Di Yi Cai Jing·2025-10-09 06:13Core Viewpoint - The recent licensing agreement between the company and Zenas BioPharma, valued at over $2 billion, did not boost the company's stock price and instead led to a decline in both A-shares and H-shares [1][3]. Group 1: Licensing Agreement Details - The agreement includes a $100 million upfront payment and milestone payments, with total transaction value exceeding $2 billion [3]. - Zenas will receive global rights for the development and commercialization of the drug Obinutuzumab in multiple sclerosis and other non-oncology indications, excluding Greater China and Southeast Asia [4]. - The company retains the right to receive tiered royalties based on annual net sales of the licensed products, potentially reaching over 10% [3][4]. Group 2: Market Reaction and Investor Sentiment - Following the announcement, the company's stock fell by 6.91% in A-shares and 9.68% in H-shares, indicating investor skepticism regarding Zenas's capabilities and the perceived low upfront payment [1][3]. - Zenas's stock, in contrast, surged by 24.22% after the deal announcement, reflecting a positive market reaction to the agreement [1]. Group 3: Strategic Implications - The management emphasized that this partnership is a significant step towards the company's globalization strategy, providing both financial benefits and access to global markets [4]. - The company plans to continue pursuing international opportunities and prioritizes business development over the next three years [6].