Biogen secured full felzartamab rights in Greater China through an $850 million deal with TJ Biopharma, including a $100 million upfront payment and milestones. The transaction consolidates development and commercialization responsibilities for the CD38-directed antibody in the region. The arrangement builds on a collaboration dating to April 2025, when TJ Biopharma supported Phase 3 trials led by Biogen. By consolidating regional rights, Biogen can run regulatory strategy and commercialization with a single owner across Greater China rather than a fragmented license structure. The deal underscores how late-stage antibody assets with strong translational rationale are being reorganized to tighten execution in key global markets.