Merck agreed Monday to pay Chinese biotech SciBrunch Therapeutics $400 million upfront for global rights to experimental cancer drug SPR2015; the deal could be worth up to $2.13 billion. It is the latest U.S. license of a China-developed medicine.
Chinese biotechs often keep domestic rights while licensing drugs overseas for upfront and milestone payments, as well as royalties. Other listed deals include Pfizer’s May 2026 agreement to pay Innovent Biologics $650 million upfront for 12 early-stage oncology programs, with potential value up to $10.5 billion, and Bristol Myers Squibb’s deal with Jiangsu Hengrui Pharmaceuticals for 13 programs, with $600 million upfront and potential value up to $15.2 billion.
