Pharma BD Deal Intelligence

Caldera Therapeutics, Inc. / Qyuns Therapeutics Co., Ltd.

2026 · Licensing/Option · $780M · Complete

Caldera Therapeutics licensed exclusive worldwide development and commercialization rights to a preclinical-stage bispecific antibody program targeting IL-17 and TL1A from China-based Qyuns Therapeutics, for $30 million upfront and up to $750 million in milestone payments plus royalties (total potential value up to $780 million). This is the second global licensing agreement between the two companies, following an April 2025 deal for an IL-23p19/TL1A bispecific antibody now known as CLD-423. The new IL-17/TL1A program had not been assigned a development code at announcement, with further details expected in 2027.

Key facts

• Announced Nov 05, 2026
• Deal value $780M
• Deal type Licensing/Option

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