In its first significant partnering deal since being founded in 2020, Medilink Therapeutics Co. Ltd. licensed exclusive global rights to an antibody-drug conjugate (ADC) targeting HER3 to Biontech SE in exchange for an up-front payment of $70 million, with the possibility for additional payments tied to development, regulatory and commercial milestones exceeding $1 billion. Medilink retains rights in mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region.

Sanofi SA will pay $10 million up front and potentially $1 billion down the road to build artificial intelligence (AI) drug discovery modules with Biomap – the Silicon Valley-based biotech led by Chinese billionaire, software engineer and serial entrepreneur Robin Li known for founding China’s largest internet search engine and AI platform, Baidu, in 2000.

Med-tech deals are up 49.01% year over year, with the industry raising $9.83 billion through September in 2023, up from $6.59 billion in the same time frame last year. The number of deals, meanwhile, has decreased from 1,510 through Q3 2022 to 1,278 this year.

In its first significant partnering deal since being founded in 2020, Medilink Therapeutics Co. Ltd. licensed exclusive global rights to an antibody-drug conjugate (ADC) targeting HER3 to Biontech SE in exchange for an up-front payment of $70 million, with the possibility for additional payments tied to development, regulatory and commercial milestones exceeding $1 billion. Medilink retains rights in mainland China, Hong Kong Special Administrative Region and Macau Special Administrative Region.

Sanofi SA will pay $10 million up front and potentially $1 billion down the road to build artificial intelligence (AI) drug discovery modules with Biomap – the Silicon Valley-based biotech led by Chinese billionaire, software engineer and serial entrepreneur Robin Li known for founding China’s largest internet search engine and AI platform, Baidu, in 2000.