TJ Biopharma (“TJ Bio”), a client of Fangda Partners, and Biogen Inc. (Nasdaq: BIIB) announced on April 20, 2026, that the companies have entered into a definitive agreement under which Biogen has agreed to acquire TJ Bio’s exclusive rights to felzartamab in the Greater China Region. With this agreement, Biogen now owns exclusive worldwide rights to felzartamab, which is currently being evaluated in global Phase 3 clinical studies across multiple immune-mediated diseases.
Under the terms of the agreement, TJ Bio will receive a $100 million upfront payment and is eligible to receive up to $750 million in potential commercial and sales milestone payments, for a total potential consideration of up to $850 million, plus mid-single-digit to low-double-digit percentage of royalties on potential net sales in the Greater China Region. The upfront payment is expected to be recorded by Biogen as an Acquired In-Process Research and Development expense in the second quarter of 2026. With this transaction, Biogen will assume responsibilities for milestone payment and royalty obligations under the prior MorphoSys (a wholly-owned subsidiary of Novartis) licensing agreement.
Biogen will continue to lead development of the immunology indications and will now also lead manufacturing and commercial efforts for felzartamab in the Greater China Region. A Biologics License Application (BLA) for felzartamab for the treatment of multiple myeloma, submitted by TJ Bio in December 2024, is currently under review by China’s National Medical Products Administration. Biogen will lead post-approval efforts in the region as part of the agreement. For the multiple myeloma indication, TJ Bio will serve as the manufacturer for felzartamab at its Hangzhou GMP facility.
About Felzartamab
Felzartamab is an investigational therapeutic human monoclonal antibody directed against CD38, a protein expressed on plasma cells, plasmablasts, and natural killer, or NK, cells. Felzartamab is a potential first-in-class therapeutic candidate with promise as a pipeline-in-a-product across a range of immune-mediated diseases. Felzartamab has been shown in clinical studies to selectively deplete CD38+ plasma cells, which may allow applications that ultimately improve clinical outcomes in a broad range of diseases driven by pathogenic antibodies.
Felzartamab was originally developed by MorphoSys AG (now MorphoSys GmbH, a Novartis company). Human Immunology Biosciences (HI-Bio) exclusively licensed the rights to develop and commercialize felzartamab across all indications in all countries and territories excluding the Greater China Region. Biogen acquired HI-Bio in July 2024. In December 2024, TJ Biopharma submitted a new drug application for felzartamab for the treatment of multiple myeloma, which was accepted by the National Medical Products Administration (NMPA).
About TJ Biopharma
TJ Biopharma is a fully integrated biotech company advancing next-generation therapies in autoimmune diseases, immuno-oncology and metabolic disorders. Anchored by comprehensive R&D centers in Shanghai and Beijing and a state-of-the-art GMP manufacturing facility in Hangzhou. Over the years, TJ Biopharma has established a robust network of development and commercialization partnerships with Jumpcan, CSPC, Sanofi, and other leading industry players. TJ Biopharma is committed to delivering innovation through a diversified and sustainable revenue model that integrates global asset transactions, contract manufacturing services, and future product sales.
About Biogen
Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patients’ lives and to create value for shareholders and our communities. It applies deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Biogen’s approach is to take bold risks, balanced with return on investment to deliver long-term growth.
Fangda Partners acted as legal counsel to TJ Biopharma in this transaction, providing comprehensive legal services including transaction structuring, drafting, negotiation and revision of transaction documents, due diligence, and intellectual property related services. The Fangda team was led by partners Bella WANG and Henry HE. Team members included Yara YANG and Essie ZHAO. IP partners Jeanette WANG and YIN Junting also supported the transaction. Team members included Heidi GOU and Jasmine HAN.
