Group 1 - The company, Lepu Biopharma-B (02157), has announced a licensing and transfer agreement with Excalipoint for the proprietary T-cell connector TOPAbody platform, involving two preclinical assets [1] - Excalipoint will receive exclusive global rights to develop and commercialize target products, with the company receiving an upfront cash payment of $10 million, equity in Excalipoint, milestone payments up to $847.5 million, and royalties based on sales [2] - The board believes that this licensing deal and Excalipoint's A-round financing will enhance the commercial value of the company's existing product pipeline and technology, supporting its global strategic layout [3] Group 2 - The successful completion of the licensing transaction and A-round financing will allow the company to focus on advancing next-generation ADC drugs and immuno-oncology bispecific/trispecific antibodies, accelerating the commercialization of late-stage products [3]

董事会认为，许可交易及Excalipoint开曼A轮融资的成功，充分挖掘本公司现有产品管线和技术的商业 价值，推动本公司实现全球化战略布局。同时，该交易亦有助于本公司进一步聚焦于推动下一代ADC 药物及免疫肿瘤双/三特异性抗体的研发战略，加快后期产品的商业化。 根据知识产权转让与许可协议及购股协议，并在其条款及条件的规限下，Excalipoint将获得在全球范围 内开发及商业化目标产品的独家权利，作为对价，本公司将收取总额为1,000万美元的现金首付款，及 Excalipoint开曼向本公司全资附属公司Innocube发行的普通股(占Excalipoint开曼经扩大发行股本的 10%)，总额最高为8.475亿美元的研发及商业里程碑付款，及按低个位数百分比至中个位数百分比分级 计算的销售特许权使用费。此外，本集团有权委任一名董事加入Excalipoint开曼董事会。在进行上述许 可交易的同时，Excalipoint开曼将进行A轮融资，其中红杉中国、元生创投及杏泽资本(作为联合牵头A 轮投资者)所管理的基金，连同其他A轮投资者(包括五源资本、凯风创投、幂方健康基金及弘毅投资所 管理的基金)将根据购股协议的条款及条 ...

R&D Strategy - The company has initiated a comprehensive review of its R&D strategy since 2024, focusing on clear objectives in disease areas and technology platforms [2] - Key areas of focus include gastrointestinal, reproductive health, and mental health, with a complete product pipeline and treatment plans [2][3] - In the gastrointestinal field, the company is advancing P-CAB products, with the tablet in phase III clinical trials expected to launch this year [2] - In reproductive health, the company has successfully launched a water-soluble progesterone injection and is working on recombinant human follicle-stimulating hormone injection, expected to be approved by Q1 2027 [2][3] Key Product Developments - The NS-041 project for epilepsy is in phase II clinical trials, showing superior selectivity and efficacy compared to similar products [4] - The IL-17A/F monoclonal antibody for psoriasis has completed phase III clinical enrollment, with plans to submit for approval in 2025 [5] - The company has a strong market position in reproductive health, holding over 90% of the u-FSH market in China since 2005 [5][6] Financial Performance and Projections - The company expects a slight growth in traditional Chinese medicine sales, driven by policy changes and new product developments [7] - In 2024, the revenue from APIs and intermediates is projected to be CNY 3.25 billion, with a 7.9% increase in exports [8] - The company plans to balance dividends, share buybacks, and R&D investments, with 88% of net profit allocated to shareholder returns in 2024 [11] Business Development Strategy - The business development strategy focuses on gastrointestinal, mental health, and reproductive health, while expanding into chronic disease areas [10] - The company aims to leverage its technology platforms to enhance its product pipeline and market competitiveness [10] Market Outlook - The market for psoriasis and ankylosing spondylitis treatments is expected to grow significantly, with high demand for effective therapies [5] - The company is preparing to optimize sales channels and promotional teams for upcoming product launches [5]