February BD Roundup: Global Biopharma Deals Accelerate Despite Holiday Slowdown

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.

• 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.

• February 4 | Jiuzhou Pharmaceutical x Kangfang Biotech | ¥90MRMB

Jiuzhou obtained exclusive commercialization rights for the PCSK9 monoclonal antibody, Inusimab, in China. The product is already on the market, used for treating primary hypercholesterolemia and ASCVD patients, representing an innovative lipid-lowering drug for the chronic disease market.

• February 5 | Yunnan Tin Company x McOught | ¥400MRMB

Yunnan Tin acquired the Asia-Pacific rights to MT1013, a dual-target receptor agonist peptide in Phase III clinical trials, targeting secondary hyperparathyroidism in CKD patients. The drug improves bone metabolism abnormalities through calcium metabolism regulation.

• February 11 | Rebio Biotech x Madrigal | Up to $4.4B

Rebio granted global rights to six MASH-related siRNAs to Madrigal, receiving $60 million upfront. The project, in preclinical stages, is based on GalNAc delivery and chemical modification platforms, covering single and dual-target RNAi therapies in the metabolic fatty liver disease space.

• February 24 | Hangzhou Xianwei Biotech x Pfizer | Up to $9.5B

Pfizer China acquired exclusive commercialization rights for Ecnoglutide, a next-generation GLP-1 receptor agonist for obesity and Type 2 diabetes treatment. Xianwei Biotech retains MAH status and is responsible for R&D and production. The total deal value is up to $495 million.

• February 25 | Novo Nordisk x Vivtex | Up to $2.1B

Novo Nordisk and Vivtex partnered to develop next-generation oral biologics for obesity, diabetes, and related complications. Vivtex licensed its oral delivery platform for a total deal value of up to $2.1 billion.

• Feb 25 | GSK acquires 35Pharma | $950M

Acquisition centered on HS235 targeting activin receptor signaling for pulmonary hypertension.

• Feb 3 | Jiuzhou Pharmaceutical x Puqi Biotech | ¥100M RMB

Jiuzhou gained exclusive commercialization rights for Puqi Biotech’s JAK1/2 inhibitor, Pumeixitin, as a nasal spray in China. The product is in Phase III clinical trials and may become the first JAKi nasal spray formulation for allergic rhinitis.

• 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 9 | Memo Therapeutics x CSL | Up to $2.8B

Memo Therapeutics and CSL entered a collaboration focused on recombinant polyclonal IgG platforms. The technology can clone and express diverse antibody combinations for rare and critical diseases, expanding multi-antigen recognition strategies in immune diseases.

• Feb 18 | CSL x Eli Lilly | Amount undisclosed

Eli Lilly obtained partial rights to the IL-6 monoclonal antibody, clazakizumab. The product is in Phase III trials, assessing cardiovascular event risk in end-stage renal disease patients, extending the use of inflammatory factor-targeting therapies in chronic disease management.

• Feb 26 | Boehringer Ingelheim x Sitryx Therapeutics | >$500M

Boehringer Ingelheim entered an exclusive licensing agreement worth over $500 million for a preclinical small molecule inhibitor project from Sitryx, targeting autoimmune and inflammatory diseases with potential disease-modifying effects.

• 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 23 | Frontier Biotech x GSK | Up to $6.3B

GSK acquired global development and commercialization rights for two siRNA assets, including one IND-stage project and one preclinical asset. Frontier Biotech received a $40 million upfront payment and tiered sales royalties, highlighting the recognition of multinational pharma companies for RNAi innovation capabilities.

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.