CCHT(SZ:000661) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-16 08:41Core Viewpoint - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has signed an exclusive licensing agreement with Yarrow Bioscience, Inc. for the global development, production, and commercialization rights of the monoclonal antibody GenSci098 outside Greater China, marking a significant milestone in the company's innovation capabilities [1][3]. Group 1: Licensing Agreement Details - The agreement includes an upfront payment of $120 million, consisting of a non-refundable, non-deductible payment of $70 million and a subsequent milestone payment of $50 million [1]. - Changchun Jinsai has the potential to receive up to $1.365 billion in milestone payments based on the clinical development and commercialization progress of GenSci098, along with over 10% of net sales as royalties after the product launch [1][3]. Group 2: Product and Market Potential - GenSci098 is a humanized monoclonal antibody targeting the thyroid-stimulating hormone receptor (TSHR), designed to treat Graves' disease and thyroid eye disease, with a significant market opportunity as North America and the Asia-Pacific region account for over 65% of the global market share [3][4]. - The global market for thyroid eye disease treatment is projected to reach approximately $2.67 billion by 2025 and grow to $5.45 billion by 2033, with a compound annual growth rate (CAGR) of about 9.34% [4][5]. - The market for Graves' disease treatment is expected to increase from $3.759 billion in 2025 to $6.037 billion by 2035, indicating a stable demand growth potential [5]. Group 3: Company Strategy and R&D Focus - Changchun Jinsai is transitioning from a single growth hormone business to a diversified model, focusing on growth hormone, innovative drugs, and R&D business development income [3][6]. - The company has maintained a continuous increase in R&D investment for 12 years, with R&D expenses projected to account for 22% of sales revenue in 2024, positioning it among the top ten A-share pharmaceutical companies [5][6]. - The collaboration with Yarrow Bioscience reflects the company's strategy of combining independent research and external licensing or cooperative development to enhance global drug innovation and broaden patient access [6].