This week, biotech highlights include Jingze Biopharm’s RMB 3.21B IPO filing (biosimilars), Sino Biopharma’s US$ 1.9B AstraZeneca deal (COPD), Mingyu Pharma’s ADC-focused IPO, Zhiyuan Pharma’s RMB 1.32B-backed dermatology IPO, BriSTAR’s RMB 200M for STAR-T (autoimmune), and Zhejiang Conba’s licensing of Cebranopadol (pain).

Transactions & BD (In/Out Licensing)

Jingze Biopharm Files for Hong Kong IPO With a Post-Investment Valuation of RMB 3.21 Billion

Key Words: Jingze Biopharm, IPO, Hong Kong, valuation, fertility, ophthalmology, biosimilar, JZB30, JZB05, China Medical System

• The News: Jingze Biopharm submitted its IPO application to the Hong Kong Stock Exchange on July 3, with a post-investment valuation of RMB 3.21 billion from its Series C+ round. The company focuses on assisted reproduction and ophthalmology, with lead assets including JZB30, a recombinant human follicle-stimulating hormone biosimilar approved in China in 2025, and JZB05, an aflibercept biosimilar in Phase III trials.
• Key Highlights:
• Deal Details:
  • Total Financing: RMB 1.041 billion raised across six rounds from Pre-A to Series C+, with the latest post-money valuation at RMB 3.21 billion.
  • IPO Status: filed for Hong Kong IPO; founder and general manager Peng Hongwei holds 32.13% equity.
  • As of April 30, 2026, Jingze reported a net loss of approximately RMB 89.32 million, total liabilities of RMB 1.927 billion, and cash reserves of only RMB05 million.
• Product Profile – JZB30 (Zepanxi):
  • JZB30: a recombinant human follicle-stimulating hormone (rhFSH) for controlled ovarian stimulation in assisted reproductive technology (ART).
  • Mechanism: activates FSH receptors on ovarian granulosa cells to promote follicular growth, estrogen production, and oocyte maturation.
  • Indication Focus: infertility treatment, including IVF/ICSI procedures requiring controlled ovarian stimulation.
  • Development Stage: Phase III completed with comparable efficacy and safety to Gonal-F®.
• Jingze Biotechnology: a China-based biopharma founded in 2014, developing biosimilars, modified new drugs, and innovative drugs for assisted reproduction and ophthalmology.

Sino Biopharmaceutical (1177.HK) Licenses PDE3/4 Inhibitor to AstraZeneca (AZN.N) for Up to US$ 1.9 Billion

Key Words: Sino Biopharmaceutical, AstraZeneca, PDE3/4, TQC3721, COPD, out-license, US$ 1.9 billion

• The News: Sino Biopharmaceutical licensed global rights outside China for its PDE3/4 inhibitor TQC3721 to AstraZeneca. The deal includes a US$ 200 million upfront payment and up to US$ 1.9 billion in total milestones, plus tiered double-digit royalties.
• Key Highlights:
• Deal Details:
  • Total Deal Value: up to US$ 1.9 billion
  • Upfront Payment: US$ 200 million
  • Milestone Payments: Up to US$ 1.7 billion in potential milestones
• Product Profile – TQC3721:
  • TQC3721: an inhaled dual PDE3/4 inhibitor developed for chronic respiratory diseases, particularly COPD.
  • Mechanism: inhibits PDE3 and PDE4 to increase intracellular cAMP levels, producing dual effects of airway smooth muscle relaxation (bronchodilation) and suppression of inflammatory signaling.
  • Indication Focus: COPD maintenance treatment and other inflammatory airway diseases.
  • Development Stage: Phase III clinical development in China.

Eli Lilly (LLY.N) and Hengrui Medicine (600276.SH) Veteran Launches ADC Biotech Mingyu Pharma for Second Hong Kong IPO Attempt

Key Words: Mingyu Pharma, ADC, IPO, Hong Kong, OrbiMed, Qiming Venture Partners, TROP-2, B7-H3, IGF-1R, JAK inhibitor

• The News: Mingyu Pharmaceutical refiled its Hong Kong IPO prospectus on July 8, 2026, seeking a listing under Chapter 18A, after an initial attempt in November 2025. The company, founded by 61-year-old former Eli Lilly and Hengrui Medicine R&D executive Cao Guoqing, generated RMB 264 million in 2025 revenue from a single out-licensing deal and has no approved products yet.
• Key Highlights:
• Deal Details:
  • Total Deal Value: RMB 1.065 billion in potential milestones from a March 2025 out-licensing of MHB088C (B7-H3 ADC) to Qilu Pharmaceutical for Greater China rights, plus tiered royalties.
  • Upfront / Near-term Payments: RMB 280 million upfront payment from Qilu Pharmaceutical for MHB088C.
  • Qilu Pharmaceutical obtained exclusive Greater China development and commercialization rights for MHB088C; Mingyu retained global rights outside China.
• Product Profile – MHB036C:
  • MHB036C: a TROP-2 ADC using Mingyu’s SuperTopoi platform with a proprietary topoisomerase I payload, designed for improved safety over standard Dxd-based ADCs.
  • Mechanism: targets TROP-2, delivering a topoisomerase I inhibitor payload to tumor cells.
  • Indication Focus: Phase 2 trials in second/third-line triple-negative breast cancer (TNBC), HR+/HER2- breast cancer, EGFR-mutant NSCLC, and biomarker-unselected NSCLC; also, in phase 1/2 combination with its PD-1/VEGF bispecific MHB039A.
  • Clinical Data: in second-line TNBC, objective response rate (ORR) of 43% and median progression-free survival (PFS) of ~7 months; in biomarker-unselected NSCLC, ORR of 57%; interstitial lung disease (ILD) rate of ~1%.
• Product Profile – MHB088C:
  • MHB088C: a B7-H3 ADC also built on the SuperTopoi platform, currently in pivotal phase 3 for second-line small cell lung cancer (SCLC), metastatic castration-resistant prostate cancer (mCRPC), and esophageal squamous cell carcinoma (ESCC).
  • Mechanism: targets B7-H3, delivering a topoisomerase I inhibitor payload.
  • Clinical Data: at 2.0 mg/kg dose in second-line SCLC, ORR of 42.2% with only two ILD events across the full population.

Zhiyuan Pharmaceutical Files for Hong Kong IPO With RMB 1.32 Billion Annual Revenue from Affordable Dermatology Products

Key Words: Zhiyuan Pharmaceutical, IPO, dermatology, topical drugs, Alibaba Health, Sinovation Ventures, micro-innovation, OTC

• The News: Jiangsu Zhiyuan Pharmaceutical, a Chinese dermatology-focused drugmaker, filed a Form A1 with the Hong Kong Stock Exchange on July 9, 2026, after withdrawing its Shenzhen IPO application in October 2024. The company completed a nearly RMB 300 million pre-IPO round in 2025 led by Sinovation Ventures (founded by Kaifu Lee), Cathay Capital (backed by L’Oréal), and Alibaba Health (0241.HK), reaching a post-money valuation of RMB 2.82 billion.
• Key Highlights:
• Deal Details:
  • Total Deal Value: RMB 300 million Pre-IPO round in 2025, with post-money valuation of RMB 2.82 billion
  • Investors: Sinovation Ventures (lead), Cathay Capital (L’Oréal), Alibaba Health (via secondary share transfer)
  • Rights Granted: Alibaba Health serves as both shareholder and key online distribution channel partner
  • Revenue: RMB 1.32 billion in 2025, up from RMB 1.03 billion in 2023
  • Gross Margin: 66%-72% during 2023–2025
• Product Profile – Zhiyuan Portfolio:
  • Portfolio: a range of affordable topical dermatology products including metronidazole gel (acne), bifonazole solution (athlete’s foot), amorolfine liniment (nail fungus), pimecrolimus cream (eczema), and selenium sulfide shampoo (dandruff).
  • Mechanism: micro-innovation in formulation and delivery (e.g., pump-dispensed metronidazole gel, spray bifonazole for shoes/socks, 360-degree nozzle for back acne spray) rather than novel molecular entities
  • Indication Focus: acne, fungal infections, eczema, dandruff, and other common skin conditions
  • Development Stage: commercial stage; five products ranked No. 1 in all-channel sales and three ranked No. 1 in online sales in 2025
• Jiangsu Zhiyuan Pharmaceutical is a China-based pharmaceutical company specializing in innovative biologics and reproductive health therapies, with a focus on developing high-quality products for unmet clinical needs.

BriSTAR Raises Over RMB 200 Million to Advance Universal STAR-T and In Vivo Cell Therapy Platforms

Key Words: BriSTAR Immunotech, STAR-T, YTS109, universal CAR-T, in vivo cell therapy, autoimmune disease, SLE

• The News: China-based BriSTAR Immunotech has raised more than RMB 200 million in a Series C financing round led by Loyal Valley Capital, with participation from Fudan Innovation and Technology. The proceeds will support the registrational clinical development of its allogeneic STAR-T candidate YTS109.
• Key Highlights:
• Deal Details:
  • Total Deal Value: over RMB 200 million
  • Lead Investors: Loyal Valley Capital and Fudan Innovation and Technology.
  • Total Financing: more than RMB 500 million raised to date.
• Product Profile – YTS109:
  • YTS109: a CD19-directed universal allogeneic STAR-T therapy developed for severe autoimmune diseases.
  • Mechanism: combines CAR-mediated antigen recognition with natural T-cell receptor (TCR) signaling to enhance T-cell activation, persistence, tissue infiltration, and safety compared with conventional CAR-T approaches.
  • Indication Focus: systemic lupus erythematosus (SLE), lupus nephritis, and other B-cell mediated autoimmune diseases.
  • Development Stage: clinical-stage development with promising efficacy and manageable safety signals in autoimmune disease studies
• BriSTAR Immunotech is a China-based biotechnology company focused on developing next-generation cell therapies, including universal allogeneic STAR-T and in vivo cell therapy platforms, for cancer and autoimmune diseases.

Biocytogen (2315.HK, 688796.SS) and Whitehawk (WHWK.O) Collaborate on Bispecific ADC Development

Key Words: Biocytogen, Whitehawk Therapeutics, bispecific antibodies, ADC, RenLite®, oncology

• The News: Biocytogen and Whitehawk Therapeutics have entered a global collaboration to develop bispecific antibody-drug conjugates (BsADCs). Biocytogen will contribute up to five bispecific antibodies using its RenLite® platform, while Whitehawk will evaluate these with its ADC linker-payload technologies. Whitehawk has the option to advance selected BsADC candidates for its oncology pipeline.
• Key Highlights:
• RenLite® Platform: Biocytogen’s proprietary platform supports the discovery and optimization of fully human bispecific antibodies by minimizing the risk of light-chain mispairing, providing a stable foundation for BsADC development.
• Collaborative Goals: Both companies aim to identify bispecific ADC candidates with differentiated targeting profiles and robust therapeutic potential in oncology.
• Whitehawk Expertise: The company plans to leverage its ADC platform to deliver investigational new drug (IND) applications for novel ADCs within 12–24 months.
• Financial Terms: Biocytogen will receive an upfront payment, eligible milestone payments for development, regulatory and commercial progress, and low single-digit royalties on future net sales. Whitehawk will retain global rights and control over future BsADC programs.

Zhejiang Conba and Adneuris Sign Licensing Agreement for Cebranopadol in Greater China

Key Words: Zhejiang Conba, Adneuris, Cebranopadol, pain management, licensing, Greater China

• The News: Zhejiang Conba Pharmaceutical Co., Ltd. announced that its subsidiaries, Hangzhou Conba and Hong Kong Conba, have signed a licensing and commercialization agreement with Adneuris Therapeutics, Inc., a subsidiary of Tris Pharma. Under the agreement, Conba will gain exclusive rights to develop, commercialize, and manufacture Cebranopadol, an innovative dual-target pain management drug, in Greater China, including Mainland China, Hong Kong, Macau, and Taiwan. Adneuris retains global rights outside this region.
• Key Highlights:
• Cebranopadol Overview: A first-in-class NOP + MOP dual-target oral pain management therapy in late-stage clinical development. The therapy aims to address acute postoperative pain, with future potential applications for chronic pain. Cebranopadol has completed phase III clinical trials and is expected to submit a New Drug Application (NDA) to the US FDA later this year.
• Licensing Details:
  • Upfront Payment: $17.5 million.
  • Milestone Payments: Up to $94 million based on development, regulatory approvals, and net sales performance.
  • Royalties: Tiered, up to low double digits, based on annual net sales in the licensed territory.
• Market Potential: China’s postoperative pain treatment market is projected to grow at an annual rate exceeding 6%, reaching over RMB 32 billion by 2030.
• About Adneuris: A Tris Pharma subsidiary focused on novel pain therapeutics, Adneuris is headquartered in New Jersey, USA, with a robust pipeline targeting acute and chronic pain.

Clinical

InxMed Reports Positive Clinical Data for Ifebemtinib Plus Garsorasib Combination in KRAS G12C-Mutant NSCLC

Key Words: Ifebemtinib, IN10018, Garsorasib, KRAS G12C, FAK inhibitor, NSCLC, InxMed

• The News: InxMed reported updated clinical results from a Phase Ib/II study evaluating ifebemtinib, in combination with garsorasib (D-1553), a KRAS G12C inhibitor, as a chemotherapy-free first-line treatment for patients with KRAS G12C-mutant non-small cell lung cancer (NSCLC).
• Key Highlights:
• Clinical Data:
  • Study Design: Phase Ib/II, open-label clinical study evaluating the safety and efficacy of ifebemtinib combined with garsorasib in treatment-naïve KRAS G12C-mutant NSCLC patients.
  • Patient Population: 31 evaluable first-line NSCLC patients.
  • Efficacy Results: ORR reached 87.1%; mPFS was 22.3 months and mOS was 27.8 months.
  • Safety Profile: Grade ≥3 treatment-related adverse events occurred in approximately 24% of patients, with a manageable safety profile.
  • Development Status: a randomized Phase III confirmatory studyis ongoing in China to validate the combination regimen.
• Product Profile – Ifebemtinib:
  • Ifebemtinib: an oral, selective small-molecule focal adhesion kinase (FAK) inhibitor developed by InxMed.
  • Mechanism: inhibits FAK signaling to block tumor survival pathways and suppress compensatory FAK-YAP activation.
  • Indication Focus: KRAS G12C-mutant NSCLC, colorectal cancer, and other RAS-driven solid tumors.
  • Development Stage: Phase III clinical development ongoing in combination with KRAS G12C inhibitor garsorasib; received three Breakthrough Therapy Designations from China’s NMPA and Fast Track designation from the U.S. FDA.

Eli Lilly (LLY.N) RET inhibitor selpercatinib granted priority review for adjuvant NSCLC treatment

Key Words: selpercatinib, RET inhibitor, NSCLC, adjuvant therapy, priority review, LIBRETTO-432

• The News: China’s CDE has granted priority review to Eli Lilly’s selpercatinib for adjuvant treatment of stage IB-IIIA RET fusion-positive NSCLC after radical local therapy. The filing follows the phase 3 LIBRETTO-432 study, which met its primary endpoint in February 2025 with a significant event-free survival benefit versus placebo.
• Key Highlights:
• Clinical Data – LIBRETTO-432:
  • Study Design: Phase 3, randomized, placebo-controlled, evaluating selpercatinib 120mg or 160mg BID as adjuvant therapy in RET fusion-positive NSCLC patients after complete resection.
  • Primary Endpoint: in the main analysis population (stage II-IIIA), investigator-assessed median EFS not reached vs 31.8 months (HR=0.172, p=0.0003); 2-year EFS rates 91.5% vs 61.1%.
  • BICR Assessment: in the main population, median EFS HR=0.125; 2-year EFS rates 95.6% vs 70.8%.
  • Full Population (IB-IIIA): investigator-assessed median EFS HR=0.165 (p=0.0002); 2-year EFS rates 93.8% vs 69.6%.
• Product Profile – Selpercatinib:
  • Selpercatinib: a potent, highly selective oral RET tyrosine kinase inhibitor, first approved globally by the FDA in May 2020 as the first selective RET inhibitor.
  • Mechanism: selective RET kinase inhibition targeting RET fusion and mutation-driven tumors.
  • Indication Focus: RET fusion-positive NSCLC (adjuvant and advanced), RET-mutant medullary thyroid cancer, RET fusion-positive thyroid cancer.
  • Regulatory Status: approved in China since October 2022 for advanced RET fusion-positive NSCLC and RET-driven thyroid cancers; adjuvant indication not yet approved globally.

Hengrui’s (600276.SH) Oral GLP-1 Agonist Safiglipron Achieves Positive Phase III Obesity Trial Results

Key Words: safiglipron, GLP-1 receptor agonist, obesity, weight management, Hengrui Pharmaceuticals, metabolic disease

• The News: Hengrui Pharmaceuticals announced positive top-line results from the Phase III HARBOR-1 study evaluating safiglipron, an oral once-daily small-molecule GLP-1 receptor agonist, for weight management in adults with obesity or overweight.
• Key Highlights:
• Clinical Data:
  • Study Design: Phase III randomized clinical trial (HARBOR-1) evaluating the efficacy and safety of safiglipron in adults with obesity or overweight.
  • Efficacy Results: at week 44, mean body weight reductions reached 9.5% and 10.9% in the 120 mg and 180 mg dose groups, respectively, compared with 2.5% in the placebo group.
  • Responder Analysis: in the 180 mg group, 68.2% of patients achieved ≥5% weight loss.
  • Safety Profile: safety findings were consistent with the GLP-1 class, with mainly mild-to-moderate gastrointestinal adverse events and low treatment discontinuation rates.
• Product Profile – Safiglipron:
  • Safiglipron: an oral, once-daily small-molecule glucagon-like peptide-1 receptor (GLP-1R) agonist developed by Hengrui Pharmaceuticals.
  • Mechanism: activates GLP-1 receptors to enhance glucose-dependent insulin secretion, suppress glucagon release, delay gastric emptying, and regulate appetite pathways.
  • Indication Focus: obesity, overweight-related metabolic disorders, type 2 diabetes, and potentially broader cardio-metabolic diseases.
  • Development Stage: Phase III completed in obesity; Phase III trials ongoing in type 2 diabetes (OUTSTAND series), with additional studies in chronic kidney disease.

Hansoh Announces Positive Phase III Results for GSK-Licensed ADC Risvutatug Rezetecan in SCLC

Key Words: Hansoh Pharma, GSK, Ris-Rez, ADC, B7-H3, SCLC, ARTEMIS-008, Overall Survival

• The News: Hansoh Pharmaceutical Group announced that the phase III ARTEMIS-008 trial for risvutatug rezetecan (Ris-Rez) in relapsed or advanced small-cell lung cancer (SCLC) achieved its primary endpoint, showing statistically significant and clinically meaningful improvement in overall survival (OS) over topotecan (standard of care). Conducted in China, the study also demonstrated consistent benefits in secondary endpoints like progression-free survival, with no new safety signals. Hansoh will use the data for regulatory submission in China.
• Key Highlights:
• First Positive Phase III OS Data: Ris-Rez marks the first B7-H3-targeted ADC to report phase III OS benefit in any tumor type.
• Safety Consistency: A manageable safety profile consistent with earlier findings.
• Global Development by GSK: GSK holds the worldwide license for Ris-Rez outside China and is advancing it for multiple tumors, including lung and prostate cancer, through a robust clinical program. Key trials include the EMBOLD SCLC-301 study, with pivotal data expected next year.
• Product Profile – Ris-Rez:
  • A B7-H3-targeted ADC comprising a fully human monoclonal antibody linked to a topoisomerase inhibitor payload.
  • Regulatory Support: Multiple designations, including Breakthrough Therapy (US FDA), Orphan Drug (US, Japan, EU), and PRIME Designation (EMA), for small-cell lung cancer and other indications.

PegBio (2565.HK) Partners with Rani Therapeutics for Oral Obesity and Metabolic Disease Drug Development

Key Words: PegBio, Rani Therapeutics, RaniPill, oral biologics, obesity, metabolic diseases, preclinical collaboration

• The News: PegBio has entered a three-year collaboration with Nasdaq-listed Rani Therapeutics Holdings to develop oral formulations for candidate drugs targeting obesity and metabolic diseases. The collaboration will focus on leveraging Rani’s proprietary RaniPill® oral biologics delivery platform for formulation screening and preclinical development of PegBio’s pipeline therapies. The agreement also includes joint evaluations for research, manufacturing, and commercialization in markets outside China.
• Key Highlights:
• Collaboration Details: The partnership focuses on PegBio’s multi-target metabolic regulatory molecules, long-acting platform assets, and other novel therapies, aiming to advance promising candidates to clinical development.
• RaniPill Advantage: RaniPill’s platform enables oral delivery of biologics, enhancing convenience, expanding product applications, and boosting global competitiveness of pipeline assets.
• Strategic Alignment: Rani’s CEO, Talat Imran, emphasized the collaboration’s importance in diversifying Rani’s obesity franchise and providing patients with better oral treatment options.
• PegBio Overview:
  • Pipeline Focus: Specializes in peptide biotherapeutics for chronic metabolic disorders.
  • Recent Milestone: China approved PegBio’s Vipiglutide Injection, a long-acting GLP-1 receptor agonist, in November 2022 for glycemic control in adults with type 2 diabetes. Clinical trials for obesity and weight-loss indications are also underway.

Prepared by the Selesta Research Team.

research@selesta.ai

Selesta is a healthcare and life science advisory firm dedicated to serving Asia’s emerging entrepreneurs and businesses.

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