Genentech agreed to license an undisclosed RNA interference (RNAi) program from China-based SanegeneBio in a deal that pays the biotech $200 million up front and could reach roughly $1.7 billion including milestones and royalties. Under the agreement Genentech will assume global development and commercialization while SanegeneBio retains early-stage responsibilities. The transaction signals Big Pharma’s renewed appetite for RNAi modalities and delivery chemistries: SanegeneBio brings multiple liver-targeted siRNA candidates and GalNAc expertise; Genentech brings global development scale. The deal follows recent partnerships that have funneled capital into Chinese RNA-focused firms and gives Genentech an option to move quickly into clinical development. SanegeneBio’s pipeline already lists multiple RNAi programs—among them a clinical-stage obesity candidate targeting INHBE—and the company has close ties with Innovent and other partners. Financial terms include tiered royalties and up to $1.5 billion in milestone payments, underscoring how large-cap biopharma is using deal-making to refill its metabolic and rare‑disease pipelines.