长春高新里程碑式BD落地 13.65亿美元锁定创新药国际市场

Core Insights - Changchun High-tech has achieved a milestone in business development by signing an exclusive licensing agreement for the GenSci098 injection project with Yarrow Bioscience, Inc. [1] - The collaboration is a strategic move to integrate international resources and enhance global drug innovation participation [1][2] Financial Aspects - The agreement includes an upfront payment of $120 million, consisting of a non-refundable payment of $70 million and a subsequent milestone payment of $50 million [1] - Total potential milestone payments related to the exclusive license could reach up to $1.365 billion, with additional royalties exceeding 10% of net sales after product launch [1] Strategic Development - This partnership marks a significant transition for Changchun High-tech from a focus solely on growth hormone business to a diversified strategy that includes innovative drugs and revenue from business development [3] - GenSci098 is a humanized monoclonal antibody targeting thyroid-stimulating hormone receptors, currently in clinical trials for thyroid eye disease and Graves' disease [3] Market Potential - The global market for thyroid eye disease treatment is projected to grow from approximately $2.67 billion in 2025 to $5.45 billion by 2033, with a compound annual growth rate of about 9.34% [4] - The Graves' disease treatment market is expected to increase from $3.759 billion in 2025 to $6.037 billion by 2035, with North America and the Asia-Pacific region accounting for over 65% of the global market share [4] Research and Development - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, has maintained a consistent increase in R&D investment for 12 consecutive years, with R&D expenses projected to account for 22% of sales revenue in 2024 [5] - The company has developed a pipeline covering various fields, including endocrine metabolism, immunology, oncology, and women's health [5]