Biogen agreed to consolidate full global rights to felzartamab by entering an $850 million deal with TJ Biopharma covering Greater China exclusivity. The transaction includes a $100 million upfront payment and milestones tied to commercial and sales performance, with royalties on net sales in the region. The agreement closes a chapter in a decade-long license structure and builds on a collaboration that began in April 2025. Felzartamab is a CD38-directed monoclonal antibody being evaluated as a potential pipeline-in-a-product across multiple immune-mediated conditions. Biogen previously acquired global rights to felzartamab through an HI-Bio deal in May 2024, excluding Greater China. This new agreement brings those regional rights under one owner, simplifying development and commercialization decision-making. For biotech deal watchers, the structure illustrates how large-cap pharma is continuing to prune complexity while expanding global regulatory and market coverage for late-stage immunology assets.