Pharma BD Deal Intelligence

Sandoz Group AG / Shanghai Henlius Biotech, Inc.

2026 · Licensing/Option · $322M · Complete

Sandoz and Shanghai Henlius Biotech entered a strategic collaboration covering up to 10 proposed monoclonal antibody and/or antibody-drug conjugate biosimilar products or components developed by Henlius. Sandoz will pay Henlius an upfront payment, milestone payments and a non-refundable option fee totaling up to USD 322 million; Henlius expects up to USD 100.5 million invoiced in 2026. Initial assets are HLX05-N (cetuximab), HLX16 (evolocumab) and a belimumab biosimilar, with an option on recombinant human hyaluronidase HLXTE-HAase1001. Henlius continues development and manufacturing and retains commercial rights in China; Sandoz markets the products in the rest of the world. The agreement expands an exclusive commercialization partnership the parties signed in April 2025 for HLX13, Henlius' proposed ipilimumab biosimilar, across 46 countries and regions including Europe and the United States. The upfront/milestone split was not disclosed.

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.

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