智通财经APP讯，复星医药(600196.SH)发布公告，近日，公司控股子公司上海复宏汉霖生物技术股份 有限公司及其控股子公司(以下合称"复宏汉霖")收到国家药品监督管理局关于同意HLX22(即重组人源化 抗HER2单克隆抗体注射液)联合注射用HLX87(即靶向HER2抗体偶联药物)于中国境内开展如下临床试 验的批准：(1)用于HER2阳性乳腺癌(BC)一线治疗的Ⅱ/Ⅲ期临床试验;(2)用于HER2阳性乳腺癌新辅助治 疗(BC neo)的Ⅱ/Ⅲ期临床试验。复宏汉霖拟于条件具备后于中国境内开展上述相关临床研究。 ...

智通财经APP讯，复星医药(600196.SH)发布公告，近日，公司控股子公司上海复宏汉霖生物技术股份 有限公司及其控股子公司(以下合称"复宏汉霖")收到国家药品监督管理局关于同意HLX22(即重组人源化 抗HER2单克隆抗体注射液)联合注射用HLX87(即靶向HER2抗体偶联药物)于中国境内开展如下临床试 验的批准：(1)用于HER2阳性乳腺癌(BC)一线治疗的Ⅱ/Ⅲ期临床试验;(2)用于HER2阳性乳腺癌新辅助治 疗(BC neo)的Ⅱ/Ⅲ期临床试验。复宏汉霖拟于条件具备后于中国境内开展上述相关临床研究。 ...

Group 1 - The core point of the news is that Fosun Pharma has signed a licensing agreement with Pfizer for the development and commercialization of the oral small molecule GLP-1 receptor agonist YP05002, granting Pfizer exclusive rights globally across various therapeutic areas [1][2] - Under the agreement, Fosun Pharma's subsidiary, YaoYao Pharmaceutical, will receive an upfront payment of $150 million and up to $350 million in milestone payments based on clinical and commercialization progress [1] - Additionally, Fosun Pharma could earn up to $1.585 billion in sales milestone payments based on the annual net sales performance of the licensed product [1] Group 2 - YP05002 is an oral small molecule GLP-1 receptor agonist developed by the company, aimed at treating type 2 diabetes, obesity, and related diseases by promoting insulin secretion and reducing glucagon secretion [2] - The potential indications for YP05002 include long-term weight management, type 2 diabetes, and metabolic dysfunction-related fatty liver disease (non-alcoholic steatohepatitis) [2]

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]