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.

“This deal is important to Biogen as it further expands the global opportunity for felzartamab, a potential pipeline-in-a-product with broad applicability across a range of immune-mediated conditions,” said Fraser Hall, President of Biogen’s Intercontinental Region. “We are pleased to reach this agreement with TJ Bio to grow our development portfolio in this key market. We look forward to continuing to evaluate felzartamab in Phase 3 studies and the opportunity to bring this potentially differentiated treatment to patients in the Greater China Region.”

Up to USD 850 million

Under the terms of the agreement, TJ Bio will receive a USD 100 million upfront payment and is eligible to receive up to USD 750 million in potential commercial and sales milestone payments, for a total potential consideration of up to USD 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.