In January 2026, the global biopharmaceutical industry experienced an intensive and high-quality wave of mergers, acquisitions, and business development (BD) transactions. From multinational pharmaceutical companies making heavy strategic bets in core therapeutic areas such as oncology, autoimmune diseases, and central nervous system (CNS) disorders, to artificial intelligence and platform-based technologies becoming increasingly embedded in mainstream R&D systems, deal activity reached a notable peak.
Of particular interest is the growing presence of Chinese biotech companies at the center of global transactions, especially in bispecific antibodies, ADCs, peptides, and AI-driven drug discovery. Their bargaining power and global influence continue to rise. Collectively, the January transactions offer a clear directional signal for capital flows in pharmaceutical innovation throughout the year.
1.Oncology & Immunotherapy: ADCs, Bispecifics, CAR-T, and Novel Targets Heat Up
- Dark Blue Therapeutics X Amgen (USD 840M, Jan 6)
Amgen acquired Dark Blue Therapeutics for USD 840 million. The core asset is DBT-3757, a first-in-class dual-target small-molecule protein degrader for AML, currently in the preclinical stage, highlighting Amgen’s long-term commitment to hematologic malignancies.
- DISCO Pharmaceuticals XAmgen (USD 618M, Jan 7)
Amgen secured global exclusive development rights to novel tumor cell surface targets discovered via DISCO’s platform. The deal, valued at up to USD 618 million including milestones and royalties, reflects continued demand from big pharma for next-generation target discovery platforms.
- YL Biologics XRoche (USD 570M, Jan 9)
Roche further strengthened its ADC portfolio with a USD 570 million deal centered on YL201, a B7-H3-targeting ADC from YL Biologics. The transaction underscores the rapidly improving global valuation of innovative Chinese ADC programs.
- AbbVie XRemeGen (USD 5.6B, Jan 12)
During JPM 2026, AbbVie entered a partnership with RemeGen valued at approximately USD 5.6 billion, obtaining global ex-China rights to RC148, a PD-1/VEGF bispecific antibody. With dual immune activation and anti-angiogenic mechanisms, RC148 is viewed as a next-generation immuno-oncology combination asset.
- WuXi Biologics XZai Lab (Jan 14)
The two companies partnered around a clinical-stage T-cell engager (TCE) based on a CD3 platform. Zai Lab obtained global exclusive development and commercialization rights for solid tumor indications, while WuXi Biologics receives upfront payment, milestones, and royalties, highlighting its transition from CDMO to innovation originator.
- BMS XJanux (USD 850M, Jan 22)
Bristol Myers Squibb licensed Janux’s tumor-activated TCE platform with a USD 50 million upfront payment and total potential value of up to USD 850 million. Janux’s conditional T-cell activation technology aims to reduce systemic toxicity, positioning it as a key next-generation TCE approach.
2.Neurology & CNS Disorders: Aβ, NLRP3, and Gene Editing Advance in Parallel
- Sainuo Pharma X Novartis (USD 1.665B, Jan 12)
Novartis obtained global rights to an Aβ-targeting antibody, with Sainuo Pharma receiving USD 165 million upfront plus up to USD 1.5 billion in milestones and royalties. Combined with a blood-brain barrier shuttle technology, the program seeks differentiated efficacy in Alzheimer’s disease.
- Insilico Medicine XHintai Bio (HKD 500M, Jan 20)
The companies partnered to develop ISM8969, an oral NLRP3 inhibitor capable of crossing the blood-brain barrier for CNS indications, marking a critical step in translating AI-designed assets into clinical value.
- Eli Lilly XSeamless Therapeutics (USD 1.12B,Jan 28)
Lilly entered a collaboration with German gene-editing company Seamless Therapeutics worth up to USD 1.12 billion, targeting hereditary hearing loss. Seamless will design site-specific recombinases to precisely correct pathogenic mutations.
3.Metabolic, Autoimmune & Inflammatory Diseases: Peptides, Bispecifics, and Oral Small Molecules
- Yifan Pharmaceutical X Shande Therapeutics (USD 100M, Jan 6)
Yifan announced that its wholly owned subsidiary acquired exclusive commercialization rights in China, East Asia, and Southeast Asia for ACT001, a first-in-class innovative therapy, with an upfront payment of USD 100 million.
- Madrigal XPfizer (USD 50M,Jan 9)
Madrigal licensed Pfizer’s DGAT2 inhibitor Ervogastat and two early-stage MASH assets, strengthening its metabolic disease pipeline.
- Haisco XAirNexis (USD 1.063B,Jan 12)
HSK39004, a first-in-class innovative drug, was licensed globally (ex-Greater China) to AirNexis. The deal includes USD 108 million upfront, USD 955 million in milestones, and sales-based royalties.
- Zhensheng Pharma XQilu Pharmaceutical (RMB 1B,Jan 16)
The two companies partnered on the manufacturing and commercialization of peptide drug RAY1225 for obesity and type 2 diabetes in China. Zhensheng retains IP and MAH status, reflecting growing momentum in China’s peptide drug space.
- Simcere XBoehringer Ingelheim (EUR 1.058B,Jan 27)
Boehringer acquired ex-Greater China global rights to SIM0709, a TL1A/IL-23p19 bispecific antibody. The deal includes EUR 42 million upfront, up to EUR 1.016 billion in milestones, and royalties, widely seen as a benchmark transaction in China’s autoimmune BD landscape.
- Repertoire XEli Lilly (USD 1.925B, Jan 29)
Repertoire and Lilly entered a strategic collaboration valued at up to USD 1.925 billion to develop tolerance-inducing therapies for autoimmune diseases, aiming to restore immune homeostasis while avoiding broad immunosuppression.
- Formation Bio XJiangsu CTFH (USD 500M,Jan 29)
Formation Bio acquired global ex-Greater China rights to FHND5032, an oral small-molecule miR-124 activator for autoimmune diseases.
- CSPC XAstraZeneca (USD 18.5B,Jan 30)
CSPC and AstraZeneca announced a strategic collaboration and licensing agreement with potential value up to USD 18.5 billion, focused on long-acting peptide therapeutics and sustained-release delivery platforms. The deal includes one clinical-ready asset (SYH2082, a long-acting GLP-1R/GIPR agonist) and three preclinical programs.
- Recordati XModerna (USD 160M,Jan 30)
Recordati entered a collaboration and licensing agreement with Moderna worth up to USD 160 million, obtaining global commercialization rights to the investigational mRNA therapy mRNA-3927 for propionic acidemia. Moderna will continue leading clinical development in collaboration with Recordati.
4. AI Drug Discovery & Platform Partnerships: Algorithms as the “New Productivity Engine”
- Earendil Labs X Sanofi (USD 2.56B, Jan 5)
The collaboration centers on an AI-driven bispecific antibody discovery platform. Sanofi leads global development, while Earendil receives USD 160 million in near-term payments and up to USD 2.56 billion in total consideration.
- Insilico Medicine XServier (USD 888M,Jan 5)
Insilico leveraged its AI drug discovery platform to identify oncology candidates for Servier, with deal value up to USD 888 million, signaling large-scale monetization of AI platforms.
- Noetik XGSK (USD 50M,Jan 8)
GSK obtained non-exclusive rights to use Noetik’s OCTO-VC virtual cell model for NSCLC and CRC research, illustrating deep integration of AI models into big pharma R&D.
5. M&A and Capital Transactions: Filling Gaps, Buying Time
- AstraZeneca X Modella AI (Jan 13)
AstraZeneca completed the acquisition of U.S.-based biomedical AI company Modella AI. Although deal value was undisclosed, the transaction is viewed as a key reinforcement of AZ’s AI-driven target discovery and disease modeling capabilities.
- WuXi XDC XTOT BIOPHARM (HKD 3.091B,Jan 14)
WuXi XDC launched a voluntary conditional cash offer to acquire TOT BIOPHARM, valuing the company at approximately HKD 3.091 billion, strengthening end-to-end biologics commercialization and manufacturing capabilities.
- Sino Biopharmaceutical XHangzhou Hejia Bio (RMB 1.2B,Mid-Jan)
Sino Biopharmaceutical acquired 100% equity of Hejia Bio for up to RMB 1.2 billion. Hejia focuses on oligonucleotide therapeutics, enhancing Sino’s advanced technology platforms and long-term innovation pipeline.
- Eli Lilly XVentyx Biosciences (USD 1.2B,Late Jan)
Lilly announced an all-cash acquisition of clinical-stage biotech Ventyx for approximately USD 1.2 billion. Ventyx focuses on oral small molecules for inflammatory and autoimmune diseases. The deal is expected to close in H1 2026.
- AstraZeneca XAbelZeta Pharma (USD 630M,Jan 19)
AstraZeneca acquired rights to AbelZeta’s GPC3-armored CAR-T therapy for USD 630 million, reinforcing its cell therapy strategy in solid tumors and highlighting sustained interest in next-generation CAR-T differentiation.
January 2026 global pharma BD and M&A activity highlights sustained capital concentration in innovative targets, AI-driven drug discovery, bispecific antibodies, and peptide therapeutics. Large multinational pharmaceutical companies continue to rapidly reinforce pipelines through acquisitions, licensing, and strategic collaborations, while Chinese innovators steadily enhance their negotiating power on the global stage.
