At a Glance
- Companies: Biogen, TJ Biopharma
- Location: US/China
- Deal value: $850M biobucks ($100M upfront)
- Focus area: Anti-CD38 antibody felzartamab
- Next steps: Phase 3 trials, China myeloma approval
What happened?
Biogen entered a definitive agreement on 20 April 2026 with TJ Biopharma to acquire exclusive Greater China rights to felzartamab, an investigational anti-CD38 monoclonal antibody, for $100 million upfront plus up to $750 million in milestones and royalties. This consolidates Biogen’s worldwide development and commercialisation rights.
Why does it matter?
Felzartamab targets plasma cells in immune-mediated diseases like IgA nephropathy (IgAN), primary membranous nephropathy (PMN) and antibody-mediated rejection (AMR), addressing large unmet needs in kidney disease — China has one of the world’s biggest IgAN/PMN populations. Global Phase 3 data could support broad labelling, building on Biogen’s immunology pivot post-HI-Bio acquisition.
Who’s behind it?
TJ Biopharma (Hangzhou) gains cash/royalties while manufacturing for myeloma in China; Biogen assumes MorphoSys/Novartis obligations. Builds on 2025 collaboration where TJ joined China arms of Biogen-led Phase 3s. Originally from MorphoSys, ex-China rights came via $1.15B HI-Bio buyout.
How was it achieved?
Felzartamab depletes plasma cells via CD38 targeting. Biogen leads global Phase 3s in IgAN, PMN, AMR; TJ’s BLA for multiple myeloma under China NMPA review (submitted Dec 2024). Biogen takes manufacturing/commercial lead in China post-approval.
What’s next?
Biogen advances global trials, expands indications; awaits China myeloma decision. TJ manufactures myeloma supply from Hangzhou. Deal sharpens Biogen’s immunology focus with tiered value realisation.
What are people saying?
Lili Qian, TJ GM: “Validates our ‘fast-to-market’ and ‘tiered value realisation’ models.” Biogen: “Important opportunity in key global market.”