Core Insights - The company, Nuo Cheng Jian Hua, announced a record-breaking over $2 billion external licensing collaboration in the field of autoimmune diseases, marking a significant milestone in China's small molecule licensing history [1][2] Group 1: Licensing Agreement Details - The agreement involves core product Aobutini and two other preclinical small molecules, with Zenas, a US pharmaceutical company, as the partner [1] - Nuo Cheng Jian Hua will receive an upfront payment of $100 million and milestone payments, including those expected to be achieved by 2026, totaling over $2 billion [1] - Zenas will issue 7 million shares of common stock to Nuo Cheng Jian Hua, valued at approximately $181 million based on Zenas' closing price of $25.9 per share on October 8 [1] Group 2: Product Rights and Clinical Trials - Nuo Cheng Jian Hua retains exclusive global rights for Aobutini in oncology while granting Zenas exclusive rights for the development, production, and commercialization of Aobutini in multiple sclerosis and non-oncology areas outside Greater China and Southeast Asia [2] - The company has initiated a Phase III clinical trial for Aobutini targeting primary progressive multiple sclerosis in Q3 2025, with plans to start a trial for secondary progressive multiple sclerosis in Q1 2026 [2] Group 3: Strategic Importance and Market Reaction - This collaboration is the second international deal for Nuo Cheng Jian Hua in 2025, following a $500 million agreement with Kangnuo Ya in January [3] - The company views this licensing deal as a crucial step in its internationalization strategy, aiming to achieve the internationalization of three to four products in the next three to five years [3] - Despite the record transaction amount, the market reacted negatively, with Nuo Cheng Jian Hua's stock price dropping nearly 7% in A-shares and over 11% in Hong Kong shares on October 9 [3]

Core Insights - The company announced a licensing agreement with Zenas BioPharma, granting Zenas rights to develop, produce, and commercialize the product Orelabrutinib and two preclinical assets [1][2] Group 1: Licensing Agreement Details - The agreement includes exclusive global rights for Orelabrutinib in multiple sclerosis (MS) and exclusive rights in other non-MS and non-cancer indications outside Greater China and Southeast Asia [1] - The agreement also covers a preclinical IL-17 inhibitor and a preclinical oral TYK2 inhibitor, with exclusive rights outside Greater China and Southeast Asia for the former and global exclusive rights for the latter [1] Group 2: Financial Terms - Zenas will pay the company a $100 million upfront payment and milestone payments, including cash expected upon achieving milestones in 2026, along with 7 million shares of common stock [2] - The total potential payments from this transaction, including upfront, milestone, and commercial payments, could exceed $2 billion [2] - The company is entitled to receive tiered royalties of up to the high teens percentage based on the annual net sales of the licensed products [2]