Mabwell Biosciences out-licensed global rights for a rare disease drug to Disc Medicine of Cambridge, MA in a $412.5 million agreement. Mabwell will receive $10 million upfront, $402.5 million in milestones, plus single digit royalties on sales.

In a blockbuster agreement, Guangzhou’s Akeso out-licensed ex-China rights to its bispecific PD-1/VEGF candidate in a deal worth up to $5 billion. Summit Therapeutics will pay $500 million upfront and up to $4.5 billion in milestones.