Mei Ri Jing Ji Xin Wen·2025-10-09 00:04Core Viewpoint - The company announced a licensing agreement with Zenas for its core product, Orelabrutinib, in the field of multiple sclerosis and other non-oncological treatments, while retaining rights in oncology [1][2]. Group 1: Licensing Agreement Details - The agreement includes a $100 million upfront payment and potential milestone payments, with a total deal value exceeding $2 billion [1]. - Zenas will also issue 7 million shares of common stock to the company, with additional payments tied to clinical development and commercialization milestones [1]. - The agreement allows Zenas to develop and commercialize Orelabrutinib globally for multiple sclerosis and other non-cancer indications [1][2]. Group 2: Product and Market Insights - Orelabrutinib is currently approved for three indications in hematological cancers in China, with ongoing clinical trials for multiple sclerosis [2]. - The company retains exclusive global rights for Orelabrutinib in oncology, establishing a dual strategy of self-research in oncology and licensing in autoimmune diseases [2]. - The new oral IL-17 AA/AF inhibitor and the brain-penetrant oral TYK2 inhibitor are in preclinical stages, targeting autoimmune diseases like psoriasis and psoriatic arthritis [3]. Group 3: Market Context and Future Prospects - The global market for multiple sclerosis treatments is significant, particularly in Europe and North America, where the disease has a higher prevalence [5]. - The company’s Orelabrutinib shows advantages in kinase selectivity and binding affinity, indicating strong clinical development potential [5]. - The oral IL-17 AA/AF inhibitor addresses the challenge of injection-based therapies, which may improve patient compliance [5]. Group 4: Financial Position - As of June 30, 2025, the company holds approximately 7.68 billion yuan in cash and equivalents, indicating a strong financial position within the biotech sector [6].