Biogen Inc. entered into a definitive agreement with TJ Biopharma to acquire the company’s exclusive rights to the investigational antibody felzartamab in the Greater China region. The deal, announced on April 20 2026, is valued at up to $850 million, comprising a $100 million upfront payment and the possibility of up to $750 million in milestone payments. The upfront payment will be recorded as an acquired in‑process research and development expense in the second quarter of 2026.
The transaction consolidates Biogen’s worldwide rights to felzartamab, which it previously held outside of Greater China after acquiring HI‑Bio in July 2024. By taking control of the Greater China territory, Biogen will lead manufacturing and commercial efforts for the drug in that market and will assume milestone and royalty obligations under its existing licensing agreement with MorphoSys. The deal positions Biogen to accelerate development and potential launch of felzartamab in one of the world’s largest patient populations for antibody‑mediated rejection, IgA nephropathy, and primary membranous nephropathy.
Felzartamab is a CD38‑directed antibody that selectively depletes CD38+ plasma cells. It is in global Phase 3 studies for antibody‑mediated rejection, IgA nephropathy, and primary membranous nephropathy, and a biologics license application for multiple myeloma was submitted by TJ Biopharma in December 2024 and is under review by China’s National Medical Products Administration. The drug has received Breakthrough Therapy and Orphan Drug designations from the FDA for primary membranous nephropathy and antibody‑mediated rejection, underscoring its potential as a “pipeline‑in‑a‑product.”
Biogen’s recent financial performance provides context for the scale of the acquisition. In Q4 2025, the company reported revenue of $2.3 billion, a 7% year‑over‑year decline, and a non‑GAAP diluted EPS of $1.99. Full‑year 2025 revenue was $9.9 billion, up 2% YoY, with a diluted EPS of $15.28. The firm’s stable cash flow and liquid assets support the investment in felzartamab and its expansion into the Chinese market.
Fraser Hall, President of Biogen’s Intercontinental Region, said, “This deal is important to Biogen as it further expands the global opportunity for felzartamab, a potential pipeline‑in‑a‑product with broad applicability across a range of immune‑mediated conditions. We are pleased to reach this agreement with TJ Bio to grow our development portfolio in this key market.”
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