北京商报讯（记者 王寅浩 宋雨盈）12月9日，复星医药发布公告称，公司控股子公司药友制药就口服小 分子胰高血糖素样肽-1受体（GLP-1R）激动剂（包括YP05002）及含有该活性成分的产品授予辉瑞于全 球范围及领域（即人类、动物所有适应症的治疗、诊断及预防）独家开发、使用、生产及商业化权利。 就本次许可，药友制药将有权依约获得（其中包括）不可退还的首付款 1.5亿美元及基于许可产品临 床、商业化进展获得开发里程碑付款至多3.5亿美元。此外，基于许可产品的年度净销售额达成情况， 由辉瑞向药友制药依约支付至多15.85亿美元的销售里程碑款项。 ...

Core Viewpoint - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotechnology Co., Ltd. has received approval from the National Medical Products Administration to conduct clinical trials for HLX22 in combination with HLX87 for HER2-positive breast cancer treatment in mainland China [1] Group 1 - The approved clinical trials will focus on the use of HLX22 as a novel targeted monoclonal antibody for first-line treatment and neoadjuvant therapy in HER2-positive breast cancer [1] - HLX87 is an innovative antibody-drug conjugate (ADC) that links a topoisomerase I inhibitor with an anti-HER2 monoclonal antibody through a stable cleavable linker [1]

Core Insights - Fosun Pharma's subsidiary Yao Pharma has entered into an exclusive collaboration and license agreement with Pfizer for the development and commercialization of oral small-molecule GLP-1R agonists, including YP05002 [1][2] - Yao Pharma will receive an upfront payment of $150 million and potential milestone payments up to $1.935 billion, along with tiered royalties on sales if approved [1] - The partnership is seen as a significant milestone in Fosun Pharma's strategy of innovation and internationalization, aiming to address unmet clinical needs in metabolic diseases [3] Company Overview - Yao Pharma has developed small-molecule GLP-1R agonists with proprietary intellectual property rights, targeting metabolic diseases such as chronic weight management, type 2 diabetes, and non-alcoholic steatohepatitis (NASH) [2] - YP05002 is currently in Phase 1 clinical development in Australia, indicating progress in the drug's development pipeline [2] Strategic Implications - The collaboration with Pfizer is viewed as a recognition of Yao Pharma's R&D capabilities and aims to leverage Pfizer's global development experience to expedite the commercialization of YP05002 [3] - Fosun Pharma's leadership emphasizes the importance of collaboration in maximizing the value of innovation and addressing global health challenges related to obesity and metabolic diseases [3]

Core Viewpoint - Fosun Pharma announced a licensing agreement with Pfizer for the exclusive global development, use, production, and commercialization rights of GLP-1R agonists, including YP05002, for all human and animal indications [1] Group 1: Agreement Details - The agreement involves Fosun Pharma's subsidiary, Chongqing Yaoyou Pharmaceutical Co., Ltd., and Shanghai Fosun Pharmaceutical Industry Development Co., Ltd. [1] - Yaoyou Pharmaceutical will complete Phase I clinical trials of YP05002 in Australia and grant Pfizer exclusive rights for further global development and commercialization [1] Group 2: Financial Aspects - Yaoyou Pharmaceutical will receive an upfront payment of $150 million [1] - The company is eligible for milestone payments up to $1.935 billion related to specific development, registration, and commercial milestones, along with tiered royalties after product approval [1]

Core Insights - Fosun Pharma (02196) announced a licensing agreement with Pfizer on December 9, 2025, involving the oral small molecule GLP-1 receptor agonist (including YP05002) for exclusive global development, use, production, and commercialization rights [1][2] - The agreement includes an upfront payment of $150 million and potential milestone payments of up to $350 million based on clinical and commercialization progress [1] Group 1 - YP05002 is an independently developed oral small molecule GLP-1 receptor agonist with proprietary intellectual property, aimed at treating type 2 diabetes, obesity, and related diseases [2] - The mechanism of YP05002 includes promoting insulin secretion, reducing glucagon secretion, inhibiting gastric emptying, and suppressing appetite, which are beneficial for metabolic disorders [2] - As of December 9, 2025, YP05002 is in Phase I clinical trials in Australia [2] Group 2 - The licensing agreement reflects recognition of the company's innovative research and development capabilities by its partners [2] - This collaboration is expected to accelerate the clinical development and commercialization of the licensed product globally, potentially benefiting more patients worldwide [2]

Core Insights - Fosun Pharma has signed a licensing agreement with Pfizer for the exclusive development, use, production, and commercialization rights of the oral small molecule GLP-1 receptor agonist YP05002 and related products globally [1][2] - The agreement includes an upfront payment of $150 million and potential milestone payments of up to $350 million based on clinical and commercialization progress [1] Group 1 - YP05002 is an innovative GLP-1 receptor agonist developed by the company, aimed at treating type 2 diabetes, obesity, and related metabolic disorders [2] - The drug works by activating GLP-1 receptors to enhance insulin secretion, reduce glucagon secretion, slow gastric emptying, and suppress appetite, thereby aiding in weight management and metabolic health [2] - As of December 9, 2025, YP05002 is in Phase I clinical trials in Australia, indicating ongoing development in the metabolic disease treatment space [2] Group 2 - The licensing agreement reflects recognition of the company's innovative research and development capabilities by its partners [2] - This collaboration is expected to accelerate the clinical development and commercialization of the licensed product globally, potentially benefiting a larger patient population [2]

Core Transaction Details - The company has licensed the global exclusive rights for the oral small molecule GLP-1R agonist (including YP05002) for development, production, and commercialization to Pfizer [1] - The licensing scope covers all therapeutic, diagnostic, and preventive areas for humans and animals globally [1] Key Financial Terms - Upfront payment of $150 million (non-refundable) [1] - Development milestones up to $350 million based on clinical and commercialization progress [1] - Sales milestones up to $1.585 billion based on annual net sales achievements [1] - Royalties to be paid as a double-digit percentage of annual net sales [1] Product Overview - YP05002 is an oral small molecule GLP-1R agonist developed by the company [1] - Indications include type 2 diabetes, obesity, and metabolic dysfunction-related fatty liver disease [1] - Currently in Phase I clinical trials in Australia [1] Major Risks - Drug development carries inherent uncertainties, and milestone payments are subject to triggering risks [1] - Pfizer has the right to terminate the agreement with written notice [1]

格隆汇12月9日丨复星医药(02196.HK)公告，控股子公司药友制药就口服小分子胰高血糖素样肽-1受体 (GLP-1R)激动剂(包括YP05002)及含有该活性成分的产品授予辉瑞于许可区域(即全球范围)及领域(即人 类、动物所有适应症的治疗、诊断及预防)独家开发、使用、生产及商业化权利；就本次许可，药友制 药将有权依约获得(其中包括)不可退还的首付款1.5亿美元及基于许可产品临床、商业化进展获得开发里 程碑付款至多3.5亿美元。 ...

Core Insights - Pfizer has entered into an exclusive licensing agreement with YaoPharma, a subsidiary of Shanghai Fosun Pharmaceutical, for the development and commercialization of an experimental product [1] Company Summary - The agreement allows YaoPharma to develop and commercialize the experimental product in specific markets, indicating a strategic partnership aimed at expanding Pfizer's reach in the pharmaceutical sector [1] Industry Summary - This collaboration highlights the growing trend of partnerships between Western pharmaceutical companies and Chinese firms, reflecting the increasing importance of the Chinese market in the global pharmaceutical landscape [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於 控股子公司簽訂許可協議的公告》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 於本公告日期， 本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生； 本公 司之非執行董事為陳啟宇先生及潘東輝先生； 本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳女士。 * 僅供識別 证券代码：600196 股票简 ...