摆脱生长激素收入依赖，长春高新也走上了对外授权交易

Core Viewpoint - Changchun High-tech is shifting its business model from reliance on growth hormone revenue to a diversified approach, highlighted by its recent licensing agreement with Yarrow Bioscience for the development of GenSci098, a monoclonal antibody for thyroid-related diseases [1][4]. Group 1: Licensing Agreement Details - Changchun High-tech's subsidiary, SaiZeng Medical, signed an exclusive licensing agreement with Yarrow Bioscience for the global development, production, and commercialization rights of GenSci098 outside Greater China [1]. - SaiZeng Medical is expected to receive an upfront payment of $120 million, which includes a non-refundable, non-deductible upfront payment of $70 million and a subsequent milestone payment of $50 million [1]. - The total potential milestone payments could reach $1.365 billion, along with over 10% sales royalties after product launch [1]. Group 2: Market Context and Strategic Shift - The clinical trials for GenSci098 targeting thyroid eye disease were approved in both the U.S. and China, with applications for treating Graves' disease also receiving approval from the Chinese regulatory authority [2]. - SaiZeng Medical is a wholly-owned subsidiary of Changchun High-tech's Changchun JinSai Pharmaceutical, which has historically been a significant revenue contributor, accounting for approximately 83% of the company's revenue and 99.5% of its net profit in the first three quarters of 2025 [4]. - Due to increased competition in the growth hormone market, JinSai Pharmaceutical's performance has weakened, leading to a 58.23% year-on-year decline in net profit for Changchun High-tech [4]. - The licensing agreement marks a strategic transition for JinSai Pharmaceutical, moving towards a diversified business model that includes growth hormones, innovative drugs, and revenue from research and development licensing [4][5]. Group 3: Market Potential and Strategic Goals - The market for thyroid eye disease and Graves' disease is substantial, with North America and the Asia-Pacific region accounting for over 65% of the global market share [5]. - The collaboration with Yarrow Bioscience aims to leverage both companies' strengths to accelerate the global development of GenSci098 and maximize its commercial potential [5]. - Changchun High-tech's business development strategy focuses on utilizing positive clinical data to foster international partnerships for development and licensing [5].