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: 01 Feb 2026
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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.