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: 10 May 2026
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2026 biotech BD&L market snapshot
- 43 BD&L transactions are now tracked in total for 2026 so far, with five new transactions added in the latest refresh.
- Largest disclosed 2026 package so far: AstraZeneca / CSPC Pharmaceutical at up to roughly US$18.5B, followed by Innovent / Lilly at up to roughly US$8.85B and AbbVie / RemeGen at up to roughly US$5.6B.
- The 2026 tape has been broad rather than single-theme, spanning obesity / cardiometabolic, immunology / autoimmune, oncology, RNAi / oligonucleotides, genetic medicines, AI-enabled discovery, rare disease, drug-delivery technology, and infectious disease / hepatology.
- A notable read-through is that buyers are underwriting both late-stage / commercial assets and platform access — with the latest additions including GSK’s ex-Greater China license for SiranBio’s ALK7 oligonucleotide, Madrigal’s global license to Arrowhead’s PNPLA3 RNAi program, and multiple Halozyme drug-delivery collaborations.
May 2026
Halozyme ↔ GSK
07-May-2026
Drug Delivery / Platform License
- Asset: ENHANZE® technology applied to multiple GSK oncology targets, including antibody-drug conjugates
- Modality: Subcutaneous drug-delivery technology / recombinant human hyaluronidase platform
- Therapeutic area: Oncology
- Development stage: Multiple targets; first clinical trial projected to initiate in 2026
- Territory: Global
- Rights: GSK licenses ENHANZE for subcutaneous formulations of multiple oncology targets and receives an option for additional future targets
- Responsibilities: GSK advances development and commercialization of the partnered products incorporating ENHANZE; Halozyme provides the enabling delivery technology
- Deal terms: Upfront payment, potential future milestone payments, and royalties on net sales of products incorporating ENHANZE; financial amounts were not disclosed publicly
- Why it matters: A useful platform read-through for oncology drug delivery: this is Halozyme’s first ENHANZE deal explicitly including ADC targets, suggesting large pharma is looking for formulation and convenience advantages even in complex oncology modalities.
Halozyme ↔ Oruka Therapeutics
06-May-2026
Drug Delivery / Platform License
- Asset: Hypercon™ technology for ORKA-001 and up to one additional target
- Modality: Hyperconcentration / injectable biologics delivery technology
- Therapeutic area: Dermatology / inflammatory disease
- Development stage: ORKA-001 is in development for psoriasis and related inflammatory diseases
- Territory: Global
- Rights: Oruka receives exclusive rights to use Halozyme Hypercon with ORKA-001 and an option for one additional target
- Responsibilities: Oruka applies the delivery technology to its biologics portfolio; Halozyme provides the Hypercon platform and participates economically through upfront, milestones, and royalties
- Deal terms: Upfront payment, potential future milestone payments, and mid-single-digit royalties on net sales of products developed using Hypercon; financial amounts were not disclosed publicly
- Why it matters: Another validation point for the “less frequent, lower-burden biologics” thesis in immunology: Oruka’s clinical story is already about durable disease control, and delivery technology could become part of the product-profile differentiation.
GSK ↔ SiranBio
06-May-2026
Regional License
- Asset: SA030
- Modality: Oligonucleotide targeting ALK7
- Therapeutic area: Cardiometabolic / metabolic and vascular disease
- Development stage: Phase 1; SiranBio expects to complete the Phase 1 study before handing the program to GSK
- Territory: Outside Greater China
- Rights: GSK receives rights to SA030 outside Greater China
- Responsibilities: SiranBio completes Phase 1; GSK takes forward ex-Greater China development and commercialization thereafter
- Deal terms: $55M upfront; up to $1.0B in milestones; tiered royalties on future sales
- Why it matters: A clean China-to-West oligonucleotide deal in cardiometabolic disease, and not a me-too GLP-1 story. The ALK7 angle gives GSK a differentiated route into obesity-adjacent metabolic risk, with a structure that preserves SiranBio’s Greater China optionality while handing global scale-up to pharma.
Arrowhead Pharmaceuticals ↔ Madrigal Pharmaceuticals
05-May-2026
Global License
- Asset: ARO-PNPLA3
- Modality: RNAi therapeutic using Arrowhead’s TRiM™ platform
- Therapeutic area: MASH / hepatology
- Development stage: Clinical-stage program; Phase 1 data showed up to 46% liver-fat reductions at 12 weeks in PNPLA3 I148M homozygous patients at the highest dose tested
- Territory: Global
- Rights: Madrigal receives an exclusive global license to develop, manufacture, and commercialize ARO-PNPLA3
- Responsibilities: Madrigal takes global development and commercialization; Arrowhead receives upfront, milestones, and royalties
- Deal terms: $25M upfront; up to $975M in development, regulatory, and sales milestones; tiered royalties from high-single digits to mid-teens
- Why it matters: Strategically logical bolt-on for Madrigal: it adds a genetically defined RNAi program to the MASH leader’s pipeline and gives Arrowhead non-dilutive economics while keeping the program in the hands of a hepatology-focused commercial owner.
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.