Xin Lang Cai Jing·2025-10-14 09:19Core Viewpoint - The collaboration between Nocera and Zenas, valued at over $2 billion, aims to accelerate the global clinical development of obexelimab, enhancing its global value despite market skepticism due to recent stock fluctuations [1][2]. Group 1: Transaction Purpose and Financial Aspects - The primary goal of the transaction is to expedite the global multi-center clinical development of obexelimab, with Nocera under no cash flow pressure [1]. - The upfront payment includes $100 million in cash and 7 million shares, totaling nearly $300 million, providing immediate financial and equity benefits to Nocera [1][4]. - Zenas is expected to pay a tiered royalty of 17%-19% on sales, along with milestone payments, indicating Zenas's strong recognition of obexelimab's potential value [4]. Group 2: Strategic Fit and Development Capability - The high compatibility between Nocera and Zenas is crucial, as Zenas specializes in the autoimmune field, allowing focused resource allocation to obexelimab [5]. - Zenas's leadership team has extensive experience in the autoimmune sector, enhancing clinical development efficiency [5]. - Zenas's strategy combines experienced leadership with a rigorous candidate product portfolio, aiming to discover and develop products that provide excellent clinical efficacy for autoimmune disease patients [5]. Group 3: Clinical Development and Financial Health - Zenas plans to release key data from the obexelimab clinical trial for relapsing multiple sclerosis (RMS) by Q4 2025, with a peak sales potential of $3 billion for its first commercialized product [6]. - Zenas reported a cash balance of $275 million with no debt, indicating a healthy balance sheet, and has recently completed financing rounds totaling up to $300 million [6]. - The collaboration allows Nocera to alleviate financial burdens associated with international clinical trials while benefiting from Zenas's expertise [7]. Group 4: Market Confidence - In response to recent market corrections in the innovative drug sector, the company demonstrated confidence by repurchasing shares worth nearly HKD 12 million [9].