Pharma BD Deal Intelligence

Formation Bio, Inc. / Lynk Pharmaceuticals Co., Ltd.

2025 · Licensing/Option · $605M · Complete

Lynk Pharmaceuticals granted Formation Bio's newly unveiled subsidiary Bleecker Bio an exclusive development and license agreement for LNK01006 (later designated BLKR201), a selective CNS-penetrant allosteric TYK2 inhibitor, outside Greater China. Lynk receives an undisclosed upfront payment, a minority equity stake in Bleecker Bio, and is eligible for up to USD 605 million in upfront and development, regulatory and commercial milestones plus tiered royalties. The asset had recently received FDA IND clearance; Formation Bio planned to start a Phase 1 study in the first half of 2026.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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