Biotech BD&L Tracker 2026
Live tracker of biotech/biopharma licensing + partnering deals in 2026 — economics (upfront/milestones/royalties), rights/territory, responsibilities, and a one-line “why it matters.” Updated weekly.
Latest BD&L deals here →
2026 BD&L Tracker
Last updated: 29 Mar 2026
April 2026
Cue Biopharma ↔ Ascendant Health Sciences
30-Apr-2026
Global ex-China License
- Asset: Ascendant-221
- Modality: Dual-mechanism anti-IgE monoclonal antibody (free-IgE neutralization + CD23-mediated suppression of new IgE synthesis)
- Therapeutic area: Immunology / allergic disease (chronic spontaneous urticaria, food allergy)
- Development stage: Phase 2 (ongoing dose-ranging study in CSU in China; global Phase 2b in food allergy planned after 2H 2026 data readout)
- Territory: Global excluding mainland China, Hong Kong, Macau, and Taiwan
- Rights: Cue receives rights to develop and commercialize Ascendant-221 in the licensed territories
- Responsibilities: Cue takes forward development and commercialization ex-Greater China; Ascendant retains economics through upfront, milestones, and royalties
- Deal terms: $15M upfront license fee; up to $676.5M in development, regulatory, and commercial milestone payments; tiered high-single-digit to low-double-digit royalties on future sales
- Why it matters: A meaningful pipeline-broadening move for Cue into allergic disease, with ex-Greater China rights to a Phase 2 dual-mechanism anti-IgE that pairs free-IgE neutralization with CD23-driven downregulation of new IgE synthesis — the differentiation pitch versus omalizumab. The structure — $15M upfront against $676.5M in milestones, a roughly 45x ratio — is also a useful data point on how far back-ended 2026 deals around mid-stage Chinese assets have become.
TJ Biopharma ↔ Biogen
20-Apr-2026
Regional License
- Asset: Felzartamab
- Modality: Anti-CD38 monoclonal antibody
- Therapeutic area: Immunology / autoimmune disease
- Development stage: Clinical-stage asset with Biogen already holding rights outside Greater China
- Territory: Greater China
- Rights: Biogen acquires exclusive rights to develop, manufacture, and commercialize felzartamab in Greater China, consolidating global control of the asset
- Responsibilities: Biogen takes forward Greater China development and commercialization; TJ Biopharma receives upfront, milestones, and royalties tied to the region
- Deal terms: $100M upfront; up to $750M in potential commercial and sales milestones; mid-single-digit to low-double-digit royalties on potential net sales in Greater China
- Why it matters: This is a rights-consolidation deal rather than a fresh discovery bet: Biogen is paying to simplify global ownership of felzartamab as it builds around immunology and plasma-cell biology. The $100M upfront for a regional carve-out is also another useful marker for how much strategic buyers will pay to remove territorial friction around priority assets.
Aligos Therapeutics ↔ Xiamen Amoytop Biotech
16-Apr-2026
Regional License
- Asset: Pevifoscorvir sodium
- Modality: Small molecule / chronic hepatitis B antiviral candidate
- Therapeutic area: Infectious disease / hepatology / chronic HBV
- Territory: Greater China
- Rights: Amoytop receives rights to develop and commercialize pevifoscorvir sodium in Greater China; Aligos retains rights in the United States, Europe, South Korea, Japan, and other markets
- Responsibilities: Amoytop funds its Greater China development program; Aligos retains ex-Greater China development and commercialization optionality
- Deal terms: $25M upfront; up to $420M in clinical, regulatory, and sales milestones; tiered high-single-digit royalties on net sales in Amoytop’s licensed territories
- Why it matters: A tidy regional monetization for a chronic HBV program: Aligos brings in non-dilutive capital while keeping the higher-value Western and Japan/South Korea rights. It also shows that China regional partners remain willing to fund development around antiviral assets, not just oncology or immunology programs.
Haisco ↔ AbbVie
13-Apr-2026
Global License
- Asset: Multiple novel pain compounds
- Modality: Small molecules / multi-asset pain portfolio
- Therapeutic area: Neuroscience / pain
- Development stage: Portfolio spans compounds in China ranging from preclinical through Phase 1 clinical development
- Territory: Global excluding mainland China, Hong Kong, and Macau
- Rights: AbbVie receives exclusive rights to develop, manufacture, and commercialize the licensed pain medicines in the licensed territory
- Responsibilities: Haisco contributes the compounds and underlying program package; AbbVie takes forward ex-China development, manufacturing, and commercialization
- Deal terms: $30M upfront; up to $715M in aggregate development, regulatory, and commercial milestones; tiered royalties on future net sales
- Why it matters: Another example of AbbVie paying for ex-China optionality in pain and neuroscience. The structure is notable because it is a portfolio-style regional out-license rather than a single named late-stage asset, which broadens Haisco’s global partnering read-through beyond one program.
C4 Therapeutics ↔ Roche
09-Apr-2026
Research + Option
- Asset: Two discovery-stage degrader programs, with Roche holding an option on a third target
- Modality: Degradation activating compounds (DACs) / targeted protein degradation
- Therapeutic area: Oncology
- Territory: Worldwide
- Rights: Roche receives rights to develop and commercialize the partnered oncology programs under the expanded collaboration, including an option on a third target
- Responsibilities: C4 contributes its targeted protein degradation platform and discovery work; Roche leads preclinical, clinical, and commercialization activities for partnered programs
- Deal terms: $20M upfront; an additional payment if Roche exercises its option on the third target; more than $1B in potential development, regulatory, and commercial milestones; tiered royalties on net sales
- Why it matters: Useful validation that large-cap pharma still sees targeted protein degradation as a platform worth expanding into, even after a more selective period for early-discovery partnering. The modest upfront but very large back-end also fits the current risk-sharing template for platform collaborations.
Alloy Therapeutics ↔ Biogen
07-Apr-2026
Research / Platform Collaboration
- Asset: Multiple undisclosed antisense therapeutic programs enabled by Alloy’s AntiClastic™ ASO platform
- Modality: Antisense oligonucleotides (ASOs)
- Therapeutic area: Undisclosed / multi-target
- Territory: Not publicly broken out; collaboration supports Biogen programs globally
- Rights: Biogen receives access to Alloy’s AntiClastic™ ASO platform for multiple undisclosed targets under a collaboration and license agreement
- Responsibilities: Biogen applies the platform to advance antisense therapeutics; Alloy provides platform access and enabling antisense discovery capabilities
- Deal terms: Upfront payment to Alloy; additional milestone payments and tiered royalties on any resulting products; public disclosures reviewed did not specify headline deal value
- Why it matters: A clean read-through that Biogen is still willing to pay for enabling nucleic-acid platforms, not just named assets — useful context for how CNS-heavy buyers are sourcing next-wave genetic medicines optionality.
Frontier Medicines ↔ LG Chem
01-Apr-2026
Regional License / Precision Oncology
- Asset: FMC-220
- Modality: Small molecule / covalent p53 Y220C activator
- Therapeutic area: Oncology / solid tumors with TP53 Y220C mutations
- Territory: LG Chem receives rights outside Greater China; Frontier retains full ownership in Greater China
- Rights: Exclusive license to LG Chem to develop and commercialize FMC-220 outside Greater China
- Responsibilities: LG Chem leads regulatory filings, clinical development, manufacturing, and commercialization in the licensed territory; Frontier retains a co-development option tied to enhanced economics
- Deal terms: Upfront payment (undisclosed publicly), additional clinical, regulatory, commercial and sales milestones, plus mid-single-digit to double-digit royalties on net sales
- Why it matters: This is a smart example of regional monetization around a mutation-defined oncology program: Frontier keeps Greater China while offloading ex-China development spend to a strategic partner, preserving upside if the p53 Y220C thesis translates clinically.