8月11日，复星医药（600196）(600196.SH,02196)发布公告，控股子公司上海复星医药产业发展有限公 司("复星医药产业")与Expedition Therapeutics,Inc.("Expedition")签订《许可协议》，将向Expedition授予 小分子口服二肽基肽酶1(DPP-1)抑制剂XH-S004在全球(不包括中国境内及港澳地区)范围的开发、生产 及商业化权利。复星医药产业将保留XH-S004在中国境内及港澳地区的开发、生产及商业化权利。 XH-S004为复星医药产业拥有自主知识产权的小分子口服DPP-1抑制剂，其通过抑制DPP-1及其激活的 中性粒细胞丝氨酸蛋白酶降低炎症反应，从而阻断感染恶性循环及由此导致的气道结构损伤;截至目 前，XH-S004用于治疗非囊性纤维化支气管扩张症于中国境内处于II期临床试验阶段、用于治疗慢性阻 塞性肺疾病(COPD)于中国境内处于Ib期临床试验阶段。截至目前，全球范围内尚无同一分子机制的小 分子口服抑制剂获批上市。 根据协议，Expedition将向复星医药产业支付至多1.2亿美元不可退还的首付款、开发里程碑付款，未来 还将基于XH-S004 ...

Core Insights - Fosun Pharma (600196.SH) announced a licensing agreement with Expedition for the global development, production, and commercialization of the investigational product XH-S004, excluding mainland China and Hong Kong and Macau [1] - XH-S004 is a small molecule oral DPP-1 inhibitor aimed at reducing inflammation and preventing airway structural damage, with potential indications including non-cystic fibrosis bronchiectasis and chronic obstructive pulmonary disease [1] - Expedition will pay up to $120 million in non-refundable upfront payments and milestone payments based on development and regulatory achievements, along with up to $525 million in sales milestone payments based on annual net sales in the licensed territories [1] Company Strategy - The collaboration is expected to accelerate the clinical development and commercialization of the licensed product globally [1] - The agreement allows Fosun Pharma to maintain rights for the development, production, and commercialization of the product within mainland China and Hong Kong and Macau, thereby expanding its innovative product portfolio internationally [1]

Core Insights - Fosun Pharma announced a licensing agreement with Expedition for the development, production, and commercialization of the investigational product XH-S004 outside of China and Hong Kong [2] - XH-S004 is a small molecule oral DPP-1 inhibitor that aims to reduce inflammation and block the cycle of infection and airway structural damage [2] - Potential indications for XH-S004 include non-cystic fibrosis bronchiectasis and chronic obstructive pulmonary disease [2] Financial Terms - Expedition will pay up to $120 million in non-refundable upfront payments and milestone payments related to development and regulatory achievements [2] - Additionally, Expedition may pay up to $525 million in sales milestone payments based on annual net sales of the licensed product in the licensed territory [2]

（1）根据约定，Expedition将就本次合作向复星医药产业支付至多12,000万美元不可退还的首付款、开 发及监管里程碑付款，具体包括：①首付款1,700万美元；②根据许可产品于许可区域的临床试验及上 市进展等，支付至多10,300万美元的开发及监管里程碑款项。（2）此外，基于许可产品于许可区域的 年度净销售额（定义依约定）达成情况，由Expedition向复星医药产业依约支付至多52,500万美元的销 售里程碑款项。 格隆汇8月11日丨复星医药(600196.SH)公布，公司控股子公司复星医药产业与Expedition签订《许可协 议》，复星医药产业授予Expedition除中国境内及港澳地区以外的全球范围、许可领域内开发、生产及 商业化在研产品XH-S004的权利。本次合作后，本集团仍拥有许可产品于中国境内及港澳地区的开发、 生产及商业化权利。 XH-S004为本集团拥有自主知识产权的小分子口服DPP-1抑制剂，其通过抑制DPP-1及其激活的中性粒 细胞丝氨酸蛋白酶降低炎症反应，从而阻断感染恶性循环及由此导致的气道结构损伤。该在研药品的潜 在适应症包括非囊性纤维化支气管扩张症、慢性阻塞性肺疾病等。截至 ...