Although February coincided with the Lunar New Year holiday and a seasonal slowdown in market activity, global biopharma business development remained highly active. From RNAi licensing and CAR-T acquisitions to antibody collaborations and AI-driven drug discovery alliances, multiple headline transactions were announced in rapid succession, many reaching multi-billion-dollar values.
1. Oncology
- Feb 4 | Lishan BiotechX Evogene (Biomica) | Undisclosed
Global exclusive licensing of LS-LBP-002, a live biotherapeutic product based on four defined gut bacterial strains designed to enhance immunotherapy response. Early-stage development; represents integration of microbiome science with oncology immunotherapy.
- Feb 5 | HenliusX Eisai | >$300M
Henlius granted Eisai exclusive commercialization rights in Japan for the PD-1 antibody serplulimab. The deal includes a $75M upfront plus sales milestones, marking a notable overseas expansion of Chinese checkpoint inhibitors.
- Feb 8 | Innovent BiologicsX Eli Lilly | Up to $8.5B
Global strategic collaboration covering next-generation antibodies in oncology and immunology. Innovent advances assets through Phase II in China; Lilly obtains ex-Greater China rights. Deal includes $350M upfront and up to $8.5B in milestones plus royalties.
- Feb 13 | QinHao PharmaX Gilead Sciences | Up to $1.45B
Global licensing of MAT2A inhibitor GH31, a synthetic lethality oncology therapy with IND approvals in China and the U.S. $80M upfront; global clinical development to commence.
- Feb 23 | Harbour BioMedX Solstice Oncology | Up to $1.105B
Out-licensing of CTLA-4 antibody HBM4003 (ex-Greater China). Includes $50M upfront (cash + equity) and potential milestones.
- Feb 23 | Gilead SciencesX Arcellx | $7.8B acquisition
Acquisition centered on BCMA CAR-T therapy anitocabtagene autoleucel (anito-cel) for multiple myeloma and its D-Domain CAR platform technology.
- Feb 23 | Astellas PharmaX Vir Biotechnology | Up to $335M
Collaboration on VIR-5500, a PSMA-targeted PRO-XTEN® masked CD3 T-cell engager for prostate cancer.
- Feb 27 | WuXi XDCX Earendil Labs | Up to $885M
Global exclusive rights granted for WuXiTecan-2 linker-payload technology to develop AI-enabled bispecific ADCs.
2.Metabolic & Liver Diseases
- Feb 11 | RiboBioX Madrigal Pharmaceuticals | Up to $4.4B
Global rights to six MASH-related siRNA assets utilizing GalNAc delivery technology.
- Feb 24 | Hangzhou SciwindX Pfizer | Up to $495M
China commercialization rights for next-generation GLP-1 receptor agonist ecnoglutide for obesity and T2D.
- Feb 25 | Novo NordiskX Vivtex | Up to $2.1B
Partnership to develop next-generation oral biologics for obesity and diabetes using proprietary oral delivery technology.
3. Respiratory & Pulmonary Vascular Diseases
- Feb 25 | GSK acquires 35Pharma | $950M
Acquisition centered on HS235 targeting activin receptor signaling for pulmonary hypertension.
4. Immunology & Inflammation
- Feb 9 | Eli LillyX Orna Therapeutics | Up to $2.4B
Acquisition of circRNA platform; lead asset ORN-252 is an in vivo CAR-T candidate targeting B-cell, mediated autoimmune diseases.
- Feb 26 | Boehringer IngelheimX Sitryx Therapeutics | >$500M
Exclusive global license for a preclinical oral small-molecule inhibitor with potential disease-modifying activity across autoimmune and inflammatory indications.
5. RNA & Next-Generation Platforms
- Feb 2 | SinoRNAX Genentech | Up to $1.5B
RNAi platform collaboration highlighting global recognition of Chinese RNA capabilities.
- Feb 9 | Takeda Pharmaceutical CompanyX Iambic | >$1.7B
Multi-year AI-driven small-molecule discovery partnership.
- Feb 18 | Unnatural ProductsX Novartis | Up to $1.7B
Collaboration on AI-enabled oral macrocycle platform targeting traditionally undruggable targets.
February maintained strong transaction momentum despite seasonal holidays. Big pharma accelerated acquisitions and platform partnerships, while RNAi, CAR-T, and AI-driven drug discovery continued to heat up. Chinese biotech firms demonstrated increasing prominence in global BD activity. The cluster of high-value announcements signals accelerating asset integration and suggests that 2026 has opened with powerful dealmaking energy.
