Haisco(SZ:002653) Di Yi Cai Jing·2026-01-09 14:26Core Viewpoint - The Chinese innovative drug licensing transactions are expected to exceed $130 billion by 2025, with a new wave of transactions beginning in 2026, highlighted by the exclusive licensing agreement between Haisco and AirNexis for the innovative drug HSK39004 [1][2]. Group 1: Licensing Agreement Details - Haisco has signed an exclusive licensing agreement with AirNexis for the global development, production, and commercialization rights of HSK39004, excluding Greater China [1]. - AirNexis will pay Haisco an upfront payment of $108 million, which includes $40 million in cash and approximately $68 million worth of 19.9% equity in AirNexis, along with potential milestone payments of up to $955 million and royalties [2]. Group 2: Investment and Market Context - The transaction involves several well-known global dollar funds, with AirNexis being supported by Frazier Life Sciences Management, which has a history of successful FDA approvals and IPOs [3]. - Other notable investors include OrbiMed, Goldman Sachs' Life Sciences Alternatives, and Longitude Capital, indicating strong interest from established biopharma investment funds [3]. - The Newco model used in this transaction allows for the exchange of time for space, providing new funding and capital to enhance product recognition and future market opportunities [3]. Group 3: Market Trends and Future Outlook - In 2025, the Chinese innovative drug sector saw over 150 licensing transactions, but only a few utilized the Newco model, indicating a trend towards direct acquisitions by multinational pharmaceutical companies [4]. - The potential for increased participation from dollar investment funds in Chinese innovative drug licensing transactions in the new year remains to be seen [5].