Core Viewpoint - The strategic partnership between Koyi Pharmaceutical and ERIGEN LLC marks a significant advancement in the global CAR-T therapy landscape, particularly with the development of the first dual-target CAR-T product KQ-2003, which targets BCMA/CD19 [1][2][3] Company Summary - Koyi Pharmaceutical has entered into an exclusive overseas licensing agreement with ERIGEN LLC for KQ-2003, covering global rights outside Greater China, excluding India, Turkey, and Russia [1] - The agreement includes a milestone payment of $15 million and potential future payments of up to $1.32 billion, along with a sales share of up to $800 million based on net sales in the licensed regions [1][2] - KQ-2003 has demonstrated a 100% overall response rate (ORR) in clinical trials for patients with relapsed/refractory multiple myeloma, showcasing its potential effectiveness [3][6] Industry Summary - The global cell and gene therapy market has seen rapid growth, with projections indicating it will exceed $30.54 billion by 2025 and reach $21.8 billion for CAR-T therapies by 2030, particularly in the multiple myeloma segment [4] - The CAR-T market is becoming increasingly competitive, with major players like Novartis and Gilead, as well as emerging companies like Legend Biotech and Koyi Pharmaceutical, vying for market share [4][5] - Traditional CAR-T therapies face challenges such as high costs (over $400,000 per treatment), production bottlenecks, and limited efficacy in solid tumors, prompting a shift towards more accessible and cost-effective solutions [5][6][7] - The development of "universal CAR-T" therapies, which utilize healthy donor cells, is seen as a potential game-changer in overcoming the limitations of personalized CAR-T treatments [6][8]