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
February 2026
Boehringer Ingelheim ↔ Sitryx
26-Feb-2026
Preclinical
- Asset: Sitryx small-molecule inhibitor program
- Modality: Oral small molecule
- Therapeutic area: Autoimmune / inflammatory disease
- Territory: Global
- Rights: Boehringer receives an exclusive global license
- Responsibilities: Boehringer advances development globally; Sitryx contributes the originating program and know-how
- Deal terms: Upfront and milestones in excess of $500M in aggregate + royalties; financial breakdown not disclosed
- Why it matters: One more datapoint that buyers still want differentiated oral immunology mechanisms, even at preclinical stage, if the biology looks first-in-class enough.
GSK ↔ Frontier Biotechnologies
24-Feb-2026
Phase 1 / Preclinical
- Asset: Two siRNA candidates from Frontier
- Modality: siRNA / oligonucleotides
- Therapeutic area: Immunology / kidney disease
- Territory: Worldwide
- Rights: GSK licenses global rights to both candidates
- Responsibilities: Frontier completes Phase 1 / IND-enabling work; GSK takes over clinical development, regulatory submissions, and commercialization globally thereafter
- Deal terms: $40M upfront; up to $963M milestones + tiered royalties
- Why it matters: Another China-origin oligo deal with real though not giant upfronts — and a sign GSK wants more immunology/kidney shots via RNAi.
Vir Biotechnology ↔ Astellas
23-Feb-2026
Clinical
- Asset: VIR-5500
- Modality: PSMA-targeting PRO-XTEN dual-masked T-cell engager
- Therapeutic area: Oncology / prostate cancer
- Territory: Global
- Rights: Co-development and co-commercialization collaboration; Astellas leads commercialization outside the U.S., while Vir retains an option to co-promote in the U.S.
- Responsibilities: Global development costs split 60% Astellas / 40% Vir; U.S. profits and losses split 50/50; ex-U.S. Vir receives tiered double-digit royalties
- Deal terms: $335M upfront and near-term payments (including cash, equity, and a near-term milestone) + up to $1.37B future milestones
- Why it matters: This is a large-ticket oncology partnering deal around a masked T-cell engager with real cost-sharing and U.S. economics retention, not just a simple regional out-license — a strong signal that differentiated TCEs can still command major strategic capital.
Novartis ↔ Unnatural Products
18-Feb-2026
Discovery
- Asset: Next-generation cardiovascular therapeutics enabled by UNP’s macrocycle platform
- Modality: Macrocycles / AI-guided discovery platform
- Therapeutic area: Cardiovascular disease
- Territory: Global
- Rights: Novartis gains access to UNP’s platform and resulting therapeutics
- Responsibilities: Novartis leads IND-enabling studies, clinical development, manufacturing, and commercialization
- Deal terms: $100M upfront and preclinical milestones; up to $1.7B development/regulatory/commercial milestones + tiered royalties
- Why it matters: Another big-pharma bet on macrocycles as a route to “hard-to-drug” targets, this time in cardio rather than the usual oncology-heavy mix.
CSL ↔ Eli Lilly
17-Feb-2026
Clinical
- Asset: Clazakizumab
- Modality: Anti-IL-6 monoclonal antibody
- Therapeutic area: Immunology / inflammation + cardiovascular
- Territory: Global, with CSL retaining exclusive rights in prevention of cardiovascular events in ESKD patients
- Rights: Lilly receives rights to develop and commercialize clazakizumab in other indications
- Responsibilities: CSL continues ESKD cardiovascular development; Lilly explores broader development/commercialization
- Deal terms: $100M upfront + potential clinical/regulatory/commercial milestones + royalties on global net sales
- Why it matters: A neat rights-split around a late-stage IL-6 asset: CSL keeps the core renal-cardiovascular angle while Lilly gets optionality to widen the label.
Madrigal ↔ Ribo / Ribocure
11-Feb-2026
Discovery / Preclinical
- Asset: Six preclinical siRNA programs for MASH
- Modality: siRNA (GalNAc liver-targeted platform referenced by Ribo)
- Therapeutic area: Metabolic / liver disease (MASH)
- Territory: Worldwide
- Rights: Madrigal exclusive global license to develop, manufacture and commercialize
- Responsibilities: Madrigal leads development + commercialization (programs are preclinical)
- Deal terms: $60M upfront; up to $4.4B cumulative milestones; royalties on net sales
- Why it matters: Big milestone torque on a platform-originated MASH expansion — another “China RNAi → global build” template with a meaningful upfront.
Chugai ↔ Araris
10-Feb-2026
Option Exercise / Platform License
- Asset: AraLinQ® linker-payload ADC technology
- Modality: ADC platform (linker-payload)
- Therapeutic area: Oncology (ADC generation)
- Territory: Not disclosed (platform license)
- Rights: Chugai license to AraLinQ® to generate novel ADCs against one target selected by Chugai (option under prior RCO exercised)
- Responsibilities: Chugai leads discovery/development for its selected target; Araris provides platform know-how/technology access
- Deal terms: Immediate upfront + additional milestones + royalties; total potential consideration across the overall RCO cited as up to ~US$780M (subject to options/milestones)
- Why it matters: Another “ADC platform option → exercise” datapoint — validates AraLinQ and keeps Japan buyers active in next-gen ADC tech.
CSL ↔ Memo Therapeutics
09-Feb-2026
Research Collaboration / Exclusive Option
- Asset: Recombinant polyclonal IgG technology leveraging Memo’s DROPZYLLA® platform
- Modality: Recombinant polyclonal human IgG
- Therapeutic area: Rare + serious diseases (immunoglobulin therapeutics; exploratory)
- Territory: Not disclosed
- Rights: CSL receives an option to exclusively license recombinant polyclonal IgG products from Memo
- Responsibilities: Memo develops recombinant polyclonal IgG products; CSL funds exploratory work + has option to license and advance products upon exercise
- Deal terms: R&D funding + technology access; assuming option exercise: license fee + development & sales milestones up to CHF 265M (~US$328M) for the first product + single-digit royalty
- Why it matters: A clean “explore → option-to-license” structure in a resurging modality (recombinant polyclonal IgG) with CSL as a natural strategic buyer.
Takeda ↔ Iambic
09-Feb-2026
Tech + Discovery Collaboration
- Asset: Select set of high-priority small-molecule programs (undisclosed)
- Modality: Small molecules; AI-enabled design (NeuralPLexer access)
- Therapeutic area: Initially Oncology + Gastrointestinal & Inflammation
- Territory: Not disclosed
- Rights: Takeda partners with Iambic to advance select programs; Takeda gains access to NeuralPLexer (protein-ligand complex prediction)
- Responsibilities: Joint discovery effort; Iambic provides AI platform + discovery support; Takeda applies platform to priority programs
- Deal terms: Upfront + research cost + technology access payments; success-based payments that could exceed US$1.7B + royalties on net sales
- Why it matters: Another “AI platform + big-pharma pipeline” deal with real headline economics — good sentiment marker for AI-enabled BD&L.
Innovent ↔ Eli Lilly
08-Feb-2026
Discovery
- Asset: Multiple novel programs (undisclosed) in oncology + immunology
- Modality: Antibody-based programs (details undisclosed)
- Therapeutic area: Oncology + Immunology
- Territory: Worldwide (Lilly ex–Greater China; Innovent retains Greater China)
- Rights: Lilly exclusive license to develop/commercialize worldwide outside Greater China
- Responsibilities: Innovent leads concept → clinical proof-of-concept (Phase 2 completion) in China; Lilly leads global ex-GC development + commercialization
- Deal terms: $350M upfront; up to ~$8.5B development/regulatory/commercial milestones; tiered royalties on net sales ex–Greater China
- Why it matters: Another “China discovery + global scale” template — big upfront with milestone torque, and a clear division of labor through Phase 2 in China before ex-GC execution.
Eisai ↔ Henlius
05-Feb-2026
Clinical
- Asset: Serplulimab (anti–PD-1 mAb)
- Modality: Monoclonal antibody (checkpoint inhibitor)
- Therapeutic area: Oncology
- Territory: Japan
- Rights: Eisai exclusive commercialization rights in Japan
- Responsibilities: Henlius remains Marketing Authorization Holder; Henlius runs additional Japan clinical work; Eisai commercializes in Japan
- Deal terms: $75M upfront; up to $80.01M regulatory milestones; up to $233.3M sales milestones (total milestones up to ~$313.3M); double-digit royalties on product sales
- Why it matters: A “Japan commercial + local MAH” structure for a de-risked IO asset — modest milestones but attractive royalty profile if uptake lands.
Biodexa ↔ Otsuka
04-Feb-2026
Phase 1-ready
- Asset: OPB-171775 / MTX240 (molecular glue) for gastrointestinal stromal tumor (GIST)
- Modality: Small molecule “molecular glue”
- Therapeutic area: Oncology (rare tumors)
- Indications: GIST (incl. TKI-resistant disease focus)
- Territory: Global (Japan retained by Otsuka)
- Rights: Biodexa exclusive rights to develop + commercialize ex-Japan
- Deal terms: Upfront fee (undisclosed) + development/regulatory milestones (undisclosed) + mid-single-digit tiered royalties on net sales
- Why it matters: Early “molecular glue” exposure in a clear unmet-need niche (TKI-resistant GIST) — compact economics disclosure, but royalty callout suggests meaningful ex-Japan participation.
SanegeneBio ↔ Genentech
02-Feb-2026
Discovery
- Asset: One RNAi program (undisclosed target/indication)
- Modality: RNA interference (siRNA) program enabled by SanegeneBio platform
- Therapeutic area: Not disclosed
- Territory: Worldwide
- Rights: Genentech exclusive worldwide rights to develop + commercialize
- Responsibilities: SanegeneBio responsible for early development; Genentech leads subsequent clinical development + commercialization globally
- Deal terms: $200M upfront; up to $1.5B development + commercialization milestones; tiered royalties on future sales
- Why it matters: Roche/Genentech keeps leaning back into RNA — big upfront for an undisclosed program implies conviction in platform chemistry/delivery, with the classic “biotech does early, pharma scales” handoff.
vTv Therapeutics ↔ Newsoara
02-Feb-2026
Clinical
- Asset: HPP737 (PDE4 inhibitor)
- Modality: Oral small molecule
- Therapeutic area: Immunology / Inflammation
- Indications: Psoriasis (stated development focus)
- Territory: Worldwide
- Rights: Newsoara exclusive worldwide license to develop + commercialize
- Deal terms: $20M upfront; up to ~$50M development milestones; up to $65M sales milestones; tiered royalties on sales
- Why it matters: A regional-to-global “upgrade” — modest headline value but immediate non-dilutive cash + full global responsibility shift to the partner if the PDE4 tolerability story holds.