Boehringer Ingelheim Licenses Six Preclinical ADC and T-Cell Engager Programs From SBP Group in Deal Worth Up to $7 Billion

Boehringer Ingelheim has signed an option and license agreement with Sino Biopharmaceutical (SBP Group) covering six preclinical biologic programs based on antibody-drug conjugate (ADC) and T-cell engager (TCE) technologies.¹ SBP Group will receive $358 million in upfront and near-term payments and is eligible for up to $7 billion in option-exercise, development, regulatory, and commercial milestones, plus tiered royalties of up to double digits.¹

“Our partnership with SBP Group brings together complementary science to broaden our development portfolio of antibody-drug conjugates and T-cell engagers,” said Paola Casarosa, PhD, member of the board of managing directors and head of the innovation unit at Boehringer Ingelheim.¹

How do ADCs and TCEs differ?

The two modalities attack cancer in complementary ways. ADCs use an antibody to deliver a potent therapeutic payload more selectively to cancer cells, while TCEs are designed to recruit and activate a patient’s own T cells against tumor cells.¹ The companies did not disclose the targets, formats, or indications for the six programs.¹˒²

Five of the programs come from LaNova Medicines, a wholly owned SBP Group subsidiary in Shanghai, and the sixth comes from Beijing Tide Pharmaceutical, another SBP subsidiary.¹˒³ SBP agreed in July 2025 to acquire the remaining 95.09% of LaNova that it did not already own for up to about $951 million.³

How is the deal structured?

SBP Group will handle early development, which Reuters reported runs through global phase 1 trials.¹˒² After agreed clinical milestones, Boehringer Ingelheim may exercise options for exclusive development, manufacturing, and commercialization rights.¹ For four programs, those rights would cover territories outside mainland China, Hong Kong, and Macau, and for the remaining two, they would be worldwide.¹

The agreement is the second oncology partnership between the companies.² In April 2024, SBP Group agreed to co-develop and commercialize several Boehringer Ingelheim oncology assets in mainland China, including zongertinib, brigimadlin, and the DLL3×CD3 bispecific TCE BI 764532.⁴ That DLL3-targeted TCE, now called obrixtamig, has since advanced into a phase 3 study in small cell lung cancer.⁵

“Our second partnership with Boehringer Ingelheim marks an important milestone in SBP Group’s international innovation strategy and further validates our scientific capabilities in next-generation oncology,” said Theresa Tse, chairwoman of SBP Group.¹

Why is Boehringer Ingelheim focused on ADCs and TCEs?

Casarosa said earlier this year that TCEs and ADCs are the key focus of Boehringer Ingelheim’s oncology dealmaking. “We still believe ADCs are an exciting modality,” she told Fierce Biotech.⁵ In October 2025, the company licensed an ADC from South Korea’s AimedBio in a deal worth up to $991 million, building on its 2020 acquisition of ADC developer NBE Therapeutics.⁶

Boehringer Ingelheim said the agreement also advances its China strategy, connecting the country’s research with its global network through its recently opened China R&D Center in Shanghai.¹ Large pharmaceutical companies continue to license next-generation T-cell engagers at the preclinical and early clinical stages. Last month, BioPharm International® reported that Roche licensed Zymeworks’ DLL3-targeted trispecific TCE ZW209 in a deal worth up to $813 million.

T-cell engagers still face hurdles beyond a handful of solid tumor indications. In a BioPharm International Q&A, Johanna Kaufmann, PhD, chief scientific officer of Deck Bio, said that “T cell engagers have so far been restricted to niche indications,” pointing to the scarcity of tumor-specific surface targets.

What happens next?

SBP Group will advance the six programs through early development, after which Boehringer Ingelheim will decide whether to exercise its options.¹ Shares of Sino Biopharmaceutical rose about 5% in Hong Kong following the announcement.²

References

1. Boehringer Ingelheim and SBP Group enter partnership to advance next-generation cancer therapies. News release. Boehringer Ingelheim. November 4, 2026. Accessed November 4, 2026.
2. Sino Biopharmaceutical, Boehringer ink cancer drug deal worth $7 billion in milestones. Reuters. November 4, 2026. Accessed November 4, 2026.
3. Healthcare Executive | SBP Group Makes Another Move: Acquires LaNova Medicines for RMB 3.5 Billion. SBP Group. July 15, 2025. Accessed November 4, 2026.
4. Boehringer Ingelheim takes cancer therapies to China in partnership with Sino Biopharma. BioSpectrum Asia. April 10, 2024. Accessed November 4, 2026.
5. ADCs, TCEs among “exciting things” on Boehringer’s dealmaking shopping list. Fierce Biotech. April 3, 2026. Accessed November 4, 2026.
6. Boehringer Ingelheim digs in on ADCs, offering up to $991M to license cancer prospect from Korea’s AimedBio. Fierce Biotech. October 2025. Accessed November 4, 2026.