True to its word, Formation Bio has continued its dealmaking streak, snapping up LNK01006, a TYK2 inhibitor from Lynk Pharmaceuticals, on Wednesday. The company uses AI to find promising assets, design an efficient development strategy for each candidate, and speed them through clinical testing."This asset represents a prime example of what we call our 'Known In New' strategy of applying validated mechanisms to novel areas of high unmet need," Formation Chief Business Officer David Steinberg said in a company release. "Leveraging world class human expertise, robust clinical data sets, and homegrown, state-of the-art AI tools, we've developed deeply grounded hypotheses around novel therapeutic applications of clinically derisked asset classes."Steinberg previously told FirstWord in July — when Formation nabbed rights to an anti-CD226 antibody from IMIDomics — that the company was in an "excellent position" to ink more deals. Formation boasts $372 million in funding from a series D last year. Plus, it picked up a licensing agreement with Sanofi in June worth up to €545 million. For its latest acquisition, Formation has gained ex-China rights to a central nervous system-penetrant asset that induces selective inhibition of TYK2-mediated cytokine signaling, optimised to modulate central immune responses tied to a range of autoimmune and inflammatory diseases. With FDA clearance in-hand, Formation plans to start a Phase I study of LNK01006 in the first half of 2026. The candidate will be housed within a new subsidiary of Formation, dubbed Bleecker Bio. Under the deal, Lynk will receive a minority stake in the subsidiary. New York-based investment fund Pacific Bridge NY is a minority co-investor in Bleecker Bio. Lynk will also pocket an upfront payment and is eligible for development, regulatory and commercial milestones of up to $605 million, plus tiered royalties.
