InnoCare Pharma strikes global licensing deal with Zenas BioPharma worth over $2bn

InnoCare Pharma Limited has entered into a global strategic collaboration and license agreement with Zenas BioPharma, Inc. The deal grants Zenas exclusive rights to develop, manufacture, and commercialize orelabrutinib in the multiple sclerosis field globally (excluding Greater China and Southeast Asia), and in non-oncology fields in all territories outside Greater China and Southeast Asia. The agreement also includes two preclinical assets: an oral IL-17AA/AF inhibitor (worldwide excluding Greater China and Southeast Asia) and an oral, brain-penetrant TYK2 inhibitor (globally).

Under the terms, Zenas will provide InnoCare with upfront and near-term milestone payments totaling up to $100m in cash, including anticipated achievements in 2026. Additionally, Zenas will issue up to 7,000,000 shares of its common stock, with some shares contingent on a milestone expected in early 2026. The total potential deal value, encompassing development, regulatory, and commercial milestone payments, is projected to exceed $2bn.

InnoCare is also entitled to receive tiered royalties of up to high teens percentages on the annual net sales of the licensed products. Orelabrutinib, a BTK inhibitor, is a late-stage asset, with a Phase 3 trial for primary progressive MS initiated in Q3 2025 and a Phase 3 trial for secondary progressive MS expected to start in Q1 2026.