Biopharma Transcript

Licensing and collaboration deals

89 deals announced by listed life-science companies in the last twelve months, with $8.12B 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. Nov 6, 2026
    Anika Therapeutics, Inc. ANIK out-licensed Hyvisc to Boehringer Ingelheim
    $4.0M upfront, up to $4.0M in milestones, up to $8.0M in totalIn total, we expect to receive $8 million in payments, including a $4 million upfront payment in the first quarter of 2027 and remaining $4 million tied to commercial volumes.
  2. Nov 5, 2026
    Anika Therapeutics, Inc. ANIK out-licensed unspecified HA-based product(s) to one of its non-orthopedic distributors
    $4.0M upfront, up to $4.0M in milestones, up to $8.0M in totalThe Company expects to receive $8.0 million in payments, including a $4.0 million upfront payment in the first quarter of 2027 and the remaining $4.0 million tied to commercial volumes.
  3. Nov 4, 2026
    NewcelX Ltd. NCEL out-licensed Mazindol portfolio (CVR assets) to REA Holdings Inc. · worldwide
    $0.5M upfront, up to $55M in milestonesThe binding term sheet provides for $500,000 in attributed upfront consideration, consisting of $30,000 in cash and the remainder in shares representing 9.4% of REA's fully diluted equity following closing.
  4. Nov 4, 2026
    Evommune, Inc. EVMN in-licensed Vav Guanine Nucleotide Exchange Factor 1 (VAV1) degraders, including the molecular glue degrader EVO570 (formerly HC118 and known as HB570 in Greater China) from Hinova Pharmaceuticals Inc. · worldwide excluding mainland China, Hong Kong, Macau and Taiwan (Greater China)
    $20M upfront, $10M equity, up to $1.07B in milestonesAs consideration for the rights granted to the Company by Hinova, the Company agreed to make a one-time, non-refundable upfront cash payment to Hinova of $20.0 million and to issue to a wholly owned subsidiary of Hinova pre-funded warrants (the "Warrants") to purchase up to 1,262,413 shares of the Company's common stock, representing $10.0 million of common stock based on the average closing price
  5. Nov 2, 2026
    Theriva Biologics, Inc. TOVX out-licensed SYN-004 (ribaxamase), SYN-007 (reformulated ribaxamase), SYN-006 (carbapenemase) to Biossil Labs Inc. · worldwide
    $0.3M upfront, up to $91M in milestonesTheriva received a $350,000 upfront payment at closing and is eligible to receive up to $3 million upon the achievement of regulatory milestones, low single-digit royalties on net product sales, subject to a cap of $250 million, and up to $88 million in potential milestones payable upon achievement of certain cumulative worldwide net sales thresholds.
  6. Oct 31, 2026
    Regeneron Pharmaceuticals, Inc. REGN out-licensed four additional long-acting, Regeneron-invented antibodies: (i) an antibody targeting IL-13, (ii) an antibody targeting IL-4, (iii) an antibody targeting IL-4 receptor alpha, and (iv) a bispecific antibody targeting IL-4xIL-13 (collectively, the 'New Licensed Products') to Sanofi · worldwide
    $1B upfront, up to $7B in milestonesUnder the terms of the amendment, we received an up-front payment of $1.0 billion from Sanofi, and we are entitled to receive up to an additional $7.0 billion in the aggregate upon the achievement of certain development, regulatory, and sales-based milestones.
  7. Oct 30, 2026
    OmniAb, Inc. OABI out-licensed new ion channel program to Eli Lilly and Company · global
    up to $370M in milestonesUnder the terms of the agreement, OmniAb received an up-front payment and is eligible to receive up to $370 million in research, development, and commercial milestone payments, as well as tiered royalties on global net sales.
  8. Oct 29, 2026
    Kiora Pharmaceuticals, Inc. KPRX in-licensed KIO-401 (mitucapistat; designated by Senju as SJP-0008 in Japan and Asia) - a neuroprotective, oral small-molecule calpain inhibitor from Senju Pharmaceutical Co., Ltd. · worldwide except for certain specified countries, including countries in Asia (Territory defined as the world ex-Asia)
    $3.5M upfront, up to $168M in milestonesThe Company will also pay Senju an amount in the low teen millions of dollars upon completion of the technology transfer, a portion of which may be credited against future milestone payments, and will make additional payments of up to $168.5 million subject to the achievement of certain specified regulatory and commercial milestones. In addition, the Company will pay single-digit royalties based o
  9. 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.
  10. Oct 13, 2026
    Aquestive Therapeutics, Inc. AQST out-licensed Libervant® (diazepam) buccal film to Eton · US
    $10M upfront, up to $48M in milestonesEton will be responsible for U.S. commercialization, while the Company received a $10,000 upfront license fee and is eligible to receive up to $47,500 in contingent regulatory and sales-based milestone payments and mid-teens royalties on net sales.
  11. 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.
  12. Oct 12, 2026
    Evolus, Inc. EOLS in-licensed procedure-based, sustained-release injectable treatment for hair regrowth from a privately held company
    $1.5M upfront, up to $1.0M in milestonesUnder the agreement, we agreed to pay aggregate option consideration of $1.5 million, reduced by certain amounts that have been previously paid by us, and an additional $1.0 million contingent upon achievement and confirmation of a specified development milestone.
  13. Oct 9, 2026
    Vir Biotechnology, Inc. VIR out-licensed three novel PRO-XTEN® dual-masked TCE development candidates targeting selected solid tumor-associated antigens to Gilead Sciences, Inc.
    $65M upfront, $25M equity, up to $1.74B in milestonesIn October 2026, we received $90 million in cash consideration, including a $65 million upfront payment and a $25 million equity investment, and are eligible to receive up to $45 million in potential near-term preclinical milestones. We also have the potential to receive up to $1.74 billion in further development, regulatory and commercial milestones, along with tiered royalties on net sales.
  14. Oct 8, 2026
    Glaukos Corporation GKOS in-licensed multi-specific biologic molecule, as well as up to four additional retinal products, utilizing RevOpsis' proprietary platform from RevOpsis Therapeutics, Inc.
    $10M upfront, up to $875M in milestonesUnder the agreement, we paid a non-refundable upfront license fee of $10.0 million. We may also be required to make development and regulatory milestone payments of up to $165.0 million for the licensed biologic molecule, and license fee and milestone payments of up to $175.0 million for each of the four additional licensed products, for a total of $875.0 million in potential milestone payments in
  15. Oct 1, 2026
    BioMarin Pharmaceutical Inc. BMRN in-licensed BMN 450 (also known as HM15421/GC1134A) from GC Biopharma Corp. and Hanmi Pharm Co., Ltd. · worldwide
    $70M upfront, up to $405M in milestonesUnder the terms of the agreement, we will make an upfront payment of $70.0 million that will be recorded as acquired IPR&D expense in the fourth quarter of 2026. GC Biopharma and Hanmi are also jointly eligible to receive up to an additional $405.0 million upon the completion of certain development and commercial milestones, and tiered royalties.
  16. 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.
  17. Oct 1, 2026
    Biohaven Ltd. BHVN out-licensed MoDE pan IgG degrader portfolio, led by BHV-1300 and including next-generation follow-on degraders BHV-1310 and BHV-1320 to Ono Pharmaceutical Co., Ltd. · Japan, South Korea, Taiwan and the countries of the Association of Southeast Asian Nations
    $80M upfrontUnder the Ono License Agreement, Ono paid the Company a one-time, non-creditable and non-refundable upfront payment of $80.0 million in October 2026 upon closing and will pay the Company another $20.0 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
  18. 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
  19. Sep 30, 2026
    Alector, Inc. ALEC out-licensed AL050 program (ABC-enabled glucocerebrosidase (GCase) enzyme replacement therapy) to Genentech, Inc. · worldwide
    $100M upfront, up to $1.17B in milestonesUnder the Genentech License Agreement, we received a $100.0 million upfront payment subsequent to September 30, 2026, and are eligible to receive up to an additional $1.17 billion in development, regulatory, and commercial milestone payments, as well as tiered royalties on a specified percentage of net sales at rates ranging from single-digit to double-digit percentages.
  20. Sep 30, 2026
    Amphastar Pharmaceuticals, Inc. AMPH in-licensed unclear from Hanxin Pharmaceutical Technology Co., Ltd
    $2.0M upfrontIncludes the upfront payment of $2.0 million in 2026 relating to the licensing agreement with Hanxin Pharmaceutical Technology Co., Ltd.
  21. Sep 30, 2026
    Merck & Co., Inc. MRK in-licensed MK-2690 (SPR2015) from SciBrunch Therapeutics Co., Ltd. · worldwide
    $400M upfrontThe Company recorded a charge to Research and development expenses of $400 million in the third quarter and first nine months of 2026, or $0.12 per share, for the upfront payment, which is expected to be paid in the fourth quarter of 2026. SciBrunch is also eligible to receive future contingent development-related, regulatory, and, if approved, sales-based milestone payments.
  22. Sep 24, 2026
    Ligand Pharmaceuticals Inc LGND out-licensed all current and future AvenCell pipeline assets (including AVC-201 and AVC-203) to AvenCell Therapeutics, Inc. · worldwide
    $6.0M equity, up to $47M in totalUnder the terms of the agreement, Ligand has committed up to $41 million in exchange for a mid single-digit to low double-digit royalty on worldwide annual net sales of all current and future AvenCell pipeline assets, with the applicable rate determined based on the total amount ultimately funded. The capital will be funded in four tranches, with the first tranche payable at closing, and the remai
  23. Sep 22, 2026
    Ligand Pharmaceuticals Inc LGND in-licensed Ryjunea (low-dose atropine eye drop) royalty and milestone interest under Sydnexis-Santen license from Sydnexis, Inc. · Europe, the Middle East, and Africa (EMEA)
    $23M upfrontUnder the terms of the agreement, Ligand will pay $23 million upfront to acquire a 100% interest in certain payments and related rights under Sydnexis’s existing license agreement with Santen.
  24. 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.
  25. 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.
  26. Sep 1, 2026
    Royalty Pharma plc RPRX in-licensed Zoryve from AstraZeneca
    $100M upfrontIn September 2026, Royalty Pharma acquired a royalty interest in Zoryve from AstraZeneca for $100 million upfront.
  27. Sep 1, 2026
    Schrodinger, Inc. SDGR partnered small molecule compounds for targets in certain specified therapeutic areas with Novartis Pharma AG
    up to $1.42B in milestonesWe are eligible to receive up to $1.424 billion in total milestone payments across the programs under the terms of the research collaboration and license agreement as amended. Such milestones consist of up to $704.0 million in discovery and development milestones and up to $720.0 million in commercial milestones. We are also entitled to a tiered percentage royalty on net sales of each product comm
  28. 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.
  29. 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
  30. 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).
  31. 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.
  32. 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.
  33. 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.
  34. Aug 1, 2026
    Royalty Pharma plc RPRX in-licensed Mimrylo (formerly rusfertide) from Zealand Pharma
    $50M upfront, up to $100M in totalIn August 2026, Royalty Pharma acquired a royalty interest in Mimrylo, formerly known as rusfertide, from Zealand Pharma for $100 million, consisting of $50 million paid upfront and the remaining $50 million payable on the first anniversary of the closing.
  35. Aug 1, 2026
    Biohaven Ltd. BHVN out-licensed Kv7 ion channel platform, including opakalim (BHV-7000) and other Kv7 compounds and products to SK Biopharmaceuticals Co., Ltd. · worldwide
    $400M upfront, up to $150M in milestonesUnder the SKBP License Agreement, SKBP will pay us a non-creditable and non-refundable upfront fee of $400.0 million, consisting of $350.0 million payable at the Closing and $50.0 million payable one year after the Closing. Biohaven will also be eligible to receive up to $150.0 million in one-time development and regulatory milestone payments.
  36. 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.
  37. 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.
  38. 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.
  39. 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.
  40. Jul 1, 2026
    Royalty Pharma plc RPRX in-licensed cliramitug from Neurimmune AG
    $125M upfront, up to $300M in milestones, up to $425M in totalIn July 2026, Royalty Pharma acquired a portion of Neurimmune AG's royalty interest in AstraZeneca's cliramitug for up to $425 million, including $125 million upfront.
  41. Jun 30, 2026
    Travere Therapeutics, Inc. TVTX in-licensed civorebrutinib from Everest Medicines (Singapore) Pte. Ltd. · United States and global markets excluding Greater China and certain countries in East and Southeast Asia
    $112M upfront, up to $1B in milestonesUnder the Everest Agreement, we paid Everest an upfront payment of $112.5 million in July 2026 and Everest is eligible to receive up to approximately $1.0 billion in additional development, regulatory and commercial milestone payments, as well as tiered royalties ranging from high single-digit to double-digit percentages on net sales of civorebrutinib products in the Territory.
  42. 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.
  43. Jun 1, 2026
    Acumen Pharmaceuticals, Inc. ABOS in-licensed Aβ oligomer-targeted Enhanced Brain Delivery™ (EBD®) therapy (ACU301 and ACU401) from JCR Pharmaceuticals Co. Ltd.
    up to $555M in milestonesJCR will also be eligible to receive future milestone payments of up to $40.0 million related to development, and up to $515.0 million related to sales, for a total of up to $555.0 million, as well as single-digit percentage royalties on sales of any products that emerge from the collaboration.
  44. Alnylam Pharmaceuticals, Inc. ALNY partnered novel RNAi therapeutics discovery using generative AI models with Inceptive Nucleics
    $15M equityWe also entered into a stock purchase agreement with Inceptive pursuant to which we purchased shares of Inceptive's preferred stock for a total purchase price of $15.0 million.
  45. Jazz Pharmaceuticals plc JAZZ in-licensed next-generation T-cell engaging multispecific antibodies from AbCellera
    $56M upfront, up to $792M in milestonesAbCellera received $56.0 million in total upfront payments for the first two research programs with an additional $28.0 million due upon initiation of the third program. Should we exercise our option for development, AbCellera is eligible to receive up to $792.0 million per program in option fees and development, regulatory, and commercial sales milestone payments along with tiered royalties on ne
  46. May 31, 2026
    Aligos Therapeutics, Inc. ALGS out-licensed pevifoscorvir sodium (previously known as ALG‑000184) to Xiamen Amoytop Biotech Co., Ltd · Mainland China, Taiwan, Hong Kong, and Macau (Greater China)
    $25M upfront, up to $420M in milestonesIn May 2026, we entered an exclusive license deal with Amoytop to develop and commercialize pevifoscorvir sodium in Mainland China, Taiwan, Hong Kong, and Macau (Greater China) for chronic HBV infection for an upfront payment of $25.0 million, net of tax, (which was received in July 2026) and up to $420 million in clinical, regulatory, and sales milestones, along with tiered, high single-digit roy
  47. 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.
  48. 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.
  49. 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.
  50. 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.
  51. May 1, 2026
    Bristol Myers Squibb Co BMY in-licensed 13 early stage assets in oncology, hematology and immunology from Hengrui · worldwide
    $600M upfrontCash used in investing activities during 2026 was primarily driven by a $600 million upfront payment made pursuant to the Hengrui license agreements
  52. 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.
  53. Apr 30, 2026
    Kymera Therapeutics, Inc. KYMR out-licensed KT-200, an oral CDK2 molecular glue degrader to Gilead Sciences, Inc. · worldwide
    $40M upfront, up to $665M in milestonesIn consideration for the exclusive option and rights granted under the Gilead Agreement, we received a non-refundable upfront payment of $40.0 million. Further in April 2026, Gilead exercised its exclusive option to license KT-200, an oral CDK2 molecular glue degrader as a development candidate. As a result, we earned an option exercise payment of $45.0 million received and recognized as revenue i
  54. 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.
  55. 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
  56. 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.
  57. Apr 1, 2026
    Biogen Inc. BIIB in-licensed felzartamab from TJ Biopharma (Hangzhou) Co., Ltd. · greater China region
    $100M upfront, up to $750M in milestonesUnder the terms of this agreement we made an upfront payment of $100.0 million to TJ Bio, which was recorded in acquired in-process research and development, upfront and milestone expense within our condensed consolidated statements of income for the nine months ended September 30, 2026. TJ Bio will also be eligible to receive potential commercial and sales milestone payments of up to $20.0 millio
  58. 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.
  59. 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).
  60. 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.
  61. 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.
  62. Mar 3, 2026
    Adial Pharmaceuticals, Inc. AZR 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.
  63. Mar 1, 2026
    Biogen Inc. BIIB in-licensed subcutaneous formulation of two biologics using Alteogen's ALT-B4 hyaluronidase technology from Alteogen Inc. · exclusive (specific territory not stated)
    $20M upfront, up to $10M in milestonesIn connection with the closing of this transaction we accrued an upfront payment of $20.0 million to Alteogen, which was recognized in acquired in-process research and development, upfront and milestone expense within our condensed consolidated statements of income for the nine months ended September 30, 2026, and was paid during the second quarter of 2026. Alteogen will also be eligible to receiv
  64. Mar 1, 2026
    Biogen Inc. BIIB in-licensed Alloy's novel and proprietary AntiClastic ASO Platform from Alloy Therapeutics, Inc.
    $12M upfrontIn connection with the closing of this transaction we accrued an upfront payment of $12.0 million to Alloy, which was recognized in acquired in-process research and development, upfront and milestone expense within our condensed consolidated statements of income for the nine months ended September 30, 2026, and was paid during the second quarter of 2026. Alloy will also be eligible to receive pote
  65. 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.
  66. 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
  67. 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
  68. 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 $
  69. 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
  70. 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.
  71. 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.
  72. 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
  73. 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
  74. 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
  75. 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.
  76. 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.
  77. 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
  78. 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.
  79. 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.
  80. 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.
  81. 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.
  82. Jazz Pharmaceuticals plc JAZZ in-licensed SAN2355 (JZP053) from Saniona · worldwide
    $42M upfront, up to $992M in milestonesUnder the terms of the agreement, we made an upfront payment to Saniona of $42.5 million. Saniona is eligible to receive up to $192.5 million in development and regulatory milestones, up to $800.0 million in commercial milestone payments and tiered royalties ranging from mid-single digits to low-double digits on net sales of commercial products resulting from the development of JZP053.
  83. Nov 30, 2024
    Aclaris Therapeutics, Inc. ACRS in-licensed bosakitug and ATI-052 from Biosion, Inc. · worldwide, excluding Greater China
    $30M upfront, up to $920M in milestoneswe, in the aggregate, (i) paid $30.0 million in upfront cash consideration, plus $4.5 million for the reimbursement of certain development costs, (ii) issued warrants (the "Warrants") to purchase 14,281,985 shares of our common stock and (iii) paid $6.2 million for the reimbursement of certain development costs and drug product material.
  84. Oct 1, 2024
    Lexicon Pharmaceuticals, Inc. LXRX out-licensed sotagliflozin to Viatris · all markets outside of the United States and Europe
    $25M upfrontpursuant to which we received an upfront payment of $25 million.
  85. Jun 3, 2024
    Summit Therapeutics Inc. SMMT in-licensed ivonescimab from Akeso · Latin America (including Mexico and all countries in Central America and South America), Middle East and Africa
    $15M upfrontFurthermore, on June 3, 2024, the Company entered into an amendment to the License Agreement with Akeso to expand its territories covered under the License Agreement to also include the Latin America, Middle East and Africa regions for which Summit paid an upfront payment of $15.0 million cash in the third quarter of 2024.
  86. Oct 31, 2023
    Aldeyra Therapeutics, Inc. ALDX out-licensed reproxalap to AbbVie Inc. · worldwide (co-exclusive US, exclusive ex-US)
    $1.0M upfront, up to $300M in milestonesAbbVie has paid us a non-refundable payment of $1.0 million in consideration of the AbbVie Option (the AbbVie Option Payment). ... Upon AbbVie's delivery of the agreement execution notice and the parties entering into the Collaboration Agreement, AbbVie would pay us a $100.0 million upfront cash payment, less the AbbVie Option Payment and the AbbVie Option Extension Fee. In addition, we would be e
  87. Dec 5, 2022
    Summit Therapeutics Inc. SMMT in-licensed ivonescimab from Akeso · United States, Canada, Europe, Japan, Latin America (including Mexico and all countries in Central America and South America), Middle East and Africa
    $475M upfront, $25M equityIn exchange for these rights, Summit made an upfront payment during the first quarter of 2023 comprised of $474.9 million cash and the issuance of 10 million shares of Company common stock in lieu of $25.1 million cash pursuant to a share transfer agreement.
  88. Jazz Pharmaceuticals plc JAZZ in-licensed zanidatamab from Zymeworks · U.S., Europe, Japan and all other territories except for those Asia/Pacific territories previously licensed by Zymeworks
    $50M upfront, up to $1.4B in milestones, up to $1.76B in totalUnder the terms of the agreement, Zymeworks received an upfront payment of $50.0 million, and following the exercise of our option to continue the collaboration, a second, one-time payment of $325.0 million. Zymeworks is also eligible to receive regulatory and commercial milestone payments of up to $1.4 billion, for total potential payments of $1.76 billion. Zymeworks is eligible to receive tiered
  89. Sep 1, 2022
    Kiniksa Pharmaceuticals KNSA out-licensed vixarelimab and related antibodies to Genentech · worldwide
    up to $600M in milestonesUnder the Genentech License Agreement, we will be eligible to receive up to a total of approximately $600.0 million in contingent payments, including specified development, regulatory and sales-based milestones