At a Glance
- Companies Involved: Formation Bio / Bleecker Bio
- Location: New York, USA
- Deal value: Up to $605M (ex-China rights)
- Focus area: Immunology, CNS-penetrating TYK2 inhibitor
- Next steps: Phase 1 study in H1 2026
What happened?
Formation Bio has established a new subsidiary, Bleecker Bio, to develop Lynk Pharmaceuticals’ LNK01006, a next-generation allosteric TYK2 inhibitor designed to penetrate the central nervous system (CNS). Formation secured global rights (excluding greater China) in a deal valued at up to $605 million, with Lynk receiving an upfront payment, potential milestones, royalties, and a minority equity stake in Bleecker Bio.
Why does it matter?
LNK01006 targets immune-signaling pathways in the CNS, offering potential new treatments for autoimmune and inflammatory conditions. The deal expands Formation’s immunology portfolio and highlights a strategic approach to drug development by leveraging AI and clinical expertise to accelerate trials and reduce costs.
Who’s behind it?
Formation Bio, a New York-based biotech backed by VC Pacific Bridge NY. Lynk Pharmaceuticals, based in China, brings extensive industry experience through CEO Zhao-Kui (ZK) Wan, former head of chemistry at Johnson & Johnson and Pfizer.
How was it achieved?
Formation’s “Known In New” strategy applies validated mechanisms to novel therapeutic areas. The company uses AI to streamline clinical development and de-risk assets, combining robust data sets with expert human insight. LNK01006 recently received FDA clearance for in-human trials, with a phase 1 study planned for the first half of 2026.
What’s next?
Bleecker Bio will lead the development of LNK01006, initiating a phase 1 clinical trial in early 2026. Formation aims to translate the compound’s scientific potential into meaningful patient outcomes through its AI-enabled clinical development platform.
What are people saying?
David Steinberg, Formation’s Chief Business Officer: “This asset represents a prime example of what we call our ‘Known In New’ strategy of applying validated mechanisms to novel areas of high unmet need.”
Zhao-Kui (ZK) Wan, Lynk CEO: “Formation’s experienced clinical development team and AI-enabled capabilities provide the ideal environment to translate this compound’s scientific potential into meaningful patient impact.”