Pharma BD Deal Intelligence

K2 Therapeutics / Antengene Corporation Limited

2026 · Licensing/Option · $980M · Complete

Antengene granted K2 Therapeutics, a company established by MPM BioImpact, an exclusive license to ATG-106, a preclinical CDH6 x CD3 bispecific T cell engager for solid tumors, in all territories outside Greater China. Antengene receives roughly USD 20 million in upfront and near-term consideration and is eligible for up to USD 960.5 million in development, regulatory and sales milestones plus tiered royalties. Antengene separately granted K2 an option to obtain exclusive global rights to an undisclosed preclinical bispecific TCE candidate. Both programs use Antengene's AnTenGager platform, which sterically masks CD3 binding in the absence of target antigen binding.

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 2031 at the earliest for this deal, once/if it closes.

Key facts

Related deals

See the full interactive analysis, sources & comparables →

← Browse all deals  ·  How we score deals

More: 2026 deals