This week’s China healthcare highlights include GSK’s US$ 1B siRNA licensing deal with Frontier Biotech, Sciwind’s US$ 495M GLP-1 partnership with Pfizer, and Harbour BioMed’s US$ 1.2B CTLA-4 mAb licensing to Solstice Oncology. Key clinical milestones include Lynk’s Phase III success in atopic dermatitis, Chia Tai-Tianqing’s approval of JAK/ROCK inhibitor rovadicitinib for myelofibrosis, Qilu & Ribo’s Phase III launch of cholesterol-lowering siRNA therapy RBD7022, and Gan & Lee’s strong Phase IIb results for obesity drug bofanglutide. These achievements highlight China’s expanding leadership in drug innovation and global partnerships.

Transactions & BD (In/Out Licensing)

GSK (NYSE: GSK) Enters siRNA Licensing Agreement with Frontier Biotech (688221.SH) Worth Over US$ 1 Billion

Key Words: GSK, Frontier Biotech, siRNA, licensing agreement, immunology pipeline, inflammatory diseases, IND stage, oligonucleotide therapies

The News: GSK has entered into an exclusive global licensing agreement with China-based Frontier Biotech for two siRNA pipeline products. Under the agreement, GSK gains exclusive worldwide rights to develop, manufacture, and commercialize the assets. One of the candidates is at the investigational new drug (IND) application stage, while the other is in preclinical development. Frontier Biotech will receive an upfront payment of US$ 40 million and could earn up to a total of US$ 963 million in development, regulatory, and commercial milestone payments across the two programs, in addition to tiered royalties on global net sales.

Key Highlights:

• Frontier Biotech will handle early-stage development, including conducting a Phase I trial in China for one candidate and completing IND-enabling studies for the other. GSK will take over responsibility for subsequent global clinical development, regulatory submissions, and commercialization activities.
• The total deal value exceeds US$ 1 billion, with an upfront payment of US$ 40 million and milestone payments of up to US$ 963 million. Frontier Biotech will also receive tiered royalties on global net sales.
• The partnership aligns with GSK’s strategy to expand its immunology pipeline and focus on platform technologies for inflammatory diseases, adding two potential first-in-class oligonucleotide therapies to its portfolio.

Sciwind Partners with Pfizer to Commercialise Next-Gen GLP-1 Agonist

Key Words: Sciwind Biosciences, Pfizer China, ecnoglutide, GLP-1 receptor agonist, type 2 diabetes, weight management, metabolic diseases

The News: China-based Sciwind Biosciences has entered into a strategic commercialisation agreement with Pfizer China for ecnoglutide, a next-generation cAMP-biased GLP-1 receptor agonist. Under the agreement, Pfizer obtains exclusive commercialisation rights for the product in Mainland China, while Sciwind remains the marketing authorisation holder (MAH) responsible for R&D, registration, production, and supply. Sciwind is eligible to receive up to US$ 495 million in payments, including an upfront fee and milestone payments tied to registration and sales.

Key Highlights:

• Ecnoglutide, approved in China for type 2 diabetes (T2D) in January 2026, is Sciwind’s self-developed candidate that has shown significant potential in late-stage studies for weight loss and glycaemic control.
• A Phase III trial for T2D demonstrated superior HbA1c reduction compared to dulaglutide, while a separate Phase III weight management study reported an average 15.4% weight loss at 48 weeks.
• The partnership aims to accelerate ecnoglutide’s market access in China’s expanding metabolic disease sector, leveraging Pfizer’s commercial expertise and resources.

Harbour (2142.HK) Licenses Next-Gen CTLA-4 mAb to Solstice for up to US$ 1.2 Billion

Key Words: Harbour BioMed, Solstice Oncology, CTLA-4, monoclonal antibody, porustobart, HCAb platform, Treg depletion, ADCC activity

The News: China-based Harbour BioMed has entered into a licensing and equity partnership with Solstice Oncology, a newly formed company, for its clinical-stage CTLA-4 monoclonal antibody (mAb), porustobart, outside of Greater China. Under the agreement, Harbour will receive an upfront and near-term package valued at over USD 105 million, which includes US$ 50 million in cash, a US$ 5 million near-term payment, and equity in Solstice valued at over US$ 50 million. Harbour is also eligible for up to approximately US$ 1.1 billion in future development, regulatory, and commercial milestone payments, along with tiered royalties on ex-Greater China net sales.

Key Highlights:

• Porustobart is a next-generation, fully human heavy-chain-only anti-CTLA-4 mAb developed using Harbour’s proprietary HCAb platform.
• The therapy is designed to enhance antibody-dependent cellular cytotoxicity (ADCC) activity, enabling selective depletion of intratumoural regulatory T-cells (Treg), potentially improving both the safety profile and efficacy compared to traditional CTLA-4 inhibitors.
• The agreement grants Solstice Oncology exclusive rights to develop, manufacture, and commercialize porustobart outside of Greater China, while Harbour retains rights within the region.

LongBio Pharma Resubmits IPO Application to Hong Kong Stock Exchange

Key Words: LongBio Pharma, Hong Kong IPO, LP-003, anti-IgE antibody, clinical-stage biotech, chronic spontaneous urticaria (CSU)

The News: LongBio Pharma, a clinical-stage biotech company specializing in biologics for allergies and autoimmune diseases, has resubmitted its IPO application to the Hong Kong Stock Exchange (HKEX) on February 25, 2026. This is the company’s second attempt, following the lapse of its initial filing in August 2025.

Key Highlights:

• The company’s lead candidate, LP-003, an anti-IgE antibody, has demonstrated superior efficacy to Novartis’ Xolair® (omalizumab) in a Phase II trial for chronic spontaneous urticaria (CSU), with rapid onset and sustained efficacy. LP-003 is currently undergoing multiple clinical trials.
• Financials:
  • Minimal revenue: RMB 2.4 million in the first nine months of 2025.
  • Cumulative losses: Over RMB 370 million as of September 2025.
  • Cash reserve: RMB 174 million, sufficient for approximately 1.3 years at the current burn rate.
• The Chinese allergic disease drug market is projected to grow at a CAGR of 20.1%, reaching US$ 22.9 billion by 2030. Anti-IgE biologics, a key segment, are expected to reach RMB 12.1 billion by 2030.

Slate Medicines Emerges with US$ 130M to Advance Novel Migraine Injection Therapy

Key Words: Slate Medicines, migraine prevention, SLTE-1009, anti-PACAP therapy, Chinese biotech, Series A financing

The News: Slate Medicines, a Raleigh-based biotech company, has raised US$ 130 million in a Series A financing round to develop next-generation therapies for headache disorders, particularly migraines. The funding will support the clinical advancement of its lead candidate, SLTE-1009, an anti-PACAP therapy licensed from Chinese biotech DartsBio Pharmaceutical.

Key Highlights:

• SLTE-1009, an anti-PACAP (pituitary adenylate cyclase-activating polypeptide) therapy, represents a novel drug class differentiated from existing CGRP inhibitors. The candidate is designed for injection with the potential for at-home dosing. A Phase I trial is set to begin in mid-2026.
• SLTE-1009 aims to address unmet needs in migraine prevention, a field where previous attempts by companies like Eli Lilly and Amgen have faced challenges.
• Financing: The US$ 130 million Series A round was co-led by RA Capital Management, Forbion, and Foresite Capital, with participation from an undisclosed biotech investor. The financial terms of the licensing deal with DartsBio Pharmaceutical were not disclosed. If successful, SLTE-1009 could provide a novel solution for patients seeking effective and convenient migraine prevention options.

Clinical

Lynk Pharmaceuticals Announces Positive Phase III Topline Results for Zemprocitinib in Moderate-to-Severe Atopic Dermatitis

Key Words: Lynk Pharmaceuticals, zemprocitinib, JAK1, Phase III, atopic dermatitis, clinical trial, immune diseases, inflammatory diseases

The News: Lynk Pharmaceuticals, a clinical-stage drug development company specializing in immune and inflammatory diseases, has announced positive topline results from its Phase III clinical trial of zemprocitinib in patients with moderate-to-severe atopic dermatitis (AD). The trial met all co-primary and key secondary endpoints, showing statistically significant improvements in efficacy and a favorable safety and tolerability profile.

Key Highlights:

• The Phase III trial was a multicenter, randomized, double-blind, placebo-controlled study that enrolled 356 patients in a 1:1:1 ratio to receive zemprocitinib 12 mg, 24 mg, or placebo.
• Primary Endpoints at Week 16:
  • Eczema Area and Severity Index (EASI-75): Zemprocitinib achieved improvements of 38.1% (12 mg) and 46.4% (24 mg) over placebo (p < 0.0001).
  • Validated Investigator Global Assessment for Atopic Dermatitis (vIGA-AD 0/1): Zemprocitinib showed improvements of 30.3% (12 mg) and 31.0% (24 mg) over placebo (p < 0.0001).
• Key Secondary Endpoint: Worst Itch Numerical Rating Scale (WI-NRS4): Zemprocitinib surpassed placebo by 31.3% (12 mg) and 31.0% (24 mg) (p < 0.0001).
• Zemprocitinib also demonstrated statistically significant improvements across additional secondary endpoints, including EASI-50, EASI-90, SCORAD, Dermatology Life Quality Index (DLQI), and Patient-Oriented Eczema Measure (POEM) scores. Rapid onset of action was observed, with improvements in pruritus as early as Day 1 and significant lesion clearance by Week 2.
• Zemprocitinib exhibited a favorable safety profile, with most treatment-emergent adverse events (TEAEs) being mild (Grade 1–2). Serious adverse events (SAEs), adverse events of special interest (AESIs), and discontinuation rates were low and comparable to placebo. Laboratory findings showed no new safety concerns, and the safety profile was consistent with prior studies and competitive relative to other JAK inhibitors.

Chia Tai-Tianqing Receives Approval in China for First-in-Class JAK/ROCK Inhibitor Rovadicitinib

Key Words: Chia Tai-Tianqing, rovadicitinib, Anxu®, myelofibrosis, JAK/ROCK inhibitor, spleen volume reduction, TSS50, cGVHD

The News: Chia Tai-Tianqing Pharmaceutical has received marketing approval in China for its Class 1 innovative drug, rovadicitinib tablets (Anxu®, TQ05105). The drug is approved as a first-line treatment for adult patients with intermediate-2 or high-risk primary myelofibrosis (PMF), post-polycythemia vera myelofibrosis (PPV-MF), or post-essential thrombocythemia myelofibrosis (PET-MF). Rovadicitinib is a first-in-class JAK/ROCK dual-target small molecule inhibitor designed to address unmet needs in the treatment of myelofibrosis.

Key Highlights:

• In a key registration clinical study, rovadicitinib demonstrated robust efficacy:
  • 33% of patients achieved spleen volume reduction of ≥35% (SVR35) at Week 24.
  • 78% of patients achieved ≥50% improvement in total symptom score (TSS50).
• Rovadicitinib is positioned as an innovative therapeutic option for myelofibrosis, offering dual-target inhibition to improve spleen volume reduction and symptom control.
• Beyond myelofibrosis, the drug is being developed for additional indications:
  • Rovadicitinib is undergoing Phase III clinical trials in China and Phase II trials in the US for chronic graft-versus-host disease (cGVHD).

Gan & Lee (603087.SS) Announces Publication of Phase IIb Results for Bofanglutide in Obesity

Key Words: Gan & Lee Pharmaceuticals, bofanglutide, Phase IIb, obesity, weight loss, cardiovascular, metabolic risk, Phase III

The News: Gan & Lee Pharmaceuticals has announced the publication of Phase IIb clinical trial results for bofanglutide in Signal Transduction and Targeted Therapy. The randomized, double-blind, placebo-controlled study evaluated the efficacy and safety of bofanglutide injection in obesity and overweight patients. Conducted in 340 Chinese adults, the trial demonstrated significant, dose-dependent weight loss over 30 weeks across various bi-weekly (Q2W) and weekly (QW) dosing regimens.

Key Highlights:

• The 48 mg Q2W group achieved a 16.09% weight reduction, while the 24 mg QW group achieved a 16.69% reduction, with no significant difference between the two dosing regimens.
• Bofanglutide also demonstrated improvements in cardiovascular and metabolic risk factors, further supporting its potential as a comprehensive treatment for obesity.
• The drug exhibited good safety and tolerability, with no unexpected adverse events reported.
• Gan & Lee Pharmaceuticals is currently conducting Phase III clinical trials for bofanglutide, aiming to advance the drug as a next-generation treatment option for obesity.

Qilu Pharma (1576.HK) and Ribo Life Science’s (6938.HK) Cholesterol-Lowering siRNA Therapy Achieves 75% LDL-C Reduction, Advances to Phase III Trials

Key Words: Qilu Pharmaceutical, Ribo Life Science, RBD7022, siRNA, PCSK9, cholesterol-lowering therapy, GalNAc conjugation, Phase III

The News: Qilu Pharmaceutical and Ribo Life Science have announced the initiation of a Phase III clinical trial for RBD7022, an siRNA therapy developed using Ribo Life Science’s proprietary RIBO-GalSTAR® liver-targeted delivery platform. RBD7022 is a GalNAc-conjugated siRNA drug designed to treat hypercholesterolemia by targeting PCSK9.

Key Highlights:

• License Agreement:
  • On December 15, 2023, Ribo Life Science entered into a licensing agreement with Qilu Pharmaceutical, granting Qilu rights to develop, manufacture, and commercialize RBD7022 in Greater China (Mainland China, Hong Kong, and Macau).
  • The agreement was amended on June 12, 2024, expanding Qilu’s exclusive, paid, sublicensable, and transferable rights to RBD7022 and its related products in Greater China. Qilu also obtained non-exclusive, paid, sublicensable, and transferable rights to Ribo Life Science’s RIBO-GalSTAR® and RSC platform technologies for RBD7022 development and commercialization in the licensed region.
• Clinical Results:
  • In a Phase I study, RBD7022 demonstrated an LDL-C reduction of up to 75% in hypercholesterolemia patients, regardless of statin use.
  • The cholesterol-lowering effect was sustained for six months during follow-up, underscoring the therapy’s potential for long-term management of hypercholesterolemia.
• The initiation of the Phase III clinical trial marks a significant milestone in the development of this first-in-class siRNA therapy, advancing its potential to address unmet needs in cholesterol management.

Hansoh Pharma (3692.HK) Announces Positive Phase 2 Results for Risvutatug Rezetecan in mCRPC

Key Words: Hansoh Pharmaceutical, risvutatug rezetecan, HS-20093, GSK5764227, mCRPC, B7-H3 ADC, ARTEMIS-003, Phase 2

The News: Jiangsu Hansoh Pharmaceutical has announced Phase 2 clinical data for risvutatug rezetecan (HS-20093 / GSK5764227), a B7-H3 targeting antibody-drug conjugate (ADC), in patients with metastatic castration-resistant prostate cancer (mCRPC). The ARTEMIS-003 study, an open-label, multi-center Phase 2 trial, evaluated the efficacy and safety of risvutatug rezetecan in mCRPC patients who had progressed after at least one prior systemic therapy.

Key Highlights:

• Efficacy Results:
  • In taxane-pretreated mCRPC patients, the confirmed overall response rate (cORR) was 38.9%, and the confirmed PSA50 response rate (cPSA50) was 40.7%.
  • In taxane-naive patients, the unconfirmed overall response rate (uORR) was 41.7%, and the unconfirmed PSA50 response rate (uPSA50) was 23.8%.
• Safety Profile:
  • The safety profile of risvutatug rezetecan was generally manageable.
  • Common Grade ≥3 treatment-related adverse events included neutropenia and anemia.
• Risvutatug rezetecan is an innovative B7-H3 targeting ADC designed to deliver a potent cytotoxic payload selectively to tumor cells, offering a promising therapeutic option for mCRPC patients with limited treatment alternatives.

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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