ZURICH, Jan 10, 2026, 17:45 CET — Market closed
- Roche shares closed Friday 0.4% higher following MediLink’s announcement of a new licensing agreement for the cancer drug YL201.
- MediLink announced that Roche will shell out $570 million upfront and in near-term milestones for ex-China rights, with additional milestones and royalties to follow.
- Traders are eyeing Roche’s conference on Jan. 12 and its full-year results due Jan. 29 for more details.
Roche Holding (ROG.S) shares edged up on Friday, boosted by news that China’s MediLink Therapeutics secured another licensing deal with the Swiss pharma giant for a cancer drug candidate. Roche participation shares closed 0.4% higher at 340.80 Swiss francs on the SIX Swiss Exchange. (Medilink Therapeutics)
Why it matters now: Roche is stepping up dealmaking and licensing efforts to bolster its oncology pipeline, and investors will be eager to see how fast these moves turn into new products. The timing also raises questions about spending discipline, as major R&D investments come just before year-end results. (Roche)
Roche’s next key dates are coming up fast. The company will present at the J.P. Morgan Healthcare Conference on Jan. 12, followed by its full-year 2025 earnings report on Jan. 29, per the investor calendar. (Roche)
Roche moved in step with the wider market. Switzerland’s SMI index climbed roughly 0.4% on Friday, with Novartis shares up about 0.2%, according to closing figures. (Yahoo Finance)
Under the terms of the deal, MediLink granted Roche an exclusive license to develop, manufacture, and market YL201 outside mainland China, Hong Kong, and Macau. MediLink will pocket $570 million upfront and in near-term milestones, along with extra payments tied to development, regulatory approvals, commercial targets, and tiered royalties on sales beyond China. (PR Newswire)
YL201 is an antibody-drug conjugate, or ADC—a cancer therapy that attaches an antibody to a toxic payload for targeted delivery to tumors. MediLink noted the drug targets B7H3 and is currently in multinational trials. It’s also moving through two Phase III registrational studies in China, focusing on small cell lung cancer and nasopharyngeal carcinoma.
Roche’s head of corporate business development, Boris L. Zaïtra, described lung cancer as “one of our strategic priorities.” MediLink CEO Tongtong Xue said the company was “thrilled” to expand the partnership. The new YL201 deal follows an earlier collaboration from January 2024 focused on a different ADC candidate, YL211.
The deal sparked a firmer risk appetite in markets. European shares closed Friday at a record peak, with the STOXX 600 rising 1% on the session as investors absorbed U.S. jobs figures and awaited next week’s inflation data. ING economist James Knightley warned of a likely “hot” inflation reading and expects no Fed rate hike before March. (Reuters)
Switzerland’s Swiss National Bank kept its policy rate at 0% in December, and the latest meeting minutes have calmed bets on any near-term moves. Economist Karsten Junius from J. Safra Sarasin noted the minutes suggest rates will hold steady “for the next 18 months.” (Reuters)
Beyond the fresh licensing agreement, investors are watching closely to see if Roche can offset slowing sales in older drug lines with growth from newer treatments. Currency fluctuations continue to cloud the reported figures. The company also flagged rising competition in critical areas like eye disease and is pouring resources into emerging markets, including obesity therapies. (Reuters)
Roche’s shares have been creeping higher for several sessions, with Friday’s trading setting some clear short-term reference points. The stock hit a peak of 342.10 francs and dipped to 338.00 during the day. Since closing on Jan. 6, it’s gained roughly 3.3%, looking at the latest closing prices. (Investing)
Still, the upside depends heavily on execution. YL201 remains unapproved, and late-stage trials might fail or drag on beyond what investors anticipate. Licensing payments only seem affordable if the drug actually reaches the market — which is far from guaranteed in oncology.
Traders are set to focus on Roche’s remarks about the MediLink deal at the healthcare conference on Jan. 12. Then, on Jan. 29, the company’s full-year results will come under scrutiny, with investors eager for updates on the pipeline, guidance, and any changes in spending priorities.
