Frequent Termination of Pharma BD Deals Signals 'De-bubbling' Phase in Global Innovation

　　【Pharmaceutical Network Industry DynamicsIn recent years, under the pressure of capital, fierce competition, and strategic adjustments, the global pharmaceutical industry is accelerating its "return to rationality and focus on core businesses." Against this backdrop, numerous pharmaceutical collaborations have prematurely come to an end. It is reported that in January 2026, at least three significant drug licensing partnerships were terminated.
 

Recently, Amgen announced the termination of the collaboration agreement with Japanese pharmaceutical company Kyowa Kirin regarding the autoimmune disease candidate drug rocatinlimab.
 

Public information shows that Rocatinlimab (AMG451/KHK4083), developed by Kyowa Kirin, is a blocking OX40 antibody with ADCC effects, used for diseases such as atopic dermatitis, asthma, and prurigo nodularis. In June 2021, Amgen acquired the development, production, and commercialization rights for Rocatinlimab in all global markets except Japan for a total amount of $1.25 billion, including a $400 million upfront payment and $850 million in milestone payments.
 

This termination of the agreement, Kyowa Kirin stated, is due to Amgen's strategic prioritization adjustments within its product portfolio, through which Amgen will regain global rights to rocatinlimab. However, industry insiders believe that rocatinlimab did not demonstrate advantages in cross-trial comparisons with Sanofi and Regeneron's blockbuster drug Dupixent (dupilumab), and its commercial prospects are "moderate," which might be the key reason for Amgen's decision to abandon the drug.
 

On January 27, Lisata Therapeutics announced that it had reached an agreement with Qilu Pharmaceutical to mutually terminate the Exclusive License and Cooperation Agreement originally signed in February 2021. The agreement had granted Qilu Pharmaceutical exclusive rights to develop and commercialize certepetide (formerly known as CEND-1) in Greater China (including mainland China, Hong Kong, Macao, and Taiwan).
 

According to reports, certepetide has demonstrated good safety and signals of enhancing the efficacy of standard therapies in multiple early clinical trials. It has also received Fast Track designation in the United States, as well as Orphan Drug designations for pancreatic cancer, glioma, osteosarcoma, and a Rare Pediatric Disease designation for osteosarcoma. The reason for regaining the authorization this time is mainly that a private company has acquired all of Lisata's outstanding common shares and invested heavily to fully acquire the global rights to certepetide.
 

On January 6, Yiming Angke Biomedical Technology (Shanghai) Co., Ltd. announced the termination of the licensing and cooperation agreement with U.S.-based Axion Bio, Inc., reclaiming global development and commercialization rights for two core anti-cancer drugs, IMM2510 (Pervelavap α) and IMM27M (Tazesubimab). The previously received upfront payment of $35 million and milestone payments remain unaffected.
 

It is reported that in August 2024, Yiming Angke Biomedical Technology(Shanghai) Co., Ltd. signed a licensing agreement with Axion Bio, granting Axion the exclusive global rights for development and commercialization outside of Greater China for two core anti-cancer drugs. In May 2025, Yiming Angke announced it had received the second near-term payment of US$5 million from Axion Bio, bringing the total upfront and near-term payments received to US$20 million.
 

The originally stable cooperative relationship suddenly terminated, mainly because Axion Bio's overseas clinical progress was too slow. Yiming Angke Biomedical Technology (Shanghai) Co., Ltd. stated that it would first transfer the data already obtained overseas back, and then restart overseas cooperation or re-authorize at an appropriate time. Meanwhile, it will vigorously promote clinical progress in China and accumulate more data to support subsequent business development (BD).
 

Overall, the termination of current collaborations in the innovative drug sector has become commonplace. This indicates that global pharmaceutical business development (BD) is transitioning from a phase focused on the number and value of deals to a new stage emphasizing asset quality, execution efficiency, and long-term strategic alignment. In the future, signing high-value licensing agreements will merely be the starting point, with subsequent clinical advancement and commercialization capabilities becoming the true test for pharmaceutical companies.
 

　　Disclaimer: Under no circumstances shall the information or opinions expressed in this article constitute investment advice to any person.