Core Viewpoint - The announcement of a global exclusive collaboration and licensing agreement between the company and Roche for the self-developed long-acting dual antibody QX031N has positively impacted the stock price, reflecting investor confidence in the company's innovation capabilities and market potential in the autoimmune sector [1][1]. Group 1: Collaboration Agreement - The company has entered into a global exclusive collaboration and licensing agreement with Roche for QX031N, granting Roche rights for research, development, registration, production, and commercialization [1][1]. - The agreement includes an upfront payment of $75 million and up to $995 million in milestone payments, along with potential future sales royalties [1][1]. Group 2: Product Details - QX031N is a long-acting dual antibody injection targeting TSLP and IL-33, currently in the preclinical pipeline and has not yet entered clinical stages [1][1]. - The collaboration is seen as a validation of the company's early-stage innovation capabilities and recognition of the market potential in the autoimmune respiratory sector [1][1]. Group 3: Market Implications - The transaction is considered rare due to the significant upfront payment and the collaboration with a major multinational corporation (MNC), indicating the clinical value of QX031N is comparable to TL1A dual antibodies in the inflammatory bowel disease (IBD) field [1][1]. - The combination of targets for QX031N is viewed as having a leading position and market potential globally [1][1].