2.8 Billion USD in 24 Hours: AstraZeneca and GSK Rush to Acquire Chinese Innovative Immunotherapies

Jan 20, 2026 19:10 CST Updated 19:10

AstraZeneca

Pharmaceutical Technology Research and Development Provider

GSK

Pharmaceutical R&D Manufacturer

RAPT

Anti-cancer Biopharmaceuticals Manufacturer

Global pharmaceutical giants are taking action frequently.

January 19th - 20thWithin 24 hours, leading multinational pharmaceutical companies have consecutively announced significant progress in key deals within the immunotherapy field, all related to China's innovative drugs, with the total value of two major transactions reachingNearly $2.8 Billion。First,AstraZeneca Spends $630 Million to Acquire Remaining Rights in China for CBMG’s GPC3-Armored CAR-T TherapyThe next day,GSK Acquires RAPT Therapeutics for $2.2 Billion, with the Core Asset Being the Long-Acting Anti-IgE Antibody JYB1904, Which Was Licensed to Shanghai Ji-Yu Pharmaceuticals Just Two Months Ago.

The two deals have continued the BD boom of China's innovative drugs since 2024, also sending a clear signal about the distribution of interest: In the two markets worth hundreds of billions—cell therapy and allergy immunology—Chinese innovation with differentiated advantages is becoming an indispensable piece in the puzzle for global pharmaceutical giants.

Behind the $2.8 Billion Deal: The Acquisition Logic of Multinational Pharmaceutical Companies Is Clear, MNCs Are "Systematically" Expanding into Chinese Innovation. Key Characteristics Include:

1. Short time frame, large amount, quick action: Nearly $28 billion invested within 24 hours shows that MNCs' competition for high-quality assets has reached a fever pitch.

2. Focused Fields, Complementary Advantages: Both at the Forefront of Immunotherapy — GSK Targets the High-Frequency Medication Needs and Large Patient Base in Allergy, While AstraZeneca Strengthens Its CAR-T Cell Therapy for Solid Tumors.

3.The Leap of Chinese Innovation from "Licensing-out" to "Being Acquired": Jiyu Pharma entered its assets into the RAPT platform through licensing collaboration, which were eventually wholly acquired by GSK; CBT similarly achieved a buyout of rights through phased cooperation with AstraZeneca. This "Chinese innovation + MNC platform" model is becoming an effective pathway for maximizing asset value.

GSK's $2.2 Billion Bet:

Long-Acting Therapy with the Potential to Rewrite Allergy Treatment

On January 20, GSK (GlaxoSmithKline) announced that it had reached a definitive acquisition agreement with RAPT Therapeutics to acquire it for $58 per share in cash, with an equity value of approximately $2.2 billion. After deducting the acquired cash, the actual upfront investment is about $1.9 billion, and the transaction is expected to be completed in the first quarter of 2026. This move adds critical strength to GSK's pipeline layout in the respiratory, immunology, and inflammation fields.

RAPT Therapeutics is a U.S.-based immunology biopharmaceutical company at the clinical stage, focusing on unmet needs in inflammatory diseases. The core asset of this acquisition—ozureprubart—is a long-acting anti-immunoglobulin E (IgE) monoclonal antibody currently in Phase IIb clinical development, aimed at providing preventive protection against food allergens.

And this "best-in-class" candidate drug, which GSK has high hopes for, is precisely the result of an in-depth collaboration with a Chinese company two months ago. In December 2024, Shanghai Jiyu Pharmaceutical entered into an exclusive licensing agreement with RAPT Therapeutics for JYB1904 (internally referred to as RPT904 by RAPT), granting RAPT global development and commercialization rights outside mainland China, Hong Kong, Macao, and Taiwan. According to the agreement, Jiyu Pharmaceutical has received a $35 million upfront payment and will be eligible for up to $672.5 million in milestone payments, as well as future sales royalties. Ozureprubart is the generic name for JYB1904.

The ingenuity of this collaboration lies in the fact that GSK, through the acquisition of RAPT, indirectly secured the rights to this "Chinese-origin" innovative drug in major global markets (excluding Jiyu region), while also assuming all milestone payments and royalty obligations that RAPT owes to Jiyu Pharmaceutical. In October 2025, Jiyu Pharmaceutical announced positive topline data from the Phase 2 trial of JYB1904 as a monotherapy for chronic spontaneous urticaria (CSU), further strengthening its prospects for subsequent development.

As a clinically validated target, IgE is the key factor triggering 94% of severe food allergy cases. Existing anti-IgE therapies require injections every 2-4 weeks, imposing a heavy burden on the predominantly pediatric patient population. In contrast, the clinical advantages of ozureprubart are nothing short of revolutionary: dosing frequency is significantly reduced toOnce every 12 weeks, significantly improving compliance; providing a new option for approximately 25% of patients who do not meet the criteria for existing therapies; and perfectly aligning with GSK's commercial strategy and prescription network in the allergy field.

According to the plan, the data from the Phase IIb monotherapy trial (prestIgE) of ozureprubart is expected to be released in 2027, with the Phase III trial simultaneously covering high-risk adult and pediatric populations. It is对标Genentech's omalizumab (Xolair®), which has been approved for various indications such as asthma, urticaria, sinusitis with nasal polyps, and food allergies, while JYB1904 aims to provide a "better treatment option."

Food allergy has become a global public health crisis. In the United States alone,Over 17 million peopleDiagnosed, more than 1.3 million people will experience severe allergic reactions. More seriously, 65% of the critically ill patients are children and adolescents, resulting in over 3 million emergency room visits each year. In 2024, the related costs borne by American families have reached as high asApproximately USD 33 billionThe limitations of existing treatment options have made long-acting and convenient preventive therapies a market necessity, which is the core logic behind GSK's $2.2 billion investment.

GSK Chief Scientific Officer Tony Wood stated, "Ozureprubart adds another highly promising 'best-in-class' candidate therapy to the pipeline, perfectly aligning with our strategy of acquiring assets that 'target validated pathways to address unmet medical needs.'" RAPT CEO Brian Wong also noted that leveraging GSK's global R&D, commercialization capabilities, and infrastructure could create greater value for the pipeline, patients, and shareholders.

AstraZeneca Takes the Lead with a $630 Million Move

Just one day before the announcement of the GSK deal, on January 19, AstraZeneca had already made its move.

CBMG Announces AstraZeneca to Acquire Remaining Rights in China for GPC3-Armored CAR-T Therapy, Specifically 50% of CBMG's Development and Commercialization Rights for C-CAR031 in China.

*Armored CAR-T (Equipping T cells with bulletproof vests to prevent immune suppression)

Under the terms of the agreement, CBMG will be entitled to receive up to $630 million (approximately 4.387 billion yuan) from AstraZeneca, including an upfront payment for the GPC3 project in China as well as development, regulatory, and sales milestone payments. According to the previous agreement, CBMG remains eligible to receive additional milestone payments and royalties for development in other global regions.

In 2023, AstraZeneca made an undisclosed upfront payment to CBMG to acquire 50% of the rights to C-CAR031 in China, while AstraZeneca retained the rights to the drug in the rest of the world. Two years later, AstraZeneca again agreed to pay up to $630 million in upfront and milestone payments to acquire the remaining rights to C-CAR031 in China. This means that AstraZeneca now holds global rights to the GPC3-targeted therapy. CAR031 is an autologous, Glypican-3 (GPC3)-targeted chimeric antigen receptor T-cell (CAR-T) therapy. Based on AstraZeneca’s novel GPC3-targeted CAR-T (AZD5851), it incorporates AstraZeneca's dominant negative transforming growth factor-β receptor II (dnTGFβRII) armored platform design and is manufactured by CBMG in China. It is currently under investigation for the treatment of hepatocellular carcinoma (HCC) and other solid tumors.

As one of the first Chinese biopharmaceutical innovation companies to be listed on Nasdaq, CBT Pharmaceuticals officially announced the launch of its privatization at the end of 2019. In February 2021, CBT Pharmaceuticals successfully completed its privatization and returned from the U.S. stock market. In September 2021, CBT Pharmaceuticals completed its Series A financing after privatization, with a total amount reaching $120 million. This round of financing was jointly led by AstraZeneca-CICC Healthcare Fund (existing shareholder), Sequoia Capital, and Yunfeng Capital, with follow-on investments from existing shareholders such as GIC (Government of Singapore Investment Corporation) and TF Capital.

CBMG Has a Diversified Strategy for Global New Drug Development: In the United States, CBMG will leverage its internal R&D and manufacturing capabilities to establish dynamic partnerships with global pharmaceutical companies, promoting the global development of new drugs. In China, CBMG will utilize the KOL and hospital network to conduct Investigator-Initiated Trials (IIT), achieving early validation of innovative projects and advancing the development of these projects in China.

In the field of solid tumors, in addition to the C-CAR031 involved in this transaction, CBMG is also collaborating with AstraZeneca on the development of STEAP2-targeted A-CAR032.

In the field of hematological tumors, CBT Pharmaceuticals announced in May 2023 a global exclusive collaboration with Janssen, a subsidiary of Johnson & Johnson. Under the agreement, Janssen was granted exclusive development rights outside of China for two CAR-T products: C-CAR039 (Prolongioluce, a novel bispecific CAR-T targeting CD19/CD20) and C-CAR066 (a novel CD20-targeted CAR-T), as well as the priority option for development within China. The upfront payment for this deal reached $245 million, with potential additional milestone payments. In December 2023, Janssen acquired the commercialization rights for these two products within China.

Currently, Cellular Biomedicine Group (CBMG) has more than ten products under development, covering the fields of hematological tumors, autoimmune diseases, and solid tumors. It also possesses next-generation cell therapies for solid tumors (armored CAR-T and TIL), such as the novel autologous CAR-T product C-CAR088 targeting BCMA, the TIL product C-TIL051 for solid tumors, stem cell exosome therapies, and other pipelines, as well as accelerating the clinical and commercialization process of AlloJoin®, an allogeneic adipose-derived mesenchymal stem cell treatment for knee osteoarthritis, which has entered the late stage of Phase II clinical trials.

C-CAR031 is an autologous CAR-T therapy based on AstraZeneca's novel GPC3-targeted CAR-T (AZD5851) and designed using its dominant-negative TGF-β receptor II (dnTGFβRII) armored platform. It is manufactured by Cellular Biomedicine Group in China and is currently under development for the treatment of solid tumors such as hepatocellular carcinoma (HCC). Upon completion of the transaction, AstraZeneca will hold global rights to this drug.

Notably, as early as 2023, AstraZeneca had already paid an undisclosed upfront fee to acquire 50% of the rights to C-CAR031 in China, while holding the rights for the rest of the world. Two years later, AstraZeneca made another significant investment to acquire the remaining rights, demonstrating strong confidence in the clinical value of this therapy. As one of the earliest Chinese innovative pharmaceutical companies to go public on NASDAQ, CBMG initiated privatization in 2019 and completed it in 2021. Since then, it has established deep partnerships with multinational corporations (MNCs) such as AstraZeneca and Johnson & Johnson. In May 2023, CBMG entered into an exclusive global collaboration with Janssen, granting development rights outside of China for two CAR-T products, with an upfront payment as high as $245 million.

MNCs are proving with concrete actions: In the next decade of immunotherapy, whoever secures Chinese innovation will gain a competitive edge in the market.

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