phase 2 dual PDE3/4 inhibitor for COPD, acquiring exclusive ex-China rights from Haisco Pharmaceutical Group; Haisco received USD 40 million upfront cash plus a 19.9% equity stake, with eligibility for up to USD 955 million in regulatory/commercial milestones and low double-digit royalties on net sales in AirNexis territories.

Agreement Overview

• Parties: AirNexis Therapeutics and Haisco Pharmaceutical Group
• Agreement type: In-license / acquisition of rights (exclusive, ex-China)
• Announced: Jan 9, 2026
• Asset: AN01 (HSK39004) – dual PDE3/4 inhibitor
• Indication: Chronic obstructive pulmonary disease (COPD) (maintenance treatment, as stated)
• Clinical stage: Phase 2 (as stated)
• Territory / rights:
• AirNexis: Exclusive rights to develop AN01 outside of China (as stated)
• Haisco retains: Mainland China, Hong Kong, Taiwan, and Macau development rights (as stated)
• Formulations (as stated):
• Inhalation suspension
• Inhalation powder
• Financing / company launch context (as stated):
• USD 200 million Series A led by Frazier Life Sciences
• Other named participants: OrbiMed, SR One, Life Sciences at Goldman Sachs Alternatives, Longitude Capital, Enavate Sciences (among others)
• Proceeds intended to fund global clinical development of AN01

Financial Terms

• Series A financing: USD 200 million
• Upfront payment to Haisco: USD 40 million (cash, upon signing)
• Equity consideration to Haisco: 19.9% equity stake in AirNexis
• Milestones: Up to USD 955 million (regulatory and commercial milestones)
• Royalties: Low double-digit royalties on net sales in AirNexis territories
• Other economics (e.g., profit share, co-dev, cost share): Not stated

Strategic/Development Rationale or Impact

• Stated purpose of the raise: Fund global clinical development of AN01.
• Stated product rationale: Dual PDE3/4 MOA intended to promote bronchodilation and reduce inflammatory factor release, potentially improving airflow limitation and airway inflammation in COPD.
• Company-building: AirNexis positioned as a new respiratory-focused company with a clinical-stage lead asset (as stated).

Product / Technology / Context

• Mechanism of action (as stated): Dual PDE3/4 inhibition with “synergistic effects” via bronchodilation + anti-inflammatory activity.
• Development status by territory (as stated):
• China: Haisco studying both dosage forms in Phase 2 trials
• Ex-China: AirNexis to pursue global clinical development
• Leadership / governance (as stated):
• CEO: Maria Fardis, Ph.D., MBA
• Chairman: James Li, M.D.
• Board members include representatives from Frazier Life Sciences, OrbiMed, SR One, and Goldman Sachs Alternatives (as stated)

Overall Summary – InduPro and Lilly entered a global strategic collaboration and licensing agreement, alongside a Lilly equity investment, to discover and develop first-in-class bispecific/multispecific oncology therapeutics using InduPro’s proximity-guided platform; the collaboration will cover up to three targets and has a total potential deal value of up to approximately USD 950 million, with Lilly gaining access to InduPro’s AI/ML-enabled membrane interactomics platform and InduPro leading early discovery to identify tumor-associated proximity antigen co-target pairs for bispecific ADCs and multispecific T-cell engagers.

Agreement Overview

• Parties: InduPro, Inc. and Eli Lilly and Company (Lilly)
• Agreement type: Global strategic collaboration and licensing agreement plus equity investment by Lilly
• Scope / targets: Collaboration on up to three targets
• Platform / approach: InduPro’s proximity-guided platform leveraging Tumor Associated Proximity Antigens (TAPAs) as co-targets with Tumor Associated Antigens (TAAs)
• Therapeutic modalities (as described): Bispecific antibody-drug conjugates (ADCs) and multispecific T-cell engagers (TCEs) (including bi- and tri-specific therapeutics)
• Division of responsibilities
• InduPro: Leads early discovery efforts, identifies disease-specific protein-target pairs / co-target pairs, and advances bispecific/multispecific antibody programs emerging from the collaboration
• Lilly: Gains access to InduPro’s platform and collaborates across the selected targets (other role specifics not detailed)

Financial Terms

• Total potential deal value: Up to approximately USD 950 million (for up to three targets)
• Equity investment: Lilly will make an equity investment in InduPro (amount not disclosed)
• Upfront / milestones / royalties / option fees: [Not disclosed] (no specific breakdown provided beyond the total potential deal value)

Strategic/Development Rationale or Impact

• Uses spatial co-localization biology (TAPAs with TAAs) to identify tumor-selective co-target pairs.
• Intended to enable improved safety, potency, and tumor selectivity for multispecific therapeutics, including bispecific ADCs and multispecific TCEs.

Product / Technology / Context

• TAPAs (as described): Surface antigens that are spatially co-localized and often functionally linked to TAAs within the tumor microenvironment.
• InduPro platform access: Lilly gains access to InduPro’s AI/ML-enabled membrane interactomics (MInt) platform and proximity-based discovery capabilities.

Insilico Medicine entered a multi-year R&D collaboration with Servier valued at up to USD 888 million to discover and develop novel oncology therapeutics, with Insilico receiving up to USD 32 million in upfront and near-term R&D payments, leading AI-driven discovery using Pharma.AI, and Servier sharing R&D costs while leading clinical validation, regulatory interactions and worldwide commercialization of resulting candidates.

Agreement Overview

• Insilico Medicine and Servier signed a multi-year R&D collaboration focused on oncology drug discovery and development.
• The collaboration aims to identify and develop novel therapeutics for challenging oncology targets.
• Insilico will leverage its proprietary AI platform Pharma.AI to identify and advance candidates that meet predefined scientific and development criteria.
• Servier will share R&D costs and will lead clinical validation, regulatory interactions, and global commercialization for successful candidates.

Financial Terms

• Total potential collaboration value: up to USD 888 million
• Upfront and near-term R&D payments to Insilico: up to USD 32 million
• Cost sharing: Servier will participate in sharing research and development costs
• Milestones / downstream economics: Not further specified beyond the stated total potential value.

Strategic / Development Rationale or Impact

• The deal expands Insilico’s use of AI-driven discovery in oncology while leveraging Servier’s established capabilities in global cancer drug development.
• Insilico leads the discovery and early development work, while Servier takes responsibility for later-stage development and commercialization, creating a clear division of responsibilities intended to accelerate translation from discovery to market.
• Insilico cites prior execution strength in AI-enabled discovery, including rapid nomination of multiple preclinical candidates in compressed timelines versus traditional discovery cycles.

Product / Technology / Context

• Insilico will use Pharma.AI to drive candidate identification and optimization against predefined criteria.
• Insilico highlights internal oncology programs including:
• ISM6331 (pan-TEAD inhibitor) in global multicenter Phase 1
• ISM3412 (MAT2A inhibitor) in global multicenter Phase 1
• Insilico notes broader platform productivity:
• 20 preclinical candidates nominated from 2021–2024
• Average timeline from initiation to PCC nomination of 12–18 months
• Typically 60–200 molecules synthesized/tested per program (as described)
• Servier will lead downstream development activities after candidate selection, including clinical validation and global commercialization.

Overall Summary – Cartography Biosciences and Pfizer entered a multi-year strategic collaboration to discover tumor-selective antigens using Cartography’s ATLAS and SUMMIT platforms, with Pfizer leading therapeutic development and Cartography eligible to receive up to USD 65 million in upfront/near-term/option payments plus additional milestones that could total over USD 800 million (total potential value exceeding USD 850 million) and tiered royalties.

Agreement Overview

• Parties: Cartography Biosciences, Inc. and Pfizer
• Agreement type: Multi-year strategic collaboration with Pfizer opt-in options on multiple antigens
• Scope: Discovery and validation of tumor-selective antigens in an undisclosed indication
• Platform / contribution (Cartography): ATLAS and SUMMIT platforms to identify and validate tumor-selective antigens (and combinations)
• Therapeutic development lead: Pfizer (responsible for research, development, and commercialization for programs directed to selected antigens)
• What stays independent: CBI-1214 remains wholly owned and independently advanced by Cartography

Financial Terms

• Upfront + near-term milestones + option exercise payments: Up to USD 65 million
• Additional milestones: Development, regulatory, and commercial milestones could total over USD 800 million if all options are exercised
• Total potential deal value: Exceeds USD 850 million if all options are exercised
• Royalties: Tiered royalties on net sales for any programs Pfizer advances under the collaboration

Strategic/Development Rationale or Impact

• Uses ATLAS and SUMMIT to address a core oncology challenge: identifying antigens with optimal tumor selectivity to improve therapeutic precision while sparing healthy tissue.
• Combines Cartography’s large-scale patient-derived datasets and computational biology with Pfizer’s development, regulatory, and commercialization capabilities to accelerate translation of validated targets into therapies.

Product / Technology / Context

• Discovery focus: Tumor-selective antigens (including antigen pairs/combinations)
• ATLAS / SUMMIT approach (as described):
• Comprehensive analysis of antigen expression across healthy and tumor cell states
• Integration of patient-derived datasets, computational biology, antigen validation, and antibody engineering
• Pipeline context: Cartography is building an antibody-based oncology pipeline; CBI-1214 (not part of the deal) is described as a T-cell engager for CRC

Overall Summary – Janux Therapeutics announced a collaboration and exclusive worldwide license agreement (Jan 22, 2026) with Bristol Myers Squibb to develop an undisclosed, tumor-activated therapeutic for solid tumors targeting a validated antigen expressed across multiple cancer types; Janux will take the program through preclinical development to IND submission, while Bristol Myers Squibb will hold the IND and lead global development and commercialization, with Janux supporting through completion of the first Phase 1 study; Janux is eligible for up to USD 50 million in upfront and near-term milestones, up to approximately USD 800 million in additional milestones, and tiered royalties on global sales.

Agreement Overview

• Parties: Janux Therapeutics and Bristol Myers Squibb
• Agreement type: Collaboration + exclusive worldwide license
• Announced: Jan 22, 2026
• Program / target (as stated):
• Undisclosed novel tumor-activated therapeutic
• Targets a validated solid tumor antigen expressed across several human cancer types
• Roles / responsibilities (as stated):
• Janux: completes preclinical development up to IND submission
• Bristol Myers Squibb: holds the IND; responsible for subsequent development and global commercialization
• Janux involvement: remains actively involved; supports BMS through completion of the first Phase 1 clinical study

Financial Terms

• Upfront + near-term milestones: Up to USD 50 million (aggregate)
• Development / regulatory / commercial milestones: Up to approximately USD 800 million (aggregate)
• Royalties: Tiered royalties on global product sales (rates not disclosed)

Strategic/Development Rationale or Impact

• Positions the collaboration as combining Janux’s tumor-activated platform approach with Bristol Myers Squibb’s clinical development and global commercialization capabilities (as stated).
• Structure advances a Janux-originated program while shifting later-stage global execution to BMS, with Janux retaining early-stage execution through IND and involvement through Phase 1 (as stated).

Product / Technology / Context

• Janux platforms referenced (as stated): TRACTr, TRACIr, and ARM platforms for tumor-activated immunotherapies.
• Indication context (as stated): Solid tumors; antigen expressed across several human cancer types (specific tumor types and antigen name not disclosed in the announcement).

Overall Summary
AbelZeta announced that AstraZeneca has agreed to acquire AbelZeta’s remaining 50% share of the China development and commercialization rights to the GPC3-armored CAR-T therapy C-CAR031, giving AstraZeneca sole global rights to develop, manufacture, and commercialize the program, with AbelZeta eligible to receive up to USD 630 million including upfront and milestone payments.

Agreement Overview

• Parties: AbelZeta Pharma, Inc. and AstraZeneca
• Transaction type: Acquisition of remaining territorial rights (China rights consolidation)
• Asset: C-CAR031, an autologous GPC3-targeting armored CAR-T therapy
• Scope of rights transferred:
• AstraZeneca acquires AbelZeta’s 50% share of China development and commercialization rights
• AstraZeneca will hold the sole right to develop, manufacture, and commercialize C-CAR031 globally
• Prior rights context:
• AstraZeneca already owned rights outside of China
• Indications mentioned: Hepatocellular carcinoma (HCC) and other solid tumors
• Platform detail: Armored using AstraZeneca’s dominant negative TGF-beta receptor II platform

Financial Terms

• Total potential consideration: Up to USD 630 million
• Includes upfront payment
• Development milestone payments
• Regulatory milestone payments
• Sales milestone payments
• Additional economics (rest of world):
• AbelZeta remains eligible for additional milestone payments and royalties for development outside China (amounts not specified)

Strategic/Development Rationale or Impact

• Consolidates global control of C-CAR031 under AstraZeneca to maximize worldwide development and reach
• Targets high unmet need in solid tumors, including HCC, where prognosis remains poor at advanced stages
• Supports continued advancement of novel cell therapies in oncology

Product / Technology / Context

• C-CAR031
• Autologous CAR-T therapy
• Targets Glypican 3 (GPC3)
• Designed for treatment of HCC and other solid tumors
• Disease context:
• HCC is the most common primary liver cancer
• Advanced-stage HCC associated with poor survival outcomes

Overall Summary – DISCO Pharmaceuticals entered an exclusive license agreement with Amgen to advance therapeutic candidates against a cancer cell-surface target discovered using DISCO’s proprietary surfaceome mapping technology; DISCO is eligible to receive up to USD 618 million in total potential deal value plus royalties, while Amgen receives exclusive global rights to develop and commercialize programs directed against the target; target and upfront details were not disclosed.

Agreement Overview

• Parties: DISCO Pharmaceuticals and Amgen
• Agreement type: Exclusive license agreement
• Scope / asset: Programs directed against a cancer cell-surface target identified using DISCO’s surfaceome mapping platform
• Rights / territory: Amgen receives exclusive global rights to develop and commercialize resulting programs directed against the target
• Target disclosure: [Target not disclosed]

Financial Terms

• Total deal value (potential): Up to USD 618 million (stated as total potential deal value)
• Upfront payment: [Not disclosed]
• Milestones: Included within the up to USD 618 million total potential deal value (breakdown not disclosed)
• Royalties: Royalties on resulting programs (rates not disclosed)

Strategic/Development Rationale or Impact

• Positions DISCO’s surfaceome mapping as a discovery engine for clinically meaningful cancer surface targets.
• Leverages Amgen’s development and commercialization capabilities to advance programs against the identified surface target and accelerate translation into therapies.

Product / Technology / Context

• DISCO platform (as described): Combines cell-surface proteomics with advanced protein community mapping to identify previously inaccessible target pairs and surface-bound protein communities.
• Therapy modalities (as described): Enables development of surfaceome-directed therapies such as bispecific ADCs and T-cell engagers (TCEs).
• DISCO internal pipeline focus (as described): Programs in small cell lung cancer (SCLC) and microsatellite-stable colorectal cancer (MSS-CRC).

Overall Summary – Foresee Pharmaceuticals announced an exclusive global licensing agreement (Jan 8, 2026) under which its U.S. subsidiary licensed global rights to its MMP-12 inhibitor programs (including FP-025, FP-020 and third-generation MMP-12 inhibitors) to Primevera Therapeutics, in exchange for an upfront payment of USD 10 million, potential milestone payments of up to USD 574.5 million, tiered single-digit royalties, and Foresee retaining a 19% equity interest in Primevera, with Primevera assuming subsequent development costs.

Agreement Overview

• Parties: Foresee Pharmaceuticals Co., Ltd. (via Foresee Pharmaceuticals USA Inc.) and Primevera Therapeutics, LLC
• Agreement type: Exclusive global licensing agreement
• Announced: Jan 8, 2026
• Assets / scope (as stated):
• MMP-12 inhibitor programs including FP-025, FP-020, and third-generation MMP-12 inhibitors (drug discovery stage referenced)
• Responsibilities (as stated):
• Primevera to assume all subsequent costs for the MMP-12 inhibitor programs
• Stated development focus (as stated):
• FP-020: preparing an IND for a Phase II asthma trial; U.S. FDA submission expected early 2026
• FP-025: preparing for future Phase II trials in rare disease indications
• Sublicense clause (as stated):
• If Primevera sublicenses, Foresee receives a tiered percentage of proceeds received by Primevera in lieu of milestones and royalties

Financial Terms

• Upfront payment: USD 10 million
• Milestones: Up to USD 574.5 million (future potential; stated)
• Royalties: Tiered single-digit percentage royalties (net sales basis not further specified in text)
• Equity: Foresee retains 19% equity interest in Primevera
• Sublicense economics: Tiered percentage of sublicense proceeds (replacing milestones/royalties, as stated)

Strategic/Development Rationale or Impact

• Foresee states the transaction is expected to boost working capital and shareholder equity, reduce R&D expenses, and reinforce financial stability with a focus on near- to mid-term profitability.
• Foresee states it will streamline operations and prioritize its SIF (Stabilized Injectable Formulation) portfolio, including focus on CAMCEVI and FP-001 (CPP; NDA targeted in 2026, as stated).

Product / Technology / Context

• MMP-12 inhibitor programs (as stated):
• FP-025 (Aderamastat): described as a selective oral MMP-12 inhibitor; completed a Phase 2 proof-of-concept in allergic asthma (future development referenced in rare immune-fibrotic diseases, including cardiac sarcoidosis)
• FP-020 (Linvemastat): follow-on oral MMP-12 inhibitor; completed Phase 1 in healthy volunteers; development targeted in severe asthma and COPD
• Third-generation MMP-12 inhibitors: referenced as in the drug discovery stage
• Foresee broader portfolio context (as stated):
• CAMCEVI approved/marketed in multiple regions; 3-month formulation launch expected Q4 2026 (as stated)
• FP-001 6-month long-acting injectable in CPP: pivotal Phase 3 completed successfully; NDA submission targeted 2026 (as stated)

Overall Summary – MediLink Therapeutics announced an additional collaboration and exclusive licensing agreement with Roche (Jan 8, 2026) granting Roche worldwide rights (excluding mainland China, Hong Kong SAR, and Macau SAR) to develop, manufacture, and commercialize YL201, a B7H3-targeting ADC for numerous solid tumors; MediLink will receive USD 570 million in upfront and near-term milestones, plus additional development/regulatory/commercial milestones and tiered royalties on ex-China net sales.

Agreement Overview

• Parties: MediLink Therapeutics and Roche
• Agreement type: Collaboration + exclusive licensing agreement
• Announced: Jan 8, 2026
• Asset: YL201 (investigational antibody-drug conjugate (ADC))
• Target / indication scope: B7H3; development across numerous solid tumor types (as stated)
• Territory / rights:
• Roche license: Worldwide rights to develop, manufacture, and commercialize YL201
• Excluded territories: Mainland China, Hong Kong SAR, Macau SAR
• Relationship context (as stated):
• Builds on prior Roche–MediLink collaboration initiated January 2024 for YL211 (c-Met ADC)

Financial Terms

• Upfront + near-term milestones: USD 570 million (combined)
• Additional milestones: Development, regulatory, and commercial milestone payments (amounts not disclosed)
• Royalties: Tiered royalties on net sales of YL201 outside of China, once approved (rates not disclosed)
• Sublicense terms: Not stated
• Equity investment: Not stated

Strategic/Development Rationale or Impact

• Stated aim: Leverage complementary strengths to accelerate YL201 toward global regulatory approvals and broaden worldwide access (ex-China territories).
• Roche rationale (as stated): Prioritizes oncology innovation globally; mentions oncology and lung cancer as strategic priorities and combining ADC expertise with Roche’s global development/commercial footprint.

Product / Technology / Context

• Platform: Developed using MediLink’s TMALIN® (Tumor Microenvironment-Activatable LINker-payload) platform
• Clinical status (as stated):
• In multinational clinical trials for various advanced solid tumors
• In China: advanced into two Phase III registrational trials in SCLC and NPC
• Clinical data (as stated):
• Preliminary data show “promising” objective response rates and survival benefits in second-line SCLC patients
• Regulatory designations (as stated):
• FDA Breakthrough Therapy Designation (June 2025) for SCLC
• Three Orphan Drug Designations including SCLC, NPC, and ESCC

Overall Summary – Novavax and Pfizer announced a non-exclusive license agreement (Jan 20, 2026) under which Pfizer can use Novavax’s Matrix-M® adjuvant in Pfizer products in up to two disease areas; Novavax receives USD 30 million upfront, is eligible for up to USD 500 million in development and sales milestones, and tiered high mid-single digit royalties on sales of Matrix-M–containing Pfizer products, while Pfizer is responsible for development/commercialization and Novavax supplies Matrix-M.

Agreement Overview

• Parties: Novavax, Inc. and Pfizer
• Agreement type: Non-exclusive license agreement (adjuvant technology license)
• Announced: Jan 20, 2026
• Licensed technology: Matrix-M® adjuvant
• Scope / field (as stated): Pfizer may use Matrix-M with Pfizer’s products in up to two disease areas
• Responsibilities (as stated):
• Pfizer: Solely responsible for development and commercialization of its Matrix-M–utilizing products
• Novavax: Responsible for supply of Matrix-M

Financial Terms

• Upfront payment: USD 30 million
• Development + sales milestones: Up to USD 500 million
• Royalties: Tiered high mid-single digit percentage royalties on sales of any Pfizer product that includes Matrix-M
• Equity / other consideration: Not disclosed / not stated

Strategic/Development Rationale or Impact

• Enables Pfizer to incorporate Matrix-M® into product development in up to two disease areas (as stated).
• Provides Novavax with near-term cash (upfront) plus milestone and royalty upside tied to successful development and sales (as stated).
• Positions Novavax as the supplier of the adjuvant used in Pfizer’s licensed products (as stated).

Product / Technology / Context

• Matrix-M®: Novavax’s proprietary vaccine adjuvant (as stated).
• Deal structure: Non-exclusive adjuvant license with tiered royalties and milestone payments tied to development and sales outcomes (as stated).

Formation Bio announced its acquisition of worldwide rights (excluding Greater China) from CTFH to FHND5032, an oral small-molecule miR-124 activator for autoimmune diseases, with CTFH to receive a minority equity stake in Formation’s new subsidiary Kenmare Bio, an upfront payment, up to USD 500 million in development, regulatory, and commercial milestones, and royalties on future sales.

Agreement Overview

• Formation Bio and Jiangsu Chia Tai Feng Hai Pharmaceutical Co., LTD. (CTFH) announced Formation Bio’s acquisition of worldwide rights, excluding Greater China, to FHND5032.
• FHND5032 is described as an oral, small-molecule miR-124 activator being developed for autoimmune diseases.
• The asset will be housed within Formation’s newly formed subsidiary, Kenmare Bio.
• Formation stated plans to enter the clinic in 2026.
• Formation stated it will use its AI-driven clinical development platform, Forge, to support development across a range of autoimmune diseases.

Financial Terms

• CTFH will receive a minority equity stake in Kenmare Bio.
• CTFH will receive an upfront payment.
• CTFH will receive additional development, regulatory, and commercial milestones totaling up to USD 500 million.
• CTFH will receive royalties on potential future sales.

Strategic / Development Rationale or Impact

• Formation described FHND5032 as a differentiated oral, IND-stage asset with multi-indication potential and positioned the program for chronic autoimmune disease management.
• Formation stated it intends to fast-track and optimize development using Forge to inform indication selection and biomarker identification and outline an optimal development strategy.
• The collaboration is described as expanding Formation Bio’s growing pipeline of assets.

Product / Technology / Context

• FHND5032 is designed to activate miR-124, described as an anti-inflammatory microRNA whose levels are reduced in multiple inflammatory diseases.
• The press release states the miR-124 mechanism has been clinically derisked through Phase III data in IBD.
• The press release states FHND5032 has a preclinical profile and translational rationale and is intended for development across multiple autoimmune indications.
• Formation’s Forge platform is described as analyzing precedent data and regulatory guidance to inform development strategy.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Jiangsu Hengrui Pharmaceuticals Co., Ltd and GSK plc
• Date: July 27, 2025
• Type: Exclusive worldwide license and multi-program collaboration
• Scope: Up to 12 innovative medicines across Respiratory, Immunology & Inflammation (RI\&I), and Oncology

• Structure:

• One lead program (HRS-9821, a PDE3/4 inhibitor for COPD) granted via exclusive license

• Additional 11 programs to be developed by Hengrui and optioned by GSK after Phase I completion

2. Financial Terms

• Upfront Payment:

• USD 500 million across all agreements, including the exclusive license for HRS-9821

• Milestone Payments:

• Up to USD 12 billion in aggregate development, regulatory, and commercial milestones if all 12 programs are fully optioned and all milestones are met

• Royalties:

• Tiered royalties payable to Hengrui Pharma on global net sales

• Excludes mainland China, Hong Kong SAR, Macau SAR, and Taiwan region

• Research & Development:

• GSK will fund and lead global development and commercialization after optioning

• Hengrui responsible for preclinical through Phase I, including outside China

3. Lead Program: HRS-9821

• Indication: Chronic Obstructive Pulmonary Disease (COPD)
• Mechanism: Dual PDE3/4 inhibitor with bronchodilatory and anti-inflammatory effects
• Formulation: Targeting a dry-powder inhaler (DPI)
• Status: In clinical development
• Exclusivity: GSK receives worldwide license (excluding Greater China)
• Strategic Fit: Extends GSK’s inhaled portfolio to non-ICS/biologic-eligible COPD patients

4. Development & Commercialization Rights

• Additional 11 Programs:

• Hengrui to lead development through Phase I, including global trials

• GSK holds exclusive option to license at end of Phase I (or earlier at GSK’s election)

• Each program includes a custom financial structure, including substitution rights for GSK

• Territorial Rights:

• GSK will have worldwide rights, excluding mainland China, Hong Kong SAR, Macau SAR, and Taiwan

• License Conditions:

• The HRS-9821 license is subject to regulatory approvals, including Hart-Scott-Rodino clearance in the U.S.

5. Strategic Impact

• For Hengrui:

• Major step in globalization strategy, leveraging GSK’s global regulatory and commercialization capabilities

• Accelerates overseas path for multiple high-value innovative therapies

• Reinforces Hengrui’s R\&D and manufacturing scale

• For GSK:

• Adds potential best-in-class therapies to bolster its RI\&I and oncology pipeline

• Strengthens ability to rapidly scale and de-risk early innovation through external partnerships
• Ensures alignment with strategic focus on validated targets for long-term growth beyond 2031

Overall Summary

Hengrui Pharma and GSK have signed a landmark collaboration that could see 12 innovative drug programs advanced globally. The lead asset, HRS-9821, is a dual PDE3/4 inhibitor for COPD, licensed exclusively to GSK outside of Greater China. GSK will pay USD 500 million upfront, with a potential USD 12 billion in success-based milestones and tiered royalties on net sales. The remaining 11 assets will be developed through Phase I by Hengrui, with GSK holding exclusive option rights. This alliance reinforces Hengrui’s globalization and provides GSK with a scalable engine of innovation across key therapeutic

Key Deal Terms Summary

1. Agreement Overview

BioNTech and Bristol Myers Squibb (BMS) have entered a global co-development and co-commercialization agreement for BNT327, a bispecific antibody targeting PD-L1 and VEGF-A. The agreement covers joint development of BNT327 across numerous solid tumor indications, including monotherapy and combination therapies. Both companies retain the right to independently develop BNT327 in additional indications or combinations with their respective pipeline assets.* The collaboration includes a 50/50 split of global development and manufacturing costs and profit/loss sharing.

2. Financial Terms

• Upfront Payment: USD 1.5 billion (to be recorded in Q2)
• Non-contingent Anniversary Payments: USD 2 billion (payable through 2028)
• Milestone Payments: Up to USD 7.6 billion in development, regulatory, and commercial milestones
• Cost Sharing: Joint development and manufacturing costs shared 50:50
• Profit/Loss Sharing: Equal global split (50/50)

3. Development & Commercialization Plans

• BNT327 is in advanced clinical development, with 1,000+ patients treated and 20+ ongoing/planned trials across 10+ tumor types.

• Global Phase 3 trials are currently underway in:

• First-line extensive-stage small cell lung cancer (ES-SCLC)

• First-line non-small cell lung cancer (NSCLC)
• Planned global Phase 3 trial in triple-negative breast cancer (TNBC) expected to begin by end of 2025
• Future trials will also evaluate combinations with BioNTech’s antibody-drug conjugates (ADCs) and other modalities.

4. Strategic Impact

• Positions BNT327 as a potential next-generation immuno-oncology backbone by combining checkpoint inhibition (PD-L1) with anti-angiogenesis (VEGF-A).
• Enhances therapeutic precision by localizing anti-VEGF activity within the tumor microenvironment, potentially improving treatment response and minimizing systemic toxicity.
• Strengthens both companies' solid tumor portfolios and provides global scalability through combined resources and R\&D infrastructure.

Overall Summary

BioNTech and Bristol Myers Squibb have announced a landmark global 50/50 partnership to co-develop and co-commercialize BNT327, a bispecific antibody targeting PD-L1 and VEGF-A, across a broad spectrum of solid tumors. The agreement includes an upfront USD 1.5 billion, USD 2 billion in non-contingent payments, and up to USD 7.6 billion in milestones. With multiple Phase 3 trials underway or planned, BNT327 may establish a new immuno-oncology standard and serve as a backbone therapy in cancer care.

Pfizer has entered an exclusive global (ex-China) licensing agreement with 3SBio for SSGJ-707, a PD-1/VEGF bispecific antibody, including USD 1.25B upfront, up to USD 4.8B in milestones, double-digit royalties, and a USD 100M equity investment at closing.

Agreement Overview

• Parties: Pfizer and 3SBio (including subsidiaries Shenyang Sunshine Pharmaceutical and 3S Guojian Pharmaceutical).
• Scope:
• Pfizer receives exclusive global rights ex-China to develop, manufacture, and commercialize SSGJ-707, a PD-1/VEGF-targeting bispecific antibody.
• Pfizer also receives an option for commercialization rights in China.
• 3SBio retains all rights in China unless Pfizer exercises its option.
• Clinical Context:
• SSGJ-707 is in multiple clinical trials in China (NSCLC, metastatic colorectal cancer, gynecological tumors).
• First Phase 3 study in China expected to begin in 2025.

Financial Terms

• Upfront Payment: USD 1.25 billion.
• Milestones: Up to USD 4.8 billion in development, regulatory, and commercial milestones.
• Royalties: Tiered double-digit royalties on global net sales (ex-China), if approved.
• Equity Investment:
• Upon close, Pfizer will make a USD 100 million equity investment in 3SBio.
• Manufacturing Plans:
• Drug substance: Sanford, North Carolina.
• Drug product: McPherson, Kansas.

Strategic / Development Rationale or Impact

• Strengthens Pfizer’s position in bispecifics and immune-oncology biologics.
• Adds a late-stage, potentially first- or best-in-class PD-1/VEGF bispecific into Pfizer’s pipeline.
• Expands Pfizer’s lung, GI, and gynecologic oncology portfolio.
• Offers global expansion beyond 3SBio’s China-centered clinical program, accelerating worldwide development.
• Option for China commercialization provides Pfizer flexibility to align with China market strategy.

Product / Technology / Context

• SSGJ-707:
• Bispecific antibody inhibiting PD-1 (immune checkpoint) and VEGF (angiogenesis).
• Designed to combine checkpoint blockade with anti-angiogenic activity.
• Early Chinese clinical data show initial efficacy and favorable safety.
• Program Status:
• Active trials in NSCLC, metastatic colorectal cancer, and gynecologic tumors.
• Phase 3 initiation planned for China in 2025.
• Corporate Context:
• 3SBio is a major HK-listed Chinese biopharmaceutical innovator.
• Pfizer Oncology continues expanding across small molecules, ADCs, bispecifics, and targeted IO agents.

Key Deal Terms Summary

1. Agreement Overview

• Parties: XtalPi and DoveTree Medicines
• Type: Strategic collaboration and global licensing agreement
• Scope: Development of novel therapeutics using XtalPi’s AI- and robotics-driven drug discovery platform combined with DoveTree’s biological expertise.
• Therapeutic Areas: Oncology, immunology, inflammation, neurology, and metabolic diseases.
• Rights: DoveTree receives exclusive global rights to develop and commercialize the portfolio generated under the collaboration.

2. Financial Terms

• Total Deal Value: Up to USD 5.99 billion
• Upfront Payment: USD 51 million
• Additional Near-Term Payments: USD 49 million
• Milestones & Royalties: Development and commercial milestones, plus tiered royalties on sales, valued up to USD 5.89 billion

3. Development & Commercialization Plans

• Collaboration combines XtalPi’s quantum physics, AI-driven molecular design, and robotic labs with DoveTree’s expertise in novel targets and molecular glue approaches.
• Portfolio to include first-in-class candidates against historically challenging mechanisms.
• Plans to expand joint R\&D capabilities in emerging modalities such as molecular glues.
• XtalPi’s platform enables parallel drug development approaches across small molecules, biologics, ADCs, and molecular glues.

4. Strategic Impact

• Represents one of the largest-ever AI-driven pharmaceutical R\&D collaborations.
• Positions DoveTree to rapidly build a pipeline of first-in-class medicines.
• Validates XtalPi’s platform as a scalable innovation engine for accelerating drug discovery.
• Potential to deliver transformative therapies globally for diseases with high unmet need.

Overall Summary

XtalPi and DoveTree Medicines have entered into a landmark collaboration valued at up to USD 5.99 billion, one of the largest AI-driven drug discovery deals to date. DoveTree gains exclusive global rights to develop and commercialize therapeutics emerging from the partnership, spanning multiple therapeutic areas. With USD 51 million upfront, USD 49 million near-term payments, and up to USD 5.89 billion in milestones and royalties, the agreement merges DoveTree’s biological expertise with XtalPi’s AI- and robotics-powered platform to accelerate development of first-in-class therapies for major unmet medical needs.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Monte Rosa Therapeutics and Novartis.
• Type: Collaboration and licensing agreement.

• Scope:

• Novartis receives an exclusive license to one undisclosed discovery target.

• Novartis also receives options to license two additional programs from Monte Rosa’s preclinical immunology portfolio.
• Focus: Development of novel molecular glue degraders (MGDs) for immune-mediated diseases.
• Builds upon prior global license agreement for VAV1 degraders including MRT-6160 (October 2024).

2. Financial Terms

• Upfront Payment: USD 120 million.
• Option Maintenance Payments: Ongoing, undisclosed amounts.
• Milestones: Eligible for development, regulatory, and sales milestones across programs.
• Total Potential Deal Value: Up to USD 5.7 billion.
• Royalties: Tiered royalties on global net sales in the high single to low double-digit range.
• Financial Advisor: Lazard acted as exclusive advisor to Monte Rosa.

3. Development & Commercialization Plans

• Monte Rosa will use its AI/ML-enabled QuEEN™ discovery engine for degrader identification.
• Novartis will handle further development and commercialization of licensed programs.
• Collaboration aims to accelerate development of degraders targeting difficult-to-drug immune-mediated disease pathways.
• Monte Rosa’s disclosed pipeline (e.g., MRT-8102, MRT-6160, MRT-2359) is not included in this agreement.

4. Strategic Impact

• Extends the existing Novartis–Monte Rosa partnership, demonstrating Novartis’s confidence in MGDs.
• Strengthens Monte Rosa’s financial position and cash runway, supporting advancement of wholly owned programs.
• Positions both companies to deliver transformative therapies for autoimmune and inflammatory diseases with high unmet need.

Overall Summary

Monte Rosa Therapeutics and Novartis have entered a major collaboration and licensing agreement focused on immune-mediated diseases. Novartis gains rights to one undisclosed target and options for two additional preclinical programs. Monte Rosa will receive USD 120 million upfront, option maintenance payments, and is eligible for up to USD 5.7 billion in total deal value, including milestones and tiered royalties. The collaboration leverages Monte Rosa’s QuEEN™ degrader platform and Novartis’s global development and commercialization expertise, while also extending Monte Rosa’s financial runway to advance its broader immunology and oncology pipeline.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Argo Biopharma and Novartis
• Scope: Multi-asset license and option agreements covering Argo’s siRNA pipeline for cardiovascular diseases.

• Assets included:

• ANGPTL3 program (BW-00112) – currently in Phase 2; Novartis gains right of first negotiation after Argo completes a combination trial.

• Two discovery-stage next-generation molecules for severe hypertriglyceridemia (sHTG) and mixed dyslipidemia; Novartis receives ex-China license option.
• Additional hepatic-delivered siRNA candidate in IND-enabling studies, with reciprocal Profit & Loss (P\&L) sharing options in U.S. and China.

2. Financial Terms

• Upfront payment: USD 160 million to Argo.
• Potential milestone and option payments: up to USD 5.2 billion.
• Royalties: Argo eligible for tiered royalties on commercial sales.
• Equity: Novartis has expressed a non-binding intention to participate in Argo’s next financing round (terms not finalized).

3. Development & Commercialization Plans

• ANGPTL3 (BW-00112): in Phase 2 (U.S. and China); will enter a combination trial in dyslipidemia before Novartis’ right of first negotiation.
• Next-generation siRNA molecules: option to license ex-China rights for dyslipidemia indications.
• Hepatic siRNA candidate: multi-territorial Phase 1 planned for 2026; P\&L sharing structure in place for U.S. and China.
• Global reach: Argo leverages resources across Asia, the U.S., and Europe to accelerate clinical and commercial expansion.

4. Strategic Impact

• Builds on the January 2024 Argo–Novartis partnership (USD 185 million upfront, >USD 4 billion milestones).
• Reinforces Novartis’ position in cardiovascular, renal, and metabolic diseases.
• Advances long-acting siRNA therapeutics with potential to transform treatment and adherence in cardiovascular disease, a leading global cause of mortality.
• Provides Argo with significant non-dilutive funding, potential near-term equity support, and long-term value creation.

Overall Summary

Argo Biopharma and Novartis have expanded their collaboration with a multi-asset licensing and option agreement valued at up to USD 5.36 billion (including USD 160 million upfront). The deal covers Argo’s Phase 2 ANGPTL3 program, next-generation dyslipidemia assets, and an IND-stage hepatic siRNA candidate with reciprocal P\&L sharing rights. The agreement strengthens Novartis’ cardiovascular pipeline while providing Argo with funding, optional equity support, and global development synergies.

Key Deal Terms Summary

1. Agreement Overview

• AstraZeneca has entered a strategic research collaboration with CSPC Pharmaceuticals Group Limited, based in Shijiazhuang City, China.
• The collaboration focuses on AI-enabled discovery and development of pre-clinical oral small molecule candidates across chronic indications, including immunological diseases.
• Research activities will be conducted by CSPC using its AI-driven dual-engine drug discovery platform, designed to analyze binding patterns, optimize compounds, and select candidates with strong developability profiles.
• AstraZeneca has rights to exercise options for exclusive worldwide licenses to develop and commercialize candidates identified under the agreement.

2. Financial Terms

• Upfront Payment to CSPC: USD 110 million
• Development Milestone Payments: Up to USD 1.62 billion
• Sales Milestone Payments: Up to USD 3.6 billion
• Royalties: Potential single-digit percentage royalties on annual net sales

3. Development & Commercialization Plans

• Targets include pre-clinical small molecule oral therapies for immunological and other chronic diseases.
• CSPC will conduct research activities using its proprietary AI platform; AstraZeneca will have the option to license and globally commercialize any successful candidates.
• The program expands AstraZeneca’s efforts in early-stage AI-based drug discovery and strengthens its R\&D investment footprint in China.

4. Strategic Impact

• Enhances AstraZeneca’s pipeline of novel oral therapies for chronic indications affecting over 2 billion people globally.
• Leverages CSPC’s AI capabilities to improve the speed and precision of candidate selection.
• Builds on AstraZeneca’s USD 2.5 billion investment in Beijing and deepens its partnership network in China.
• Aligns with AstraZeneca’s strategy to use external innovation and partnerships to fuel next-generation medicine development.

Overall Summary

AstraZeneca has signed a high-value research collaboration with CSPC Pharmaceuticals to co-develop AI-discovered oral therapies for chronic diseases, including immunological conditions. CSPC will receive USD 110 million upfront, with a potential total value exceeding USD 5.3 billion through development and sales milestones, plus royalties. The deal reinforces AstraZeneca’s R\&D presence in China and supports its global strategy to accelerate innovation through advanced AI technologies and strategic partnerships.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Roche (SIX: RO, ROG; OTCQX: RHHBY) and Zealand Pharma (Nasdaq Copenhagen: ZEAL)
• Transaction Type: Exclusive Collaboration & Licensing Agreement
• Scope:
• Co-development and co-commercialization of petrelintide, Zealand Pharma’s long-acting amylin analog, as a standalone therapy and in fixed-dose combination with Roche’s dual GLP-1/GIP receptor agonist CT-388.
• Zealand and Roche will co-commercialize petrelintide in the U.S. and Europe, while Roche gains exclusive commercialization rights for the rest of the world.
• Roche will oversee commercial manufacturing and supply.

2. Financial Terms

• Upfront Payment: USD 1.65 billion
• USD 1.4 billion due at closing
• USD 250 million over the first two anniversaries of the collaboration
• Milestone Payments:
• Up to USD 1.2 billion in development milestones, primarily linked to Phase 3 trial initiation for petrelintide monotherapy
• Up to USD 2.4 billion in sales-based milestones
• Total potential consideration to Zealand Pharma: USD 5.3 billion
• Profit & Royalties:
• 50/50 profit and loss sharing in the U.S. and Europe
• Tiered double-digit royalties up to high teens % on net sales in the rest of the world
• Combination Product Payment:
• Zealand Pharma to pay Roche USD 350 million (offsettable against milestone payments) for the petrelintide/CT-388 fixed-dose combination product or next-generation petrelintide combinations

3. Development & Commercialization Plans

• Petrelintide:
• Phase 2 clinical-stage long-acting amylin analog for weekly subcutaneous administration
• Designed for improved tolerability compared to existing obesity treatments
• Potential as a best-in-class foundational therapy for weight management
• Combination Therapy (Petrelintide + CT-388):
• CT-388 is Roche’s lead dual GLP-1/GIP receptor agonist
• Designed to enhance weight loss efficacy and improve tolerability
• Fixed-dose combination aims to become a next-generation treatment for obesity
• Regulatory & Closing Timeline:
• Subject to regulatory approvals and customary closing conditions
• Expected closing in Q2 2025

4. Strategic Impact

• For Roche:
• Strengthens its cardiovascular, renal, and metabolic (CVRM) disease portfolio
• Enhances its position in obesity treatment and metabolic disease management
• Leverages Diagnostics expertise to complement therapeutic advancements
• For Zealand Pharma:
• Provides significant upfront capital to fund its broader R&D initiatives
• Positions petrelintide as a leading treatment option in obesity and weight management
• Expands commercial reach with Roche’s global footprint
• For the Industry:
• Advances a potential best-in-class amylin-based weight loss therapy
• Addresses a large unmet need in obesity and metabolic disease treatments
• Targets a growing patient population, expected to exceed 4 billion people by 2035

Overall Summary

Roche and Zealand Pharma have entered into a strategic collaboration worth up to USD 5.3 billion to co-develop and co-commercialize petrelintide for obesity treatment, both as a standalone therapy and in combination with Roche’s GLP-1/GIP receptor agonist CT-388. The transaction includes an upfront payment of USD 1.65 billion, milestone-based payments of up to USD 3.6 billion, and profit-sharing in key markets. Roche will lead global manufacturing and commercialization outside the U.S. and Europe, with Zealand Pharma contributing to commercialization in North America and Europe. This agreement strengthens Roche’s CVRM portfolio and positions Zealand Pharma as a key player in next-generation obesity treatments.

Parties Involved

• Valo Health, Inc. – AI-driven drug discovery and development company utilizing its Opal Computational Platform™ for human-centric, AI-powered small molecule drug design.
• Novo Nordisk A/S – A global healthcare leader specializing in cardiometabolic diseases, including obesity, type 2 diabetes, and cardiovascular disease.

Collaboration Scope

• Focus: Expansion of the original 2023 partnership to now cover the discovery and development of up to 20 novel drug programs for obesity, type 2 diabetes, and cardiovascular disease.
• Technology Utilized:
• Valo’s Opal Computational Platform™, which applies AI and human data analytics for target discovery and drug development.
• Integration of real-world patient datasets, genetics, and preclinical models to identify and validate novel cardiometabolic drug targets.
• Key Research Areas:
• Identification of novel therapeutic targets using AI-powered data analysis.
• Development of small molecule drug candidates with human-centric AI-driven design.
• Acceleration of preclinical and clinical development of selected candidates.

Rights & Responsibilities

• Valo Health:
• Leverages AI-driven drug discovery to identify and validate novel cardiometabolic targets.
• Conducts preclinical development for small molecule drug candidates.
• Receives funding, milestone payments, and royalties based on successful program progression.
• Novo Nordisk:
• Leads clinical development, regulatory approval, and commercialization of successful drug candidates.
• Provides funding for R&D and further research into human genetics and disease biology.
• Accelerates clinical trial initiation and regulatory submissions for promising programs.

Financial Terms

• Upfront & Near-Term Payments: Up to $190 million, including an equity investment and milestone payment.
• Total Potential Milestones: Up to $4.6 billion across 20 drug programs (increased from $2.7 billion under the original 2023 agreement).
• Additional R&D Funding & Royalties: Valo is eligible for R&D funding and royalties on net sales of successful therapeutics.

Regulatory Approval

• Novo Nordisk will manage regulatory submissions and approvals for drug candidates progressing to clinical trials.

Overall Summary

Valo Health and Novo Nordisk have expanded their AI-driven drug discovery collaboration to develop up to 20 novel therapies for obesity, type 2 diabetes, and cardiovascular disease. Novo Nordisk will provide up to $4.6 billion in milestone payments, $190 million upfront and near-term payments, as well as R&D funding and royalties. Valo will apply its Opal Computational Platform™ to identify new therapeutic targets and develop AI-driven small molecule drugs, while Novo Nordisk will lead clinical development and commercialization. This expansion significantly strengthens Novo Nordisk’s cardiometabolic drug pipeline and deepens its commitment to AI-powered precision medicine.

Key Deal Terms Summary

Agreement Overview

• Parties: Harbour BioMed and AstraZeneca
• Type: Global strategic collaboration for discovery and development of next-generation multi-specific antibodies
• Scope:
• Applies across immunology, oncology, and other therapeutic areas
• Includes option rights for two current preclinical immunology programs
• AstraZeneca may nominate additional targets over time
• Collaboration valid for five years, with a mutual option to extend for another five years

Financial Terms

• Upfront + Near-term Milestone Payments: $175 million
• Equity Investment:
• AstraZeneca will purchase 9.15% of newly issued Harbour BioMed shares
• Investment valued at $105 million
• Potential Development & Commercial Milestones: Up to $4.4 billion
• Royalties: Tiered royalties on future net sales (percentages not disclosed)

Development & Collaboration Scope

• Initial Focus: Two preclinical immunology programs + ongoing research initiatives
• Future Scope:
• AstraZeneca can license additional programs
• Collaboration may include additional programs over five years, with flexibility to expand upon mutual agreement
• Joint establishment of an Innovation Center in Beijing, co-located with AstraZeneca, to support joint initiatives

Strategic Impact

• For Harbour BioMed:
• Validates the strength of its Harbour Mice® and HBICE® antibody platforms
• Accelerates development through access to AstraZeneca’s global clinical and regulatory infrastructure

• Strengthens financial position via upfront payments and strategic equity investment

• For AstraZeneca:

• Expands pipeline with multi-specific antibody candidates
• Gains access to cutting-edge antibody engineering platforms
• Further consolidates position in next-generation biologics and immunotherapies

Overall Summary

Harbour BioMed and AstraZeneca have entered a broad, multi-program global collaboration combining Harbour's proprietary multi-specific antibody discovery capabilities with AstraZeneca's clinical and commercial scale. With $280 million in upfront and equity payments and potential future milestones up to $4.4 billion, this partnership supports the co-discovery and potential licensing of multiple therapeutic antibody candidates. A co-located Innovation Center in Beijing will further advance joint development, marking a major step in Harbour BioMed's global expansion and AstraZeneca's deepening commitment to biologics innovation.

Key Deal Terms Summary

1. Agreement Overview

• Vor Bio has entered into an exclusive global license agreement with RemeGen for rights to telitacicept outside of China, Hong Kong, Macau, and Taiwan.
• Telitacicept is a recombinant fusion protein currently in global Phase 3 development for generalized myasthenia gravis (gMG) and approved in China for gMG, SLE, and RA.

2. Financial Terms

• Initial payment of USD 125 million:

• USD 45 million upfront cash

• USD 80 million in warrants to purchase Vor Bio common stock (exercise price: USD 0.0001 per share)

• Milestones:

• Over USD 4 billion in potential regulatory and commercial milestone payments

• Royalties:

• RemeGen is entitled to tiered royalties on net sales (specific rates not disclosed)

3. Development & Commercialization Plans

• Vor Bio will lead development and commercialization of telitacicept globally outside Greater China.
• RemeGen is currently conducting a global Phase 3 trial in gMG, enrolling in the U.S., Europe, and South America, with data expected in 1H 2027.
• Vor Bio plans to expand telitacicept’s use in autoantibody-driven diseases worldwide.

4. Strategic Impact

• Represents a transformational pivot for Vor Bio toward autoimmune indications.
• Positions Vor Bio to become a global leader in autoimmune disease treatment.
• RemeGen monetizes telitacicept’s global value while retaining commercial rights in Greater China.
• Appointment of Dr. Jean-Paul Kress as CEO of Vor Bio brings seasoned leadership for late-stage development and commercialization.

Overall Summary

Vor Bio has secured global rights (ex-Greater China) to develop and commercialize telitacicept, a late-stage dual-target fusion protein, from RemeGen. The deal includes USD 125 million in initial consideration (USD 45 million cash + USD 80 million in warrants), milestones exceeding USD 4 billion, and tiered royalties. With Phase 3 trials ongoing and new leadership at the helm, Vor Bio is strategically repositioned to address high-value autoimmune markets with a differentiated biologic platform.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Syneron Bio and AstraZeneca
• Type: Strategic collaboration and equity investment
• Focus: Discovery and development of macrocyclic peptide therapeutics for chronic diseases, including rare, autoimmune, and metabolic disorders
• Platform: AstraZeneca will gain access to Syneron Bio’s Synova™ platform, a high-throughput, intelligent R&D system for oral macrocyclic peptide drugs

2. Financial Terms

• Upfront and Near-Term Milestone Payments: $75 million
• Development and Commercial Milestone Payments: Up to $3.4 billion
• Royalties: Tiered royalties based on global sales (rates not disclosed)
• Equity Investment: AstraZeneca to take an undisclosed equity stake in Syneron Bio

3. Development & Commercialization Scope

• Therapeutic Areas: Chronic disease focus, including:
• Rare diseases
• Autoimmune disorders
• Metabolic conditions
• Syneron’s Role: Provide R&D support via Synova™ platform
• AstraZeneca’s Role: Lead development, commercialization, and global sales

4. Strategic Impact

• For Syneron Bio:
• Validates its Synova™ platform and macrocyclic peptide drug discovery model
• Gains significant non-dilutive capital and future revenue streams via milestone payments and royalties

• Plans to expand R&D facilities in Beijing and deepen pipeline development

• For AstraZeneca:

• Access to emerging oral peptide technology with potential to target hard-to-drug chronic disease pathways
• Strengthens its position in autoimmune and metabolic disease therapeutics through innovative modalities
• Broadens its discovery engine via external innovation partnerships

Overall Summary

AstraZeneca and Syneron Bio have entered a high-value strategic collaboration combining Syneron's Synova™ macrocyclic peptide discovery platform with AstraZeneca’s global development and commercialization capabilities. The deal includes $75 million in upfront and near-term milestones, up to $3.4 billion in success-based payments, tiered royalties, and a strategic equity investment by AstraZeneca. The partnership will support novel chronic disease programs and enable Syneron Bio to expand R&D infrastructure, advancing its global presence in macrocyclic drug innovation.

Key Deal Terms Summary

1. Agreement Overview

• Type of Agreement: Manufacturing and Supply Agreement
• Parties: FUJIFILM Diosynth Biotechnologies and Regeneron Pharmaceuticals, Inc.
• Purpose: To provide U.S.-based manufacturing for Regeneron’s biologic medicines over a 10-year period through FUJIFILM Diosynth’s Holly Springs, North Carolina facility.

2. Financial Terms

• Total Value: Over $3 billion
• Duration: 10 years

3. Development & Commercialization Plans

• Manufacturing Scope:
• Production of biologic medicines at the Holly Springs facility beginning operations in 2025.
• Utilization of FUJIFILM Diosynth’s kojoX™ interconnected manufacturing network for standardized processes and supply chain security.
• Capacity Expansion:
• Holly Springs site is part of broader $7 billion expansion projects across the U.S. and Europe.
• Planned to create 1,400 new jobs in North Carolina by 2031, with 500 positions already added.

4. Strategic Impact

• Enhances Regeneron’s supply chain security and production capacity for its innovative biologic therapies.
• Strengthens FUJIFILM Diosynth’s presence in the U.S. market as a leading biologics CDMO.
• Supports accelerated and scalable supply of critical biologics to meet global patient demand.

Overall Summary

This manufacturing and supply agreement between FUJIFILM Diosynth Biotechnologies and Regeneron Pharmaceuticals is a 10-year, manufacturing-focused deal valued at over $3 billion. It secures U.S.-based manufacturing capacity for Regeneron’s biologic medicines at FUJIFILM Diosynth’s Holly Springs facility, beginning in 2025.

Valo Health has entered a strategic AI-driven discovery collaboration with Merck KGaA, Darmstadt, Germany to identify novel targets and develop small-molecule therapies for Parkinson’s disease and related disorders, with upfront and potential milestones totaling over 3 billion (currency not specified), plus royalties and R&D funding.

Agreement Overview

• Parties: Valo Health, Inc. and Merck KGaA, Darmstadt, Germany
• Type: Strategic R&D collaboration in neurology
• Indications: Parkinson’s disease and related disorders
• Scope:
• Use Valo’s AI-enabled human causal biology platform to:
  • Identify and validate novel disease targets
  • Define distinct patient phenotypes and unmet needs
• Use Valo’s closed loop chemistry platform to:
  • Rapidly generate and optimize preclinical small molecules against those targets

Financial Terms

• Deal headline value: Upfront and potential milestone payments totaling over 3 billion (currency not specified in the release)
• Additional economics:
• Royalties on resulting products
• R&D funding from Merck KGaA, Darmstadt, Germany to support discovery and preclinical work
• Structure: Multi-component collaboration with upfront, development / commercial milestones, royalties, and R&D support (no per-component breakdown disclosed)

Strategic / Development Rationale or Impact

• For Merck KGaA, Darmstadt, Germany:
• Sharpens target selection in Parkinson’s and related disorders using human data–driven causal biology
• Aims to streamline early discovery and move “the most promising candidates faster” into development
• Expands their neurology pipeline with AI-prioritized, human-validated targets
• For Valo Health:
• Validates and scales use of its human causal biology and closed loop chemistry platforms with a major pharma partner
• Fits Valo’s dual model of:
  • Building its own pipeline
  • Partnering to accelerate preclinical R&D for large pharma
• Overall impact:
• Seeks to address the complexity and heterogeneity of Parkinson’s by:
  • Starting from real-world human data and distinct patient phenotypes
  • Increasing confidence that selected targets will translate into successful therapeutics

Product / Technology / Context

• Disease area focus:
• Parkinson’s disease and related neurological disorders, characterized as heterogeneous with significant unmet need
• Valo platforms used:
• Human causal biology platform:
  • Access to >17 million de-identified patient records, some with 20–30 years of longitudinal data
  • Integrated with biobank samples and advanced AI
  • Used to uncover disease patterns, define patient subtypes, and identify human-validated targets
• Closed loop chemistry platform:
  • Designed to rapidly design and optimize small molecules against those targets
  • Operates from “trillions of starting points” to find candidate molecules
• Broader Valo model:
• Uses 3D engineered human tissue models to validate targets and mechanisms
• Aims to deliver more precise small-molecule therapeutics faster than traditional R&D by anchoring discovery in human biology and real-world data

ABL Bio has entered into an equity investment agreement with Eli Lilly and Company (Lilly) under which Lilly will invest KRW 22 billion in new ABL Bio shares, with proceeds earmarked to advance ABL Bio’s Grabody bispecific antibody platform, expand indications (including obesity and muscle diseases) and support broader collaborative opportunities with Lilly.

Agreement Overview

• Parties: ABL Bio (bispecific antibody company, Seoul) and Eli Lilly and Company.
• Type of transaction: Strategic equity investment agreement.
• Structure:
• ABL Bio will issue new common shares to Lilly (primary issuance, not secondary).
• Newly issued shares will be subject to a one-year lock-up via the Korea Securities Depository.
• Closing conditions:
• Payment date will occur after receipt of U.S. Hart-Scott-Rodino (HSR) approval and completion of relevant administrative procedures.

Financial Terms

• Total investment size: KRW 22 billion.
• Number of shares issued: 175,079 common shares.
• Issue price: KRW 125,900 per share, calculated according to securities issuance and disclosure regulations.
• Prior financial relationship with Lilly (separate agreement):
• ABL Bio previously entered into a license, research and collaboration agreement with Lilly valued at up to USD 2.602 billion, including an upfront payment of USD 40 million.

Strategic / Development Rationale or Impact

• Use of proceeds:
• Funds will be used to advance ABL Bio’s core technologies, including:
  • Expansion of indications for the Grabody Platform.
  • Continued development of bispecific ADCs and broader bispecific programs.
• Strategic intent:
• ABL Bio aims to strengthen its drug development capabilities and, over the long term, explore broader collaborative opportunities with Lilly across multiple modalities and therapeutic areas.
• Focus on high unmet medical need areas, explicitly including obesity and muscle diseases, as future targets for the Grabody Platform.
• Positioning:
• The investment is described as a “strategic equity investment” that follows the prior large license/collaboration deal with Lilly, reinforcing Lilly’s commitment to ABL Bio’s bispecific platforms.

Product / Technology / Context

• Core platform:
• ABL Bio is built around its Grabody bispecific antibody platform, which underpins both:
  • Cross-BBB / CNS and oncology programs, and
  • Bispecific ADCs and other next-generation antibody formats.
• Pipeline highlights (from current disclosure):
• 8+ clinical pipelines, including:
  • ABL301 (SAR446159) – partnered with Sanofi, currently in the process of transferring clinical trial sponsorship for further studies.
  • ABL001 (tovecimig) – has received Fast Track designation from the U.S. FDA.
  • ABL111 (givastomig) – co-developed with NovaBridge, with encouraging Phase 1b data in a triple combination (nivolumab + chemotherapy) presented at ESMO GI 2025.
  • Additional named assets: ABL503 (ragistomig), ABL105 (YH32367), ABL104 (YH32364), ABL202, ABL103.
• Existing Lilly collaboration context:
• Under the prior license, research and collaboration agreement (up to USD 2.602 billion in potential value), ABL Bio and Lilly are co-developing multiple therapeutics across modalities and therapeutic areas using the Grabody Platform.
• The new equity investment further cements this relationship and provides capital directly tied to R&D expansion of the platform that underlies the partnership.

Overall Summary – Zealand Pharma and OTR Therapeutics entered a multi-program strategic collaboration and license agreement to discover and develop oral small-molecule therapeutics for multiple targets in metabolic diseases, with OTR leading research and preclinical work and Zealand leading clinical development, regulatory submissions, and worldwide commercialization; OTR will receive an initial USD 20 million upfront (potentially increasing to USD 30 million under pre-agreed conditions), is eligible for milestone payments bringing total potential consideration to up to ~USD 2.5 billion (majority commercial milestones), plus tiered single-digit royalties on worldwide net sales.

Agreement Overview

• Parties: Zealand Pharma A/S and OTR Therapeutics.
• Agreement type: Multi-program strategic collaboration and license agreement.
• Scope:
• Collaboration focused on novel therapeutics for metabolic diseases.
• Specifically positioned to expand Zealand’s pipeline into oral small-molecule therapeutics for multiple targets.
• Platform / capabilities highlighted:
• Zealand: expertise in obesity and metabolic health and peptide R&D platform.
• OTR: proprietary oral small-molecule platform and drug discovery capabilities.
• Governance / responsibilities:
• Co-discover and co-develop innovative therapies for multiple targets.
• OTR leads and conducts research and preclinical development.
• Zealand assumes responsibility for clinical development, regulatory submissions, and commercialization worldwide.

Financial Terms

• Upfront payment:
• USD 20 million initial upfront to OTR.
• May increase to USD 30 million under pre-agreed conditions.
• Milestones:
• OTR eligible for preclinical, development, regulatory, and commercial milestones.
• Total potential consideration up to ~USD 2.5 billion, with the majority representing commercial milestones.
• Royalties:
• OTR eligible for tiered single-digit royalties on worldwide net sales of any commercialized products resulting from the collaboration.

Strategic/Development Rationale or Impact

• Strategic intent (as stated):
• Combine Zealand’s disease-area depth with OTR’s platform to discover and develop next-generation therapies and expand treatment options for metabolic diseases.
• Pipeline expansion focus:
• Zealand described the collaboration as expanding its metabolic health pipeline into oral small-molecule therapeutics, complementing its peptide R&D platform.
• Operational model:
• OTR’s research/preclinical leadership paired with Zealand’s global clinical/regulatory/commercial execution is framed to drive speed, efficiency, and quality in advancing programs.

Product / Technology / Context

• Therapeutic area: Metabolic diseases (including emphasis on overweight and obesity).
• Modality focus: Oral small-molecule therapeutics targeting multiple targets.
• Geography / footprint noted:
• Zealand headquartered in Copenhagen with U.S. presence in Boston.
• OTR launched March 2025, R&D center in Shanghai Zhangjiang Hi-Tech Park, collaborating across US, Europe, and Asia.

Overall Summary – Shionogi announced a planned acquisition of the global RADICAVA ORS® and IV RADICAVA business from Tanabe Pharma for a cash payment of USD 2.5 billion, securing worldwide rights to the ALS therapy franchise and establishing a strong rare-disease commercial platform. The transaction is expected to be immediately accretive in FY26, adding approximately USD 700 million in annual global sales, with the RADICAVA business becoming a wholly owned subsidiary of Shionogi Inc.

Agreement Overview

• Parties: Shionogi & Co., Ltd. and Tanabe Pharma Corporation
• Transaction type: Acquisition of a newly established Tanabe entity holding RADICAVA assets
• Assets acquired:
• RADICAVA ORS® (edaravone oral suspension)
• IV RADICAVA
• Indication: amyotrophic lateral sclerosis (ALS)
• Geography: global rights
• Structure:
• Shionogi to acquire 100% of shares of a newly formed Tanabe company holding the RADICAVA business
• The U.S. RADICAVA business entity will become a wholly owned subsidiary of Shionogi Inc.

Financial Terms

• Upfront consideration: USD 2.5 billion lump-sum payment payable at closing
• Royalties: potential royalty payments on future sales, subject to certain conditions
• Revenue impact (as stated):
• approximately USD 700 million in annual global sales
• expected to be immediately accretive in FY26
• Financing: not specified

Strategic/Development Rationale or Impact

• Establishes a strong rare-disease commercial platform, particularly in the U.S.
• Supports future rare-disease launches from Shionogi’s pipeline, including programs in Fragile X syndrome, Jordan’s Syndrome, and Pompe disease
• Aligns with Shionogi’s strategy to focus on high social-impact QOL disorders, including rare diseases

Product / Technology / Context

• RADICAVA ORS®:
• FDA-approved oral suspension for ALS
• Granted Orphan Drug Exclusivity in 2024 in the U.S.
• Clinical / commercial context:
• Oral and IV formulations have been used by more than 20,000 ALS patients in the U.S.
• Edaravone originally discovered and developed by Mitsubishi Tanabe Pharma
• Closing timeline: on or after April 1, 2026 (scheduled)

Parties Involved

• Sciwind Biosciences – A pre-commercial biopharmaceutical company focused on developing innovative therapies for metabolic diseases.
• Verdiva Bio Limited – A clinical-stage biopharmaceutical company specializing in treatments for obesity and cardiometabolic disorders.

Collaboration Scope

• Portfolio of licensed assets includes:
• Oral Ecnoglutide (XW004): A phase 2-ready, once-weekly oral GLP-1 receptor agonist with best-in-class potential.
• Oral Amylin Receptor Agonist (Amylin RA): A long-acting, once-weekly oral amylin receptor agonist in IND-enabling studies.

• Subcutaneous Injectable Amylin Receptor Agonist (Amylin RA): A potential best-in-class injectable amylin receptor agonist in IND-enabling studies.

• Rights & Responsibilities:

• Verdiva Bio receives exclusive global rights to develop, manufacture, and commercialize the partnered programs outside of Greater China and South Korea.
• Sciwind Biosciences retains the rights to develop, manufacture, and commercialize the products within Greater China and South Korea.
• The companies will also collaborate on additional preclinical stage programs, with Sciwind eligible for additional milestones and royalties.

Licensing Agreement & Financial Terms

• Upfront Payment: Sciwind receives approximately $70 million.
• Milestone Payments: Sciwind is eligible to receive over $2.4 billion in development, regulatory, and commercialization milestones.
• Royalties: Sciwind will receive tiered royalties on future product sales outside Greater China and South Korea.

Overall Summary

Sciwind Biosciences and Verdiva Bio have entered into a global licensing and collaboration agreement for the development and commercialization of a portfolio of metabolic disease therapies, including oral and injectable GLP-1 and Amylin receptor agonists. Verdiva Bio gains exclusive global rights outside of Greater China and South Korea, while Sciwind retains rights in these regions. Sciwind receives a $70 million upfront payment, with potential milestone payments exceeding $2.4 billion, plus tiered royalties on global sales. The partnership is designed to accelerate the global commercialization of these innovative metabolic therapies.

Key Deal Terms Summary

1. Agreement Overview

• Parties: AbbVie (NYSE: ABBV) and Gubra A/S (CPSE: GUBRA)
• Transaction Type: License Agreement
• Asset: GUB014295, a long-acting amylin analog for the treatment of obesity
• Development Stage: Phase 1 clinical trial (Single Ascending Dose completed; Multiple Ascending Dose ongoing)
• Global Rights: AbbVie gains exclusive worldwide rights to develop and commercialize GUB014295

2. Financial Terms

• Upfront Payment: $350 million
• Milestone Payments: Up to $1.875 billion in development, commercial, and sales milestones
• Royalties: Tiered royalties on global net sales

3. Development & Commercialization Plans

• AbbVie will lead global development and commercialization of GUB014295
• Gubra will continue supporting development efforts leveraging its expertise in peptide-based drug discovery
• Regulatory approvals and other customary closing conditions must be met before the transaction is finalized

4. Strategic Impact

• AbbVie’s Entry into the Obesity Market:
• Marks AbbVie’s first move into obesity therapeutics
• Positions AbbVie to compete in the rapidly growing global obesity market
• Potential Best-in-Class Amylin Analog:
• Amylin is a satiety hormone targeting appetite suppression and gastric emptying delay
• Could complement existing obesity treatments and enhance weight loss efficacy
• Accelerated Development with Strong Partners:
• AbbVie brings expertise in large-scale clinical development and commercialization
• Gubra’s established preclinical peptide discovery capabilities support innovation
• Global Market Opportunity:
• Nearly 900 million adults worldwide have obesity, highlighting significant unmet need

Overall Summary

AbbVie and Gubra have entered into a license agreement for GUB014295, an amylin analog in Phase 1 clinical trials for obesity. The deal grants AbbVie exclusive worldwide rights to develop and commercialize the drug. Gubra will receive $350M upfront, up to $1.875B in milestone payments, and tiered royalties on global net sales. AbbVie’s entry into the obesity market strengthens its metabolic disease pipeline, while Gubra benefits from AbbVie’s commercialization expertise. The amylin analog's mechanism could enhance appetite suppression and weight loss outcomes, positioning it as a potential best-in-class therapy in the growing global obesity market.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Novo Nordisk A/S and Septerna, Inc.
• Type: Exclusive global collaboration and license agreement
• Focus: Discovery, development, and commercialization of oral small molecule therapies targeting G protein-coupled receptors (GPCRs) for obesity, type 2 diabetes, and other cardiometabolic diseases.
• Scope: Four initial development programs targeting GLP-1, GIP, and glucagon receptors.

2. Financial Terms

• Total Deal Value: Up to USD 2.2 billion

• Upfront and near-term milestone payments: >USD 200 million

• Research, development, and commercial milestone payments: Up to USD 2 billion
• Royalties: Septerna is eligible for tiered royalties on global net sales of any resulting commercial products.
• Profit Share Option: Septerna may opt for a worldwide profit share on one program instead of receiving future milestones and royalties.
• R\&D Funding: Novo Nordisk will fully fund all research and development activities for the partnered programs.

3. Development & Commercial Responsibilities

• Joint Research Phase: Both companies will collaborate from discovery to development candidate selection.
• IND-Enabling Phase Onward: Novo Nordisk assumes sole responsibility for global development and commercialization.

4. Strategic Impact

• For Novo Nordisk:

• Strengthens pipeline of oral therapies in metabolic disease.

• Adds modalities beyond peptides, enhancing dosing flexibility and scalability.

• Expands focus on GPCR targets—a historically successful drug class with significant untapped potential.

• For Septerna:

• Gains significant non-dilutive funding and access to global development capabilities.

• Leverages Novo Nordisk's commercial and scientific infrastructure.
• Retains operational independence and resources to pursue other internal GPCR programs.

5. Platform and Technology Overview

• Septerna's Native Complex Platform™:

• Replicates the native structure and dynamics of GPCRs outside of cells using reconstituted complexes.

• Enables screening of billions of compounds to discover agonists, antagonists, and allosteric modulators.
• Designed to unlock undrugged GPCR targets—currently \~75% of the GPCRome.

6. Closing Conditions

• Subject to customary regulatory approvals, including the Hart-Scott-Rodino Antitrust Improvements Act.
• Expected Closing: Q2 2025

Overall Summary

Septerna and Novo Nordisk have entered a high-value collaboration to co-develop oral small molecule therapies targeting GPCRs involved in obesity and type 2 diabetes. The deal is worth up to USD 2.2 billion, including more than USD 200 million upfront and near-term, plus tiered royalties or profit-sharing. Septerna’s Native Complex Platform™ will be used to identify and optimize oral molecules targeting GLP-1, GIP, and glucagon receptors. Novo Nordisk will assume full responsibility for development and commercialization following candidate selection. This partnership enhances Novo Nordisk’s cardiometabolic pipeline while providing Septerna with resources and operational flexibility to advance its broader GPCR-focused portfolio.

Key Deal Terms Summary

1. Agreement Overview

• Arrowhead Pharmaceuticals entered a global license and collaboration agreement with Novartis.
• Novartis receives an exclusive worldwide license to ARO-SNCA (preclinical siRNA targeting alpha-synuclein) for Parkinson’s disease and other synucleinopathies, plus additional collaboration targets to be developed on Arrowhead’s TRiM™ RNAi platform.

• Division of responsibilities:

• Arrowhead completes preclinical work to CTA filing for each licensed program.

• Novartis assumes development, manufacturing, medical affairs, and commercialization thereafter.
• ARO-SNCA is designed for subcutaneous administration with CNS delivery using TRiM™.
• Closing expected H2 2025, subject to HSR and customary conditions.

2. Financial Terms

• Upfront Payment: USD 200 million to Arrowhead at closing.
• Milestones: Up to USD 2.0 billion in development, regulatory, and sales milestones.
• Royalties: Tiered royalties up to low double digits on commercial sales.

3. Development & Commercialization Plans

• Arrowhead: Run and complete preclinical studies enabling CTA for ARO-SNCA and the additional Novartis-selected targets (outside Arrowhead’s current pipeline).
• Novartis: Lead global clinical development, manufacturing, regulatory, medical affairs, and commercialization for all licensed programs.
• Goal: Move ARO-SNCA into clinical trials as soon as possible and expand collaboration to other CNS gene targets utilizing TRiM™.

4. Strategic Impact

• Arrowhead: Significant non-dilutive capital and a blue-chip partner to validate CNS delivery of RNAi; expands TRiM™ into neurodegeneration.
• Novartis: Adds a potential first-in-class RNAi program in Parkinson’s and access to TRiM™ for broader CNS portfolio building.
• Potential to advance disease-modifying therapies in synucleinopathies via widespread brain delivery after subcutaneous dosing, addressing a major historical barrier for RNA medicines in the CNS.

Overall Summary

Arrowhead and Novartis signed a global license & collaboration giving Novartis exclusive worldwide rights to ARO-SNCA and additional TRiM™-enabled targets. Arrowhead will deliver programs to CTA-ready status; Novartis will take them through clinical development and commercialization. Financials include \$200M upfront, up to \$2B in milestones, and tiered royalties (up to low double digits). The partnership marries Arrowhead’s CNS-targeted RNAi delivery with Novartis’ neuroscience development scale, aiming to accelerate disease-modifying RNAi therapies for Parkinson’s and related synucleinopathies.

Key Deal Terms Summary

1. Agreement Overview

• Companies Involved: AbbVie and Xilio Therapeutics
• Deal Type: Collaboration and option-to-license agreement
• Objective: Develop novel tumor-activated antibody-based immunotherapies, including masked T-cell engagers
• Technology Focus: Xilio’s tumor-activated biologics platform to enhance targeted immune-oncology therapies

2. Financial Terms

• Upfront Payment: $52 million, including a $10 million equity investment
• Potential Milestone Payments: Up to $2.1 billion based on option-related fees and clinical, regulatory, and commercial milestones
• Royalties: Xilio is eligible for tiered royalties on commercial sales

3. Development & Commercialization Plans

• Key Technology:
• Xilio’s tumor-activated biologics platform enables masking and selective activation of T-cell engagers within the tumor microenvironment, minimizing systemic side effects
• Focus on high-value immunotherapies, including multispecific molecules and immune cell engagers
• AbbVie’s Role:
• Leverage oncology expertise to guide clinical development
• Utilize global commercialization and regulatory expertise
• Xilio’s Role:
• Lead early-stage research and development
• Apply tumor-selective activation technology to enhance efficacy and safety

4. Strategic Impact

• Advances next-generation immunotherapies, expanding AbbVie’s oncology pipeline
• Strengthens Xilio’s position in immuno-oncology, leveraging AbbVie’s clinical and commercial infrastructure
• Potentially enhances the safety and efficacy of T-cell engagers, an emerging class of tumor-targeted biologics
• Positions AbbVie as a leader in engineered immunotherapies, reinforcing its commitment to oncology innovation

Overall Summary

AbbVie and Xilio Therapeutics have entered into a collaboration and option-to-license agreement to develop novel tumor-activated immunotherapies, including masked T-cell engagers. Under the agreement, Xilio will receive $52 million upfront, with potential milestone payments of up to $2.1 billion, plus tiered royalties. The partnership leverages Xilio’s proprietary tumor-activation platform to improve immune-oncology therapies, while AbbVie brings its oncology expertise and commercialization capabilities. This collaboration strengthens both companies' positions in immuno-oncology and could lead to more effective, safer cancer treatments.

Key Deal Terms Summary

ABL Bio Licenses Grabody-B Brain Delivery Platform to GSK for Neurodegenerative Disease Drug Development

1. Agreement Overview

• Parties: ABL Bio (South Korea) and GSK (UK)
• Deal Type: Global exclusive license agreement
• Scope: Multi-program collaboration to develop novel therapies for neurodegenerative diseases
• Platform: ABL Bio’s Grabody-B blood-brain barrier (BBB) shuttle technology
• Targets: IGF1R-mediated transport for delivery of various modalities (antibodies, siRNA, ASOs, polynucleotides)

2. Financial Terms

• Upfront & Near-Term Payments:
• Total: £77.1 million
• Immediate upfront: £38.5 million
• Milestone Payments:
• Total potential: up to £2.075 billion
• Includes research, development, regulatory, and commercialization milestones across multiple programs
• Royalties:
• Tiered royalties on net sales from any successfully commercialized products

3. Development & Commercial Responsibilities

• ABL Bio:
• Transfers Grabody-B technology and know-how to GSK
• GSK:
• Responsible for preclinical & clinical development, manufacturing, and global commercialization

4. Strategic Impact

• For ABL Bio:
• Strengthens its global leadership in BBB-penetrating technologies
• Broadens the application of Grabody-B to multiple modalities
• For GSK:
• Enhances its ability to deliver antibody and RNA-based therapies to the brain
• Adds a transformational delivery platform to its neurodegenerative disease pipeline

Overall Summary

ABL Bio has entered into a global license agreement with GSK, granting exclusive rights to develop and commercialize novel therapeutics for neurodegenerative diseases using ABL Bio’s proprietary Grabody-B platform. The deal includes £77.1 million in upfront and near-term payments and up to £2.075 billion in milestone payments, with additional tiered royalties on sales. This partnership combines ABL Bio’s cutting-edge BBB-penetrating technology with GSK’s extensive development and commercialization capabilities to address critical unmet needs in conditions such as Alzheimer’s and Parkinson’s disease.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Madrigal Pharmaceuticals and CSPC Pharmaceutical Group
• Date: July 30, 2025
• Type: Exclusive global license agreement
• Asset: SYH2086, a preclinical oral small molecule GLP-1 receptor agonist and derivative of orforglipron
• Purpose: To support combination therapy development with Rezdiffra™ (resmetirom) for MASH (Metabolic dysfunction-associated steatohepatitis)
• Rights Granted: Madrigal receives global rights to develop, manufacture, and commercialize SYH2086
• Exclusions: CSPC may develop and commercialize other oral GLP-1 agonists in China, subject to certain conditions

2. Financial Terms

• Upfront Payment: USD 120 million to CSPC

• Milestone Payments:

• CSPC eligible for up to USD 2 billion in development, regulatory, and commercial milestones

• Royalties:

• CSPC to receive royalties on net sales (rate undisclosed)

• Equity: No equity component disclosed
• Closing: Expected in Q4 2025, subject to regulatory clearance

3. Development & Commercialization Plans

• Lead Program: SYH2086 will enter clinical development in H1 2026
• Target Indication: MASH (formerly known as NASH)

• Combination Strategy:

• Rezdiffra (targets fibrosis and lipid reduction)

• SYH2086 (expected to support weight loss and metabolic control)
• Aim: To deliver a once-daily oral, best-in-class treatment for MASH

• Formulation Benefits:

• SYH2086 has demonstrated linear pharmacokinetics, in vitro potency, and in vivo glucose/weight loss effects in preclinical studies

• No significant safety risks identified

4. Strategic Impact

• For Madrigal:

• Strengthens its pipeline leadership in MASH

• Builds upon Rezdiffra’s commercial success and IP runway (to 2044)
• Supports expansion into F4c and European markets

• For CSPC:

• Monetizes a globally patented preclinical GLP-1 asset

• Gains exposure to global commercial upside via royalties and milestones
• Retains strategic rights in China for similar assets

Overall Summary

Madrigal Pharmaceuticals has entered an exclusive global license agreement with CSPC Pharmaceutical Group for SYH2086, a preclinical oral GLP-1 receptor agonist. This deal aligns with Madrigal's strategy to develop combination oral therapies for MASH using Rezdiffra as the backbone. CSPC will receive an upfront payment of USD 120 million, plus up to USD 2 billion in milestones, and royalties on net sales. Madrigal plans to initiate clinical development in early 2026, aiming to deliver a once-daily, best-in-class therapy to patients with MASH.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Chiesi Group and Arbor Biotechnologies
• Type: Exclusive global collaboration and license agreement plus multitarget research and option agreement
• Focus: Development and commercialization of ABO-101, a gene editing therapy for Primary Hyperoxaluria Type 1 (PH1), and additional rare liver disease programs using Arbor’s gene editing platforms
• Announcement Date: October 6, 2025

2. Financial Terms

• Upfront and Near-Term Payments: Up to USD 115 million
• Milestone Payments: Up to USD 2 billion (development, regulatory, and commercial milestones)
• Royalties: Low double-digit tiered royalties on net sales
• Rights:
• Chiesi receives exclusive global rights to develop and commercialize ABO-101 for PH1
• Arbor retains rights to its gene editing platform outside the licensed fields

3. Development & Commercialization Plans

• Lead Asset: ABO-101, a liver-directed, one-time CRISPR Cas12i2 gene editing therapy targeting the HAO1 gene to reduce oxalate overproduction in PH1
• Delivery System: Lipid nanoparticle (LNP) formulation licensed from Acuitas Therapeutics
• Clinical Stage: Phase 1/2 redePHine trial (NCT06839235) evaluating safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy
• Trial Structure:
• Part A: Adult dose escalation
• Part B: Pediatric cohort
• Long-term monitoring to follow initial study period
• Collaboration Terms:
• Joint clinical development of ABO-101
• Chiesi gains options to apply Arbor’s knockout (KO) and reverse transcriptase (RT) editing technologies to additional rare liver diseases

4. Strategic Impact

• Strengthens Chiesi’s leadership in rare disease gene editing therapeutics via its Global Rare Diseases unit
• Provides Arbor with a strategic commercialization partner and non-dilutive funding to advance its gene editing programs
• Expands the application of Arbor’s Cas12i2-based platform to new rare metabolic and liver disorders
• Enhances potential to deliver curative, one-time genomic treatments for patients with ultra-rare genetic diseases

5. Clinical Notes

• Indication: Primary Hyperoxaluria Type 1 (PH1)
• Mechanism: Gene editing to permanently reduce HAO1 function in the liver, lowering oxalate levels
• Therapeutic Goal: Single-dose, potentially curative treatment to eliminate dependence on lifelong siRNA therapy or dual organ transplant
• Status: Investigational, not approved by regulatory agencies

Overall Summary

Chiesi Group and Arbor Biotechnologies have entered into an exclusive global collaboration and license agreement for the development and commercialization of ABO-101, a CRISPR Cas12i2-based gene editing therapy for Primary Hyperoxaluria Type 1 (PH1). The partnership also includes a multitarget research and option agreement for Arbor’s KO and RT editing platforms covering additional rare liver diseases.

Under the terms, Arbor will receive up to USD 115 million in upfront and near-term payments, up to USD 2 billion in milestones, and low double-digit tiered royalties on future product sales. ABO-101 is currently in Phase 1/2 clinical development using LNP delivery for precise liver-directed editing.

This collaboration expands Chiesi’s rare disease portfolio and accelerates Arbor’s genomic medicine strategy, marking a major step forward in gene editing-based therapies for rare metabolic disorders.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Orionis Biosciences and Genentech (a member of the Roche Group)
• Type: Multi-year research and development collaboration
• Focus: Discovery and development of small-molecule monovalent molecular glues targeting oncology indications
• Platform: Orionis’s Allo-Glue™ platform, integrating AI, chemical biology, and automation for glue-based proximity-induced drug design

2. Financial Terms

• Upfront Payment: USD 105 million
• Milestones: Potential research, development, commercial, and net sales milestone payments exceeding USD 2 billion
• Royalties: Orionis is eligible for tiered royalties on net sales of collaboration products

3. Development & Commercialization Plans

• Orionis will:

• Lead discovery and optimization of monovalent molecular glue compounds

• Genentech will:

• Take over late preclinical, clinical development, regulatory filing, and global commercialization

• The collaboration aims to access previously undruggable targets in oncology through rationally designed glue-based modalities

4. Strategic Impact

• Marks the second strategic partnership between Orionis and Genentech (following a 2023 agreement)
• Expands Genentech’s efforts in induced proximity mechanisms, complementing its existing protein degrader initiatives
• Reinforces Orionis’s position as a leader in next-generation drug design using AI, custom assay systems, and robotic screening
• Aligns with Genentech’s innovation agenda to develop transformative cancer medicines

Overall Summary

Orionis Biosciences has entered into a major collaboration with Genentech, receiving USD 105 million upfront with over USD 2 billion in potential milestones and tiered royalties. The deal leverages Orionis’s proprietary Allo-Glue™ platform to design novel small-molecule glues targeting difficult oncology pathways. While Orionis leads discovery and optimization, Genentech will drive development and commercialization. This marks the companies’ second collaboration, strengthening both parties’ efforts to unlock previously undruggable targets and bring innovative molecular glue medicines to cancer patients.

Key Deal Terms Summary

1. Agreement Overview

Parties: Novo Nordisk A/S and Omeros Corporation (Nasdaq: OMER)
Transaction Type: Definitive Asset Purchase and License Agreement
Asset: Clinical-stage MASP-3 inhibitor zaltenibart (formerly OMS906)
Scope: Novo Nordisk gains exclusive global rights to develop and commercialize zaltenibart for all indications.
Expected Closing: Q4 2025, subject to customary regulatory approvals.

2. Financial Terms

• Upfront and Near-Term Milestones: USD 340 million
• Total Potential Deal Value: Up to USD 2.1 billion, including:
• Development milestones
• Regulatory and commercial milestones
• Royalties: Tiered royalties on global net sales
• Omeros Retained Rights:
• Certain preclinical MASP-3 programs not related to zaltenibart
• Ability to develop small-molecule MASP-3 inhibitors for limited indications

3. Product & Technology Details

• Zaltenibart (OMS906):
• Type: Humanized monoclonal antibody (biologic)
• Mechanism: Selectively inhibits MASP-3, the key upstream activator of the alternative complement pathway.
• Distinct Advantage:
  • Preserves classical complement pathway, maintaining immune protection.
  • MASP-3 has low systemic circulation and is not an acute-phase reactant, providing potential safety and durability advantages.
• Clinical Stage: Demonstrated positive Phase 2 results in paroxysmal nocturnal hemoglobinuria (PNH) with favorable safety and tolerability.

4. Development and Commercial Plans

• Lead Indication: PNH (Paroxysmal Nocturnal Hemoglobinuria)
• Planned Next Step: Novo Nordisk will initiate a global Phase 3 program in PNH.
• Future Pipeline Expansion:
• IgA nephropathy (IgAN)
• C3 glomerulopathy (C3G)
• Atypical hemolytic uremic syndrome (aHUS)
• Broader complement-mediated and renal disorders

5. Strategic Rationale

• For Novo Nordisk:
• Expands its Rare Disease portfolio and strengthens presence in hematology and nephrology.
• Adds a best-in-class complement inhibitor with strong mechanistic differentiation.
• For Omeros:
• Monetizes a late-stage biologic asset while maintaining focus on its MASP-2 inhibitor narsoplimab and other pipeline programs.
• Retains flexibility in early-stage MASP-3 and small-molecule programs.

6. Advisors & Governance

• Transaction details do not specify advisors, but the deal involves intellectual property transfer and exclusive licensing rights from Omeros to Novo Nordisk.

Overall Summary

Novo Nordisk and Omeros entered into a USD 2.1 billion asset purchase and license agreement granting Novo Nordisk exclusive global rights to the MASP-3 inhibitor zaltenibart (OMS906), a Phase 2–validated monoclonal antibody for complement-mediated rare blood and kidney disorders. Omeros will receive USD 340 million upfront, with potential payments up to USD 2.1 billion, plus tiered royalties. Novo Nordisk will lead global Phase 3 development beginning with PNH, positioning zaltenibart as a potential best-in-class therapy in complement inhibition while expanding its Rare Disease portfolio.

Fosun Pharma announced that its subsidiary Yao Pharma has entered into an exclusive worldwide collaboration and license agreement with Pfizer for the development and commercialization of oral small-molecule GLP-1 receptor agonists, including YP05002, supported by a USD 150 million upfront payment and potential milestones of up to USD 1.935 billion.

Agreement Overview

• Fosun Pharma subsidiaries Chongqing Yao Pharmaceutical Company and Shanghai Fosun Pharmaceutical Industrial Development Company entered into an exclusive collaboration and license agreement with Pfizer.
• Yao Pharma granted Pfizer an exclusive worldwide license to develop, manufacture, and commercialize oral small-molecule GLP-1 receptor agonists.
• The license includes YP05002 and any products containing such oral GLP-1 receptor agonists as active ingredients.
• The agreement covers all therapeutic, diagnostic, and prophylactic indications for human and veterinary use.
• Yao Pharma will complete the ongoing Phase 1 clinical trial of YP05002 in Australia, after which Pfizer will assume further development.

Financial Terms

• Yao Pharma will receive an upfront payment of USD 150 million.
• Yao Pharma is eligible to receive development, regulatory, and commercial milestone payments of up to USD 1.935 billion.
• Yao Pharma will receive tiered royalties on sales of approved products.

Strategic / Development Rationale or Impact

• The collaboration is intended to accelerate the global development and commercialization of oral GLP-1 receptor agonists.
• Pfizer contributes global clinical development, regulatory, and commercialization capabilities.
• Fosun Pharma and Yao Pharma contribute proprietary small-molecule research and manufacturing expertise.
• The partnership aligns with Fosun Pharma’s innovation and internationalization strategy.

Product / Technology / Context

• The licensed assets are oral small-molecule GLP-1 receptor agonists developed by Yao Pharma with proprietary intellectual property.
• The candidates are intended for metabolic diseases, including chronic weight management, type 2 diabetes, and metabolic dysfunction-associated steatohepatitis.
• YP05002 is currently in Phase 1 clinical development in Australia.
• Oral small-molecule GLP-1 receptor agonists represent a potential alternative to injectable GLP-1 therapies.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Manifold Bio and F. Hoffmann-La Roche Ltd. (Roche)
• Date: November 3, 2025
• Type: Strategic Research Collaboration and License Agreement
• Focus: Joint development of next-generation blood-brain barrier (BBB) shuttles for the delivery of therapeutics to the brain.
• Scope:
• Collaboration will leverage Manifold’s mDesign™ AI-guided direct-to-vivo drug discovery platform and its tissue-targeting shuttle portfolio.
• Roche and Manifold will develop multiple BBB shuttles to enable brain-targeted therapeutic modalities, including antibodies, oligonucleotides, and other biologics for neurological and neurodegenerative diseases.
• Responsibilities:
• Manifold Bio: Leads research and discovery activities to identify novel BBB shuttles.
• Roche: Leads preclinical, clinical, and commercialization stages.

2. Financial Terms

• Upfront Payment: USD 55 million payable to Manifold Bio.
• Milestone Payments:
• Over USD 2 billion in potential research, preclinical, clinical development, and commercial milestones.
• Royalties:
• Tiered royalties based on future product sales of Roche’s BBB shuttle-enabled therapeutics.
• Co-Development Option:
• Manifold retains the right to co-fund development of one product candidate in exchange for enhanced royalty participation.
• Retained Rights:
• Manifold retains full rights to apply its BBB shuttles to non-licensed targets for both internal development and future partnered programs.

3. Strategic and Scientific Rationale

• Manifold’s Contribution:
• The mDesign™ AI-driven discovery engine enables measurement of thousands to millions of biologic variants directly in vivo, offering high-throughput, physiologically relevant data for the design of tissue-targeted biologics.
• Its direct-to-vivo approach provides a unique ability to engineer molecules that safely cross the BBB, a major barrier in neuroscience drug development.
• Roche’s Contribution:
• Brings 15+ years of experience in BBB shuttle innovation and global expertise in neurology and biologic drug development.
• Expands Roche’s existing portfolio of brain delivery technologies with AI-optimized shuttle platforms.
• Strategic Importance:
• Positions Manifold Bio as a key partner in AI-enabled biologic design and next-generation CNS drug delivery.
• Reinforces Roche’s leadership in the field of brain-targeted therapeutics, supporting pipeline growth in neurodegenerative and psychiatric disorders.

4. Leadership Commentary

• Gleb Kuznetsov, Ph.D., CEO of Manifold Bio:
  Highlighted the collaboration as a validation of Manifold’s direct-to-vivo approach, addressing the long-standing challenge of crossing the BBB.
• Pierce Ogden, Ph.D., CTO of Manifold Bio:
  Emphasized that the partnership demonstrates the potential of AI-guided, in vivo-trained models to power the next era of tissue-targeted biologics.
• Boris Zaïtra, Head of Corporate Business Development, Roche:
  Noted that Roche’s collaboration with Manifold will accelerate the identification of next-generation BBB shuttles applicable across multiple therapeutic modalities.
• Steven Holtzman, Executive Chair of Manifold Bio:
  Stated that the partnership provides Manifold with a foundational alliance that allows it to grow as an independent biopharma company while creating long-term shareholder value.

Overall Summary

Manifold Bio entered a strategic collaboration and license agreement with Roche to develop AI-designed next-generation BBB shuttles for neurological and neurodegenerative diseases. Under the deal, Manifold receives USD 55 million upfront and is eligible for over USD 2 billion in milestones, plus tiered royalties on future sales. The collaboration combines Manifold’s mDesign™ AI-guided in vivo discovery engine with Roche’s deep neuroscience expertise to enable new brain-targeted biologics. Manifold retains co-development rights for one program and full rights for non-licensed targets, ensuring flexibility to expand its internal and partnered pipelines.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Enlaza Therapeutics and Vertex Pharmaceuticals.
• Focus: Development of War-Lock™ drug conjugates and T-cell engagers.
• Indications: Targeted toward autoimmune diseases and improved conditioning for sickle cell disease and beta thalassemia.
• Structure: Multi-target drug discovery collaboration.

2. Financial Terms

• Upfront & Equity: USD 45 million (inclusive of upfront payment and equity investment).
• Milestones: Up to USD 2+ billion across research, development, regulatory, and commercial milestones.
• Royalties: Tiered royalties on net sales (specific rates undisclosed).
• Funding: Vertex will fully fund all R\&D costs during the four-year collaboration.

3. Development & Commercialization Plans

• Enlaza: Leads early-stage research through development candidate nomination.
• Vertex: Takes over future research, development, manufacturing, and commercialization of selected candidates.
• Technology: War-Lock™ platform uses proprietary non-natural amino acids to engineer covalent biologics, combining small-format biologic selectivity with covalent drug action for enhanced efficacy and safety.

4. Strategic Impact

• Expands Enlaza’s covalent biologics platform beyond oncology into autoimmune diseases.
• Provides Vertex with access to a novel modality that could support gentler conditioning regimens for CASGEVY® and broaden its autoimmune pipeline.
• Potential for first-in-class therapies in autoimmune and genetic disease settings.

Overall Summary

Enlaza Therapeutics and Vertex Pharmaceuticals have entered a USD 45 million upfront & equity-funded collaboration with a potential value of over USD 2 billion in milestones plus royalties. The partnership leverages Enlaza’s War-Lock™ covalent biologics platform to develop next-generation drug conjugates and T-cell engagers for autoimmune diseases and conditioning regimens in sickle cell disease and beta thalassemia. Enlaza will lead early discovery, while Vertex will handle later development and commercialization, positioning both companies to advance highly differentiated therapies into new markets.

Overall Summary – Jacobio Pharma entered an agreement with AstraZeneca for its proprietary pan-KRAS inhibitor JAB-23E73, granting AstraZeneca exclusive development and commercialization rights outside China, while the parties will jointly develop and commercialize in China. Jacobio will receive USD 100 million upfront and is eligible for up to USD 1.915 billion in additional development and commercial milestones, plus tiered royalties on net sales outside China. JAB-23E73 is in Phase I trials in China and the United States (as stated).

Agreement Overview

• Parties: Jacobio Pharma and AstraZeneca
• Asset: JAB-23E73 (pan-KRAS inhibitor)
• Territory / rights split:
• Outside China: AstraZeneca receives exclusive development and commercialization rights
• China: Jacobio and AstraZeneca will jointly develop and commercialize
• Responsibilities:
• Outside China: AstraZeneca responsible for clinical development, regulatory submissions, and commercialization (as stated)
• Stage: Phase I in China and U.S. (as stated)

Financial Terms

• Upfront payment: USD 100 million
• Milestones: up to USD 1.915 billion (development + commercial)
• Royalties: tiered royalties on net sales outside China (rates not disclosed)

Strategic/Development Rationale or Impact

• AstraZeneca highlighted KRAS-mutated tumors as a major unmet need across cancers including pancreatic, colorectal and lung cancers, and plans to advance JAB-23E73 potentially in combination with its oncology portfolio (as stated).
• Jacobio stated the deal strengthens its financial position and accelerates global development efforts (as stated).

Product / Technology / Context

• Mechanism / positioning: described as an innovative pan-KRAS inhibitor designed to target multiple KRAS mutation subtypes, developed using Jacobio’s induced allosteric drug discovery platform (as stated).
• Early findings: early signs of anti-tumor activity observed in Phase I evaluation (as stated).

Regeneron Expands Clinical-Stage Obesity Portfolio with Strategic In-Licensing of Novel Dual GLP-1/GIP Receptor Agonist

Key Deal Terms Summary

1. Agreement Overview

• Regeneron has entered into a strategic in-licensing agreement with Hansoh Pharmaceuticals.
• The agreement grants Regeneron exclusive clinical development and commercialization rights outside of Mainland China, Hong Kong, and Macau for HS-20094, a dual GLP-1/GIP receptor agonist.
• HS-20094 is currently in Phase 3 development for obesity and Phase 2b for diabetes in China, with over 1,000 patients studied to date.
• Administered as a weekly subcutaneous injection with a safety and efficacy profile potentially similar to the only FDA-approved GLP-1/GIP receptor agonist.

2. Financial Terms

• Upfront Payment: USD 80 million
• Milestone Payments: Up to USD 1.93 billion for development, regulatory, and sales milestones.
• Royalties: Tiered royalties on global net sales (excluding licensed territories) in the low double digits.

3. Development & Commercialization Plans

• Regeneron will explore combination therapies involving HS-20094 and its proprietary pipeline assets, such as:

• Trevogrumab (anti-GDF8) to preserve muscle mass.

• Garetosmab (anti-activin A) to mitigate comorbidities.
• The COURAGE Phase 2 study is already evaluating trevogrumab plus semaglutide ± garetosmab.
• Future development aims to improve sustainability of weight loss, muscle preservation, and treatment of obesity-associated conditions like cardiovascular disease, diabetes, and liver disease.

4. Strategic Impact

• Strengthens Regeneron’s presence in the global obesity and metabolic disease market.
• Provides a late-stage complementary asset to existing GLP-1-based research efforts.
• Accelerates Regeneron’s long-term vision of holistic, sustainable weight-loss solutions through multi-agent precision therapy.
• Builds on Regeneron’s differentiated approach of preserving lean mass during weight loss to improve health outcomes.
• Enhances Regeneron’s capacity to enter combinatorial and personalized medicine pathways for obesity.

Overall Summary

Regeneron has secured global rights (excluding China, Hong Kong, and Macau) to HS-20094, a dual GLP-1/GIP receptor agonist currently in Phase 3, through an in-licensing deal with Hansoh Pharmaceuticals. The agreement includes an USD 80 million upfront payment, up to USD 1.93 billion in milestones, and low double-digit royalties. This move reinforces Regeneron’s commitment to differentiated, long-term obesity treatment strategies focused on muscle preservation and comorbidity management.

Key Deal Terms Summary

1. Agreement Overview

• Parties Involved: The United Laboratories International Holdings Limited (TUL), United Biotechnology (a TUL subsidiary), and Novo Nordisk A/S
• Deal Type: Exclusive license agreement
• Asset Licensed: UBT251, a GLP-1/GIP/glucagon triple receptor agonist
• Development Stage: Early clinical-stage; recently completed a Phase 1b study in overweight/obese patients in China
• Therapeutic Focus: Obesity, type 2 diabetes, MAFLD, and chronic kidney disease (CKD)

2. Financial Terms

• Upfront Payment: $200 million
• Milestone Payments: Up to $1.8 billion (development, regulatory, and commercial milestones)
• Royalties: Tiered royalties on net sales (outside of Greater China)
• Territorial Rights:
• Novo Nordisk: Exclusive rights outside mainland China, Hong Kong, Macau, and Taiwan
• United Biotechnology: Retains rights within mainland China, Hong Kong, Macau, and Taiwan

3. Development and Clinical Status

• Phase 1b Clinical Trial (China):
• Design: Randomized, double-blind, placebo-controlled
• Participants: 36 people with overweight/obesity
• Dosing: Weekly subcutaneous injections over 12 weeks across 3 dose escalation groups

• Outcomes:

  • Weight loss in highest dose group: 15.1% reduction from baseline
  • Placebo group: 1.5% weight gain
  • Safety: GI-related adverse events consistent with incretin-based therapies; mostly mild-to-moderate

• Ongoing Trials:

• Phase 2 trial for obesity has been initiated in China
• Clinical trial approvals in China and the U.S. for additional indications including type 2 diabetes, MAFLD, and CKD

4. Strategic Impact

• For Novo Nordisk:
• Strengthens and diversifies its cardiometabolic pipeline
• Gains global rights to a potentially best-in-class triple agonist targeting three key metabolic hormone receptors

• Builds on United Biotechnology’s early-stage data to accelerate development outside of China

• For TUL / United Biotechnology:

• Validates its R&D innovation model
• Significant non-dilutive capital to reinvest into R&D
• Retains commercial opportunity in the Greater China market
• Reinforces its global strategy by aligning with a market leader in metabolic disease

5. Closing Conditions

• Subject to:
• Regulatory clearance
• Customary closing conditions

Overall Summary

Novo Nordisk has entered into a major global license deal for UBT251, paying $200 million upfront and up to $1.8 billion in milestones, plus royalties. The agreement provides Novo Nordisk exclusive rights outside Greater China to a promising triple agonist that has already shown strong weight loss effects in a Phase 1b trial. This strategic collaboration expands Novo Nordisk’s pipeline in obesity and diabetes, while United Biotechnology retains commercial opportunity and strengthens its global R&D ambitions.

Key Deal Terms Summary

1. Agreement Overview

• Acquirer: GSK plc
• Target Asset: Efimosfermin alfa, a Phase III-ready fibroblast growth factor 21 (FGF21) analog for treating steatotic liver disease (SLD)
• Seller: Boston Pharmaceuticals
• Structure: Acquisition of BP Asset IX, Inc., a subsidiary of Boston Pharmaceuticals that owns the asset

• Clinical Target Indications:

• Metabolic dysfunction-associated steatohepatitis (MASH)

• Alcohol-related liver disease (ALD)
• Broader steatotic liver disease (SLD) population

2. Financial Terms

• Upfront Payment: USD 1.2 billion
• Success-Based Milestone Payments: Up to USD 800 million
• Total Potential Consideration: Up to USD 2.0 billion

• Royalty Obligations:

• Tiered royalties payable to Novartis Pharma AG on future net sales of efimosfermin

• Accounting: GSK will treat the acquisition as a business combination
• Regulatory Approvals: Subject to Hart-Scott-Rodino Act clearance

3. Development & Commercialization Plans

• Clinical Stage: Phase III-ready

• Data Highlights:

• Phase II trial showed rapid and significant reversal of liver fibrosis

• Promising safety and tolerability
• Demonstrated benefits independent of GLP-1 therapy
• Potential for monthly dosing and low immunogenicity
• First Launch Anticipated: 2029
• Strategic Fit: Adds to GSK’s hepatology pipeline alongside siRNA therapeutic GSK‘990

• Development Options:

• Monotherapy and combination therapies with other GSK assets

4. Strategic Impact

• Addresses major unmet need in SLD, which affects \~5% of global population
• Efimosfermin’s antifibrotic action and metabolic benefits align with GSK’s immunology and fibrosis R\&D focus
• Potential to prevent progression to cirrhosis, liver cancer, and transplant, potentially saving USD 40–100 billion in U.S. healthcare costs over 20 years

Overall Summary

GSK has signed a USD 2 billion acquisition deal for efimosfermin alfa, a potential best-in-class FGF21 analog from Boston Pharmaceuticals. The deal includes USD 1.2 billion upfront and up to USD 800 million in milestones, plus royalties to Novartis. Efimosfermin’s monthly dosing, fibrosis-reversing efficacy, and tolerability make it a strong candidate to become a new standard-of-care for SLD, with GSK targeting first launch in 2029. The transaction reinforces GSK’s commitment to hepatology and precision immunology, and provides multiple paths for monotherapy and combination development.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Skyhawk Therapeutics and Merck KGaA, Darmstadt, Germany
• Type: Strategic research collaboration with an option agreement
• Focus: Discovery of RNA-targeting small molecules for select neurological disorders with high unmet medical need
• Platform: Skyhawk’s proprietary SkySTAR® RNA splicing modulation platform
• Rights: Merck KGaA gains exclusive global rights to drug candidates upon option exercise

2. Financial Terms

• Total Deal Value: Over USD 2 billion
• Structure: Includes upfront payment, milestone payments, and tiered royalties on future sales (specific amounts not disclosed)

3. Development & Commercialization Plans

• Skyhawk: Responsible for discovery and preclinical development using the SkySTAR® platform
• Merck KGaA, Darmstadt, Germany: Assumes responsibility for further development and commercialization after option exercise
• Objective: Leverage RNA splicing modulation to address challenging disease biology in neurological conditions

4. Strategic Impact

• Expands the potential of RNA modulation in neurological diseases where conventional drug discovery approaches have failed
• Strengthens Merck KGaA’s neuroscience pipeline with next-generation RNA-targeting therapies
• Validates Skyhawk’s platform as a leading discovery engine for RNA-targeting small molecules
• Supports Merck KGaA’s mission to accelerate delivery of transformative medicines to patients worldwide

Overall Summary

Skyhawk Therapeutics and Merck KGaA, Darmstadt, Germany have entered into a collaboration valued at over USD 2 billion, focused on developing RNA-targeting small molecules for neurological disorders. Skyhawk will lead discovery efforts with its SkySTAR® platform, while Merck KGaA will take over development and commercialization following option exercise. The deal underscores the growing role of RNA modulation in tackling complex neurological diseases and positions both companies to advance first-in-class therapies in high unmet-need indications.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Zenas BioPharma, Inc. and InnoCare Pharma Limited
• Type: Global license agreement (multi-asset; non-oncology for orelabrutinib + two preclinical assets)
• Programs Covered:
• Orelabrutinib (BTK inhibitor) – MS and all non-oncology indications
• Oral IL-17AA/AF inhibitor – outside Greater China & Southeast Asia (GC/SEA)
• Oral, brain-penetrant TYK2 inhibitor – global
• Fields & Territories:
• Orelabrutinib: Zenas has global rights in MS and all non-oncology indications worldwide; InnoCare retains full global oncology rights
• IL-17AA/AF inhibitor: Zenas holds rights ex-GC/SEA
• TYK2 inhibitor: Zenas holds global rights

2. Financial Terms

• Upfront & Near-Term Milestones (cash): Up to $100M (includes 2026 milestones)
• Equity: Up to 7,000,000 Zenas common shares (includes shares tied to an early-2026 milestone)
• Total Potential Deal Value (all three programs): Exceeds $2B (development, regulatory, commercial milestones)
• Royalties: Tiered, up to high-teens % on annual net sales of licensed products to InnoCare

3. Development Plan & Status

• Orelabrutinib (BTK inhibitor; CNS-penetrant):
• PPMS: Pivotal Phase 3 (global, randomized, DBPC; 80 mg QD) initiated
• SPMS: Pivotal Phase 3 planned 1Q 2026
• Regulatory alignment: PPMS & SPMS Phase 3 designs aligned with FDA & EMA
• Prior data (RRMS Phase 2): Significant reductions in new Gd+ T1 lesions at Weeks 12/24; sustained inflammatory control through Week 96; safety/tolerability consistent with class
• Commercial status: Orelabrutinib approved for B-cell malignancies in mainland China and Singapore (oncology retained by InnoCare)
• Oral IL-17AA/AF inhibitor (blocks IL-17AA & IL-17AF):
• IND-enabling; IND + Phase 1 start in 2026 (ex-GC/SEA for Zenas)
• Oral, brain-penetrant TYK2 inhibitor:
• IND-enabling; IND + Phase 1 start in 2026 (global for Zenas)

4. Zenas Pipeline Context (select)

• Obexelimab (CD19 × FcγRIIb B-cell function inhibitor):
• IgG4-RD Phase 3 (INDIGO): Fully enrolled; topline around YE 2025
• RMS Phase 2 (MoonStone): 12-week results early 4Q 2025; 24-week data 1Q 2026
• SLE Phase 2 (SunStone): Enrollment complete ~YE 2025; topline mid-2026
• Strategic focus: Build two franchise programs: Obexelimab and Orelabrutinib across autoimmune indications

5. Private Placement Financing

• Gross Proceeds: ~$120.0M
• Pricing: ~6.3M shares at $19.00 (institutions/Accredited) and $20.85 (directors/officers)
• Close: Expected on/around Oct 9, 2025
• Use of Proceeds / Runway: Cash expected to fund operations into 4Q 2026; with potential $75M Royalty Pharma milestone (INDIGO), into 1Q 2027
• Placement Agents: Jefferies and Evercore ISI

6. Investor Events

• Zenas: Oct 8, 2025, 8:00 a.m. ET (webcast; IR site)
• InnoCare: Oct 9, 2025, 8:30 a.m. Beijing Time (Chinese language; registration link provided)

Strategic Impact

• Establishes Zenas as a late-stage BTK in progressive MS leader with global non-oncology rights to a CNS-penetrant inhibitor poised for pivotal trials in PPMS and SPMS
• Adds two oral, CNS-relevant immunology mechanisms (IL-17AA/AF and TYK2) with Phase 1 starts in 2026
• Delivers non-dilutive milestone/royalty economics to InnoCare while maintaining oncology rights
• Positions Zenas with complementary B-cell / T-cell pathway modulation and blockbuster-potential franchises in autoimmune disease

Overall Summary

Zenas BioPharma licensed global non-oncology rights to orelabrutinib (a highly selective, CNS-penetrant BTK inhibitor) and secured rights to two additional oral immunology candidates (IL-17AA/AF and TYK2) from InnoCare. Terms include up to $100M near-term cash, up to 7M Zenas shares, > $2B in potential milestones, and royalties up to high-teens %. A Phase 3 PPMS trial has begun, with SPMS Phase 3 to start 1Q 2026; both have FDA/EMA alignment. Zenas also raised ~$120M in a private placement, extending runway into 4Q 2026 (potentially 1Q 2027 with a $75M milestone). The deal accelerates Zenas’ transition to a fully integrated autoimmune company with best-in-class potential assets in progressive MS and a balanced pipeline spanning B- and T-cell biology.

Key Deal Terms Summary

1. Agreement Overview

• Parties Involved: Merck and Jiangsu Hengrui Pharmaceuticals Co., Ltd.
• Asset Licensed: HRS-5346, an oral small molecule inhibitor of Lipoprotein(a) [Lp(a)]
• Indication: Atherosclerotic cardiovascular disease
• Stage: Phase 2 clinical trial (currently in China)
• Rights Granted: Merck receives exclusive global rights to develop, manufacture, and commercialize HRS-5346, excluding Greater China

2. Financial Terms

• Upfront Payment: $200 million
• Milestone Payments: Up to $1.77 billion, tied to:
• Development milestones
• Regulatory approvals
• Commercial achievements
• Royalties: Tiered royalties on net sales outside of Greater China (exact percentages not disclosed)
• Accounting Impact: Merck will record a $200 million pre-tax charge (~$0.06/share) in the quarter the transaction closes

3. Development & Commercialization Plans

• Merck Responsibilities:
• Lead global development and commercialization outside Greater China
• Leverage its cardio-metabolic pipeline and global infrastructure to accelerate HRS-5346 development
• Hengrui Retains:
• All rights within Greater China (Mainland China, Hong Kong, Macau, Taiwan)

4. Strategic Impact

• For Merck:
• Adds a first-in-class oral candidate for Lp(a) reduction, addressing a major unmet need in cardiovascular disease
• Expands Merck’s cardio-metabolic pipeline

• Potentially serves 1 in 5 adults worldwide with elevated Lp(a) — an independent, genetically determined cardiovascular risk factor

• For Hengrui Pharma:

• Gains global validation of its R&D capabilities
• Secures substantial upfront and milestone payments
• Retains market opportunity in Greater China while leveraging Merck’s scale to maximize global reach

Overall Summary

Merck has entered into an exclusive global license agreement (excluding Greater China) with Jiangsu Hengrui Pharma for HRS-5346, a Phase 2 oral Lp(a) inhibitor targeting cardiovascular disease. The deal includes a $200 million upfront payment, up to $1.77 billion in milestones, and tiered royalties. HRS-5346 could become a novel oral treatment option for elevated Lp(a), a serious risk factor for atherosclerotic cardiovascular conditions affecting 1.4 billion people globally. Merck expands its cardio-metabolic portfolio, while Hengrui retains rights in Greater China and stands to benefit from Merck’s global clinical and commercial expertise.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Ichnos Glenmark Innovation (IGI) and AbbVie
• Asset: ISB 2001, a first-in-class CD38×BCMA×CD3 trispecific antibody
• Stage: Phase 1 clinical trial for relapsed/refractory multiple myeloma (R/R MM)
• Structure: Exclusive global licensing agreement
• Rights: AbbVie receives exclusive global rights to develop, manufacture, and commercialize ISB 2001 in North America, Europe, Japan, and Greater China

2. Financial Terms

• Upfront Payment: USD 700 million to IGI
• Milestone Payments: Up to USD 1.225 billion in development, regulatory, and commercial milestones
• Royalties: Tiered, double-digit royalties on net sales

3. Development & Commercialization Plans

• AbbVie to lead global development and commercialization
• IGI will continue advancing its BEAT® platform pipeline in oncology
• ISB 2001 continues in Phase 1, with FDA Orphan Drug and Fast Track designations
• Early trial data show 79% ORR and 30% CR/sCR in heavily pretreated patients

4. Strategic Impact

• AbbVie expands its oncology pipeline with a novel T-cell engager platform
• Strengthens IGI’s position as a multispecifics innovation leader
• Collaboration accelerates clinical development and potential global access to ISB 2001
• Partnership validates the BEAT® platform’s ability to deliver next-generation immune therapies

Overall Summary

AbbVie and IGI have signed an exclusive global licensing agreement for ISB 2001, a Phase 1 trispecific antibody targeting CD38, BCMA, and CD3 for relapsed/refractory multiple myeloma. AbbVie will pay USD 700 million upfront, with up to USD 1.225 billion in milestones, and tiered, double-digit royalties on future sales. The collaboration combines AbbVie’s oncology development power with IGI’s BEAT® platform to advance cutting-edge multispecific therapies in hard-to-treat cancers.

Key Deal Terms Summary

Agreement Overview

• Structure: Sanofi to acquire Dren Bio affiliate Dren-0201, securing full rights to the DR-0201 bispecific antibody program.
• Focus: DR-0201 is a CD20-directed bispecific myeloid cell engager (MCE) designed to drive deep B-cell depletion via targeted phagocytosis.
• Indications: Being studied for autoimmune diseases such as lupus, particularly in refractory patients where conventional B-cell depleters are insufficient.
• Stage: DR-0201 is in Phase 1 clinical development, with robust preclinical and early clinical data.

Financial Terms

• Upfront Payment: $600 million to acquire Dren-0201
• Milestones:
• Up to $1.3 billion in development and launch milestone payments
• Total Potential Consideration: Up to $1.9 billion
• Funding: Sanofi will use existing cash reserves
• Structure: Acquisition of a Dren Bio affiliate (Dren-0201); parent company Dren Bio will remain independent

Development & Commercialization Plans

• Lead Asset: DR-0201 – a potential first-in-class bispecific antibody using myeloid cell engagement for targeted immune reset
• Mechanism:
• Engages tissue-resident and circulating myeloid cells
• Triggers phagocytosis of CD20+ B cells
• Aims for sustained, treatment-free remission in autoimmune diseases
• Sanofi’s Role: Will lead further development and global commercialization
• Current Studies: Two ongoing Phase 1 trials in autoimmune settings

Strategic Impact

• For Sanofi:
• Strengthens immunology pipeline
• Aligns with goal to be global leader in immunology
• Enhances Sanofi’s capabilities in deep immune modulation
• For Dren Bio:
• Retains its core business and pipeline, including DR-01 and broader myeloid engager platform
• Unlocks capital from the DR-0201 program to accelerate additional innovation

Overall Summary

Sanofi will acquire Dren Bio’s affiliate housing DR-0201, a next-generation bispecific CD20-targeting antibody designed for deep B-cell depletion, for $600 million upfront and up to $1.3 billion in milestones. The deal strengthens Sanofi’s ambition to reset the immune system in autoimmune diseases and underscores its commitment to leading in immunology. DR-0201’s unique myeloid engagement mechanism could offer transformative potential for refractory B-cell mediated autoimmune conditions such as lupus, supporting long-term remission. The acquisition is expected to close in Q2 2025.

Key Deal Terms Summary

1. Type of Agreement

• Exclusive worldwide license agreement for two bispecific antibody programs.

2. Agreement Overview

• Earendil Labs has granted Sanofi exclusive global rights to HXN-1002 and HXN-1003, two potential first-in-class bispecific antibodies targeting autoimmune and inflammatory bowel diseases.
• The license includes rights to research, develop, manufacture, and commercialize both candidates.

3. Financial Terms

• Upfront payment: $125 million.
• Milestone payments: Up to $1.72 billion in development and commercial milestones, including a $50 million near-term milestone.
• Royalties: Tiered royalties ranging from high-single to low-double digits on product sales.

4. Development & Commercialization Plans

• Sanofi will lead all future development, regulatory filings, and global commercialization of HXN-1002 and HXN-1003.
• Focus will be on treatment of moderate to severe ulcerative colitis (UC) and Crohn’s disease (CD) for HXN-1002, and broader autoimmune indications for HXN-1003.

5. Strategic Impact

• Strengthens Sanofi’s immunology pipeline with next-generation bispecific antibody therapeutics.
• Validates Earendil Labs’ AI-driven biologics discovery platform and its strategy to deliver first-in-class or best-in-class candidates.

Overall Summary

This is an exclusive license agreement between Earendil Labs and Sanofi covering two next-generation bispecific antibody candidates, currently at the preclinical stage, for autoimmune and inflammatory bowel diseases. Earendil Labs will receive an upfront payment of $125 million, with potential additional payments totaling up to $1.72 billion plus royalties. Sanofi will assume all responsibilities for further development, regulatory approval, and commercialization globally outside Greater China.

Overall Summary – Dren Bio expanded its strategic collaboration with Sanofi to discover and develop a next-generation B-cell depletion multispecific antibody therapy for autoimmune diseases, receiving an upfront cash payment of USD 100 million and eligibility for up to USD 1.7 billion in development, regulatory, and commercial milestones, with an option for Dren Bio to co-fund future development (40% of global costs) in exchange for U.S. co-promotion rights and a 50/50 U.S. profit-and-loss share, plus milestones and tiered royalties on ex-U.S. sales.

Agreement Overview

• Parties: Dren Bio and Sanofi
• Agreement type: Strategic collaboration (discovery + development) for next-generation B-cell depletion therapy
• Scope / focus:
• Discovery and development of first-in-class multispecific antibody therapeutics for B-cell depletion in autoimmune diseases
• Built on Dren Bio’s Targeted Myeloid Engager and Phagocytosis Platform
• Role split:
• Dren Bio + Sanofi: collaborate on discovery and preclinical development
• After development candidate selection: Sanofi assumes responsibility for development, manufacturing, regulatory, and commercialization

Financial Terms

• Upfront payment: USD 100 million (cash)
• Milestones: Up to USD 1.7 billion in development, regulatory, and commercial milestone payments
• U.S. option (profit/loss sharing + co-promotion):
• Dren Bio option to co-fund 40% of ongoing global development costs
• In exchange for:
  • U.S. co-promotion rights
  • 50/50 share of U.S. profits and losses
  • Continued eligibility for milestones + tiered royalties on ex-U.S. net sales
• Ex-U.S. economics:
• Milestones + tiered royalties on net sales outside the U.S. (if option exercised, still applies per disclosure)

Strategic/Development Rationale or Impact

• Expansion of existing relationship:
• Builds on Sanofi’s prior acquisition of DR-0201 (now SAR448501)
• Therapeutic intent:
• Targets deep B-cell depletion with the potential to achieve remission in autoimmune disease settings (as stated)
• Platform leverage:
• Further extends Dren Bio’s proprietary myeloid engager / phagocytosis approach into next-generation antibody formats
• Integration / scale pathway:
• The U.S. co-promotion and profit/loss structure is positioned as supporting Dren Bio’s evolution toward a more fully integrated biopharmaceutical company (as stated)

Product / Technology / Context

• Program background:
• Sanofi previously acquired Dren Bio’s DR-0201 program
• DR-0201 (SAR448501):
  • In two ongoing Phase 1 studies
  • Reported to have shown robust B-cell depletion
  • Positioned as having potential to induce sustained treatment-free remission (as stated)
• New collaboration output:
• Discovery of next-generation B-cell depletion therapy using multispecific antibodies enabled by Dren Bio’s platform

Relation announced a strategic, multi-program collaboration with Novartis to discover and advance novel therapeutic targets for atopic diseases, combining Relation’s AI-enabled discovery platform with Novartis’s immuno-dermatology expertise, supported by USD 55 million upfront and up to USD 1.7 billion in milestones.

Agreement Overview

• Relation and Novartis entered into a strategic, multi-program collaboration focused on discovering and advancing novel targets for atopic diseases.
• Relation will apply its AI-powered drug discovery platform, human data generation capabilities, and Lab-in-the-Loop systems.
• Novartis will contribute development and commercialization expertise in immuno-dermatology.
• Novartis receives worldwide development and commercialization rights to any resulting targets.

Financial Terms

• Relation will receive USD 55 million, including an upfront payment, equity investment, and additional R&D funding.
• Relation is eligible for up to USD 1.7 billion in preclinical, development, regulatory, and commercial milestone payments.
• Relation will also receive tiered royalties on net sales of products.

Strategic / Development Rationale or Impact

• Atopic diseases impact hundreds of millions of people globally and are driven by immune dysregulation.
• The collaboration combines AI-driven biological insight with clinical development and commercialization capabilities to accelerate new therapeutic target discovery.
• Relation’s approach aims to reduce clinical failure risk by validating targets directly in human tissue.
• Novartis seeks to enhance novel target identification and accelerate drug discovery through AI-enabled technologies.

Product / Technology / Context

• Relation’s Lab-in-the-Loop platform integrates AI, patient-derived multi-omic data, and proprietary experimental systems.
• The collaboration includes observational studies generating functional cell atlases from patient tissue.
• These atlases aim to capture human disease biology with high resolution to refine causal gene identification.
• Novartis plans to apply the resulting validated targets to develop therapies for atopic diseases.

Key Deal Terms Summary

1. Agreement Overview

• Gilead and LEO Pharma have entered a strategic global partnership to advance LEO Pharma’s oral STAT6 small molecule programs, including targeted protein degraders, for inflammatory diseases.
• Gilead gains exclusive global rights to develop, manufacture, and commercialize the oral STAT6 program.
• LEO Pharma retains global rights to topical STAT6 formulations for dermatology indications and may co-commercialize oral STAT6 for dermatology indications outside the U.S.

2. Financial Terms

• LEO Pharma is eligible to receive up to USD 1.7 billion in total consideration:

• USD 250 million upfront payment

• Additional development, regulatory, and commercial milestone payments

• Royalties:

• LEO Pharma will receive tiered royalties on oral STAT6 product sales (high single-digit to mid-teens percentages).

• Gilead will receive tiered royalties on topical STAT6 product sales (high single-digit to mid-teens percentages).
• The transaction is expected to reduce Gilead’s 2025 GAAP and non-GAAP EPS by approximately USD 0.15–0.17.

3. Development & Commercialization Plans

• Gilead will lead development of oral small molecule STAT6 inhibitors and degraders, expanding its inflammation portfolio.
• LEO Pharma will lead development of topical STAT6 formulations in dermatology.
• LEO Pharma retains an option to co-commercialize oral STAT6 products for dermatology outside the United States.

4. Strategic Impact

• The collaboration strengthens Gilead’s pipeline in Th2-mediated inflammatory conditions, including atopic dermatitis, asthma, and COPD.
• LEO Pharma secures a major R\&D partner and funding, enhancing the potential to bring topical and oral STAT6 therapies to market.
• The partnership reflects a growing industry trend toward precision oral therapies that can serve as alternatives to biologics.

Overall Summary

Gilead and LEO Pharma have formed a global partnership to develop and commercialize oral and topical STAT6-targeted therapies for inflammatory diseases. Gilead secures exclusive global rights to oral STAT6 programs, while LEO retains rights to topical formulations and may co-commercialize oral therapies in dermatology markets outside the U.S. LEO receives USD 250 million upfront and is eligible for up to USD 1.7 billion in total payments plus tiered royalties. The deal strengthens both companies' presence in next-generation inflammation therapeutics, combining Gilead’s immunology strategy with LEO’s dermatology leadership.

Parties Involved

• AbbVie – A global biopharmaceutical company with expertise in oncology and immunology drug development.
• Neomorph, Inc. – A biotechnology company specializing in molecular glue degraders, targeting "undruggable" proteins in cancer and immune disorders.

Collaboration Scope

• The collaboration focuses on developing novel molecular glue degraders for multiple oncology and immunology targets.
• Molecular glue degraders are small molecules that selectively degrade disease-driving proteins, offering a more precise treatment approach for cancer and immune disorders.
• Neomorph’s proprietary molecular glue discovery platform will be leveraged to identify and advance novel drug candidates.

Rights & Responsibilities

• Neomorph
• Responsible for discovering and advancing molecular glue degraders for the designated targets.
• Eligible for option fees, milestone payments, and royalties upon success.
• AbbVie
• Gains exclusive licensing rights to select programs upon exercising its option.
• Will oversee clinical development, regulatory approval, and commercialization of selected drug candidates.

Financial Terms

• Neomorph to receive:
• Upfront payment (amount undisclosed).
• Up to $1.64 billion in option fees and milestone payments.
• Tiered royalties on future net sales of licensed products.

Regulatory Approval

• No immediate regulatory requirements disclosed, but the collaboration is expected to advance novel molecular glue degraders toward clinical development.

Overall Summary

AbbVie and Neomorph have entered into a collaboration and option-to-license agreement to develop molecular glue degraders targeting oncology and immunology indications. Neomorph will lead drug discovery, while AbbVie will have the option to license and advance selected programs into clinical development and commercialization. Neomorph stands to receive up to $1.64 billion in milestone payments and royalties, reinforcing the growing potential of molecular glue degraders in targeting previously "undruggable" proteins.

Key Deal Terms Summary

1. Agreement Overview

Parties: Kite Pharma (a subsidiary of Gilead Sciences) and Pregene Biopharma (China)
Structure: Collaboration and License Agreement
Focus: Research and development of next-generation in vivo CAR-T therapies.
Date: October 16, 2025
Therapeutic Areas: Oncology, autoimmune diseases, and other high-need indications.

2. Financial Terms

• Total Deal Value: Up to USD 1.64 billion
• Upfront Payment: USD 120 million paid by Kite to Pregene.
• Milestone Payments:
• Up to USD 1.52 billion in potential development, regulatory, and commercial milestones.
• Development and Commercialization:
• Kite and Pregene will jointly research and develop in vivo CAR-T therapies.
• Kite is expected to leverage its global clinical and manufacturing infrastructure for development and commercialization.

3. Collaboration Structure

• Joint Research Goals:
• To accelerate in vivo CAR-T clinical proof-of-concept studies.
• Integration of Pregene’s high-throughput CAR-T/CAR-NK/TCR-T platforms and manufacturing innovations with Kite’s clinical and regulatory expertise.
• Pregene’s Role:
• Provides proprietary technology platforms and lentiviral manufacturing systems.
• Supports early-stage research and preclinical development in China.
• Kite’s Role:
• Leads global development, clinical trials, and commercialization.
• Builds on its existing in vivo CAR-T strategy following its USD 350 million acquisition of Interius BioTherapeutics earlier in 2025.

4. Strategic Impact

• For Kite (Gilead):
• Deepens investment in in vivo cell therapy, expanding beyond traditional ex vivo CAR-T models.
• Strengthens competitive position in next-generation immuno-oncology through synergistic technology integration.
• Aligns with Gilead’s strategy to accelerate on-body CAR-T generation for improved efficiency and scalability.
• For Pregene:
• Gains global validation and a high-value partnership with a leading cell therapy innovator.
• Secures substantial upfront and milestone funding to expand its R&D capabilities.
• Builds on prior partnerships, including AstraZeneca-owned EsoBiotec, which leveraged Pregene’s platform for in vivo CAR-T development.

Overall Summary

Kite Pharma, a Gilead Sciences subsidiary, has entered a USD 1.64 billion collaboration and license agreement with Pregene Biopharma to co-develop in vivo CAR-T therapies. The deal includes USD 120 million upfront and up to USD 1.52 billion in milestones. This partnership strengthens Kite’s growing commitment

Astellas Enters Exclusive License Agreement with Evopoint Biosciences for XNW27011, a Novel Clinical-stage Antibody-Drug Conjugate Targeting CLDN18.2

Key Deal Terms Summary

1. Agreement Overview

• Astellas secures exclusive worldwide rights (excluding mainland China, Hong Kong, Macao, and Taiwan) to develop and commercialize XNW27011.
• XNW27011 is a novel clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2.
• Currently in Phase 1/2 clinical studies in China for solid tumors including gastric, gastroesophageal, and pancreatic cancers.

2. Financial Terms

• Upfront Payment: USD 130 million.
• Near-Term Payments: Up to USD 70 million.
• Milestone Payments: Up to USD 1.34 billion (development, regulatory, commercialization milestones).
• Royalties: Tiered royalties on net sales (specific percentages not disclosed).

3. Development & Commercialization Plans

• Astellas to leverage its CLDN18.2 expertise, building upon its existing program (including VYLOYTM).
• XNW27011 utilizes proprietary topoisomerase I inhibitor payload and linker technology.
• Supports Astellas’ expanding oncology pipeline with differentiated ADC approaches for GI cancers.

4. Strategic Impact

• Strengthens Astellas’ leadership in precision oncology and gastrointestinal cancer therapeutics.
• Evopoint gains substantial non-dilutive funding to support additional pipeline development.
• Potential to address unmet needs in gastric, gastroesophageal, and pancreatic cancer.

Overall Summary

Astellas and Evopoint Biosciences have entered an exclusive licensing agreement for the global development (ex-China) of XNW27011, a novel CLDN18.2-targeting ADC in Phase 1/2 clinical trials. The deal includes USD 130 million upfront, up to USD 70 million in near-term payments, up to USD 1.34 billion in milestones, and royalties on future sales. The partnership expands Astellas’ precision oncology pipeline while providing Evopoint with significant non-dilutive capital to advance its broader portfolio.

Key Deal Terms Summary

1. Agreement Overview

Parties: Hansoh Pharmaceutical Group Company Limited (via subsidiaries Shanghai Hansoh Biomedical Co., Ltd. and Changzhou Hansoh Pharmaceutical Co., Ltd.) and F. Hoffmann-La Roche Ltd.
Structure: Exclusive Worldwide License Agreement
Date: October 16, 2025
Focus: Development, manufacturing, and commercialization of HS-20110, an investigational CDH17-targeting antibody-drug conjugate (ADC).
Therapeutic Area: Colorectal cancer and other solid tumors
Territory: Worldwide exclusive rights granted to Roche excluding Mainland China, Hong Kong, Macau, and Taiwan.

2. Financial Terms

• Upfront Payment: USD 80 million to Hansoh.
• Milestone Payments: Up to USD 1.45 billion linked to development, regulatory approval, and commercialization achievements.
• Royalties: Tiered royalties on future net sales of HS-20110 (specific rates not disclosed).
• Total Potential Deal Value: Up to USD 1.53 billion, including upfront and milestone payments.

3. Collaboration Scope

• Hansoh’s Role (Licensor):
• Retains development and commercialization rights in Mainland China, Hong Kong, Macau, and Taiwan.
• Provides scientific expertise and supporting technology transfer to Roche for global development.
• Roche’s Role (Licensee):
• Gains exclusive rights in all territories outside Greater China.
• Responsible for global development, manufacturing, and commercialization.
• Clinical Development:
• HS-20110 is currently in a global Phase I clinical trial in China and the United States.

4. Strategic Impact

• For Hansoh Pharmaceutical:
• Represents one of the company’s largest global licensing transactions to date.
• Provides significant non-dilutive capital and validates its ADC technology platform.
• Enhances international recognition and positions Hansoh as a leading innovator in oncology biologics.
• For Roche:
• Expands its oncology pipeline with a novel ADC candidate targeting CDH17, a promising biomarker in colorectal and other solid tumors.
• Strengthens its global leadership in antibody-drug conjugates and precision oncology.

Overall Summary

Hansoh Pharmaceutical has entered a USD 1.53 billion exclusive license agreement with Roche for the CDH17-targeting ADC HS-20110, granting Roche worldwide rights excluding Greater China. Hansoh will receive an USD 80 million upfront payment, up to USD 1.45 billion in milestone payments, and tiered royalties on global sales. HS-20110 is in Phase I clinical trials in China and the U.S. The collaboration combines Hansoh’s biologics innovation with Roche’s global oncology leadership, expanding access to advanced ADC therapies for colorectal and other solid tumors.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Unnatural Products, Inc. (UNP) and argenx
• Scope: Multi-target research collaboration for discovery and development of oral macrocyclic peptide therapeutics
• Focus: Drugging traditionally undruggable disease targets, particularly in immunology

• Structure:

• UNP conducts R\&D through IND-enabling studies

• argenx retains exclusive option to advance development and commercialization post-IND

2. Financial Terms

• Upfront and Near-Term Payments: Double-digit million USD (exact amount undisclosed)
• Equity Investment: argenx to make an investment in UNP (amount undisclosed)
• Milestone Potential: Up to USD 1.5 billion in research, development, regulatory, commercial, and option-related milestone payments
• Royalties: Tiered royalties on net sales of resulting products
• R\&D Funding: UNP to receive research funding to support platform discovery activities

3. Development & Commercialization Plans

• UNP leads discovery and IND-enabling R\&D using its AI-enhanced macrocycle platform
• argenx holds exclusive global rights for development and commercialization after exercising target-specific options
• Targets span multiple indications in immunology

4. Strategic Impact

• Leverages UNP’s proprietary macrocyclic peptide technology for drugging high-value intracellular targets with oral agents
• Supports argenx’s expansion in immunology through novel modalities
• Accelerates development of first-in-class oral peptide therapeutics against previously inaccessible targets

Overall Summary

Unnatural Products and argenx have entered a multi-target collaboration to develop oral macrocyclic peptide drugs against traditionally undruggable disease targets. The deal includes double-digit million USD upfront and near-term payments, an argenx equity investment, and up to USD 1.5 billion in potential milestones, plus tiered royalties. UNP will apply its AI-driven platform through IND-enabling studies, with argenx assuming downstream development and commercialization for selected programs.

Overall Summary – GenSci, RTW Investments, and newly formed US-based Yarrow Bioscience entered an exclusive global ex-China license agreement for GS-098 (YB-101), a clinical-stage, first-in-class humanized anti-TSHR monoclonal antibody for Graves’ disease and thyroid eye disease. GenSci will receive USD 70 million non-refundable upfront, a USD 50 million near-term development milestone, and additional development, regulatory, and commercial milestones for a total potential deal value of up to USD 1.365 billion, plus tiered double-digit royalties on future net sales in the licensed territories; GenSci retains China rights.

Agreement Overview

• Parties: GenSci (Shanghai Scizeng Medical Technology / Changchun GeneScience Pharmaceutical), RTW Investments, and Yarrow Bioscience
• Agreement type: Exclusive global ex-China license agreement
• Asset: GS-098 (continued as YB-101 outside China)
• Indications: Graves’ disease (GD) and thyroid eye disease (TED)
• Territory / rights:
• Yarrow: Exclusive global rights ex-China to develop, manufacture, and commercialize
• GenSci: Retains development + commercialization rights in China
• Development leadership (as stated):
• Global ex-China development being led by Yarrow Bioscience
• Strategic intent (as stated):
• Build a US-based biotech focused on autoimmune and endocrinology disorders / underserved patients

Financial Terms

• Upfront payment (non-refundable):
• USD 70 million
• Near-term development milestone:
• USD 50 million
• Total potential deal value:
• Up to USD 1.365 billion (includes future development, regulatory, and commercial milestones)
• Royalties:
• Tiered double-digit royalties on future net sales in the licensed territories (rates not specified)

Strategic/Development Rationale or Impact

• Clinical need / positioning (as stated):
• Addresses substantial unmet needs in GD and TED
• Mechanism aims to deliver benefit without systemic immunosuppression
• Company-building element:
• Partnership framed around creating a leading, US-based biotech (Yarrow) dedicated to autoimmune thyroid disease and broader autoimmune/endocrinology focus

Product / Technology / Context

• Modality / target:
• Humanized monoclonal antibody targeting thyroid-stimulating hormone receptor (TSHR)
• Proposed mechanism (as described):
• Selectively binds TSHR
• Blocks pathogenic thyroid-stimulating autoantibodies from activating the receptor
• Inhibits pathway driving hyperthyroidism (GD) and orbitopathy (TED)
• Stage:
• Clinical-stage
• Differentiation claim (as stated):
• Described as first-in-class and with best-in-class potential

Key Deal Terms Summary

Sangamo Therapeutics Enters Capsid Licensing Agreement with Eli Lilly for CNS Genomic Medicine Delivery

1. Agreement Overview

• Parties: Sangamo Therapeutics and Eli Lilly and Company (Lilly)
• Scope: Lilly receives a worldwide exclusive license to Sangamo’s STAC-BBB capsid, a novel AAV delivery technology targeting the central nervous system (CNS).
• Initial Rights: License covers one initial disease target, with the option to expand to up to four additional targets.

2. Financial Terms

• Upfront Payment: $18 million
• Milestone Potential: Up to $1.4 billion in:
• Licensed target fees
• Development, regulatory, and commercial milestones
• Royalties: Tiered royalties on potential net sales, subject to certain reductions.

3. Development & Commercialization Responsibilities

• Sangamo:
• Conducts technology transfer of STAC-BBB capsid
• Lilly:
• Leads all research, preclinical/clinical development, regulatory work, manufacturing, and commercialization

4. Strategic Impact

• Marks third industry partnership for STAC-BBB since its March 2024 unveiling
• Reinforces Sangamo’s position as a leader in AAV-based delivery systems, particularly for CNS applications
• Provides Sangamo with non-dilutive capital and potential long-term royalty revenue stream

Overall Summary

Sangamo Therapeutics has granted Eli Lilly an exclusive global license to its proprietary AAV capsid, STAC-BBB, for CNS disease applications. The deal includes an upfront payment of $18 million, potential milestones up to $1.4 billion, and tiered royalties on product sales. Lilly may target up to five CNS indications and will lead development and commercialization. The agreement highlights growing industry confidence in Sangamo’s delivery platform and offers significant financial upside based on performance milestones and royalties.

Samsung Biologics Secures $1.4B European Manufacturing Contract

Contract Overview
- Samsung Biologics has entered into a manufacturing agreement with an unnamed pharmaceutical company based in the European Union.

Deal Value
- The contract is valued at over $1.4 billion (approximately 2.1 trillion Korean won).

Strategic Significance
- This agreement ranks among the largest in Samsung Biologics' history.
- It continues the company's recent trend of securing major manufacturing contracts.

Key Deal Terms Summary

1. Agreement Overview

• Philochem AG, a wholly-owned subsidiary of the Philogen Group, has entered into a definitive license agreement with RayzeBio, a subsidiary of Bristol-Myers Squibb (BMS).
• The agreement grants exclusive worldwide rights to develop, manufacture, and commercialize OncoACP3, a radiopharmaceutical therapeutic and diagnostic agent targeting prostate cancer.
• OncoACP3 is currently in a company-sponsored Phase I diagnostic trial and is advancing toward IND submission for therapeutic development with actinium-225.

2. Financial Terms

• Upfront Payment:

• USD 350 million paid by RayzeBio to Philochem upon deal closing.

• Milestone Payments:

• Up to USD 1.0 billion in development, regulatory, and commercial milestones.

• Royalties:

• Mid-single to low double-digit percentage royalties on Global Net Sales of both therapeutic and diagnostic versions of OncoACP3.

3. Development & Commercialization Plans

• Target: OncoACP3 targets Acid Phosphatase 3 (ACP3), a novel biomarker in prostate cancer.

• Theranostic Utility:

• Used both as a diagnostic agent (current Phase I study NCT06840535 shows promising tumor-selective uptake).

• Undergoing IND-enabling studies for use as a therapeutic radioligand (225Ac-OncoACP3).
• Philochem brings proprietary ligand discovery expertise, while RayzeBio/BMS will lead downstream clinical development and global commercialization.

4. Strategic Impact

• Philochem:

• Secures a landmark deal worth up to USD 1.35 billion, validating its ligand discovery platform and expanding its footprint in radiopharmaceuticals.

• Gains a global commercialization partner with deep infrastructure in oncology and radiotherapy via RayzeBio and BMS.

• RayzeBio/BMS:

• Enters the prostate cancer radiopharmaceutical market with a differentiated, best-in-class candidate.

• Advances its strategy of leading in actinium-based RPTs (radiopharmaceutical therapies).
• Strengthens its oncology pipeline and builds on its clinical and commercial experience in radiotherapeutics.

5. Closing Conditions

• The transaction is expected to close in Q3 2025, subject to:

• Regulatory approvals

• Customary closing conditions

Overall Summary

Philochem has signed a strategic global licensing deal with RayzeBio, a Bristol-Myers Squibb company, for OncoACP3, a novel diagnostic and radiotherapeutic agent for prostate cancer. The agreement includes a USD 350 million upfront payment, up to USD 1.0 billion in milestones, and mid-single to low double-digit royalties. This collaboration brings together Philochem’s ligand-targeting innovation and RayzeBio’s radiopharma leadership, setting the stage for potential breakthrough treatments in prostate cancer using targeted radiopharmaceuticals. Closing is expected in Q3 2025.

Parties Involved

• Boehringer Ingelheim – A global biopharmaceutical company focused on human and animal health, with significant investment in oncology research and development.
• Synaffix B.V. (a Lonza company) – A biotechnology company specializing in antibody-drug conjugate (ADC) technology, including GlycoConnect™, HydraSpace®, and toxSYN® platforms.

Collaboration Scope

• Focus: Development of multiple ADC programs leveraging Synaffix’s ADC technology to enhance cancer treatment efficacy while minimizing damage to healthy tissues.
• Technology Utilized:
• GlycoConnect™ – A site-specific conjugation technology.
• HydraSpace® – A linker technology to optimize ADC properties.
• toxSYN® – A cytotoxic payload platform to improve the therapeutic index of ADCs.
• Target Selection:
• Boehringer will nominate multiple tumor targets from its portfolio.
• The first target was nominated at the agreement signing, with additional targets to follow within a predefined timeframe.
• Development and Commercialization Responsibilities:
• Synaffix provides proprietary ADC technologies and manufactures related components.
• Boehringer Ingelheim (via NBE Therapeutics) will lead ADC development and commercialization.

Rights & Responsibilities

• Synaffix:
• Grants Boehringer Ingelheim a license to develop ADCs using its proprietary platform.
• Provides manufacturing support for ADC components.
• Boehringer Ingelheim:
• Leads research, development, and commercialization of ADC products.
• Leverages its oncology expertise to develop novel, first-in-class cancer treatments.

Financial Terms

• Upfront Payment: Undisclosed amount paid to Synaffix.
• Milestone Payments: Up to $1.3 billion based on development, regulatory, and commercial achievements.
• Royalties: Synaffix to receive royalties on net sales of commercialized ADC products.

Regulatory Approval

• Boehringer Ingelheim will lead regulatory submissions for clinical trials and market approvals of the ADCs.

Overall Summary

Boehringer Ingelheim and Synaffix have entered into a licensing agreement for the development of multiple ADC programs using Synaffix’s GlycoConnect™, HydraSpace®, and toxSYN® technologies. Under the agreement, Boehringer will nominate multiple tumor targets, starting with an initial target selected at signing, and NBE Therapeutics will oversee development and commercialization. Synaffix will receive an upfront payment, up to $1.3 billion in milestone payments, and royalties on net sales. This collaboration expands Boehringer’s ADC pipeline and reinforces Synaffix’s position as a leader in ADC technology licensing.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Rznomics Inc. and Eli Lilly and Company
• Deal Type: Global research collaboration and licensing agreement
• Focus: Development of RNA-editing therapeutics using Rznomics’ trans-splicing ribozyme platform
• Therapeutic Area: Sensorineural hearing loss (inherited form)

• Responsibilities:

• Rznomics: Early-stage research under jointly approved plans

• Lilly: Assumes responsibility for development, regulatory approval, and commercialization

2. Financial Terms

• Total Deal Value: Over USD 1.3 billion (if all milestones and options are exercised)
• Upfront Payment: Not disclosed
• Milestone Payments: Included in the USD 1.3 billion+ figure
• Royalties: Separate royalties on global product sales (exact rates not disclosed)

3. Development & Commercialization Plans

• Platform: Rznomics’ trans-splicing ribozyme RNA-editing technology
• Scope: Precision RNA therapeutics targeting inherited hearing loss
• Pipeline Expansion: Potential for broader applicability across multiple therapeutic areas

4. Strategic Impact

• For Rznomics:

• Validates the potential of its RNA-editing platform for commercial applications

• Expands its global footprint through a major pharmaceutical partnership

• For Lilly:

• Advances its RNA therapeutics strategy

• Gains access to a novel modality to address high unmet needs in hearing loss

Overall Summary

Rznomics has entered into a global research and licensing agreement with Eli Lilly focused on developing RNA-editing therapeutics for inherited sensorineural hearing loss using Rznomics’ proprietary trans-splicing ribozyme platform. The collaboration could yield over USD 1.3 billion in total deal value, in addition to royalties on sales, with Lilly taking on downstream development and commercialization. The deal strengthens both companies’ strategic positions in RNA therapeutics and precision genetic medicine.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Bayer and Kumquat Biosciences Inc.
• Type: Exclusive global license and collaboration
• Asset: Kumquat’s KRAS G12D inhibitor
• Indication: Pancreatic, colorectal, and lung cancer
• Stage: IND cleared by FDA (July 2025); Phase Ia study initiation imminent

• Development Responsibility:

• Kumquat: Initiate and complete Phase Ia

• Bayer: Complete global development and commercialization

2. Financial Terms

• Total Deal Value: Up to USD 1.3 billion

• Includes upfront, clinical, and commercial milestones

• Royalties: Tiered royalties based on net sales (exact rates not disclosed)
• Profit-Share Option: Kumquat retains an exclusive option to negotiate for profit-loss sharing in the U.S.

3. Development & Commercialization Plans

• Bayer to integrate the program into its precision oncology pipeline

• KRAS G12D is a high-priority target:

• Found in:

  • 37% of pancreatic ductal adenocarcinoma (PDAC)
  • 13% of colorectal cancers
  • 4% of non-small cell lung cancers
  • Bayer aims to deliver a novel, targeted therapeutic option in high unmet-need indications

4. Strategic Impact

• Strengthens Bayer’s oncology pipeline with a first-in-class KRAS G12D inhibitor
• Validates Kumquat’s proprietary platform and strategic focus on KRAS-driven tumors
• Provides Kumquat with non-dilutive capital to advance its broader clinical pipeline
• Expands Bayer’s presence in early precision oncology through external innovation

Overall Summary

Bayer and Kumquat Biosciences have formed a global exclusive license and collaboration focused on the development and commercialization of a KRAS G12D inhibitor for pancreatic, colorectal, and lung cancers. The agreement grants Bayer global rights after Phase Ia and includes up to USD 1.3 billion in total potential payments, plus tiered royalties. Kumquat retains the option to negotiate for U.S. profit-share participation, while Bayer brings global reach and oncology development expertise. The collaboration marks a major step in advancing precision oncology targeting one of the most prevalent KRAS mutations with limited current treatment options.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Magnet Biomedicine and Eli Lilly and Company
• Scope: Collaboration and license agreement to discover, develop, and commercialize molecular glue therapeutics in oncology
• Technology Involved: Magnet Biomedicine’s TrueGlue™ discovery platform for identifying molecular glue medicines

2. Financial Terms

• Upfront and Near-Term Payments: Up to $40 million, including an equity investment
• Milestone Payments:
• Development, regulatory, and commercial milestone payments totaling over $1.25 billion
• Royalties:
• Tiered royalties on global net sales of any approved products

3. Development & Commercialization Plans

• Magnet will apply its TrueGlue™ discovery platform to identify and optimize novel molecular glues.
• The collaboration will target difficult-to-drug proteins to create breakthrough oncology therapies.
• Lilly will contribute its expertise in small molecule drug development to advance and commercialize successful candidates.

4. Strategic Impact

• Expands Magnet’s platform into high-impact therapeutic areas
• Leverages Lilly’s expertise and commercialization capabilities to bring next-generation molecular glues to patients
• Validates Magnet's rational approach to molecular glue discovery by securing a major industry partner

Overall Summary

Magnet Biomedicine has entered into a strategic collaboration with Eli Lilly to develop novel molecular glue therapeutics for oncology. Under the deal, Magnet will receive up to $40 million in upfront, near-term payments, and an equity investment, with over $1.25 billion in potential milestone payments, plus tiered royalties on global net sales. The agreement combines Magnet’s TrueGlue™ platform with Lilly’s expertise in small molecule drug development, aiming to address difficult-to-drug cancer targets with innovative molecular glue medicines.

AbbVie agreed to pay USD 100 million upfront for ex-China rights to Zelgen’s DLL3xDLL3xCD3 trispecific T-cell engager ZG006 (alveltamig) for small cell lung cancer (SCLC), committing up to USD 1.075 billion in additional milestones (plus up to USD 60 million in near-term clinical/option-related payments) as it aims to compete with Amgen’s Imdelltra in the rapidly expanding DLL3-targeted landscape.

Agreement Overview

• AbbVie is paying USD 100 million upfront for ex-China rights to ZG006 (alveltamig).
• ZG006 is a DLL3xDLL3 T-cell engager (trispecific design including CD3) that Zelgen has recently advanced into Phase 3.
• The pact includes AbbVie committing USD 1.075 billion in milestone payments to secure rights to the asset.
• AbbVie will pay up to USD 60 million in near-term milestone payments tied to clinical progress and licensing-option related fees, including payments if it activates a China option.

Financial Terms

• Upfront: USD 100 million
• Milestones: Up to USD 1.075 billion
• Near-term / option-related payments: Up to USD 60 million (tied to clinical progress and licensing options, including potential China option activation)

Strategic / Development Rationale or Impact

• AbbVie is positioning ZG006 as a potential challenger to Amgen’s Imdelltra, which validated DLL3 targeting in SCLC and received full FDA approval in November 2025 (after accelerated approval in 2024).
• ZG006 is described as potentially improving on Imdelltra by binding two distinct DLL3 epitopes and CD3, which may support activity in tumors with low DLL3 expression.
• The deal places AbbVie among a broad set of large pharma companies pursuing DLL3-targeted therapies, including Merck, Daiichi Sankyo, Boehringer Ingelheim, and Roche.

Product / Technology / Context

• Imdelltra (Amgen): bispecific antibody binding DLL3 on tumor cells and CD3 on T cells; approval supported by a Phase 3 study showing 40% response rate in 99 patients with at least two prior therapies.
• ZG006 (Zelgen): trispecific T-cell engager designed to bind two DLL3 epitopes plus CD3.
• Zelgen reported Phase 2 data in 27 heavily pretreated SCLC patients showing 66.7% response rate.
• Retrospective DLL3 analysis indicated low DLL3 expression in 21 participants; pooled analysis of 21 low + 4 medium DLL3 patients showed 71.4% response rate.
• Competitive landscape examples noted:
• Merck acquired MK-6070 (trispecific DLL3 T-cell engager) via Harpoon acquisition (USD 650 million, 2024); Daiichi later paid USD 170 million for a stake.
• Boehringer Ingelheim has a DLL3xCD3 bispecific in Phase 2.
• Roche has a Phase 1 trispecific with DLL3 plus bivalent CD3xCD137 binding and separately licensed a DLL3 ADC in early 2025 in a USD 1 billion-plus deal.

ArriVent BioPharma & Lepu Biopharma Exclusive License Agreement for MRG007

Parties Involved

• ArriVent BioPharma
• Lepu Biopharma

Collaboration Scope

ArriVent BioPharma has obtained exclusive global rights outside of Greater China to develop, manufacture, and commercialize MRG007, a novel antibody-drug conjugate (ADC) in development for gastrointestinal (GI) cancers. The first Investigational New Drug (IND) submission is planned for the first half of 2025.

Rights & Responsibilities

• ArriVent BioPharma: Responsible for the development, manufacturing, and commercialization of MRG007 outside mainland China, Hong Kong, Macau, and Taiwan.
• Lepu Biopharma: Retains exclusive rights within Greater China and will collaborate with ArriVent to advance the development of MRG007.

Financial Terms

• Upfront Payment & Near-Term Milestones: $47 million to Lepu Biopharma.
• Milestone Payments: Up to $1.16 billion in development, regulatory, and sales milestones.
• Royalties: Tiered royalties on net sales outside of Greater China.

Regulatory Approval

• The first IND submission for MRG007 is planned for 1H 2025.
• The initial clinical development focus will be colorectal cancer (CRC), pancreatic cancer, and other GI cancers.

Overall Summary

ArriVent BioPharma has entered into an exclusive global licensing agreement (excluding Greater China) with Lepu Biopharma for MRG007, a next-generation ADC targeting GI cancers. This collaboration strengthens ArriVent’s ADC pipeline and accelerates clinical development. Lepu Biopharma will receive $47 million upfront and near-term milestones, with potential total payments reaching $1.16 billion plus tiered royalties. The first IND submission is expected in 1H 2025, with initial clinical focus on CRC, pancreatic, and other GI cancers.

Parties Involved

• Avenzo Therapeutics, Inc. – A clinical-stage biotechnology company focused on next-generation oncology therapies.
• Duality Biotherapeutics – A clinical-stage biotech company specializing in antibody-drug conjugates (ADCs) for cancer and autoimmune diseases.

Collaboration Scope

• Avenzo will receive an exclusive global license (excluding Greater China) to develop, manufacture, and commercialize AVZO-1418/DB-1418, an EGFR/HER3 bispecific ADC for solid tumors, including non-small cell lung cancer, breast cancer, and head and neck cancer.
• DualityBio retains rights in Greater China and will continue supporting the development of the ADC.
• IND-enabling studies are ongoing, with plans to initiate a first-in-human clinical trial this year.

Rights & Responsibilities

• Avenzo Therapeutics:
• Responsible for global clinical development, manufacturing, and commercialization of AVZO-1418/DB-1418 outside of Greater China.
• Will collaborate with DualityBio to accelerate development and initiate clinical trials.
• Duality Biotherapeutics:
• Will receive milestone payments and royalties.
• Will continue to support preclinical and clinical development efforts.

Financial Terms

• DualityBio will receive a $50 million upfront payment.
• DualityBio is eligible for up to $1.15 billion in development, regulatory, and commercial milestone payments.
• Tiered royalties on net sales in Avenzo’s territory.

Regulatory Approval

• Avenzo will be responsible for regulatory submissions and approvals outside of Greater China.
• The first-in-human clinical study is expected to begin this year.

Overall Summary

Avenzo Therapeutics has entered into an exclusive global license agreement (excluding Greater China) with DualityBio for AVZO-1418/DB-1418, an EGFR/HER3 bispecific ADC targeting various solid tumors. Avenzo will oversee global development, manufacturing, and commercialization, while DualityBio will receive upfront, milestone, and royalty payments. The first-in-human trial is expected to begin this year, aiming to establish AVZO-1418/DB-1418 as a best-in-class ADC therapy.

Key Deal Terms Summary

AbbVie – Gilgamesh Pharmaceuticals: Acquisition of Bretisilocin (GM-2505)(August 25, 2025)

1. Agreement Overview

• Parties: AbbVie and Gilgamesh Pharmaceuticals
• Structure: Asset acquisition agreement
• Asset: Bretisilocin (GM-2505), a novel psychedelic compound
• Indication: Major depressive disorder (MDD)
• Stage: Phase 2 clinical development
• Mechanism: Short-acting 5-HT2A receptor agonist and 5-HT releaser
• Therapeutic Advantage: Designed to retain extended antidepressant effect while shortening psychoactive duration

2. Financial Terms

• Total Consideration: Up to USD 1.2 billion

• Upfront Payment: Undisclosed portion

• Development Milestones: Included within the total
• Royalties: Not disclosed

• Spin-Out:

• Gilgamesh will spin off remaining assets and staff into a new company, Gilgamesh Pharma Inc.

• Spin-out will retain:

  • Blixeprodil (GM-1020) – oral NMDA receptor antagonist
  • Cardio-safe ibogaine analog
  • M1/M4 agonist program
  • Existing AbbVie collaboration from 2024
  • The 2024 option-to-license agreement will transfer to Gilgamesh Pharma Inc.

3. Development & Clinical Insights

• Phase 2a Results:

• Dose: 10mg single dose

• Efficacy:

  • -21.6 MADRS point reduction (vs -12.1 with 1mg comparator)
  • p-value = 0.003 (statistically significant)
  • Tolerability: Well tolerated, no serious adverse events
  • Next Step: AbbVie will lead late-stage clinical development and commercialization

4. Strategic Impact

• AbbVie Expansion:

• Deepens AbbVie's neuroscience and psychiatry pipeline

• Addresses critical unmet need in treatment-resistant MDD

• Scientific Positioning:

• Positions bretisilocin as a potential best-in-class psychedelic therapy

• Offers rapid onset, durable effect, and improved tolerability vs traditional agents

• Gilgamesh Focus:

• New entity (Gilgamesh Pharma Inc.) will focus on early-stage psychiatric pipeline

• Maintains strategic partnerships including AbbVie (pre-existing option deal)

Overall Summary

AbbVie has entered into a USD 1.2 billion acquisition agreement for bretisilocin (GM-2505), a next-generation psychedelic compound being developed for major depressive disorder by Gilgamesh Pharmaceuticals. The deal includes upfront and milestone payments, and supports AbbVie’s strategy to expand its psychiatry portfolio with novel compounds targeting serotonin pathways. Positive Phase 2a results demonstrated significant reduction in depressive symptoms after a single dose, with a favorable safety profile. Gilgamesh will spin out its remaining pipeline and staff into Gilgamesh Pharma Inc., which will also retain its broader strategic collaboration with AbbVie.

Key Deal Terms Summary

1. Agreement Overview

• Parties: VectorY Therapeutics and Shape Therapeutics.
• Type: Option and license agreement.
• Scope: VectorY granted an exclusive option to evaluate Shape’s AAV5-derived capsid (SHP-DB1) for vectorized antibody therapies against three neurodegenerative disease targets.
• Upon successful evaluation, VectorY may obtain an exclusive license for these programs.

2. Financial Terms

• Upfront Payment: Shape to receive an undisclosed upfront payment.

• Milestones: Up to USD 1.2 billion total potential fees and milestone payments.

• Rare disease programs: Up to USD 338 million.

• Non-rare disease programs: Up to USD 503.5 million.
• Royalties: Shape eligible for tiered royalties on future sales of licensed products.

3. Development & Commercialization Plans

• VectorY: Responsible for advancing development and commercialization of resulting therapies.
• Shape: Provides access to its engineered SHP-DB1 capsid, which penetrates deep brain regions while avoiding toxicity-prone tissues.

• Programs include:

• VTx-003: Dual-targeting antibody for Huntington’s Disease.

• VTx-005: Vectorized antibody for Alzheimer’s Disease.
• Builds on VectorY’s pipeline, including VTx-002 (ALS, IND/CTA planned by end of 2025).

4. Strategic Impact

• Expands VectorY’s capabilities with non-invasive, IV-delivered vectorized antibodies for major CNS disorders.
• Strengthens Shape’s position as a leading AAV capsid engineering company.
• Provides potential to deliver disease-modifying therapies for conditions like ALS, Huntington’s, and Alzheimer’s disease.

Overall Summary

VectorY and Shape Therapeutics entered an option and license agreement granting VectorY exclusive rights to evaluate and potentially license Shape’s SHP-DB1 AAV5-derived capsid for vectorized antibody therapies in neurodegenerative diseases. The deal includes up to USD 1.2 billion in potential milestone payments and tiered royalties. VectorY will lead development and commercialization, while Shape contributes its deep-brain penetrating capsid technology. This collaboration enhances VectorY’s CNS pipeline and positions both companies at the forefront of next-generation genetic medicine.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Takeda Pharmaceutical Company Limited and Innovent Biologics, Inc.
• Date: October 21, 2025
• Structure: Global License and Collaboration Agreement
• Scope: Takeda obtains rights to develop, manufacture, and commercialize IBI363 and IBI343 worldwide outside Greater China and receives an exclusive option to license IBI3001 (early-stage bispecific ADC).
• Upfront Payment: USD 1.2 billion, including a USD 100 million equity investment in Innovent by Takeda.
• Milestones & Royalties: Innovent eligible for development, regulatory, and commercial milestones plus tiered royalties on ex-Greater China sales.

2. Development and Commercialization Structure

• IBI363 (PD-1/IL-2α-bias bispecific antibody fusion protein):
• Designed to block PD-1/PD-L1 while activating IL-2α-biased T-cell pathways.
• Indications: Non-small cell lung cancer (NSCLC) and microsatellite-stable colorectal cancer (MSS CRC), with potential in other solid tumors.
• Clinical Stage: Late-stage; >1,200 patients treated. FDA Fast Track for unresectable, locally advanced, or metastatic squamous NSCLC post-PD-(L)1 and platinum therapy.
• Co-Development: Global cost share 60/40 (Takeda/Innovent).
• U.S. Co-Commercialization: Profit/loss split 60/40 (Takeda/Innovent); Takeda leads efforts.
• Ex-U.S. (excluding Greater China): Takeda has exclusive commercialization rights and global manufacturing rights outside Greater China (co-exclusive with Innovent for U.S. commercial supply).

• Next Steps: Global Phase 3 in second-line sqNSCLC expected to begin soon; expansion into additional indications planned.

• IBI343 (Claudin 18.2-targeting antibody-drug conjugate):

• Combines anti-Claudin 18.2 antibody with exatecan (topoisomerase I inhibitor payload).
• Indications: Gastric and pancreatic cancers; >340 patients treated.
• Clinical Stage: Ongoing Phase 3 in gastric cancer (Japan/China) and completed global Phase 1/2 in pancreatic cancer.
• Regulatory Status: FDA Fast Track for advanced unresectable or metastatic pancreatic ductal adenocarcinoma (PDAC).

• Rights: Takeda obtains exclusive global rights (ex-Greater China) to develop, manufacture, and commercialize.

• IBI3001 (EGFR×B7H3 bispecific ADC – option program):

• Early-stage investigational ADC; ongoing Phase 1 in advanced solid tumors (U.S., China, Australia).
• Option Terms: Takeda may exercise global (ex-Greater China) rights; Innovent eligible for option fee, milestones, and royalties upon exercise.

3. Financial and Structural Terms

• Upfront Payment: USD 1.2 billion (includes USD 100 million equity investment).
• Cost Sharing: For IBI363, 60/40 split (Takeda/Innovent).
• Profit Split (U.S. only): IBI363 60/40 (Takeda/Innovent).
• Milestones & Royalties:
• Innovent eligible for undisclosed milestone payments tied to development, regulatory, and commercial achievements.
• Tiered royalties payable on ex-Greater China net sales.
• Option Fee: Payable to Innovent if Takeda exercises its rights to IBI3001.
• Manufacturing: Takeda intends to establish U.S. manufacturing for these medicines; retains global supply rights outside Greater China.

4. Strategic Impact

• Takeda:
• Gains two late-stage oncology programs with potential first- or best-in-class profiles.
• Strengthens its solid tumor portfolio (NSCLC, MSS CRC, gastric, and pancreatic cancers).
• Supports growth beyond 2030 and expands U.S. manufacturing capability.
• Innovent:
• Secures USD 1.2 billion upfront, near-term liquidity, and long-term upside via milestones and royalties.
• Retains U.S. co-commercialization opportunity for IBI363 and a future option value for IBI3001.
• Reinforces its role as a global innovator in bispecific and ADC oncology therapeutics.

Overall Summary

Takeda and Innovent Biologics have entered a global license and collaboration agreement granting Takeda rights to IBI363 and IBI343 outside Greater China and an option for IBI3001. The deal includes a USD 1.2 billion upfront (with USD 100 million equity), milestones, royalties, and U.S. co-commercialization for IBI363 under a 60/40 profit split. Takeda gains strategic oncology assets in NSCLC, colorectal, gastric, and pancreatic cancers, while Innovent receives substantial capital and retains U.S. and option upside. The partnership aligns both companies’ ambitions to accelerate next-generation immuno-oncology and ADC therapies globally.

Overall Summary
SanegeneBio has entered into a global research and licensing collaboration with Eli Lilly and Company (Lilly) to discover and advance RNAi therapeutics for metabolic diseases using SanegeneBio’s proprietary LEAD™ (Ligand and Enhancer Assisted Delivery) tissue-selective delivery platform, with SanegeneBio leading LEAD™-based RNAi discovery and Lilly taking responsibility for IND-enabling studies, clinical development, and commercialization, and SanegeneBio eligible for up to USD 1.2 billion in milestones plus tiered royalties.

Agreement Overview

• Parties: SanegeneBio and Eli Lilly and Company (Lilly).
• Announcement date and location: November 8, 2025, Boston.
• Nature of the agreement:
• Global research and licensing collaboration focused on RNAi candidates for metabolic diseases.
• Scope of collaboration:
• The companies will collaborate on RNAi research for metabolic disease targets.
• Programs will be based on SanegeneBio’s proprietary LEAD™ (Ligand and Enhancer Assisted Delivery) tissue-selective delivery technology.
• Division of responsibilities:
• SanegeneBio: Responsible for discovery and identification of the optimized LEAD™-based RNAi molecule for each program.
• Lilly: Responsible for IND-enabling studies, clinical development, and commercialization of the resulting candidates.

Financial Terms

• Upfront and equity components:
• SanegeneBio will receive an upfront payment and an equity investment from Lilly.
• Near-term milestones:
• SanegeneBio will be eligible to receive near-term milestone payments (amounts not specified).
• Total potential milestones:
• SanegeneBio will be eligible to receive up to USD 1.2 billion in discovery, development, regulatory, and commercial milestone payments.
• Royalties:
• SanegeneBio will also be eligible to receive tiered royalties on future product sales.

Strategic and Development Rationale / Impact

• Platform validation and strategic fit:
• Partnering with Lilly, described as a global leader in innovation for metabolic diseases, is characterized as a strong validation of SanegeneBio’s innovative and differentiated LEAD™ platform for tissue-selective delivery of RNAi medicines.
• Therapeutic ambition:
• The collaboration aims to unlock novel approaches for the treatment of metabolic disorders and advance durable, disease-modifying therapies for patients worldwide.
• Dosing and patient benefit potential (from SanegeneBio’s description):
• SanegeneBio states that its LEAD™ platform has the potential to generate breakthrough therapies for metabolic diseases that could be administered subcutaneously as infrequently as twice per year.

Product / Technology / Company Context

• SanegeneBio’s LEAD™ platform:
• LEAD™ (Ligand and Enhancer Assisted Delivery) is described as a proprietary tissue-selective RNAi delivery technology.
• The platform is positioned as industry-leading and differentiated, with the potential to enable subcutaneous administration as infrequently as twice per year for metabolic diseases.
• SanegeneBio company background:
• Clinical-stage biotechnology company developing RNAi-based therapeutics.
• Founded in 2021 and venture-backed.
• Fully integrated, with R&D operations in Boston, Shanghai and Suzhou.
• Led by a team of RNAi veterans and advancing a fast-growing pipeline including experimental medicines for autoimmune nephropathies, obesity, and cardiometabolic indications.
• Has initiated clinical trials for four experimental medicines to date.
• States a vision that RNAi technology will power blockbuster medicines across diverse therapeutic areas, improving quality and longevity of life for patients.
• Lilly’s role in the collaboration:
• While financial or pipeline details for Lilly are not provided, Lilly is explicitly described as a global leader in innovation for metabolic diseases, and will drive development and commercialization of LEAD™-based RNAi candidates emerging from the collaboration.

Key Deal Terms Summary

1. Agreement Overview

• Companies Involved: Radiance Biopharma and CSPC Megalith Biopharmaceutical (a subsidiary of CSPC Pharmaceutical Group)
• Deal Type: Exclusive licensing agreement
• Objective: Development and commercialization of RB-164 (SYS6005), a ROR-1 targeted antibody-drug conjugate (ADC)
• Territorial Rights:
• Radiance: Exclusive commercialization rights in USA, Canada, EU, UK, Switzerland, Norway, Iceland, Liechtenstein, Albania, Montenegro, North Macedonia, Serbia, and Australia
• CSPC: Retains rights for China and the rest of the world

2. Financial Terms

• Upfront Payment: $15 million to CSPC
• Development & Regulatory Milestones: Up to $150 million
• Commercial Milestones: Over $1 billion
• Royalties: Tiered royalties based on annual net sales

3. Development & Commercialization Plans

• Current Status:
• RB-164 is in Phase 1 dose escalation trials in China for advanced liquid and solid tumors
• Investigational New Drug (IND) application cleared by China’s NMPA
• Next Steps:
• Radiance and CSPC will jointly file an IND application with the FDA
• Radiance to lead clinical development in the U.S. and licensed territories
• Technology Focus:
• ROR-1 is a validated target in hematological malignancies and solid tumors
• RB-164 employs a novel Fc-silenced monoclonal antibody with high stability and improved pharmacokinetic properties

4. Strategic Impact

• Strengthens Radiance's oncology pipeline by adding a clinical-stage ADC with multiple therapeutic indications
• Expands Radiance’s focus into ROR-1 targeted therapies for high-unmet-need cancer populations
• Positions Radiance as a key player in the ADC space, leveraging the expertise of industry veterans in antibody-based oncology
• Enables CSPC to bring its innovative ADC to global markets via a strategic partnership