Xin Lang Cai Jing·2025-10-09 11:25Core Viewpoint - The domestic innovative drug company, Nuo Cheng Jian Hua, has re-entered the international market with its BTK inhibitor, Obexelimab, through a licensing agreement with Nasdaq-listed Zenas, with a total transaction value exceeding $2 billion [1][2]. Group 1: Licensing Agreement Details - Nuo Cheng Jian Hua has signed a licensing agreement with Zenas, granting exclusive global rights for Obexelimab in multiple sclerosis (MS) and other indications outside Greater China and Southeast Asia [1]. - The agreement includes an upfront payment of $100 million and milestone payments, along with 7 million shares of common stock from Zenas, representing approximately 9.3% of Zenas' issued and outstanding shares [1][2]. - Zenas plans to initiate a Phase 3 study for secondary progressive MS (SPMS) in Q1 2026 and advance the IL-17 and TYK2 inhibitors into clinical stages in 2026 [2]. Group 2: Market Potential and Product Pipeline - The commercial opportunity for SPMS and primary progressive MS (PPMS) in the U.S. is estimated to exceed $12 billion, with SPMS and PPMS accounting for 20% and 10-15% of all MS subtypes, respectively [4]. - Obexelimab is a key product for Nuo Cheng Jian Hua, which has already been approved in China for various hematological malignancies since December 2020 [3][4]. Group 3: Strategic Considerations - Nuo Cheng Jian Hua's choice of Zenas as a partner was influenced by Zenas' clinical development capabilities in the autoimmune field and the successful entrepreneurial background of Zenas' founder, Lonnie Moulder [5][6]. - The collaboration is expected to facilitate the rapid advancement of Obexelimab and other products into international markets, leveraging Zenas' resources and influence [6][7]. Group 4: Financial Performance - In the first half of 2025, Nuo Cheng Jian Hua reported revenue of 731 million yuan, a year-on-year increase of 74.26%, with Obexelimab sales reaching 637 million yuan, up 52.84% [8]. - The company had a cash and cash equivalents balance of 4.701 billion yuan as of mid-2025 [9].