复星医药公告称，12月9日，其控股子公司药友制药、复星医药产业与辉瑞签订《许可协议》，药友制 药授予辉瑞口服小分子GLP - 1R激动剂（含YP05002）全球独家开发等权利。药友制药将获1.5亿美元不 可退还首付款，及至多3.5亿美元开发里程碑付款。基于产品年度净销售额，辉瑞还将支付至多15.85亿 美元销售里程碑款及特许权使用费。不过，药品研发有不确定性，且辉瑞有权书面通知终止协议。 ...

Core Transaction Details - The collaboration involves Fosun Pharma granting UK-based Sitala exclusive rights for the development, production, and commercialization of the drug FXS6837 globally, excluding China (including Hong Kong, Macau, and Taiwan) [1] - Fosun Pharma retains rights for the Chinese market [1] - Fosun Pharma can acquire Sitala shares valued at $5 million at zero cost, with a holding ratio not exceeding 10% [1] Key Financial Terms - Total milestone payments can reach up to $190 million, including an upfront payment of $25 million and development milestones of $165 million [1] - Sales milestones are based on annual net sales, with a maximum of $48 million [1] - Royalties will be charged as a double-digit percentage of annual net sales [1] Product Information - FXS6837 is a small molecule inhibitor with proprietary intellectual property from Fosun Pharma, aimed at the immunomodulation field [1] - The drug is currently in Phase II clinical trials in China [1] - Cumulative investment in the drug is approximately 120 million RMB by July 2025 [1] - The global market for related disease treatment drugs is projected to reach approximately $3.8 billion in sales by 2024 [1]