Changchun high-tech subsidiary inks $1.2 bn GenSci098 deal

Changchun High & New Technology Industry Group announced its subsidiary, Shanghai Saizeng Medical Technology Co., Ltd., has signed an exclusive license agreement with Yarrow Bioscience, Inc. for the GenSci098 injection project. Saizeng Medical is set to receive an upfront payment and near-term development milestones totaling $120 million, including an initial non-refundable, non-creditable $70 million and subsequent near-term development milestones of $50 million.

The deal also includes potential milestone payments related to research, regulatory approvals, and commercialization, which could reach up to $1.365 billion. Additionally, Saizeng Medical is eligible for sales royalties exceeding 10% of net sales after the product launches. The agreement grants Yarrow Bioscience exclusive global development, manufacturing, and commercialization rights outside of Greater China, while Saizeng Medical retains rights within mainland China, Hong Kong, Macau, and Taiwan.

GenSci098, an investigational humanized TSHR antagonistic monoclonal antibody, is being developed as a Class 1 biological new drug for the treatment of thyroid-associated ophthalmopathy (TED) and diffuse toxic goiter (GD). The company cautions that due to the high-risk nature of new drug development, final payment amounts are subject to uncertainty.