Core Viewpoint - The collaboration between Yiming Oncology and Axion Bio has been terminated due to slow clinical progress by Axion, leading Yiming to regain global rights for two key cancer drugs, IMM2510 and IMM27M, while retaining the previously received $35 million in upfront and milestone payments [2][4]. Group 1: Collaboration Termination - Yiming Oncology announced the termination of its licensing agreement with Axion Bio on January 6, regaining global development and commercialization rights for IMM2510 and IMM27M [2]. - The partnership began in August 2024, with Yiming granting Axion exclusive rights outside Greater China, and Yiming receiving a total of $20 million in upfront and recent payments [2][7]. - The abrupt end of the collaboration was attributed to Axion's slow overseas clinical advancement, as stated by a Yiming representative [2]. Group 2: Financial Implications - Yiming has secured $35 million in non-recurring income, which provides a buffer for cash flow and reinvestment, although future funding needs for global multi-center trials remain a concern [2][9]. - The termination may enhance Yiming's autonomy in clinical and commercial strategies, allowing for accelerated progress based on positive signals from Greater China [2][9]. Group 3: Industry Context - The case highlights the critical constraints of milestone fulfillment and clinical advancement in overseas collaborations, with buyers emphasizing verifiable clinical delivery and clear exit mechanisms [3]. - The termination reflects broader industry challenges, as trust between Chinese innovative drug companies and international partners is being tested, potentially leading to a trend of "returning" or "recalling" collaborations [9][11]. - The surge in business development (BD) transactions from Chinese innovative drug companies, totaling $135.655 billion in 2025, indicates a shift in collaboration models, moving towards more diversified partnerships rather than simple licensing agreements [9][10].
抗癌新药全球合作遭遇“闪离”，宜明昂科缘何收回双药海外权利？