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: 26 Apr 2026
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2026 biotech BD&L market snapshot
- 38 BD&L transactions are now tracked in total for 2026 so far.
- 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, immunology / autoimmune, oncology, RNAi / oligonucleotides, genetic medicines, AI-enabled discovery, rare disease, and infectious disease / hepatology.
- A notable read-through is that buyers are underwriting both late-stage / commercial assets and platform access — with 2026 deal flow ranging from approved and registration-stage products to discovery collaborations with very large back-ended milestone structures.
April 2026
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.
March 2026
Infinimmune ↔ Merck
31-Mar-2026
Discovery / Research Collaboration
- Asset: Novel human antibody therapeutics against multiple Merck-designated targets
- Modality: Antibodies discovered from human immune repertoires with AI-guided engineering
- Therapeutic area: Undisclosed / multiple disease areas
- Territory: Worldwide
- Rights: Merck receives rights to antibodies discovered and developed under the collaboration for the designated targets
- Responsibilities: Infinimmune applies its large-scale human immune repertoire screening and AI-guided antibody engineering platform to identify and optimize candidates; Merck advances partnered programs under the collaboration
- Deal terms: Financial terms include up to approximately $838M in milestone payments; upfront economics were not disclosed in the public announcements reviewed
- Why it matters: Another sizeable platform-driven antibody discovery pact, reinforcing that big pharma is still willing to pay meaningful downstream economics for differentiated target-to-antibody engines even before named clinical assets emerge.
Lilly ↔ Insilico Medicine
29-Mar-2026
Research + License
- Asset: Select preclinical oral therapeutic candidates discovered using Insilico’s AI engine
- Modality: Oral small molecules / AI-enabled drug discovery
- Therapeutic area: Not fully disclosed; collaboration spans disease-specific targets selected under the research alliance
- Territory: Worldwide
- Rights: Lilly receives exclusive worldwide rights to develop, manufacture, and commercialize selected oral candidates arising from the collaboration
- Responsibilities: Insilico contributes its AI-driven discovery engine and research capabilities; Lilly takes forward development, manufacturing, and commercialization of selected candidates under the license
- Deal terms: $115M upfront; development, regulatory, and commercial milestones that could bring total deal value to approximately $2.75B; tiered royalties on future sales
- Why it matters: This is repeat-business validation for Insilico’s AI platform from one of the most aggressive pharma buyers in external innovation. The size of the package suggests Lilly sees AI not just as a workflow tool, but as a scalable source of licensable oral assets.