Core Viewpoint - The recent licensing agreement between the company and Zenas BioPharma, valued at over $2 billion, did not boost the company's stock price and instead led to a decline in both A-shares and H-shares [1][3]. Group 1: Licensing Agreement Details - The agreement includes a $100 million upfront payment and milestone payments, with total transaction value exceeding $2 billion [3]. - Zenas will receive global rights for the development and commercialization of the drug Obinutuzumab in multiple sclerosis and other non-oncology indications, excluding Greater China and Southeast Asia [4]. - The company retains the right to receive tiered royalties based on annual net sales of the licensed products, potentially reaching over 10% [3][4]. Group 2: Market Reaction and Investor Sentiment - Following the announcement, the company's stock fell by 6.91% in A-shares and 9.68% in H-shares, indicating investor skepticism regarding Zenas's capabilities and the perceived low upfront payment [1][3]. - Zenas's stock, in contrast, surged by 24.22% after the deal announcement, reflecting a positive market reaction to the agreement [1]. Group 3: Strategic Implications - The management emphasized that this partnership is a significant step towards the company's globalization strategy, providing both financial benefits and access to global markets [4]. - The company plans to continue pursuing international opportunities and prioritizes business development over the next three years [6].

恒瑞将瑞康曲妥珠单抗在除中国大陆、中国香港特别行政区、中国澳门特别行政区及中国台湾地区、美 国、加拿大、欧洲、日本、俄罗斯、亚美尼亚、阿塞拜疆、白俄罗斯、哈萨克斯坦、吉尔吉斯斯坦、摩 尔多瓦、塔吉克斯坦、土库曼斯坦和乌兹别克斯坦外的全球范围内开发及商业化的独家权利有偿许可给 Glenmark Specialty。Glenmark Specialty将向恒瑞支付1800万美元首付款。恒瑞有资格获得与注册和销售 相关的里程碑付款，最高可达10.93亿美元。根据瑞康曲妥珠单抗在授权范围内的销售情况，Glenmark Specialty将向恒瑞支付相应的销售提成。 本协议的签署有助于拓宽瑞康曲妥珠单抗的海外市场，为全球患者提供优质的治疗选择，也将进一步提 升公司创新品牌和海外业绩。公司坚持自主研发与开放合作并重，在内生发展的基础上加强国际合作， 实现研发成果的快速转化，借助国际领先的合作伙伴覆盖海外市场，加速融入全球药物创新网络，实现 产品价值最大化，让公司创新产品服务全球患者。 恒瑞医药（600276）(600276.SH)发布公告，公司与Glenmark SpecialtyS.A.(简称"Glenmark Spe ...

Group 1 - On September 5, 2023, Heng Rui Medicine announced an exclusive licensing agreement with Braveheart Bio for its self-developed cardiac myosin small molecule inhibitor HRS-1893, granting Braveheart Bio rights to develop, produce, and commercialize HRS-1893 globally, excluding Greater China [1] - Braveheart Bio will pay a total of $75 million to Heng Rui Medicine, which includes a $65 million upfront payment (comprising $32.5 million in cash and $32.5 million in Braveheart Bio equity) and a $10 million milestone payment upon completion of technology transfer [1] - Heng Rui Medicine could receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties [1] Group 2 - Braveheart Bio was established in 2024 in Delaware, USA, with major investors including Forbion Capital and OrbiMed, both of which are influential in the life sciences investment sector [2] - The partnership with top-tier life sciences investment institutions highlights Heng Rui Medicine's international competitiveness and accelerates the global development of innovative therapies in the cardiovascular field [2] - HRS-1893 is a significant innovation in Heng Rui Medicine's cardiovascular portfolio, currently in Phase III clinical trials, with over 10 innovative products in clinical research stages targeting cardiovascular diseases [3] Group 3 - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration to enhance its global innovation footprint, actively exploring partnerships with multinational pharmaceutical companies, innovative startups, and leading regional pharmaceutical firms [3]

Core Viewpoint - Rongchang Biologics (688331.SH) has entered into an agreement with Santen Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Santen (China) Co., Ltd., granting exclusive rights for the development, production, and commercialization of the RC28-E injection in several Asian markets, while retaining global rights outside these regions [1][2]. Group 1: Agreement Details - Rongchang Biologics will receive a non-refundable and non-offsettable upfront payment of 250 million RMB from Santen China [1]. - The agreement includes potential milestone payments of up to 520 million RMB for development and regulatory achievements, and up to 525 million RMB for sales milestones [1]. - Additionally, Rongchang Biologics will earn a tiered sales royalty based on product sales in the authorized regions, ranging from high single-digit to double-digit percentages [1]. Group 2: Product and Market Impact - RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biologics for treating ocular neovascular diseases [2]. - The collaboration is expected to accelerate market access and patient coverage for RC28-E, significantly shortening the commercialization cycle [2]. - This partnership aims to provide innovative and efficient solutions for the treatment of retinal diseases [2].

恒瑞医药: 恒瑞医药关于与Merck Sharp & Dohme LLC签署HRS-5346项目授权许可协议的公告 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-029 江苏恒瑞医药股份有限公司 关于与 Merck Sharp & Dohme LLC 签署 HRS-5346 项目授权许可协议的公告 被许可人：Merck Sharp & Dohme LLC （一）许可范围 根据协议，恒瑞授予默沙东在全球范围内（大中华地区除外）开发、生产 和商业化 HRS-5346 的独家权利。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏恒瑞医药股份有限公司（以下简称"恒瑞"或"公司"）与 Merck Sharp & Dohme 公司（以下简称"MSD"或"默沙东"）达成协议，将恒瑞的脂 蛋白（a）Lp（a）口服小分子项目（包括名为 HRS-5346 的先导化合物）有偿 许可给 MSD，MSD 将获得 HRS-5346 在大中华地区以外的全球范围内开发、生产 和商业化的独家权利。 一、许可产品基本信息 HRS-53 ...