China innovative drug outbound licensing reaches 33 in transaction volume, exceeding US$36.2bn in total deal value

Innovative drug outbound licensing from Chinese pharma/biotech marked a historic milestone in 1Q25, securing 33 overseas licensing agreements with disclosed values exceeding US$36.2bn. Domestic companies have expanded their global footprint through multi-faceted strategies, including licensing-out, collaborative NewCo ventures with MNCs, and independent commercialization in key overseas markets. Over 55% of 1Q25 deals involved early-stage assets in preclinical or Ph I/II. ADCs remained a focus among all outbound licensing deals, accounting for 8 out of the 33 deals and a combined deal value of US$16.5bn.

Henlius/EssexBio’s HLX04-O meets primary endpoint in Ph III wAMD trial

Henlius (2696 HK) and Essex (1061 HK) announced that the Ph III clinical study of HLX04-O (VEGF mAb, bevacizumab biosimilar) in Chinese patients with wAMD has met the primary study endpoint. HLX04-O is a new ophthalmic drug based on bevacizumab independently developed by Henlius. Henlius and Essex entered partnership to co-develop HLX04-O for ophthalmic indications in 2020, under which Henlius and Essex bear 20% and 80% of R&D costs, respectively. In addition to the China Ph III study which has met its primary endpoint, an international multi-center Ph III clinical study of HLX04-O in wAMD is ongoing in EU, Australia, America and mainland China, etc.

Organon acquires US rights of tocilizumab biosimilar from Biogen and Bio-Thera

Organon (OGN US) announced that it has acquired from Biogen (BIIB US) regulatory and commercial rights in the US for TOFIDENCE (tocilizumab biosimilar). Bio-Thera (688177 CH), the product developer, will maintain manufacturing rights for TOFIDENCE for the US market. The agreement includes an upfront payment to Biogen, with Organon assuming the obligation to pay tiered royalty payments based on net sales and tiered annual net sales milestone payments owed by Biogen to Bio-Thera.

GE Healthcare completes acquisition of Japan Radiopharma Nihon Medi-Physics

GE HealthCare (GEHC US) announced that it has completed its acquisition of the remaining 50% stake in NMP (Nihon Medi-Physics) from Sumitomo Chemical, giving it full ownership. As part of GE HealthCare, NMP can further build on its expertise in developing and manufacturing proprietary and in-licensed radiopharmaceuticals used in SPECT and PET molecular imaging procedures to detect and diagnose disease.