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: 2 Apr 2026
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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.
Kali Therapeutics ↔ Sanofi
23-Mar-2026
Clinical
- Asset: KT501
- Modality: Tri-specific antibody
- Therapeutic area: Immunology / autoimmune disease
- Territory: Worldwide
- Rights: Sanofi obtains exclusive worldwide rights to develop and commercialize KT501
- Responsibilities: Kali contributes KT501 and its discovery/research platform; Sanofi takes global development and commercialization forward under the exclusive license
- Deal terms: $180M upfront and near-term payments; up to $1.05B development and commercial milestone payments; tiered royalties on product sales ranging from high-single digits to double digits
- Why it matters: Another sizeable immunology deal for a differentiated multispecific, showing that large buyers will still pay meaningful upfronts for early but mechanistically distinct autoimmune assets.
Alfasigma ↔ GSK
09-Mar-2026
Filed / Registration-stage
- Asset: Linerixibat
- Modality: Oral IBAT inhibitor
- Therapeutic area: Hepatology / cholestatic liver disease
- Indication: Pruritus associated with primary biliary cholangitis (PBC)
- Territory: Worldwide
- Rights: Alfasigma receives worldwide exclusive rights to develop, manufacture and commercialise linerixibat
- Responsibilities: Alfasigma leads worldwide commercialization and lifecycle management; GSK exits the asset in exchange for upfront, approval, sales milestones and royalties
- Deal terms: $300M upfront; $100M on FDA approval; $20M on EU and UK approvals; up to $270M sales milestones; tiered double-digit royalties on worldwide net sales
- Why it matters: A classic “big pharma exits, specialist commercial player takes over” transaction, with real cash for a late-stage hepatology asset close to the regulatory finish line.
Sanofi ↔ Sino Biopharmaceutical / Chia Tai Tianqing
04-Mar-2026
Commercial / Global License
- Asset: Rovadicitinib
- Modality: Oral small-molecule dual JAK / ROCK inhibitor
- Therapeutic area: Hematology / transplant / immunology
- Current status: Recently approved in China for first-line myelofibrosis; Sanofi’s interest centers on chronic graft-versus-host disease (cGVHD)
- Territory: Worldwide
- Rights: Sanofi receives exclusive global rights to develop, manufacture and commercialize rovadicitinib
- Responsibilities: Sanofi takes global development/manufacturing/commercialization under the exclusive license
- Deal terms: $135M upfront; up to $1.395B development, regulatory and sales milestones; tiered royalties on net sales
- Why it matters: One of the most significant March BD&L deals: a China-origin commercial asset with a full global rights transfer and no Greater China carve-out, plus a strategic fit for Sanofi’s transplant franchise alongside Rezurock.
Antengene ↔ UCB
03-Mar-2026
Preclinical / Entering Phase 1
- Asset: ATG-201
- Modality: CD19/CD3 bispecific T-cell engager
- Therapeutic area: Immunology / autoimmune disease
- Territory: Worldwide
- Rights: UCB gets exclusive worldwide rights to develop, manufacture and commercialize ATG-201 and associated manufacturing technology
- Responsibilities: Antengene will complete first-in-human Phase 1 studies in China and Australia; UCB takes over further clinical and broader development thereafter
- Deal terms: $80M upfront and near-term milestone payments; more than $1.1B development, regulatory and sales milestones; tiered royalties on future net sales
- Why it matters: Another “China-origin immune engager to global pharma” deal, but in autoimmune disease rather than oncology, with meaningful upfront economics for a differentiated masked/B-cell depletion concept.
February 2026
Boehringer Ingelheim ↔ Sitryx
26-Feb-2026
Preclinical
- Asset: Sitryx small-molecule inhibitor program
- Modality: Oral small molecule
- Therapeutic area: Autoimmune / inflammatory disease
- Territory: Global
- Rights: Boehringer receives an exclusive global license
- Responsibilities: Boehringer advances development globally; Sitryx contributes the originating program and know-how
- Deal terms: Upfront and milestones in excess of $500M in aggregate + royalties; financial breakdown not disclosed
- Why it matters: One more datapoint that buyers still want differentiated oral immunology mechanisms, even at preclinical stage, if the biology looks first-in-class enough.