Core Viewpoint - The Chinese innovative pharmaceutical industry is experiencing a surge in business development (BD) transactions, but the secondary market's reaction has been mixed, with many companies seeing stock price declines despite positive announcements [2][6][10]. Group 1: Recent BD Transactions - Numerous BD transactions have been announced recently, including partnerships between Jiangsu Zaiming and Ipsen, and between Akeso and AstraZeneca, among others [2]. - In 2023, over 100 license-out transactions were completed in China, totaling more than $110 billion [4]. - As of December 21, 2025, there have been 15 transactions with upfront payments exceeding $100 million, and 37 transactions with total amounts over $1 billion, ranking second only to the U.S. [5]. Group 2: Market Reactions - Following the announcement of BD transactions, stock prices have shown varied responses; for instance, Akeso's stock fell by 13.58% on December 22, while Qianxin Bio's stock rose by 1.44% on the same day [3][6]. - A total of 37 BD transactions in A-shares and Hong Kong stocks this year resulted in 21 instances of stock price increases and 15 instances of declines on the first trading day after the announcements [6]. - The overall sentiment in the market has shifted from enthusiasm to a more rational approach, with stock prices reflecting this change [8][10]. Group 3: Industry Insights - Industry experts suggest that the complexity and long-term nature of innovative drug development require a rational approach from both capital and product markets [6][10]. - The current trend indicates that many Chinese pharmaceutical companies are still reliant on the "borrowed boat" strategy for international expansion, with a focus on licensing out rather than direct commercialization [12][13]. - The choice of out-licensing models varies, with smaller companies typically opting for complete licensing, while larger firms are exploring co-development models to retain longer-term benefits [13][14].

Core Insights - Chinese innovative pharmaceutical companies are making significant strides in global expansion, as evidenced by the simultaneous announcements from Qianxin Biopharma and Xiansheng Pharmaceutical regarding their licensing agreements with international partners, totaling up to $1.76 billion [1][3]. Group 1: Licensing Agreements - Qianxin Biopharma has licensed its self-developed drug QX027N, a long-acting dual-specific antibody targeting TSLP and IL-13, to Windward Bio Group AG's subsidiary LE2025 Therapeutics AG, with a total potential consideration of up to $700 million, including upfront payments, equity, development, and commercial milestone payments, plus tiered royalties [1][9]. - Xiansheng Pharmaceutical's subsidiary Jiangsu Xiansheng Zaiming Pharmaceutical Co., Ltd. has reached an agreement with Ipsen Pharma SAS to license the global rights (excluding Greater China) for the antibody-drug conjugate SIM0613 targeting LRRC15, with a total transaction value of up to $1.06 billion, including a $45 million upfront payment and subsequent milestone payments [1][9]. Group 2: Drug Profiles - QX027N is designed to target two immune pathways, TSLP and IL-13, which are critical in allergic and inflammatory diseases, potentially offering superior efficacy in treating asthma and atopic dermatitis. The long-acting design aims to reduce dosing frequency and improve patient compliance, which is a key consideration for Windward Bio [3][11]. - SIM0613 is a novel ADC targeting LRRC15, which is highly expressed in various solid tumors and tumor-associated fibroblasts but minimally expressed in normal cells. The ADC technology combines antibody targeting with the cytotoxicity of chemotherapy agents, representing a significant direction in cancer treatment [2][5][13]. Group 3: Industry Implications - The announcements reflect a maturation of the Chinese pharmaceutical industry, showcasing its ability to participate in global competition with high-quality and diversified innovative drugs. The successful licensing of these drugs marks a pivotal moment for the industry as more Chinese-developed innovative drugs enter the global market, reshaping the global pharmaceutical landscape [7][14].

Core Viewpoint - The company has entered into a licensing and collaboration agreement with Windward Bio Group AG's subsidiary, LE2025 Therapeutics AG, granting exclusive rights to develop and commercialize QX027N in specified regions outside of mainland China and certain other Chinese territories [1] Group 1: Agreement Details - The agreement allows LE2025 to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - The company or its designated subsidiaries are entitled to receive up to $700 million in total payments, which include an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 2: Product Information - QX027N is a proprietary long-acting dual-specific antibody targeting TSLP and IL-13 developed by the company [1]

Core Viewpoint - The company has entered into a licensing and collaboration agreement with Windward Bio's subsidiary, granting exclusive rights for the development and commercialization of QX027N outside of specific regions in China, with potential payments totaling up to $700 million [1] Group 1 - The agreement allows LE2025 Therapeutics AG to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - The total potential payments include an upfront payment, equity in Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions, amounting to up to $700 million [1] - QX027N is a long-acting dual-specific antibody targeting TSLP and IL-13, developed independently by the company [1] Group 2 - The company successfully initiated Phase I clinical trials for QX027N on December 12, 2025, with the first subject enrolled in China [1]

Core Viewpoint - The stock of Zai Lab Limited (荃信生物-B) rose over 4% following the announcement of a licensing agreement with Windward Bio's subsidiary, LE2025 Therapeutics AG, for the development and commercialization of QX027N outside of Greater China [1] Group 1: Licensing Agreement - Zai Lab has entered into a licensing agreement with LE2025 Therapeutics AG for its proprietary drug QX027N [1] - LE2025 is granted exclusive rights to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - Zai Lab is entitled to receive up to $700 million in payments, which includes an upfront payment, equity from Windward Bio, and milestone payments related to development and commercialization [1] Group 2: Product Information - QX027N is a long-acting bispecific antibody targeting TSLP and IL-13, developed by Zai Lab [1] - The drug has received implied approval for clinical trials from the National Medical Products Administration (NMPA) in November 2025, with acceptance numbers CXSL2500757 and CXSL2500758 [1] - QX027N is intended for the treatment of asthma and atopic dermatitis, and the first subject has been enrolled in the domestic Phase I clinical trial [1]

据悉，QX027N是荃信生物自主研发的长效抗TSLPxIL-13双特异性抗体，2025年11月已获得国家药品监 督管理局药品审评中心的临床试验默示许可（受理号：CXSL2500757，CXSL2500758），拟用于治疗 哮喘及特应性皮炎，现已完成国内I期临床试验首例受试者入组。 消息面上，荃信生物今早宣布，12月19日，荃信生物与Windward Bio附属公司LE2025 Therapeutics AG 就公司自主研发的QX027N达成授权合作。根据协议，LE2025获授予在全球范围（不包括中国内地、台 湾、香港特别行政区及澳门特别行政区）内开发及商业化QX027N的独家权利。作为回报，荃信生物将 有权收取最高7亿美元的付款，包括首付款、Windward Bio的股权、开发及商业里程碑付款，此外，公 司还有权根据QX027N在许可地区的销售净额收取分级特许权使用费。 智通财经APP获悉，荃信生物-B(02509)涨超4%，截至发稿，涨4.36%，报19.61港元，成交额309.57万港 元。 ...

Core Viewpoint - The company announced a licensing and collaboration agreement with Windward Bio Group AG's subsidiary, LE2025 Therapeutics AG, granting exclusive rights to develop and commercialize QX027N in specified regions outside of mainland China and certain special administrative regions [1] Group 1: Agreement Details - The agreement allows LE2025 to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - The company or its designated subsidiaries are entitled to receive up to $700 million in total payments, which include an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 2: Product Information - QX027N is a long-acting bispecific antibody targeting TSLP and IL-13, developed in-house by the company [1]

Core Viewpoint - The company has entered into a licensing and collaboration agreement with Windward Bio Group's subsidiary, granting exclusive rights for the development and commercialization of QX027N in specified regions outside of Greater China, with potential payments totaling up to $700 million [1] Group 1: Agreement Details - The agreement was signed on December 19, 2025, between the company and LE2025 Therapeutics AG [1] - The licensed regions exclude mainland China, Taiwan, Hong Kong, and Macau [1] Group 2: Financial Implications - The company or its designated subsidiaries are entitled to receive up to $700 million in total payments, which include an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 3: Product Information - QX027N is a proprietary long-acting bispecific antibody targeting TSLP and IL-13 developed by the company [1]

Group 1 - The core point of the article is that Qianxin Bio-B (02509.HK) has entered into a licensing and collaboration agreement with Windward BioGroup AG's subsidiary LE2025 Therapeutics AG, granting LE2025 exclusive rights to develop and commercialize QX027N in specified regions outside of mainland China, Taiwan, Hong Kong, and Macau [1] - The agreement allows Qianxin Bio to receive up to $700 million in total payments, which includes an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 2 - Windward Bio is a clinical-stage biotechnology company with expertise in discovery, development, and commercialization, focused on transforming treatment for patients with advanced immune diseases [2] - Windward Bio's leading project is WIN378, a potential best-in-class long-acting anti-TSLP monoclonal antibody currently undergoing Phase II clinical trials for asthma [2] - The company's research pipeline also includes WIN027, a long-acting dual-specific antibody targeting TSLP and IL-13, which has potential applications across various immune diseases [2]

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 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Qyuns Therapeutics Co., Ltd. 江蘇荃信生物醫藥股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2509） 自願公告 與WINDWARD BIO GROUP AG附屬公司 就QX027N的開發及 商業化簽訂許可及合作協議 有 關QX027N QX027N是本公司自主研發的長效 抗TSLPxIL-13 雙 特 異 性 抗 體。誠 如2025年11月13 日的自願公告所述，QX027N已獲得國家藥品監督管理局藥品審評中心的臨床試驗 默 示 許 可（受 理 號：CXSL2500757，CXSL2500758），擬 用 於 治 療 哮 喘 及 特 應 性 皮 炎。 於2025年12月12日，本公司成功啟動QX027N的I期臨床試驗，在中國 完成首例受試 者入組。 – ...