Harbour BioMed entered into a global collaboration and license agreement with Bristol Myers Squibb, and VYNE Therapetuics revealed a merger agreement with Yarrow Bioscience.

Harbour BioMed

Harbour BioMed announced it has entered a multi-year, global strategic collaboration and license agreement with Bristol Myers Squibb, aiming to discover and develop next-generation multi-specific antibodies.¹

Per the terms of the agreement, Harbour Biomed is expected to collaborate with Bristol Myers Squibb in advancing and accelerating multi-specific antibody discovery programs.¹

Additionally, Harbour BioMed holds the potential to receive payments valued at a total of $90 million, along with development and commercial milestones of up to $1.035 billion.¹

Should Bristol Myers Squibb elect to advance all potential programs, Harbour BioMed will also receive tiered royalties.

Jingsong Wang, MD, PhD, founder, chairman, and CEO of Harbour BioMed, touched on the agreement, saying, “We are delighted to collaborate with Bristol Myers Squibb to advance next-generation multi-specific antibody discovery and development. This collaboration leverages our Harbour Mice fully human antibody technology platform, which facilitates the efficient discovery and development of innovative biologics with enhanced therapeutic potential. Furthermore, the collaboration offers the possibility to utilize our established development capabilities to accelerate programs by conducting early clinical trials in China. By uniting the strengths of our platform with Bristol Myers Squibb's expertise in drug discovery and development, we look forward to progressing these programs and delivering transformative therapies to patients worldwide."

VYNE Therapeutics

VYNE Therapeutics announced it has entered into a definitive merger agreement with Yarrow Bioscience, pursuant to which the companies will combine in an all-stock transaction. Following the completion of the merger the combined company is expected to operate under the name Yarrow Bioscience Inc., and plans to focus on advancing YB-101 (GS-098), a clinical-stage, potentially first-in-class TSHR antibody for the treatment of GD and TED.²

Prior to closing, VYNE expects to declare a cash dividend to pre-Merger VYNE stockholders distributing excess net cash, which is expected to be approximately $14.5 to $16.5 million.²

Yarrow received financial support of its merger with VYNE pre-closing with an estimated $200 million in cash proceeds from several healthcare investors led by RTW Investments including:

• OrbiMed
• Janus Henderson Investors
• venBio Partners
• Logos Capital
• LifeSci Venture Partners
• Perceptive Advisors

The cash balance at closing is expected to fund operations into 2028, including the advancement of the combined company’s lead program YB-101, into a Phase 1b/2b trial in patients with GD, which is expected to be conducted in the U.S. and other territories.²

“We are excited about this merger, which establishes Yarrow on a strong foundation to advance YB-101 for patients living with Graves’ disease and thyroid eye disease,” said Rebecca Frey, Pharm.D., president and chief executive officer of Yarrow. “Autoimmune thyroid disorders represent areas of significant unmet need, and we believe YB-101 has the potential to deliver meaningful clinical benefit through its highly targeted TSHR-directed mechanism of action. Together with an exceptional leadership team and the support of a premier group of life sciences investors, Yarrow is well positioned to deliver on our mission to transform treatment options in this field.”

Sources

1. Harbour BioMed Enters into Global Strategic Collaboration and License Agreement with Bristol Myers Squibb to Discover and Develop Next-Generation Multi-Specific Antibodies Harbour Biomed December 16, 2025 https://www.prnewswire.com/news-releases/harbour-biomed-enters-into-global-strategic-collaboration-and-license-agreement-with-bristol-myers-squibb-to-discover-and-develop-next-generation-multi-specific-antibodies-302644075.html
2. VYNE Therapeutics and Yarrow Bioscience Announce Merger Agreement VYNE Therapeutics December 17, 2025 https://www.globenewswire.com/news-release/2025/12/17/3206928/0/en/VYNE-Therapeutics-and-Yarrow-Bioscience-Announce-Merger-Agreement.html