ZURICH, Jan 11, 2026, 17:40 CET — The market has closed.
- MediLink announced that Roche will shell out $570 million upfront and in near-term milestones for ex-China rights to the experimental cancer drug YL201.
- Roche shares edged up 0.4% on Friday, with the Swiss benchmark hitting a record high.
- Investors are turning their attention to Roche’s JPM Healthcare Conference appearance on Jan. 12 and its full-year earnings report due Jan. 29.
Roche Holding shares rose 0.4% on Friday following news that China’s MediLink Therapeutics inked a licensing deal with the Swiss pharma giant for an experimental cancer drug. The stock closed at 340.80 Swiss francs on the SIX Swiss Exchange. 1
The deal underscores how big pharma continues to invest heavily in oncology pipelines, despite investor calls for more defined revenue prospects. Antibody-drug conjugates, or ADCs, remain a standout area in cancer R&D — leveraging antibodies to carry lethal agents directly to tumors.
Timing is key for Roche. Shares are hovering close to recent peaks as a series of investor events approaches, and any deal news tends to hit harder when the stock is already valued for steady performance.
MediLink announced that Roche will secure an exclusive license to develop, manufacture, and commercialize YL201 worldwide, except for mainland China, Hong Kong, and Macau. The deal includes $570 million in upfront and near-term milestone payments. Additional milestones and tiered royalties on net sales outside China will also apply if the drug gets approved. MediLink CEO Tongtong Xue described the partnership as “thrilled” to collaborate with Roche once more. Roche’s head of corporate business development, Boris L. Zaïtra, highlighted the expanded alliance as a sign of Roche’s commitment to tapping into global innovation. 2
YL201 is an investigational ADC aimed at B7-H3, a protein present on numerous cancer cells. According to MediLink, the drug is undergoing multinational trials and has advanced to two Phase III registrational studies in China, targeting small cell lung cancer and nasopharyngeal carcinoma. The U.S. FDA awarded Breakthrough Therapy Designation for small cell lung cancer in June 2025.
The deal pushes Roche further into an already crowded B7-H3 landscape. Fierce Biotech highlighted that GSK and Hansoh are running a global Phase III trial of their B7-H3 ADC in small cell lung cancer. Meanwhile, Daiichi Sankyo has paused enrollment in its Phase III study of the Merck-partnered B7-H3 ADC after an unexpected rise in deaths from interstitial lung disease. 3
The Swiss market held strong. The blue-chip SMI hit a record close at 13,421.82 on Friday, marking a 0.53% gain. Meanwhile, the STOXX Europe 600 healthcare index climbed 0.6%. 4
Investors are looking for one thing now: clearer signals from Roche on where near-term growth will come from, and how much depends on deals versus internal R&D. The MediLink partnership is a bet on the pipeline, but early oncology assets often get discounted by the market until late-stage data and a clear regulatory route emerge.
On the risk side, ADCs may face safety hurdles as they enter larger trials, while the bar for new cancer drugs keeps climbing. If the efficacy is only marginal or side effects worsen, licensing deals can suddenly seem overpriced.
Looking ahead to the next session and the coming week, traders are zeroing in on Roche’s planned presentation at the J.P. Morgan 2026 Healthcare Conference on Jan. 12, followed by its full-year earnings report on Jan. 29. 5
