By Fineline Cube 
Lynk Pharmaceuticals Co., Ltd. and Formation Bio announced that Bleecker Bio, a newly formed Formation subsidiary, has secured exclusive global rights (ex‑Greater China) to LNK01006, Lynk’s next‑generation, CNS‑penetrant, allosteric TYK2 inhibitor. Lynk will receive an upfront payment (undisclosed), up to USD 605 million in milestones, tiered royalties, and an equity stake in Bleecker Bio. Pacific Bridge NY will co‑invest as a minority partner.
Transaction Structure
| Component | Details |
|---|---|
| Asset Licensed | LNK01006 (oral, CNS‑penetrant TYK2 inhibitor) |
| Territory | Global (excluding Greater China) |
| Upfront Payment | Undisclosed cash payment |
| Milestone Payments | Up to USD 605 million (development, regulatory, commercial) |
| Royalties | Tiered, graded percentages on net sales |
| Equity | Lynk holds minority stake in Bleecker Bio |
| Co‑Investor | Pacific Bridge NY (minority investor in Bleecker Bio) |
Drug Profile & Differentiation
| Attribute | LNK01006 | Competitive Landscape |
|---|---|---|
| Mechanism | Allosteric TYK2 inhibitor; highly selective for TYK2‑mediated cytokine signaling | BMS’s Sotyktu (deucravacitinib) is first‑in‑class, approved in psoriasis |
| CNS Penetration | Optimized for central immunomodulation; crosses blood‑brain barrier | Limited CNS‑active TYK2 inhibitors in clinic; addresses neuroinflammation |
| Selectivity | Best‑in‑class potential; minimal off‑target JAK family inhibition | Improves safety profile vs. broader JAK inhibitors |
| Indications | Autoimmune/inflammatory disorders with CNS involvement (e.g., MS, NMOSD, lupus cerebritis) | Expands TYK2 class beyond skin/joint diseases |
| Stage | Ready for IND‑enabling studies; Phase 1 planned H2 2026 | Early‑to‑mid stage competitive position |
Market Opportunity
- TYK2 Inhibitor Market: Projected $8‑12 billion by 2030 if successful in multiple indications; current growth driven by psoriasis, psoriatic arthritis, and expanding into lupus, IBD.
- CNS Autoimmune Market: Multiple sclerosis ($23 B market), NMOSD ($2 B), and lupus cerebritis (unmet need) represent $30 billion+ addressable market lacking oral, CNS‑penetrant immunomodulators.
- LNK01006 Peak Sales Forecast: $1.5‑2.0 billion globally (ex‑China) by 2033 if approved in 2‑3 neuroinflammatory indications.
Strategic Implications
- For Lynk: Validates proprietary TYK2 platform; retains Greater China rights for potential ¥3‑5 billion domestic market; secures non‑dilutive capital and equity upside via Bleecker Bio stake.
- For Formation/Bleecker Bio: Establishes dedicated CNS‑immunology subsidiary with a differentiated TYK2 asset; leverages Formation’s clinical development expertise and Pacific Bridge’s capital.
- For Pacific Bridge: Minority co‑investment provides exposure to high‑value neuroinflammatory pipeline with reduced risk via Formation’s operational leadership.
Forward‑Looking Statements
This brief includes forward‑looking statements regarding LNK01006’s development timeline, milestone achievements, and market projections. Actual results may differ due to preclinical risks, competitive responses, and regulatory challenges.-Fineline Info & Tech