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: 08 Feb 2026
January 2026
AstraZeneca ↔ CSPC Pharmaceutical
30-Jan-2026
Clinical-ready
- Asset: Obesity / weight-related portfolio (incl. SYH2082; plus additional programs and new co-dev workstreams)
- Modality: Injectable weight-loss candidate(s) + sustained-release delivery and AI-enabled discovery collaboration (program mix undisclosed)
- Therapeutic area: Metabolic / Obesity
- Indications: Obesity and weight-related conditions (details undisclosed)
- Territory: Global ex–Mainland China, Hong Kong, Macau, Taiwan
- Rights: Exclusive license in AZ territories; Greater China retained by CSPC
- Responsibilities: Development/Commercial: AstraZeneca (ex-Greater China); CSPC retains Greater China; additional collaboration on new programs (scope undisclosed)
- Deal terms: $1.2B upfront; up to $17.3B in research, development, and sales milestones (total up to ~$18.5B); royalties on net sales (undisclosed); equity N/A
- Why it matters: One of the biggest obesity BD packages yet — big upfront + portfolio scope signals “speed + breadth” over single-asset risk, and keeps China rights local while AZ builds global obesity footprint.
Moderna ↔ Recordati
30-Jan-2026
Clinical
- Asset: mRNA-3927 (propionic acidemia)
- Modality: mRNA therapeutic
- Therapeutic area: Rare disease / Metabolic
- Indications: Propionic acidemia
- Territory: Global
- Rights: Exclusive commercialization collaboration / license (details undisclosed)
- Responsibilities: Clinical development & manufacturing: Moderna; Commercialization: Recordati
- Deal terms: $50M upfront; up to $110M near-term development & regulatory milestones; additional commercial/sales milestones; tiered royalties on net sales (undisclosed); headline total often cited up to ~$160M (upfront + near-term milestones)
- Why it matters: A clean “partner commercialization” structure — Moderna keeps platform focus and de-risks go-to-market, while Recordati expands rare disease franchise with a late-stage mRNA shot on goal.
Formation Bio ↔ CTFH
30-Jan-2026
Preclin
- Asset: FHND5032 (oral miR-124 activator)
- Modality: Oral small molecule (microRNA pathway modulation)
- Therapeutic area: Immunology / Autoimmune
- Indications: Autoimmune diseases (undisclosed)
- Territory: Worldwide ex–Greater China
- Rights: Exclusive ex–Greater China; asset housed within Formation’s new subsidiary Kenmare Bio
- Responsibilities: Development & commercialization: Formation/Kenmare (ex–Greater China); Greater China retained by CTFH; Supply: not disclosed
- Deal terms: Upfront (undisclosed) + minority equity stake in Kenmare Bio; up to $500M in development/regulatory/commercial milestones; tiered royalties on net sales (undisclosed)
- Why it matters: Another China-to-West pipeline build: oral immunology differentiation (miR-124 axis) + Formation’s “asset-in-Kenmare” structure suggests fast execution toward first-in-human while keeping economics milestone-weighted.
Eli Lilly ↔ Repertoire Immune Medicines
29-Jan-2026
Discovery
- Asset: Multiple tolerizing therapy programs (undisclosed) enabled by Repertoire’s Decode platform
- Modality: Platform-enabled therapeutic proteins / immune-targeted therapies (program details undisclosed)
- Therapeutic area: Immunology / Autoimmune
- Indications: Autoimmune diseases (undisclosed)
- Territory: Worldwide
- Rights: Exclusive (scope undisclosed); sublicense not disclosed
- Responsibilities: Early discovery: Repertoire; Clinical development & commercialization: Lilly
- Deal terms: $85M upfront; up to $1.84B in development & commercial milestones (total up to ~$1.93B); tiered royalties on net sales; equity N/A
- Why it matters: Clear appetite for “immune decoding → precision tolerance” rather than broad immunosuppression — milestones-heavy economics fit discovery risk while keeping meaningful upside if Lilly’s immunology machine delivers.
Eli Lilly ↔ Seamless Therapeutics
28-Jan-2026
Preclin
- Asset: Programmable recombinase-based genetic medicines (targets undisclosed) for hearing loss
- Modality: Gene-editing / genetic medicine enabled by engineered recombinases
- Therapeutic area: Genetic medicine / Audiology
- Indications: Hearing loss (genes/variants undisclosed)
- Territory: Worldwide
- Rights: Exclusive collaboration / license (details undisclosed); sublicense not disclosed
- Responsibilities: Seamless provides technology/enzyme engineering; Lilly leads development from preclinical through commercialization
- Deal terms: Total potential up to $1.12B (includes upfront payments, R&D funding, and milestones); royalties/equity not disclosed
- Why it matters: Yet another bet that next-gen editing (beyond standard nuclease/repair paradigms) can deliver safer, more precise in vivo outcomes — and Lilly is clearly stacking genetic medicine options in hearing and beyond.
Insilico Medicine ↔ Qilu Pharmaceutical
27-Jan-2026
Discovery
- Asset: Undisclosed small-molecule programs
- Modality: AI-designed small molecules (Insilico Pharma.AI platform)
- Therapeutic area: Cardiometabolic / Metabolic disease
- Indications: Metabolic diseases (undisclosed)
- Territory: Worldwide
- Rights: Exclusive collaboration scope undisclosed; sublicense not disclosed
- Responsibilities: Design & optimization: Insilico; Subsequent development & commercialization: Qilu
- Deal terms: Total contract value approaches ~$120M (development + commercialization milestones); single-digit royalties on net sales; upfront not disclosed; equity N/A
- Why it matters: AI discovery keeps getting “real money” partner validation — but the structure (milestones + royalties, no upfront disclosed) is a reminder that proof still comes in the clinic.
Boehringer Ingelheim ↔ Simcere
27-Jan-2026
Preclin
- Asset: SIM0709 (TL1A × IL-23p19 bispecific antibody)
- Modality: Bispecific antibody
- Therapeutic area: Immunology / Inflammation
- Indications: Inflammatory bowel disease (e.g., UC/Crohn’s)
- Territory: Global ex–Greater China
- Rights: Exclusive global license (ex–Greater China); sublicense not disclosed
- Responsibilities: Dev/Commercial: Boehringer (ex–Greater China); Greater China retained by Simcere; Supply: not disclosed
- Deal terms: Upfront €42M (reported via Simcere filing/coverage); total potential up to ~€1.10B (incl. €42M upfront + up to €1.058B milestones); royalties on net sales (undisclosed); equity N/A
- Why it matters: TL1A is already a crowded “hot” axis—pairing TL1A with IL-23p19 is a swing at higher efficacy; meaningful preclinical upfront suggests Boehringer wants a differentiated shot vs mono-pathway competitors.
Bristol Myers Squibb ↔ Janux
22-Jan-2026
Preclin
- Asset: Undisclosed tumor-activated therapeutic targeting a validated solid tumor antigen
- Modality: Tumor-activated immunotherapy (Janux platform)
- Therapeutic area: Oncology
- Indications: Solid tumors (antigen expressed across several cancer types)
- Territory: Worldwide
- Rights: Exclusive worldwide license; sublicense not disclosed
- Responsibilities: Preclinical to IND: Janux; IND holder + subsequent development & global commercialization: BMS (Janux supports through first Phase 1 study)
- Deal terms: Up to $50M (upfront + near-term milestones); total potential up to ~$850M (incl. up to $50M upfront/near-term + ~ $800M milestones); tiered royalties (undisclosed); equity N/A
- Why it matters: Classic “platform + antigen” bet: BMS takes the expensive late-stage risk after IND, while Janux keeps upside via milestones/royalties—structure screams early-stage uncertainty but strong validation.
Pfizer ↔ Novavax
20-Jan-2026
Platform
- Asset: Matrix-M® adjuvant (use with Pfizer products; up to two disease areas)
- Modality: Vaccine adjuvant technology
- Therapeutic area: Vaccines / Infectious disease (platform)
- Indications: Not disclosed (Pfizer can use in up to two disease areas)
- Territory: Worldwide
- Rights: Non-exclusive license; sublicense not disclosed
- Responsibilities: Dev/Commercial: Pfizer; Supply: Novavax supplies Matrix-M
- Deal terms: Upfront $30M; total potential up to $530M (incl. $30M upfront + up to $500M milestones); tiered high mid-single digit royalties; equity N/A
- Why it matters: Rare big-pharma validation of an external adjuvant platform: non-exclusive structure + supply obligation keeps Pfizer flexible while giving Novavax recurring upside if Pfizer ships products with Matrix-M.
Eisai ↔ Nuvation Bio
13-Jan-2026
Approved
- Asset: Taletrectinib (IBTROZI® in U.S./Japan)
- Modality: Oral small molecule (ROS1 TKI)
- Therapeutic area: Oncology
- Indications: ROS1+ NSCLC
- Territory: Europe + select RoW (ex U.S./China/Japan; incl. MEA, Canada, ANZ, parts of SE Asia, India, etc.)
- Rights: Exclusive (dev/registration/commercialization in licensed territories); sublicense not disclosed
- Responsibilities: Global development: Nuvation-led; Commercial: Eisai in licensed territories; Nuvation retains U.S. commercial rights; Supply: not disclosed
- Deal terms: Upfront €50M; total potential up to €195M (incl. €50M upfront + up to €145M milestones); double-digit tiered royalties (up to high-teens); equity N/A
- Why it matters: Clean regional commercialization expansion: Eisai gets a near-commercial oncology asset for its footprint, while Nuvation keeps U.S. upside—structure signals “execution + geography” rather than core R&D risk.
AbbVie ↔ RemeGen
12-Jan-2026
Clinical
- Asset: RC148 (PD-1/VEGF bispecific)
- Modality: Bispecific antibody
- Therapeutic area: Oncology
- Indications: Multiple advanced solid tumors (incl. certain lung cancers); mono + combo regimens
- Territory: Global ex–Greater China
- Rights: Exclusive (develop, manufacture, commercialize); sublicense not disclosed
- Responsibilities: Dev/Commercial/Supply: AbbVie (ex–Greater China); Greater China: RemeGen
- Deal terms: Upfront $650M; total potential up to ~$5.6B (incl. $650M upfront + up to $4.95B milestones); tiered double-digit royalties (undisclosed); equity N/A
- Why it matters: Another major “China-to-global” land grab in PD-1/VEGF—big upfront signals confidence and creates optionality for AbbVie combo regimens (esp. with ADCs) while keeping Greater China with the originator.
Novartis ↔ SciNeuro
12-Jan-2026
Early dev
- Asset: Amyloid-β targeted antibody program (with proprietary BBB “shuttle” delivery tech)
- Modality: Antibody (+ delivery/shuttle technology)
- Therapeutic area: Neuroscience
- Indications: Alzheimer’s disease
- Territory: Worldwide
- Rights: Exclusive worldwide license; sublicense not disclosed
- Responsibilities: Early development: SciNeuro + Novartis; Subsequent development & commercialization: Novartis (worldwide)
- Deal terms: Upfront $165M; total potential up to ~$1.665B+ (incl. $165M upfront + up to $1.5B milestones; plus research funding); tiered royalties (undisclosed); equity N/A
- Why it matters: AD BD is shifting from “just antibodies” to delivery/biology differentiation—shuttle tech is the real kicker here, and milestones-heavy economics fit early risk while keeping Novartis in the driver’s seat globally.