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: 17 May 2026
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2026 biotech BD&L market snapshot
- 47 BD&L transactions are now tracked in total for 2026 so far, with four new transactions added in the latest refresh.
- Largest disclosed 2026 package so far: AstraZeneca / CSPC Pharmaceutical at up to roughly US$18.5B, followed by BMS / Hengrui Pharma at up to roughly US$15.2B, 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 / cardiometabolic, immunology / autoimmune, oncology, RNAi / oligonucleotides, genetic medicines, AI-enabled discovery, rare disease, drug-delivery technology, CNS / neurodegeneration, and infectious disease / hepatology.
- A notable read-through is that buyers are underwriting both late-stage / commercial assets and platform access — with the latest additions including BMS’s multi-asset Hengrui collaboration, Fosun’s global option on AriBio’s Phase 3 Alzheimer’s program, Rigel’s global license for Arvinas / Pfizer’s VEPPANU, and Boehringer Ingelheim’s preclinical immunology license from Immunitas.
May 2026
Fosun Pharma ↔ AriBio
13-May-2026
Global Option
- Asset: AR1001 / mirodenafil
- Modality: Oral PDE5 inhibitor
- Therapeutic area: CNS / Alzheimer’s disease
- Development stage: Phase 3; POLARIS-AD has enrolled more than 1,500 patients, with topline results expected in 2026
- Territory: Global option covering major markets including the United States, Europe, and Japan, expanding Fosun’s existing regional rights
- Rights: Fosun receives an exclusive global option to acquire broader development and commercialization rights to AR1001
- Responsibilities: AriBio continues the ongoing Phase 3 program; Fosun can exercise the option to take broader global rights after the agreed trigger
- Deal terms: $60M option fee; if exercised, Fosun will pay up to $180M in upfront and regulatory milestone payments; sales milestones trigger once annual net sales reach at least $2.5B
- Why it matters: A late-stage CNS option deal with meaningful cash economics ahead of a pivotal Alzheimer’s readout. The structure gives Fosun global optionality without fully committing before POLARIS-AD reads out, while AriBio brings in non-dilutive capital and preserves upside if Phase 3 data are positive.
BMS ↔ Hengrui Pharma
12-May-2026
Strategic Collaboration / Multi-Asset License
- Asset: 13 programs across oncology, hematology, and immunology, including Hengrui-originated and BMS-originated assets
- Modality: Multi-modality early-stage portfolio; specific program details not fully disclosed publicly
- Therapeutic area: Oncology, hematology, and immunology
- Development stage: Early-stage / preclinical portfolio; the partnered programs had not yet entered human clinical trials at announcement
- Territory: BMS receives rights outside mainland China, Hong Kong, and Macau for Hengrui-originated assets; Hengrui receives mainland China, Hong Kong, and Macau rights for BMS-originated assets
- Rights: Strategic cross-licensing framework across the 13 programs, with BMS and Hengrui each taking territory-specific rights to selected assets
- Responsibilities: BMS and Hengrui will develop and commercialize the licensed programs in their respective territories under the collaboration
- Deal terms: Up to $15.2B in total potential value; BMS will pay Hengrui up to $950M, including $600M upfront, a $175M first-anniversary payment, a potential second $175M anniversary payment in 2028, plus tiered royalties
- Why it matters: One of the largest disclosed BD&L packages of 2026 and a major China-to-global read-through: BMS is using a broad, risk-sharing portfolio structure to access Hengrui’s early innovation engine across three priority disease areas, rather than betting on a single named late-stage asset.
Rigel Pharmaceuticals ↔ Arvinas / Pfizer
12-May-2026
Global License / Commercial-stage Oncology
- Asset: VEPPANU® / vepdegestrant
- Modality: Oral PROTAC® estrogen receptor degrader
- Therapeutic area: Oncology / ER-positive, HER2-negative, ESR1-mutant advanced or metastatic breast cancer
- Development stage: Registration / commercial-stage; VEPPANU is positioned for second-line ER+/HER2- ESR1-mutant advanced or metastatic breast cancer
- Territory: Global
- Rights: Rigel receives exclusive global rights to develop, manufacture, and commercialize VEPPANU
- Responsibilities: Rigel takes over global development, manufacturing, and commercialization; Arvinas and Pfizer support transition activities and retain downstream economics
- Deal terms: $70M upfront to Arvinas and Pfizer; $15M transition payment; up to $320M in development, regulatory, and commercial milestones; tiered royalties from the mid-teens to mid-20s on future net sales
- Why it matters: A notable late-stage oncology handoff: Arvinas and Pfizer monetize and de-risk VEPPANU while preserving meaningful royalties, while Rigel gets a near-commercial breast cancer asset that could materially reshape its revenue profile if uptake follows the ESR1-mutant opportunity.
Boehringer Ingelheim ↔ Immunitas Therapeutics
12-May-2026
Global License
- Asset: Undisclosed preclinical antibody program
- Modality: Antibody therapeutic
- Therapeutic area: Chronic inflammatory and autoimmune diseases
- Development stage: Preclinical
- Territory: Worldwide
- Rights: Boehringer Ingelheim receives worldwide rights to develop, manufacture, and commercialize the program
- Responsibilities: Boehringer Ingelheim takes forward development, manufacturing, and commercialization; Immunitas receives upfront, milestones, and royalties
- Deal terms: Upfront payment not disclosed; up to €407.5M in near-term and future development, regulatory, and commercial milestone payments; tiered royalties on future sales
- Why it matters: A clean early immunology license that reinforces the continued bid for preclinical antibody assets when the biology is differentiated. For Immunitas, it provides non-dilutive validation and economics while shifting global development risk to a large immunology-focused pharma buyer.
Halozyme ↔ GSK
07-May-2026
Drug Delivery / Platform License
- Asset: ENHANZE® technology applied to multiple GSK oncology targets, including antibody-drug conjugates
- Modality: Subcutaneous drug-delivery technology / recombinant human hyaluronidase platform
- Therapeutic area: Oncology
- Development stage: Multiple targets; first clinical trial projected to initiate in 2026
- Territory: Global
- Rights: GSK licenses ENHANZE for subcutaneous formulations of multiple oncology targets and receives an option for additional future targets
- Responsibilities: GSK advances development and commercialization of the partnered products incorporating ENHANZE; Halozyme provides the enabling delivery technology
- Deal terms: Upfront payment, potential future milestone payments, and royalties on net sales of products incorporating ENHANZE; financial amounts were not disclosed publicly
- Why it matters: A useful platform read-through for oncology drug delivery: this is Halozyme’s first ENHANZE deal explicitly including ADC targets, suggesting large pharma is looking for formulation and convenience advantages even in complex oncology modalities.