GSK Licenses a Preclinical Trispecific T Cell Engager From China's Chimagen for Up to $750M in Myeloma

STRATEGIC NEWS WATCH — September 15, 2026

Today’s top developments:

GSK took full global rights to a preclinical trispecific T cell engager from China’s Chimagen for up to $750 million in milestones, aimed at multiple myeloma, with Phase 1 not planned until 2027 and the upfront, targets and asset code all undisclosed (Pharmaceutical Technology)
Eli Lilly said Foundayo (orforglipron) has captured more than 30% of new US patients starting oral obesity drugs five months after its April 1 launch, against Novo Nordisk’s roughly 90% of the installed oral market cited in August — a flow measure running well ahead of the stock (Reuters)
Vera Therapeutics reported final Phase 3 ORIGIN 3 data for Trutakna (atacicept-vymj) in IgA nephropathy — a 5.6 mL/min/1.73m² eGFR benefit at 52 weeks and a 0.24 hazard ratio on composite kidney progression — the confirmatory evidence behind an accelerated approval it already holds, with a supplemental BLA due in Q4 2026 (STAT)
Sanofi agreed to transfer 20 mature medicines — including Lovenox/Clexane — and three manufacturing plants to Cheplapharm in exchange for a 26.4% equity stake rather than cash, keeping economic exposure to the portfolio under a specialist owner (BioSpace)
The FDA launched Operation Trialblazer, a pilot pairing up to 10 research institutions with drug developers for rolling IND reviews to cut US trial start-up times — the agency cites up to two years against fewer than 70 days in Australia — with applications closing October 30 (BioPharma Dive)

What to Watch

Connect Biopharma’s COPD topline, end of September — The same anti-IL-4Rα mechanism reads out within roughly two weeks and decides whether the missed asthma endpoint was a powering shortfall or an absent effect. At $1.12 a share, Connect has little capacity to fund a correctly powered asthma repeat, so this readout carries outsized weight.
Vera’s supplemental BLA in Q4 2026 — Trutakna’s accelerated approval covers proteinuria reduction only. The open question is whether the FDA accepts the eGFR slope and 0.24 hazard ratio as sufficient for full approval in 2027, and how hard the 30% local administration reaction rate is pressed in label negotiations.
Whether Novo’s installed-base share follows — Lilly’s more-than-30% of new oral starts is a flow measure; Novo’s ~90% is a stock measure of the installed base. If flow is genuinely running this fast, Novo’s next disclosure of total oral share has to move, and the gap between the two figures can only close from one side.
Operation Trialblazer applications, October 30 — With only 8 to 10 institution-sponsor pairings available, composition matters more than design. The real test is whether small companies and startups actually secure places alongside large developers, since that is the stated intent and the easiest part to quietly miss.
What GSK actually bought — No asset code, no disclosed targets, no upfront-versus-milestone split, and no clinic entry until 2027. In a myeloma field where bispecifics are already approved, the identity of the trispecific’s third arm is the entire investment case, and it stays unanswerable until the targets are named.

This brief highlights the edition’s top stories. Read the full September 15, 2026 edition → for all stories and analysis — or browse the Strategic News Watch archive.

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