A Chinese biopharmaceutical firm has sealed a global licensing deal valued at up to US$1.44 billion, the second in a week, as a wave of cross-border tie-ups shows no sign of abating despite headwinds from the US Biosecure Act.
Shanghai Scizeng Medical Technology, a unit of Changchun High-Tech Industry, has agreed to grant US-based Yarrow Bioscience exclusive global rights to develop, manufacture and commercialise GenSci098, an injectable therapy for thyroid eye disease and Graves’ disease, both of which are autoimmune conditions. The deal excludes mainland China, Hong Kong, Macau and Taiwan.
GenSci098 is currently undergoing clinical trials in mainland China and the US.
“This landmark partnership is a strategic step in our vision of becoming a global pharma innovator,” Dr Lei Jin, general manager of Changchun High-Tech, said in a statement, adding that GenSci098 had shown immense potential.
Scizeng would receive an upfront payment of US$70 million and up to US$1.37 billion in milestone payments tied to development, regulatory approval and commercial success of the product, according to a filing by Changchun High-Tech to the Shenzhen Stock Exchange on Tuesday.
Scizeng will also be entitled to royalties of more than 10 per cent on future sales once the product reaches the market.
