This week’s China healthcare highlights include AstraZeneca’s US$ 18.5 billion licensing deal with CSPC for obesity and diabetes therapies and a US$ 15 billion China investment to expand R&D and manufacturing. IPO activity remains strong, with filings from Aucta, Bangshun, Knature, and Zenshine showcasing advances in GLP-1 nasal sprays, oncology, autoimmune diseases, and mitochondrial medicine. Key licensing deals include Simcere’s EUR 1.1 billion bispecific antibody deal with Boehringer and HealZen’s DAC partnership. Clinical milestones feature Hengrui’s ANGPTL3 inhibitor SHR-1918 receiving priority review, AstraZeneca’s Soliris gaining a pediatric myasthenia gravis indication, and Eli Lilly’s tirzepatide securing breakthrough status for MASLD. Hangzhou Sciwind’s ecnoglutide also became the first approved cAMP-biased GLP-1 agonist, while CMS’s ruxolitinib cream was approved as China’s first targeted vitiligo therapy.

Transactions

AstraZeneca (AZN.L) Licenses Weight-Loss Drugs from CSPC in US$ 18.5 Billion Deal and Announces US$ 15 Billion China Investment

Key Words: AstraZeneca, CSPC Pharmaceuticals, SYH2082, GLP1R/GIPR agonist, AI-driven peptide drug discovery, obesity, type 2 diabetes, China investment

The News: AstraZeneca has entered a strategic collaboration with China’s CSPC Pharmaceuticals to develop next-generation therapies for obesity and type 2 diabetes. The agreement includes an upfront payment of US$ 1.2 billion and up to US$3.5 billion in potential milestone payments, bringing the deal’s total value to US$ 18.5 billion. AstraZeneca gains exclusive global rights (outside China) to CSPC’s weight management portfolio, including SYH2082, a long-acting GLP1R/GIPR agonist. Additionally, AstraZeneca announced a landmark US$ 15 billion investment in China through 2030 to expand drug discovery, manufacturing, and R&D capabilities.

Key Highlights:

• CSPC Collaboration:
  • Covers four initial programs utilizing CSPC’s AI-driven peptide drug discovery platform and LiquidGel once-monthly dosing technology.
  • Lead asset SYH2082, a clinical-ready GLP1R/GIPR agonist, will enter Phase I trials, alongside three preclinical programs with unique mechanisms.
  • Enhances AstraZeneca’s weight management portfolio, which includes elecoglipron (oral GLP1RA), AZD6234 (weekly injectable SARA), and AZD9550 (dual GLP-1/glucagon receptor agonist).
• China Investment:
  • AstraZeneca will invest US$ 15 billion to expand R&D, manufacturing, and cell therapy capabilities in China, supporting its Healthy China 2030 goals.
  • Plans include strengthening its end-to-end cell therapy capabilities, expanding facilities in Wuxi, Taizhou, Qingdao, and Beijing, and establishing new sites.
  • Collaborations with over 500 clinical hospitals and partnerships with biotechs such as AbelZeta, Harbour BioMed, and Jacobio will drive innovation.
  • Workforce expansion in China to surpass 20,000 employees, creating thousands of additional jobs across the healthcare ecosystem.

Aucta Pharmaceuticals Files for Hong Kong IPO, Plans Phase III Trial for GLP-1 Nasal Spray

Key Words: Aucta Pharmaceuticals, Hong Kong IPO, AUC059, GLP-1 receptor agonist, nasal formulation, CNS disorders, metabolic diseases

The News: China-based Aucta Pharmaceuticals has submitted a listing application to the Hong Kong Stock Exchange (HKEX). Founded in 2012, Aucta is a research-driven pharmaceutical company specializing in improved formulations of known molecules, with a focus on central nervous system (CNS) disorders, metabolic diseases, and rare conditions.

Key Highlights:

• Aucta operates dual R&D and production centres in Shanghai and the US, leveraging three proprietary drug delivery platforms for paediatric, controlled release, and nasal formulations.
• The company’s pipeline includes 15 projects, with a key asset, AUC059, a GLP-1 receptor agonist nasal spray. Aucta is the first company globally to clinically develop a nasal GLP-1 product and aims to begin a Phase III trial for AUC059 in November 2026.
• Financials:
  • Aucta reported revenues of RMB 292 million (US$ 40.7 million) for 2024 and RMB 186 million (US$ 25.9 million) for the first nine months of 2025.
  • The company recorded a net profit of RMB 7.1 million (US$ 1.0 million) in 2024 but incurred a net loss of RMB 40.1 million (US$ 5.6 million) for the first nine months of 2025.

Insilico (3696.HK) Enters Drug Discovery Collaboration with Qilu (1576.HK) Worth Over HKD 931 Million

Key Words: Insilico Medicine, Qilu Pharmaceutical, Pharma.AI, cardiovascular diseases, metabolic diseases, AI drug discovery

The News: Insilico Medicine has announced a strategic drug discovery collaboration with Qilu Pharmaceutical and its subsidiary, Shanghai Qilu Pharmaceutical Research Centre. The partnership will utilise Insilico’s proprietary Pharma.AI platform to discover and optimise novel small-molecule inhibitors for cardiovascular (CVD) and metabolic diseases. Qilu will handle subsequent development and commercialisation. The agreement’s total potential value exceeds HKD 931 million (US$ 119 million), including development and sales milestone payments, alongside single-digit royalties on net sales.

Key Highlights:

• The deal builds on an existing partnership, following Qilu’s 2021 licensing of Insilico’s PandaOmics platform.
• Insilico’s AI-driven Pharma.AI platform has significantly reduced discovery timelines, cutting the average time from project initiation to preclinical candidate nomination to 12–18 months.
• Insilico’s hybrid business model combines internal pipeline development, platform licensing, and external collaborations. The company has previously partnered with 13 of the world’s top 20 pharmaceutical companies and secured multi-billion-dollar out-licensing deals.

Simcere (2096.HK) Licenses First BsAb to Boehringer Ingelheim in Deal Worth Up to EUR 1.1 Billion

Key Words: Simcere Pharmaceutical, Boehringer Ingelheim, SIM0709, bispecific antibody, TL1A, IL-23p19, inflammatory bowel disease, out-licensing

The News: Simcere Pharmaceutical has granted Boehringer Ingelheim (BI) an exclusive global license to develop and commercialise SIM0709, a bispecific antibody (BsAb) targeting TL1A and IL-23p19 for the treatment of inflammatory bowel disease (IBD). SIM0709, currently at the preclinical stage, was developed using Simcere’s proprietary multispecific antibody technology platform and is designed to block two key pathways involved in IBD pathogenesis. Preclinical models have demonstrated synergistic efficacy superior to the combination of two separate monoclonal antibodies (mAbs).

Key Highlights:

• Simcere will receive an upfront payment and milestone payments of up to EUR 1.1 billion (US$ 1.3 billion), plus royalties on net sales outside of Greater China.
• Boehringer Ingelheim will gain global rights to SIM0709, excluding Greater China.
• This is Simcere’s first licensing deal for a BsAb and its second out-licensing agreement in the autoimmune field, bringing the cumulative potential value of its early-stage research licensing deals to over US$ 4.6 billion.

HealZen Therapeutics Secures China’s First Degrader-Antibody Conjugate (DAC) Licensing Deal

Key Words: Hertz Pharmaceutical, HealZen Therapeutics, DAC, DaTProD platform, targeted protein degradation, oncology, CNS diseases

The News: HealZen has announced a global licensing partnership with a US-based biotech for the development of a degrader-antibody conjugate (DAC), marking the first licensing deal in this emerging field by a Chinese developer. Under the agreement, HealZen will retain commercial rights for the DAC candidate in Greater China and is eligible for an upfront payment, milestone payments, sales royalties, and potential sub-licensing revenue.

Key Highlights:

• HealZen’s proprietary DaTProD platform integrates proteomics, a custom E3 ligand-linker library, and artificial intelligence to accelerate the discovery and development of targeted protein degradation (TPD) candidates.
• The company focuses on oncology, autoimmune, and central nervous system (CNS) diseases.
• In January 2025, HealZen partnered with Johnson & Johnson to develop a best-in-class BTK degrader, further demonstrating its leadership in TPD innovation.

Bangshun Pharmaceutical Prepares for IPO with Focus on Oncology and Autoimmune Drug Development

Key Words: Bangshun Pharmaceutical, IPO, JAK inhibitor, BTK inhibitor, small molecule drugs, oncology, autoimmune diseases, targeted therapy

The News: Hangzhou-based Bangshun Pharmaceutical, founded in 2020, is preparing for an IPO as it nears commercialization. The company is strategically focused on developing highly differentiated oral small-molecule candidates to address significant unmet clinical needs in hematologic malignancies and autoimmune diseases.

Key Highlights:

• Lead Candidates in Development:
  • Zexicitinib: One of the first three domestic JAK inhibitors expected to be approved in China for the treatment of myelofibrosis (MF). Additional indications under development include polycythemia vera (PV) and essential thrombocythemia (ET).
  • CX1440: A BTK inhibitor under development for immune thrombocytopenia (ITP), chronic urticaria (CU), and autoimmune hemolytic anemia (AIHA).
• Other Pipeline Assets:
  • A small-molecule oral PIM1 kinase inhibitor designed to overcome JAK inhibitor resistance and for use in combination therapy for MF.
  • CX12: An oral small-molecule METTL3 inhibitor targeting solid tumors.
  • CX13: A potent PPARG inverse agonist under development for advanced urothelial carcinoma characterized by abnormal PPARG activation.
  • CX15: A KEAP1-targeting covalent allosteric molecular glue degrader intended for NRF2-activated solid tumors.
  • CX16: A highly potent and selective VAV1 molecular glue degrader in preclinical development for autoimmune and inflammatory diseases.
• Financials:
  • In FY2024, 100% of the company’s revenue came from a single client through technology transfer of preclinical projects.
  • By the end of 2025, Bangshun completed its latest round of financing, raising RMB 87 million at a pre-money valuation of RMB 2.3 billion. The company’s cumulative financing has exceeded RMB 799 million.

D3 Bio Targets US$ 200 Million Hong Kong IPO with Focus on KRAS G12D Inhibitor Development

Key Words: D3 Bio, IPO, Hong Kong, D3S-003, KRAS G12D inhibitor, best-in-class, oncology, IND approval

The News: D3 Bio, a biotech company, is planning to raise US$ 200 million through an initial public offering (IPO) in Hong Kong. Among its pipeline assets, the company’s key candidate, D3S-003, is an orally bioavailable, allele-specific KRAS G12D inhibitor targeting both GDP-bound (OFF) and GTP-bound (ON) conformations of KRAS. Preclinical data suggest that D3S-003 has the potential to be a best-in-class therapy, demonstrating strong anti-tumor activity, favorable drug-like properties, and a promising safety profile.

Key Highlights:

• Pipeline Asset:
  • D3S-003: A differentiated KRAS G12D inhibitor with best-in-class potential. The molecule is designed to target KRAS mutations associated with advanced solid tumors.
  • Preclinical studies have shown excellent anti-tumor efficacy, good drug-like characteristics, and a wide therapeutic safety window.
• Regulatory Milestone:
  • Following FDA IND approval, D3 Bio will initiate a Phase I first-in-human study of D3S-003 in patients with advanced solid tumors harboring KRAS G12D mutations.

Knature Biopharmaceuticals Files for Hong Kong IPO, Focuses on Mitochondrial Medicine

Key Words: Knature Biopharmaceuticals, Hong Kong IPO, NAD⁺, mitochondrial medicine, flagship drug, cardiovascular diseases, neurodegenerative diseases

The News: Knature Biopharmaceuticals, a biopharmaceutical company specializing in mitochondrial medicine, has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange. The company is focused on addressing diseases caused by mitochondrial dysfunction by applying NAD⁺ (nicotinamide adenine dinucleotide) in areas such as cardiovascular diseases, neurodegenerative disorders, reproductive health, and aging.

Key Highlights:

• Core Products:
  • The company’s flagship drug, EnAiDi® (Coenzyme I for Injection), is used for the treatment of leukopenia, coronary heart disease, and myocarditis. It remains the only NAD⁺ therapy approved in China and globally.
  • Knature also markets Qianrongmei® (Hyaluronidase for Injection), Tianshu® (Kallikrein for Injection), Sodium Nitroprusside for Injection, and 16 generic drugs covering four therapeutic areas: digestive, respiratory, blood, and nervous systems.
• Pipeline and Production:
  • As of January 16, 2026, Knature has 20 drugs in production.
  • The company is advancing key mitochondrial-targeted NAD⁺ candidates, including KN-19ND-L1 for heart failure post-acute myocardial infarction and KN-25ND-L1 for ovarian function preservation, both in Phase II clinical trials.
• The mitochondrial medicine market in China is experiencing rapid growth. It expanded from RMB 9.5 billion in 2020 to RMB 17.9 billion in 2024 and is projected to reach RMB 308.1 billion by 2035, with a compound annual growth rate of 29.5%.

Zenshine Pharmaceuticals Files for Hong Kong IPO with Post-Money Valuation of RMB 2.48 Billion

Key Words: Zenshine Pharmaceuticals, IPO, Hong Kong, antiviral drugs, oncology, inflammation, masiloxavir

The News: Zenshine Pharmaceuticals (Nanjing) has filed its prospectus for a Hong Kong IPO. Founded in 2018, the biopharmaceutical company focuses on developing and commercializing innovative therapies to address unmet medical needs in viral infectious diseases, oncology, and inflammatory conditions.

Key Highlights:

• Core Product:
  • Masiloxavir Tablets, a novel PA endonuclease inhibitor targeting influenza virus, received NDA approval from China’s National Medical Products Administration (NMPA) in July 2025 for treating adult influenza. Zenshine is expanding its indications to adolescent patients and post-exposure prophylaxis.
• Pipeline:
  • Includes six drug candidates, such as Masiloxavir Dry Suspension for pediatric influenza (late-stage development), ZX-8177, an ENPP1 inhibitor for solid tumors (Phase I trial initiated in December 2025), and ZX-12042B, a candidate for HPV infections (IND submission stage). The pipeline also includes two preclinical candidates targeting HSV infections and autoimmune diseases.
• Financials:
  • Zenshine reported no revenue in 2024, with a net loss of RMB 145 million. For the first nine months of 2025, revenue reached RMB 355,000, while operating losses totaled RMB 95.3 million, with a net loss again at RMB 145 million.
  • As of September 30, 2025, the company held RMB 118 million in cash and cash equivalents.
  • The company raised RMB 20 million in January 2026, bringing its post-money valuation to RMB 2.48 billion. Cumulatively, Zenshine has raised RMB 872 million since its establishment.

Tyligand Bioscience Files for Hong Kong IPO with US$ 220 Million Valuation

Key Words: Tyligand Bioscience, Hong Kong IPO, KRAS G12D inhibitor, ADC, oncology, clinical-stage biotech

The News: Tyligand Bioscience, a Suzhou-based clinical-stage biopharmaceutical company, has filed for a Hong Kong IPO on January 29, 2026. Founded in 2017, the company focuses on developing innovative oncology therapies, primarily small-molecule drugs and antibody-drug conjugates (ADCs).

Key Highlights:

• Core Pipeline:
  • TSN1611: A highly selective oral KRAS G12D inhibitor and the company’s lead candidate, currently in Phase 2 clinical trials. Global Phase 1/2 studies have been completed for monotherapy, and combination therapy trials are ongoing in the US and China for non-small cell lung cancer (NSCLC).
  • TSN222: A small-molecule drug in Phase 1 trials in China, designed to enhance cancer immunotherapy by boosting immune stimulation. Early results show good safety and partial responses (PR) in heavily pretreated patients. TSN222 is also being used as a payload for ADC development.
  • TSNA3339: An EGFR-targeting ADC combined with a KRAS G12D inhibitor to address resistance and toxicity issues of current KRAS inhibitors.
  • TSNA1789: An immune-stimulating ADC designed to convert “cold” tumors into “hot” tumors, enhancing immune recognition and attack.
• Platforms:
  • Tyligand has developed three proprietary platforms, including the T3LP Platform for targeted payloads, the DATIA Platform for dual-immune activation, and the Dual Payload Platform, strengthening its competitive edge in small molecules and ADCs.
• Financials:
  • Revenue for 2024 and the first nine months of 2025 was RMB 7.86 million and RMB 11.36 million, respectively. Net losses were RMB 70 million in 2024 and RMB 123 million for the first nine months of 2025.
  • The company’s post-money valuation reached US$ 220 million following its latest financing round.

Clinical

Hengrui’s (1276.HK) ANGPTL3 Inhibitor SHR-1918 Granted Priority Review in China

Key Words: Hengrui Pharmaceuticals, SHR-1918, ANGPTL3 inhibitor, homozygous familial hypercholesterolaemia (HoFH), LDL-C reduction, priority review, breakthrough therapy designation

The News: Hengrui Pharmaceuticals has received a priority review designation from China’s Centre for Drug Evaluation (CDE) for SHR-1918, an ANGPTL3 inhibitor developed to treat homozygous familial hypercholesterolaemia (HoFH) in adults and adolescents aged 12 and above. SHR-1918, developed by Hengrui’s subsidiary Shengdi Pharmaceutical, works by inhibiting ANGPTL3 to reduce triglycerides and low-density lipoprotein cholesterol (LDL-C). The candidate was previously granted breakthrough therapy designation (BTD) for HoFH in September 2024.

Key Highlights:

• The priority review is based on Phase II data, which showed a 59.09% reduction in LDL-C levels after 12 weeks of treatment at the 600mg dose in a non-randomised study.
• A separate randomised Phase II trial demonstrated dose-dependent LDL-C reductions across four dosing regimens after 16 weeks of treatment.
• A registrational Phase III trial for HoFH has been completed, although the results have not yet been disclosed.

AstraZeneca’s (AZN.L) Eculizumab Gains Unique Paediatric Indication in China

Key Words: AstraZeneca, Soliris, eculizumab, refractory generalised myasthenia gravis, paediatric approval, NMPA, complement C5 inhibitor

The News: AstraZeneca has received approval from China’s National Medical Products Administration (NMPA) for a new paediatric indication for its complement C5 inhibitor, Soliris (eculizumab). The therapy is now approved for the treatment of refractory generalised myasthenia gravis (gMG) in children aged 6 and above who are anti-acetylcholine receptor (AChR) antibody positive. This is the first and only targeted therapy approved for this specific paediatric population in China.

Key Highlights:

• The approval is based on positive results from the Phase III ECU-MG-303 trial, which showed statistically significant and clinically meaningful improvements in disease severity scores after 26 weeks of treatment.
• Eculizumab was originally developed by Alexion Pharmaceuticals, which AstraZeneca acquired in 2020. The drug selectively inhibits the terminal complement pathway.
• Soliris was first approved in China in 2018 for other rare diseases and is already approved for adult gMG in China, as well as for paediatric and adult gMG patients in other regions, including the EU, Japan, and the US.

Eli Lilly’s Tirzepatide Granted Breakthrough Therapy Designation in China for MASLD

Key Words: Eli Lilly, tirzepatide, MASLD, NASH, breakthrough therapy designation, NMPA

The News: Eli Lilly announced that its dual GIP/GLP-1 receptor agonist tirzepatide has been granted Breakthrough Therapy Designation by China’s National Medical Products Administration (NMPA) for the treatment of metabolic dysfunction-associated steatotic liver disease (MASLD).

Key Highlights:

• The designation is based on positive results from the Phase 2 SYNERGY-NASH study, where tirzepatide demonstrated significant efficacy in resolving metabolic-associated steatohepatitis (MASH) without worsening liver fibrosis after 52 weeks.
• Primary Endpoint: MASH resolution rates without fibrosis progression were 51.8% (5mg), 62.8% (10mg), and 73.3% (15mg) compared to 13.2% with placebo.
• Secondary Endpoint: Significant improvement in liver fibrosis by ≥1 stage without worsening MASH was observed across all dose groups.
• Tirzepatide’s safety profile was consistent with prior studies, with common adverse events being mild to moderate gastrointestinal symptoms.

Hangzhou Sciwind’s Ecnoglutide Becomes World’s First Approved cAMP-Biased GLP-1 Agonist in China

Key Words: Hangzhou Sciwind Biosciences, ecnoglutide, GLP-1 receptor agonist, type 2 diabetes, NMPA approval, HbA1c reduction

The News: Hangzhou Sciwind Biosciences announced that ecnoglutide has been approved by China’s National Medical Products Administration (NMPA) for glycemic control in adults with type 2 diabetes. This marks the world’s first approval of a cAMP-biased GLP-1 receptor agonist.

Key Highlights:

• Approval Basis:
  • The approval is supported by two Phase III studies, EECOH-1 and EECOH-2, which demonstrated significant efficacy and safety.
  • EECOH-1 Study: Ecnoglutide 1.2mg monotherapy reduced HbA1c by 2.43% at 24 weeks, with 80.3% of patients achieving the HbA1c target of <7.0%.
  • EECOH-2 Study: Ecnoglutide (0.6mg and 1.2mg) showed superior HbA1c reductions compared to dulaglutide 1.5mg at 32 weeks. The efficacy was sustained up to 52 weeks, with additional improvements in metabolic indicators.
• Safety Profile: Ecnoglutide demonstrated a favorable safety profile consistent with GLP-1 receptor agonists.

China Medical System’s (0876.HK) Ruxolitinib Cream Approved in China as First Targeted Therapy for Vitiligo

Key Words: China Medical System, ruxolitinib cream, vitiligo, NMPA approval, TRuE-V1, TRuE-V2, atopic dermatitis

The News: China Medical System (CMS) Holding Limited announced that the NMPA has approved ruxolitinib cream for the treatment of non-segmental vitiligo in patients aged 12 and above. This approval makes ruxolitinib cream the first and only targeted therapy for vitiligo in China.

Key Highlights:

• Approval Basis:
  • Supported by two global Phase III trials (TRuE-V1 and TRuE-V2), where 29.9% of patients achieved F-VASI 75 (≥75% improvement in facial vitiligo area) at week 24, compared to 7.5% and 12.9% in the placebo groups.
  • Sustained repigmentation efficacy was observed up to 52 weeks.
  • Real-world studies in China provided additional evidence of the cream’s efficacy and safety.
• China Medical System is also pursuing an NDA for ruxolitinib cream to treat atopic dermatitis in China, further expanding its dermatology portfolio. 

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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