This week’s China healthcare highlights include Ribo Life Science’s US$ 4.4B siRNA licensing deal with Madrigal, leveraging its RiboGalSTAR platform, and Innovent’s US$ 8.5B R&D collaboration with Eli Lilly on oncology and immunology. Zenshine, Immunofoco, and Salubris filed for Hong Kong IPOs to fund antiviral, CAR-T, and heart failure drug pipelines, respectively. Genhouse partnered with Gilead in a US$ 1.53B deal for synthetic lethality therapy GH31. Key clinical milestones include AstraZeneca’s China NDA for baxdrostat, Novartis’ ianalumab for Sjögren’s syndrome, and InnoCare’s IND for VAV1 degrader ICP-538. Sunshine Guojian received NMPA approval for psoriasis drug SSGJ-608, while Mabworks’ MIL62 became China’s first third-gen CD20 mAb for NMOSD. These developments highlight China’s growing leadership in drug innovation and global collaborations.

Transactions & BD (In/Out Licensing)

Ribo Life Science (6938.HK) Licenses 6 siRNA Therapies to Madrigal in US$ 4.4 Billion Deal

Key Words: Ribo Life Science, Ribocure, Madrigal Pharmaceuticals, siRNA, MASH, RiboGalSTAR, licensing agreement

• The News: Ribo Life Science, along with its subsidiary Ribocure Pharmaceuticals, has signed a global exclusive licensing agreement with Madrigal Pharmaceuticals to jointly develop six siRNA therapies targeting metabolic dysfunction-associated steatohepatitis (MASH). The collaboration will leverage Ribo’s proprietary liver-targeting RiboGalSTAR delivery platform. Under the agreement, Madrigal gains exclusive global rights to develop, manufacture, and commercialize the clinical-stage assets, which include both single-target and dual-target siRNA candidates.
• Key Highlights:
• Financial Terms of the Agreement:
  • Ribo will receive an upfront payment of USD 60 million.
  • The deal is valued at up to USD 4.4 billion, including future development, regulatory, and commercial milestone payments.
  • Ribo is also eligible for royalties on global net sales of the partnered products.
• Innovative Technology Platform:
  • The RiboGalSTAR delivery platform enables liver-targeted delivery of siRNA therapies, addressing key challenges in RNA-based drug development.
  • Addressing Unmet Needs in MASH:
  • MASH is a progressive liver disease that can lead to fibrosis, cirrhosis, and liver cancer, representing a significant global market opportunity.

Lilly (NYSE: LLY) and Innovent (1802.HK) Enter Strategic R&D Collaboration Worth up to US$ 8.5 Billion

Key Words: Lilly, Innovent Biologics, oncology, immunology, R&D collaboration, milestone payments, global development

• The News: Innovent Biologics, a China-based biopharma company, has entered its seventh strategic collaboration with Eli Lilly, focusing on the global co-development of innovative drugs in oncology and immunology. Under the agreement, Innovent will receive an upfront payment of US$ 350 million and is eligible for up to US$ 8.5 billion in development, regulatory, and commercial milestone payments, along with tiered royalties on ex-Greater China net sales. The partnership includes multiple early-stage assets, reflecting a growing trend of deeper, early-stage collaborations between multinational and Chinese biopharma companies.
• Key Highlights:
• Innovent will lead drug discovery and proof-of-concept clinical studies in China through Phase II.
• Eli Lilly will hold exclusive global rights (outside of Greater China) to advance subsequent development and commercialization.
• This model leverages Innovent’s R&D platform and clinical execution strengths while providing Lilly with early-stage access to innovative molecules. The collaboration builds on a relationship between Innovent and Lilly that began in 2015, highlighting their mutual commitment to advancing breakthrough therapies.

Zenshine Pharmaceuticals Files for Hong Kong IPO to Support R&D and Commercialization

Key Words: Zenshine Pharmaceuticals, Hong Kong IPO, flu antiviral, ZX-7101A, financial challenges, innovative drugs

• The News: Zenshine Pharmaceuticals, a China-based biopharma company founded in 2018, has submitted a listing application to the Hong Kong Stock Exchange (HKEX). The company focuses on developing therapies for viral infections, oncology, and inflammatory diseases. Its lead product, ZX-7101A (masiloxavir tablet), a PA endonuclease inhibitor for adult influenza treatment, was approved in July 2025 and launched in October 2025.
• Key Highlights:
• Core Product:
  • ZX-7101A targets the rapidly growing flu antiviral market but faces stiff competition.
  • Despite claiming differentiation through selenium-based molecular design, the product’s pricing matches Roche’s Xofluza (baloxavir), making it significantly higher than domestic competitors.
  • Sales have been slow, with online pharmacy data showing ZX-7101A lagging behind competitors.
• Pipeline and Growth Plans:
  • Six assets in development, including ZX-8177, a first-in-class ENPP1 inhibitor for oncology, and ZX-12042B for HPV infection.
  • Expanding into pediatric formulations and post-exposure prophylaxis for influenza to strengthen its portfolio.
• Zenshine Pharmaceuticals reported revenue of RMB 355,000 and a net loss of RMB 95.3 million for the first nine months of 2025, with cash reserves of RMB 118 million as of September 2025 and a high asset-liability ratio of 416.6%.
• Partnered with Jichuan Pharma for domestic commercialization, securing an upfront payment of RMB 50 million, and is planning international expansion through a collaboration with Cigalah Medpharm to enter the Middle East and North Africa markets.

Immunofoco Biotechnology Files for Hong Kong IPO with Focus on Solid Tumor CAR-T

Key Words: Immunofoco Biotechnology, CAR-T, solid tumors, Hong Kong IPO, industrialization, iMAGIC platform

• The News: Immunofoco Biotechnology, a Shenzhen-based biotech company, has filed for an IPO on the Hong Kong Stock Exchange. The company is advancing CAR-T therapies targeting solid tumors, a major unmet medical need, and aims to revolutionize cell therapy manufacturing through its iMAGIC in vivo CAR-T platform.
• Key Highlights:
• Pipeline Progress:
  • Its lead candidate, IMC002, a CLDN18.2-targeting CAR-T therapy for solid tumors, has entered Phase III clinical trials, a rare milestone in the field globally.
  • Another asset, IMC001, targets the broad-spectrum EpCAM antigen, with applications in pancreatic, colorectal, and other cancers.
• The iMAGIC platform enables in vivo T-cell reprogramming, bypassing complex ex vivo manufacturing processes, potentially reducing costs and increasing scalability.
• The company reported limited revenue and significant R&D investment, typical of early-stage biotech firms.

Salubris Pharmaceuticals Files for Hong Kong IPO to Fund Global Expansion

Key Words: Salubris Pharmaceuticals, Hong Kong IPO, innovative drugs, JK07, cardiovascular, global clinical trials

• The News: Shenzhen-based Salubris Pharmaceuticals has filed an H-share IPO application with the Hong Kong Stock Exchange, with Goldman Sachs, Citigroup, and CITIC Securities as underwriters. The company aims to secure funding for its global clinical trials and pipeline expansion as it transitions from a traditional generics manufacturer to an innovative drug developer.
• Key Highlights:
• Innovative Drug Revenue Growth:
  • Innovative drugs accounted for 51.6% of total pharmaceutical sales in the first three quarters of 2025, reaching RMB 1.478 billion, with a gross margin exceeding 75%.
  • The company’s transition from generics to innovative therapies has significantly improved profitability.
• Pipeline Focus:
  • The lead candidate, JK07, a first-in-class NRG-1 fusion antibody for heart failure, is in global Phase III clinical trials, with peak sales potential estimated at $20 billion.
  • JK07 represents a paradigm shift in heart failure treatment, aiming for myocardial repair rather than disease management.
• The company faces declining liquidity ratios and increasing R&D expenses, with its global trial for JK07 requiring substantial funding.
• The IPO precedes the release of JK07’s Phase II data, strategically leveraging market optimism while securing funding for its high-cost late-stage trials.

Genhouse Bio Partners with Gilead (GILD.O) on Global Development of Synthetic Lethality Therapy GH31

Key Words: Genhouse Bio, Gilead, synthetic lethality, MAT2A inhibitor, oncology, global collaboration

• The News: On February 13, Genhouse Bio, a clinical-stage biotech company based in Suzhou, China, announced a global collaboration agreement with Gilead Sciences for its MAT2A inhibitor GH31, a biomarker-driven synthetic lethality therapy for cancer. GH31 has received IND clearance in both the U.S. and China and is ready to enter global clinical development.
• Key Highlights:
• Agreement Details:
  • Gilead gains exclusive global rights to develop and commercialize GH31.
  • Genhouse will receive an upfront payment of US$ 80 million, with potential milestone payments of up to US$ 1.45 billion for development, regulatory, and commercialization achievements.
  • Genhouse is also eligible for tiered royalties reaching double-digit percentages on net sales.
• Therapeutic Potential:
  • GH31 targets MAT2A and leverages synthetic lethality mechanisms, offering potential treatment for multiple tumor types.
  • IND clearance in the U.S. and China enables immediate initiation of global clinical trials.

VivaVision Submits Application for Hong Kong IPO with RMB 1.8 Billion Valuation

Key Words: VivaVision, Hong Kong IPO, ocular diseases, VVN461, VVN001, clinical-stage biotech

• The News: VivaVision Biotech, a clinical-stage biotech company specializing in therapies for ocular diseases, has filed a listing application with the Hong Kong Stock Exchange (HKEX). Founded in 2016, VivaVision focuses on developing first-in-class and best-in-class treatments for conditions affecting the ocular surface and retina. The company has raised RMB 735 million (US$ 106 million) through multiple funding rounds, achieving a post-money valuation of approximately RMB 1.8 billion.
• Key Highlights:
• Pipeline Overview:
  • VVN461: A JAK1/TYK2 inhibitor currently in Phase III trials for non-infectious anterior uveitis.
  • VVN001: A second-generation LFA-1 antagonist in Phase III development for dry eye disease.
  • Additional candidates under development for glaucoma and retinal diseases.
• The proceeds from the IPO will be strategically used to advance the clinical development and potential commercialization of VivaVision’s lead products, expand its research and development pipeline, and support general corporate purposes.
• The company reported a net loss of RMB 131.5 million for the first nine months of 2025, reflecting the company’s ongoing investments in clinical development and research initiatives.

Clinical

AstraZeneca Submits First-in-Class Antihypertensive Baxdrostat for Approval in China

Key Words: AstraZeneca, baxdrostat, antihypertensive, aldosterone synthase inhibitor, Phase III trials, China NDA

• The News: AstraZeneca (AZ) has submitted a new drug application (NDA) in China for baxdrostat, a first-in-class, oral inhibitor of aldosterone synthase (encoded by CYP11B2) for the treatment of uncontrolled hypertension. Baxdrostat received priority review in the United States in December 2025 and, if approved, would be the first aldosterone synthase inhibitor to enter the market. The asset was acquired through AZ’s US$ 1.8 billion acquisition of CinCor Pharma in 2023.
• Key Highlights:
• Clinical Evidence Supporting Submission:
  • Positive global Phase III data (BaxHTN) demonstrated a statistically significant reduction in systolic blood pressure compared to placebo.
  • Baxdrostat is designed to selectively inhibit aldosterone synthase while avoiding activity on the closely related cortisol synthase (CYP11B1), addressing a key challenge in the field.
• Asian Population Trial Success: The BaxAsia Phase III trial in an Asian population met its primary endpoint, further supporting the submission.
• Competitive Landscape: Baxdrostat is entering a competitive global market for aldosterone synthase inhibitors, with late-stage candidates also being developed by Mineralys Therapeutics and Boehringer Ingelheim.

Novartis (NYSE: NVS; SWX: NOVN) Submits First-in-Class Anti-BAFF-R Antibody Ianalumab for Approval in China

Key Words: Novartis, ianalumab, anti-BAFF-R antibody, Sjögren’s syndrome, ITP, SLE, NDA, Phase III trials

• The News: Novartis has submitted a new drug application (NDA) in China for ianalumab, a first-in-class, fully human monoclonal antibody (mAb) targeting the BAFF receptor (BAFF-R). Acquired through the company’s purchase of MorphoSys, ianalumab is designed to deplete B cells and inhibit BAFF-R signaling, offering potential treatments for Sjögren’s syndrome, immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE). It is the first anti-BAFF-R antibody to complete Phase III studies.
• Key Highlights:
• Clinical Evidence Supporting Submission:
  • The NDA is based on positive results from three Phase III trials.
  • In the NEPTUNUS-1 and NEPTUNUS-2 studies for Sjögren’s syndrome, ianalumab showed a greater reduction in disease activity scores compared to placebo after 48 weeks.
  • In the VAYHIT2 trial for primary ITP, a significantly higher proportion of patients treated with ianalumab in combination with eltrombopag avoided treatment failure compared to those on placebo.
• Innovative Mechanism of Action: Ianalumab is the first anti-BAFF-R antibody designed to both deplete B cells and inhibit BAFF-R signaling, addressing key pathways in autoimmune diseases.

InnoCare (9969.HK) Receives IND Approval for ICP-538, China’s First Clinical-Stage VAV1 Molecular Glue

Key Words: InnoCare, ICP-538, VAV1, molecular glue, IND approval, autoimmune diseases, CRBN E3 ubiquitin ligase

• The News: InnoCare Pharma, a China-based biotech company, has received investigational new drug (IND) approval from China’s National Medical Products Administration (NMPA) to initiate clinical studies for ICP-538, a VAV1-targeting molecular glue degrader. ICP-538 is the first drug of its class to enter clinical development in China and only the second globally.
• Key Highlights:
• VAV1 as a Therapeutic Target: VAV1 is a key protein involved in T-cell and B-cell receptor signaling pathways, making it a promising target for the treatment of refractory autoimmune diseases such as inflammatory bowel disease (IBD), systemic lupus erythematosus (SLE), and multiple sclerosis (MS).
• Innovative Mechanism of Action:
  • ICP-538 is an orally administered, highly selective molecular glue that degrades VAV1 by recruiting the CRBN E3 ubiquitin ligase.
  • Preclinical studies have shown that ICP-538 induces rapid, dose-dependent degradation of VAV1, significantly reducing disease-related cytokines without detectable off-target effects.

Sunshine Guojian (1530.HK) Wins NMPA Approval for Innovative Psoriasis Drug SSGJ-608

Key Words: SSGJ-608, plaque psoriasis, NMPA approval, Phase III, efficacy, safety

• The News: Sunshine Guojian Pharmaceuticals announced that its Class 1 innovative biological drug, SSGJ-608, has received approval from the National Medical Products Administration (NMPA) for the treatment of moderate to severe plaque psoriasis in adults eligible for systemic therapy or phototherapy.
• Key Highlights:
• Clinical Efficacy:
  • Phase III trials showed SSGJ-608 met all primary endpoints (PASI 75 and sPGA 0/1) and key secondary endpoints (PASI 90, PASI 100, and sPGA 0).
  • Rapid onset of action observed by week 2, with excellent PASI 100 response rates in both induction and maintenance phases.
• Safety and Flexibility:
  • Low anti-drug antibody (ADA) incidence of 0.7%, with no neutralizing antibodies detected.
  • Favorable long-term safety profile and flexible maintenance dosing options (4- or 8-week intervals), sustaining strong responses at 8-week intervals.
• SSGJ-608 is also in Phase III clinical trials for non-radiographic axial spondyloarthritis and ankylosing spondylitis.

Mabworks Secures Landmark Approval for China’s First Third-Generation CD20 mAb

Key Words: Mabworks, MIL62, third-generation CD20 mAb, NMOSD, Phase III trial, fucose knockout technology

• The News: Mabworks Biotech has received marketing approval in China for MIL62, a self-developed, innovative third-generation anti-CD20 monoclonal antibody (mAb). The drug is approved for the treatment of neuromyelitis optica spectrum disorder (NMOSD), a rare and relapsing autoimmune disease. MIL62 leverages a proprietary fucose knockout technology to enhance antibody-dependent cellular cytotoxicity (ADCC) and is the first domestically developed product of its class in China.
• Key Highlights:
• Breakthrough in NMOSD Treatment:
  • Utilizing proprietary engineering to enhance ADCC, MIL62 significantly boosts therapeutic potency and represents a major advancement in domestic biologics development, showcasing the innovative capabilities of China’s biotech industry.
  • MIL62 demonstrated a 93.1% reduction in the risk of disease relapse compared to a placebo in a pivotal Phase III trial.
  • The therapy also met secondary endpoints, including annualized relapse rates and MRI lesion activity, showing strong efficacy.
• MIL62 exhibited a strong safety profile, with most treatment-related adverse events being low-grade.
• Addressing an Unmet Medical Need: NMOSD is a high-disability condition included in China’s first list of rare diseases.

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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