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.
Last updated: 15 Feb 2026
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February 2026
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.
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.