Biopharma Transcript

Licensing and collaboration deals

50 deals announced by listed life-science companies in the last twelve months, with $4.63B in stated upfront payments between them. Each figure is as the company's filing states it; milestones are potential payments, contingent on development, regulatory and sales events.

  1. Oct 23, 2026
    Zymeworks Inc. ZYME out-licensed ZW209 (DLL3 trispecific T cell engager) to F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. · worldwide
    $55M upfront, up to $718M in milestonesUnder the agreement, Zymeworks is eligible to receive an upfront payment of $55 million, a $40 million payment upon initiation of the Phase 1b trial, and additional development, commercial and sales-based milestone payments of up to $718 million, and tiered high single digit to mid-teen royalties on future net sales of any approved medicines resulting from the collaboration.
  2. Oct 13, 2026
    NovaBridge Biosciences NBP in-licensed VIS-102 (HT006.2.2), modified recombinant human nerve growth factor from Wuhan Hiteck Biological Pharma Co., Ltd. · worldwide ex-Greater China
    up to $104M in milestonesUnder the terms of the License Agreement, Visara will pay Hiteck an upfront and near-term milestone payment of $7.0 million.
  3. Oct 8, 2026
    Biohaven Ltd. BHVN out-licensed MoDE pan IgG degrader portfolio: BHV-1300, BHV-1310, BHV-1320 to Ono Pharmaceutical Co., Ltd. · Japan, South Korea, Taiwan and ASEAN countries
    $80M upfrontUnder the License Agreement, Ono will pay the Company a one-time, non-creditable and non-refundable upfront payment of $80 million upon closing and another $20 million upon a milestone achievement, following Ono’s receipt of specified stability test results and subject to Ono’s election to continue development and commercialization of the licensed compounds and products in the Licensed Territory.
  4. Oct 5, 2026
    Alector, Inc. ALEC out-licensed AL050 (brain-penetrant engineered GCase enzyme replacement therapy) to Genentech, Inc. · worldwide
    $100M upfront, up to $1.17B in milestonesAlector will receive a $100 million upfront payment from Genentech under the Genentech License Agreement. In addition, Alector will be eligible to receive up to an additional $1.17 billion in development, regulatory, and commercial success-related milestone payments related to the GCase Candidates.
  5. Oct 1, 2026
    Sanofi SNY partnered REGN20423 (long-acting IL-13 antibody), long-acting IL-4xIL-13 bispecific, and two other long-acting pre-clinical antibodies (IL-4, IL-4Rα) with Regeneron Pharmaceuticals · worldwide
    $1B upfront, up to $7B in milestonesUnder the terms of the agreement, Regeneron will receive an upfront payment of $1 billion from Sanofi, with the potential for development, regulatory and commercial milestone payments of up to an additional $7 billion.
  6. Sep 30, 2026
    RedHill Biopharma Ltd. RDHL out-licensed Talicia (70% interest in Talicia Holding Inc.) to Apotex (acquirer of Talicia Holding Inc.)
    $18M upfront, up to $35M in milestonesFollowing the divestment of RedHill’s 70% stake in Talicia for $18 million in upfront cash, plus up to $35 million in potential worldwide net sales milestone payments, the Company has acquired for an upfront cash payment of $12 million, plus future milestones and tiered royalties, the exclusive global and U.S. commercialization rights to Rebyota® and Clenpiq®, respectively, two synergistic, revenu
  7. Sep 3, 2026
    HUTCHMED (China) Ltd HCM out-licensed HMPL-A830 to GSK plc (GlaxoSmithKline Intellectual Property (No. 4) Limited) · worldwide excluding Mainland China, Hong Kong, Macau and Taiwan
    $110M upfront, up to $1.19B in milestones, up to $1.29B in totalUnder the agreement, HUTCHMED Limited will receive an upfront payment of US$110 million and may receive additional development, regulatory and commercial milestone payments of up to a total of US$1.185 billion.
  8. Sep 1, 2026
    RedHill Biopharma Ltd. RDHL in-licensed Rebyota and Clenpiq from Ferring Pharmaceuticals · Rebyota exclusive global; Clenpiq exclusive U.S.
    $12M upfrontUnder the terms of the agreement, RedHill obtained an exclusive global commercialization license of Rebyota and an exclusive U.S. commercialization license of Clenpiq, for an upfront payment to Ferring of $12 million, plus tiered royalties on net sales and potential milestones.
  9. Aug 26, 2026
    Biohaven Ltd. BHVN out-licensed Kv7 ion channel platform, led by opakalim (BHV-7000) to SK Biopharmaceuticals Co., Ltd. · worldwide
    $400M upfront, up to $150M in milestones, up to $795M in totalBiohaven will receive $400 million in cash consideration, consisting of $350 million payable at closing and an additional $50 million payable in 2027, and Biohaven is eligible to receive an additional $150 million in development and regulatory milestone payments plus royalties on global net sales of opakalim.
  10. Aug 12, 2026
    PTC Therapeutics, Inc. PTCT in-licensed ST-920 (isaralgagene civaparvovec) from Sangamo Therapeutics
    $111M upfront, up to $100M in milestonesThe terms include $111 million upfront and up to $100 million in contingent milestone payments based on certain regulatory approvals.
  11. Aug 11, 2026
    Mereo BioPharma Group plc MREO out-licensed alvelestat to Sentynl Therapeutics, Inc. (subsidiary of Zydus Lifesciences Limited) · US (U.S. commercial and global manufacturing rights)
    up to $435M in milestonesMereo will receive an upfront option fee and, on option exercise, is eligible to receive $40 million in upfront and R&D payments, up to $435 million in potential milestones, and double-digit tiered royalties on U.S. sales
  12. Aug 11, 2026
    Mineralys Therapeutics, Inc. MLYS in-licensed lorundrostat from Tanabe (Mitsubishi Tanabe)
    $200M upfront, up to $100M in milestonesThe Company made an upfront cash payment to Tanabe of $200.0 million and agreed to pay additional commercial milestone payments of up to $100.0 million in the aggregate (the New Milestones).
  13. Aug 10, 2026
    Oculis Holding AG OCS in-licensed Privosegtor (ACT-01) and ACT-02 from Accure Therapeutics, S.L. · worldwide
    $3.8M upfrontTotal consideration for both transactions consists of an upfront payment of $3.8 million (CHF 3.1 million) in cash, to be paid to Accure at the first closing, and up to 2,050,000 Oculis ordinary shares to be issued to Accure.
  14. Aug 5, 2026
    Eton Pharmaceuticals, Inc. ETON in-licensed ASN-001 (timolol topical gel) from Auson Pharmaceuticals Inc.
    $3.0M upfrontUnder the terms of the Agreement, the Company will pay an upfront license fee to Auson of $3.0 million within thirty days of the Agreement.
  15. Aug 4, 2026
    Arrowhead Pharmaceuticals, Inc. ARWR out-licensed ARO-PNPLA3 to Madrigal Pharmaceuticals · worldwide
    $25M upfront, up to $975M in milestonesUnder the terms of the agreement, Madrigal has made a $25 million upfront payment to Arrowhead. Arrowhead is also eligible to receive development, regulatory, and sales milestone payments of up to $975 million.
  16. Jul 21, 2026
    PolyPid Ltd. PYPD out-licensed D-PLEX100 to Azurity Pharmaceuticals · US and Canada
    $15M upfront, up to $300M in milestones, up to $320M in totalUnder the terms of the Agreement, PolyPid will receive an upfront payment of $15 million due upon signing and an additional near-term milestone payment of $15 million payable upon U.S. Food and Drug Administration (“FDA”) acceptance of the D-PLEX100 New Drug Application (“NDA”), which is expected in August 2026.
  17. Jul 14, 2026
    Spero Therapeutics, Inc. SPRO in-licensed SP001 (IBI355) from Innovent Biologics (Suzhou) Co., Ltd. and Fortvita Biologics (USA), Inc. · worldwide ex-Greater China
    $35M upfront, up to $1.05B in milestones, up to $1.1B in totalUnder the terms of the Innovent Agreement, the Company is obligated to pay to Innovent a $35.0 million upfront payment, as well as aggregate milestone payments of up to approximately $1.05 billion upon the achievement of certain development, regulatory and commercial milestones.
  18. Jul 14, 2026
    Astrazeneca PLC AZN in-licensed Zegfrovy (sunvozertinib) from Dizal Pharmaceutical Co., Ltd · worldwide
    $600M upfront, up to $900M in milestonesAstraZeneca will make an upfront payment to Dizal of $600m and additional payments of up to $900m upon achievement of specific development, regulatory and sales-related milestones.
  19. Jul 13, 2026
    Ocugen, Inc. OCGN out-licensed OCU400 to Roots Pharmaceutical (and strategic partner Al-Dhow International Holding) · Middle East and North Africa (MENA)
    up to $255M in milestonesPursuant to the term sheet, under the license agreement, Ocugen is expected to receive upfront license fees and near-term development milestone payments totaling up to $4 million.
  20. Jun 17, 2026
    AbCellera Biologics Inc. ABCL out-licensed T-cell engaging multispecific antibodies for GI cancers and other solid tumors (discovery programs) to Jazz Pharmaceuticals plc · worldwide
    $56M upfront, up to $792M in milestonesAbCellera will receive $56 million in total upfront payments for the �rst two research programs plus an additional $28 million due upon initiation of the third program.
  21. May 18, 2026
    Context Therapeutics Inc. CNTX in-licensed CT-202 (Nectin-4 x CD3 T cell engager) from BioAtla, Inc.
    $4.5M upfrontThe amendment removes all future milestone and royalty obligations owed by the Company for CT-202, the Company’s Nectin-4 x CD3 T cell engager, in exchange for a $4.5 million upfront payment, and a second and final $2.0 million payment due by August 1, 2026.
  22. May 12, 2026
    Arvinas, Inc. ARVN out-licensed VEPPANU (vepdegestrant) to Rigel Pharmaceuticals, Inc. (with Pfizer Inc. as co-licensor) · worldwide
    $70M upfront, up to $320M in milestonesUnder the terms of and as consideration for entering into the License Agreement, Rigel will pay to the Company and Pfizer a one-time, upfront payment in the aggregate amount of $70.0 million.
  23. May 11, 2026
    Halozyme Therapeutics, Inc. HALO out-licensed Hypercon technology for up to three targets to Vertex Pharmaceuticals Incorporated · worldwide
    $15M upfrontUnder the terms of the agreement, Vertex will make a $15 million upfront payment and potential future milestone payments and royalties on net sales of products developed using the Hypercon™ technology.
  24. May 4, 2026
    Biocryst Pharmaceuticals Inc BCRX out-licensed navenibart to Irish affiliate of Neopharmed Gentili · Europe
    $70M upfront, up to $275M in milestonesIn exchange, BioCryst will receive $70M upfront and will be eligible to receive up to $275M in future regulatory and sales milestone payments.
  25. Apr 30, 2026
    Cue Biopharma, Inc. CUE in-licensed Ascendant-221 (formerly UB-221) from Ascendant Health Sciences Ltd. · worldwide excluding mainland China, Hong Kong, Macau and Taiwan
    $15M upfront, up to $676M in milestonesAs consideration for the rights granted to the Company by the Licensor, the Company will pay the Licensor $15.0 million as the upfront payment, up to an aggregate of $676.5 million in additional potential milestone payments, and tiered royalty payments (at percentages ranging from high single-digit to low double-digit) on future net sales of Licensed Products.
  26. Apr 16, 2026
    MeiraGTx Holdings plc MGTX in-licensed botaretigene sparoparvovec (bota-vec) from Johnson & Johnson (J&J) · worldwide
    $25M upfrontMeiraGTx will pay J&J a $25 million upfront cash payment and a one-time regulatory and commercial milestone tied to U.S. approval and U.S. sales performance of bota-vec for the treatment of XLRP, as well as a high double-digit royalty on global net sales starting in mid-2029.
  27. Apr 13, 2026
    Telix Pharmaceuticals Ltd TLX partnered next generation radiopharmaceutical therapies, including targeted alpha therapies (Regeneron antibodies, initial focus lung cancer) with Regeneron
    $40M upfront, up to $2.1B in milestonesTelix to receive US$40 million cash upfront with option to co-fund through commercialization and profit share or earn up to US$2.1 billion in development and commercial milestone payments plus low double-digit royalties
  28. Apr 9, 2026
    C4 Therapeutics, Inc. CCCC out-licensed degrader-antibody conjugates (DACs) directed to two undisclosed oncology targets, option on a third to F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. · worldwide
    $20M upfront, up to $1B in milestonesUnder the terms of the License Agreement, Roche has agreed to make an upfront cash payment of $20.0 million.
  29. Mar 31, 2026
    Scynexis Inc SCYX in-licensed PXL-770 (now SCY-770) from Poxel S.A.
    $8.0M upfrontUnder the terms of the asset acquisition agreement, SCYNEXIS will make an upfront payment of $8 million, with future potential payments of up to $8 million in development milestones, and up to $180 million in commercial milestones, of which $125 million is triggered by annual net sales at or above $1 billion.
  30. Mar 31, 2026
    Lakefront Biotherapeutics LKFT partnered gamgertamig (OM336) and three preclinical autoimmune programs from Ouro Medicines with Gilead Sciences, Inc.
    $838M upfrontGalapagos and Gilead will equally split the upfront payment of $1.675 billion (~€1.425 billion1), subject to customary adjustments, and contingent milestone payments of up to $500 million (~€425 million1).
  31. Mar 10, 2026
    Celularity Inc CELU out-licensed commercial-stage placental-derived biomaterials portfolio (Biovance, Biovance 3L, Natalin, Acelagraft, Interfyl, Centaflex) and certain development-stage programs to NexGel, Inc.
    $15M upfront, up to $20M in milestones, up to $35M in totalConsideration for the Business will consist of up to $35.0 million in cash, subject to certain adjustments, which will include (i) a $15.0 million upfront payment and (ii) an additional $20.0 million in potential milestone payments based on net sales targets related to the Business.
  32. Mar 10, 2026
    Rapport Therapeutics, Inc. RAPP out-licensed RAP-219 to Tenacia Biotechnology (Hong Kong) Co., Ltd. · Greater China (China, Hong Kong, Macau, and Taiwan)
    $20M upfront, up to $308M in milestonesUnder the terms of the agreement, Rapport is eligible to receive an upfront payment of $20 million and will be eligible to receive up to an aggregate of approximately $308 million in potential development and commercialization milestones and other payments and mid-single digits to mid-teens tiered royalties on net sales of RAP-219 in China, Hong Kong, Macau, and Taiwan.
  33. Mar 3, 2026
    Adial Pharmaceuticals, Inc. ADIL out-licensed AD04 to Molteni Farmaceutici · Europe
    up to $60M in totalThe total potential aggregate value from royalties and milestones over time is estimated at nearly $60 million, assuming AD04 progresses through clinical development and is successfully introduced in the European market.
  34. Feb 4, 2026
    Biodexa Pharmaceuticals Plc BDRX in-licensed MTX240 (OPB-171755/OPB-171775), molecular glue from Otsuka Pharmaceutical Co., Limited · worldwide ex-Japan
    $0.5M upfrontThe agreement includes an upfront cash fee of $500,000 and additional development and regulatory milestones.
  35. Jan 22, 2026
    Janux Therapeutics, Inc. JANX out-licensed undisclosed tumor-activated therapeutic targeting a validated solid tumor antigen to Bristol-Myers Squibb Company · worldwide
    $15M upfront, up to $785M in milestonesAs consideration for the rights granted to BMS under the Collaboration Agreement, BMS will pay Janux an upfront payment of $15 million and, upon achievement of certain development, regulatory and sales milestones, up to $785 million in milestone payments, including $35 million related to a near term milestone. In addition, BMS is obligated to make tiered royalty payments to Janux based on annual n
  36. Jan 15, 2026
    Agenus Inc AGEN out-licensed botensilimab (BOT) and balstilimab (BAL) to Zydus Lifesciences Ltd. · India and Sri Lanka
    $75M upfront, $16M equity, up to $50M in milestonesUpfront Consideration: $75 million cash payment to Agenus for transfer of biologics manufacturing facilities in Emeryville and Berkeley, California
  37. Jan 12, 2026
    Amphastar Pharmaceuticals, Inc. AMPH in-licensed AMP-110 (fully synthetic corticotropin compound) from Nanjing Hanxin Pharmaceutical Technology Co., Ltd. · United States and Canada
    $2.0M upfrontAs part of the Agreement, Amphastar made an upfront payment of $2 million to Hanxin upon signing, with additional payments to Hanxin consisting of up to $14 million in development milestone payments and up to $75 million in sales milestone payments. In addition, Amphastar will pay Hanxin royalty payments, which are not to exceed $7.5 million each calendar year and a maximum accumulated amount of $
  38. Jan 12, 2026
    Jaguar Health, Inc. JAGX out-licensed Mytesi (crofelemer) and Canalevia-CA1 to Woodward Specialty LLC (affiliate of Future Pak, LLC) · US
    $18M upfront, up to $17M in milestonesPursuant to the License Agreement, Licensee shall pay to Napo (a) an upfront payment of $18 million consisting of (i) $16 million paid by Licensee on the Effective Date and (ii) $2 million (the “Holdback Amount”) payable upon satisfaction of the Third Party Replacement MSA Conditions (as defined in the License Agreement) by the six-month anniversary of the Effective Date, and (b) certain milestone
  39. Jan 12, 2026
    Nuvation Bio Inc. NUVB out-licensed taletrectinib (IBTROZI) to Eisai Co., Ltd · Europe, Middle East, North Africa, Russia, Turkey, Canada, Australia, New Zealand, Singapore, the Philippines, Indonesia, Thailand, Malaysia, Vietnam and India
    $60M upfront, up to $170M in milestones, up to $230M in totalUnder the terms of the exclusive license and collaboration agreement, Nuvation Bio will receive €50 million (approx. USD $60 million) upfront and up to €145 million (approx. USD $170 million) in regulatory and commercial milestone payments, as well as double-digit tiered royalties up to the high-teens as a percentage of future net sales in the licensed territories.
  40. Dec 29, 2025
    Adlai Nortye Group Ltd. ANL out-licensed AN9025 to ASK Pharm (Jiangsu Aosaikang Pharmaceutical Co. Ltd.) · Greater China (mainland China, Hong Kong and Macao)
    up to $230M in totalAdlai Nortye is eligible to receive total consideration of up to RMB 1.6 billion (approximately USD 230 million), including an upfront payment and near-term milestone payments exceeding USD 20 million, plus tiered royalties ranging from a high single-digit to mid-teens percentage of net product sales in the Licensed Territory.
  41. Dec 18, 2025
    LeonaBio, Inc. LONA in-licensed lasofoxifene from Sermonix Pharmaceuticals, Inc. · global excluding Asia and certain countries in the Middle East
    up to $100M in milestonesAthira will also be obligated to make certain payments to Sermonix of up to $100.0 million if Athira achieves certain commercialization or annual net sales milestones with respect to licensed products with respect to lasofoxifene, including royalty payments on the net sales of any licensed products in any licensed territory, ranging from sub-single digit to low-single digit royalties depending on
  42. Dec 18, 2025
    Camp4 Therapeutics Corp CAMP out-licensed ASO therapeutics targeting regulatory RNAs for multiple Collaboration Targets (RAP Platform) to GlaxoSmithKline Intellectual Property (No. 3) Limited (GSK) · worldwide
    $18M upfront, up to $440M in milestonesGSK has agreed to pay the Company a one-time, non-refundable upfront payment of $17.5 million. In addition, the Company is eligible to receive up to $440 million in development and commercial milestone payments, subject to achievement of specified criteria, as well as tiered royalties on annual net sales of licensed products ranging from the low- to mid-single digits during a defined royalty term
  43. Dec 17, 2025
    Compugen Ltd CGEN out-licensed rilvegostomig (PD-1/TIGIT bispecific) to AstraZeneca (MedImmune Limited)
    $65M upfront, up to $195M in milestones, up to $90M in total$65 million upfront payment and a potential additional $25 million upon the next milestone payment on BLA acceptance, for a portion of Compugen’s existing royalty interest in rilvegostomig
  44. Dec 8, 2025
    Dr. Reddy's Laboratories Ltd RDY in-licensed Eftilagimod Alfa (efti) from Immutep SAS · all countries outside North America, Europe, Japan, and Greater China
    $20M upfront, up to $350M in milestonesUnder the terms, Immutep to receive upfront payment of USD 20 million (~AUD 30.2 million) and is also eligible to receive potential regulatory development and commercial milestones payments of up to USD 349.5 million (~AUD 528.4 million), plus double-digit royalties on commercial sales.
  45. Dec 8, 2025
    Immutep Limited IMMP out-licensed Eftilagimod Alfa (efti) to Dr. Reddy’s Laboratories Ltd. (Dr. Reddy’s Laboratories SA) · all countries outside North America, Europe, Japan, and Greater China
    $20M upfront, up to $350M in milestonesAdditionally, as per the agreement, Immutep will receive from Dr. Reddy’s an upfront payment of USD 20 million (~AUD 30.2 million). It is also eligible to receive potential regulatory development and commercial milestone payments of up to USD 349.5 million (~AUD 528.4 million), plus double-digit royalties on commercial sales in these markets.
  46. Nov 10, 2025
    4D Molecular Therapeutics, Inc. FDMT out-licensed 4D-150 to Otsuka Pharmaceutical Co., Ltd. · Asia-Pacific region (APAC)
    $85M upfront, up to $336M in milestones4DMT to receive $85 million upfront cash payment and expects to receive at least $50 million of cost sharing from Otsuka over the next three years for development activities supporting global registration
  47. Nov 10, 2025
    MeiraGTx Holdings plc MGTX out-licensed AAV-AIPL1 (LCA4) plus two preclinical product candidates; intravitreal capsids, pan-retinal/rod-specific promoters (up to five targets each); riboswitch right of first negotiation to Eli Lilly and Company · worldwide
    $75M upfront, up to $400M in milestonesUnder the terms of the Collaboration Agreement, MeiraGTx will receive an upfront payment of $75 million after signing the Collaboration Agreement and will be eligible to receive up to over $400 million in total milestone payments, including up to $135 million in other potential near-term cash consideration upon the achievement of certain development and regulatory approval milestones.
  48. Oct 29, 2025
    Opko Health, Inc. OPK out-licensed multispecific antibodies using ModeX MSTAR platform to Regeneron Pharmaceuticals · worldwide
    up to $1B in totalModeX is entitled to receive an upfront payment and potential milestone payments exceeding $200 million for each program.
  49. Oct 28, 2025
    Orchestra BioMed Holdings, Inc. OBIO out-licensed Virtue Sirolimus AngioInfusion Balloon (Virtue SAB) to Terumo Corporation and Terumo Medical Corporation · worldwide
    $10M upfront, $20M equityThe ROFR Agreement, which supersedes and terminates the prior Virtue SAB distribution agreement between Orchestra BioMed and Terumo (the “Prior Agreement”), grants Terumo a right of first refusal (“ROFR”) to acquire the rights, or enter a distribution arrangement, with respect to Virtue SAB for the treatment of coronary artery disease, in exchange for an upfront payment of $10 million.
  50. Oct 17, 2025
    Arrowhead Pharmaceuticals, Inc. ARWR out-licensed ARO-SNCA and additional collaboration targets using TRiM platform to Novartis · worldwide
    $200M upfront, up to $2B in milestonesArrowhead received a $200 million upfront payment from Novartis. Arrowhead is also eligible to receive development, regulatory, and sales milestone payments of up to $2 billion.