K2 Therapeutics acquired ex-China rights to two preclinical Antengene bispecific T-cell engager (TCE) assets through a license and option agreement. The package is valued at $980.5 million each, totaling about $2 billion, granting Singapore-based K2 exclusive development and commercialization rights outside mainland China, Hong Kong, Macau, and Taiwan. The move adds TCE exposure at an early stage, reflecting continued interest in next-generation immuno-oncology modalities with potential for off-the-shelf T-cell redirection. For K2, the transaction expands its pipeline in a targeted region while avoiding internal discovery risk. For the broader sector, large option-backed license structures remain a leading vehicle for value transfer as biopharma looks to diversify modality portfolios amid shifting funding and competitive dynamics.