HANGZHOU, China and SHANGHAI and BOSTON, Dec. 10, 2025 -- Lynk Pharmaceuticals Co., Ltd. (hereinafter referred to as "Lynk Pharmaceuticals") and Formation Bio today announced Formation Bio's acquisition of worldwide rights, excluding Greater China, to LNK01006, a next generation central nervous system (CNS)–penetrant highly selective TYK2 inhibitor. The asset will be developed within Formation Bio's newly formed subsidiary Bleecker Bio.

LNK01006 recently received IND clearance from the FDA to initiate first-in-human studies in the US. Formation Bio plans to initiate a Phase 1 study in the first half of 2026, reflecting the company's growing momentum in building a diverse portfolio of high-potential, clinical-stage assets.

LNK01006 is a next-generation, CNS-penetrant allosteric TYK2 inhibitor that combines potent, selective inhibition of TYK2-mediated cytokine signaling with a pharmacologic profile optimized for central immune modulation. Its potential best-in-class selectivity and CNS exposure are designed to regulate immune signaling within the central nervous system, potentially modulating the immune responses implicated in a range of autoimmune and inflammatory diseases. Its unique pharmacologic profile offers optionality to explore indications where central or compartmentalized immune pathways are believed to play a key role.

"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," said David Steinberg, Chief Business Officer at Formation Bio. "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."

Founded by veteran drug hunters from Johnson & Johnson, Merck, and Pfizer, Lynk Pharmaceuticals has established a broad discovery platform in immunology and inflammation. LNK01006 reflects Lynk Pharmaceuticals' medicinal chemistry expertise, incorporating a highly optimized scaffold engineered for target selectivity, metabolic stability, and CNS penetration.

"We are excited to partner with Formation Bio to advance LNK01006 into the clinic," said Zhao-Kui (ZK) Wan, CEO of Lynk Pharmaceuticals. "Formation Bio's experienced clinical development team and AI-enabled capabilities provide the ideal environment to translate this compound's scientific potential into meaningful patient impact."

Under the terms of the agreement, Lynk Pharmaceuticals will receive a minority equity stake in Bleecker Bio, an upfront payment and additional development, regulatory, and commercial milestones totaling up to $605 million US dollars and tiered royalties on potential future sales. Pacific Bridge NY, a New York-based investment fund specializing in supporting companies through late preclinical and clinical development, is a minority co-investor in Bleecker Bio.

Formation Bio acquires and advances high-potential assets, bringing the capital, technology, and development infrastructure needed to move promising programs forward in-house. Its model combines deep therapeutic expertise, dedicated operating teams, and a proprietary AI platform that streamlines everything from asset sourcing to clinical execution – with the ultimate goal of improving development speed, efficiency, and probability of success.

About Formation Bio

Formation Bio is an AI-native pharma company differentiated by radically more efficient drug development. Formation Bio has built technology and AI platforms, processes, and capabilities to accelerate all aspects of drug development and clinical trials. Formation Bio partners, acquires, or in-licenses drugs from pharma companies and biotechs to develop programs past clinical proof of concept and beyond, leveraging their proprietary tech and AI capabilities, ultimately helping to bring new medicines to patients.

About Lynk Pharmaceuticals

Lynk Pharmaceuticals is a clinical stage company dedicated to discovering and developing novel medicines to treat immunology and inflammatory diseases. Lynk Pharmaceuticals was founded by veteran drug hunters from Pfizer, Merck and Johnson & Johnson with collectively more than several decades of rich experiences in drug discovery. Driven by a higher purpose, Lynk aims at growing into a market leader for developing innovative therapies to address unmet medical needs.

About Pacific Bridge NY

Pacific Bridge NY (PBNY) is a cross-border venture capital fund investing in emerging biotech programs with strong scientific foundations and significant global development potential. The firm partners closely with management teams, contributing to the shaping of preclinical and clinical development strategies to help accelerate advancement across key stages of growth.