Zelgen(SH:688266) Xin Lang Cai Jing·2025-12-31 09:25Core Insights - Suzhou Zelgen Biopharmaceutical Co., Ltd. has announced a strategic collaboration and licensing agreement with AbbVie for the global development and commercialization of its core product ZG006 (Alveltamig) [1] - AbbVie will obtain exclusive rights for ZG006 outside Greater China, while Zelgen retains all rights within Greater China [1] Financial Terms - Zelgen will receive an upfront payment of $100 million, with potential milestone payments up to $1.235 billion and tiered royalties [2] - The total potential amount from this collaboration could reach $1.235 billion (approximately 8.9 billion RMB), with the upfront payment already confirmed [2] - Royalties will be structured on a tiered basis, ranging from high single digits to mid-double digits based on net sales outside Greater China [2] Product Overview - ZG006 is a novel trispecific T-cell engager targeting DLL3 protein, currently in late-stage clinical development for small cell lung cancer and other DLL3-expressing malignancies [3] - The drug has received significant attention from regulatory agencies in both China and the U.S. due to the high malignancy of small cell lung cancer and limited existing treatment options [3] Strategic Significance - This collaboration represents a key implementation of Zelgen's strategy of "parallel independent research and open collaboration" [4] - By leveraging AbbVie's global clinical development and commercialization network, the international market expansion of ZG006 will be significantly accelerated [4] - The partnership also highlights the growing competitiveness of Chinese innovative pharmaceutical companies on the global stage [4]