9 October 2025 | 8:05AM HKT Equity Research InnoCare Pharma (9969.HK): First take on partnership with Zenas for global development of Orela in PMS and broader pipeline; Buy A three-asset licensing out with Zenas: InnoCare announced a licensing-out deal with Nasdaq-listed Zenas BioPharma (ZBIO, not covered) for three assets - ex-China / Southeast Asia right of orelabrutinib in multiple sclerosis (MS) and non-oncology diseases and a preclinical oral IL-17AA/AF inhibitor; and global right of a preclinical oral ...