On October 28, 2025, Qyuns Therapeutics Co., Ltd. (the “Company”) entered into a global exclusive collaboration and license agreement (the “Agreement”) with F. Hoffmann-La Roche Ltd (“Roche”), pursuant to which the Company grants Roche the global exclusive right to develop, manufacture, and commercialize QX031N (the “Product”).
The Company will receive a one-time, non-refundable, and non-creditable upfront payment of USD 75 million and is eligible to receive up to USD 995 million milestone payments associated with the development, regulatory approval, and commercialization of the product, as well as tiered royalties on potential future product sales.
QX031N is an investigational long-acting bispecific antibody that targets both human thymic stromal lymphopoietin (TSLP) and human interleukin-33 (IL-33). TSLP and IL-33 are proteins called alarmins that are released in the body in response to external factors such as allergens, viruses, pollution, and mechanical stimuli. They have been shown to be involved in respiratory diseases like chronic obstructive pulmonary disease (“COPD”) and asthma, and play important roles in the inflammatory processes. QX031N is expected to be developed for the treatment of respiratory diseases such as COPD and asthma, and holds the potential to become a “First-in-class” and “Best-in-disease” therapy.
Adhering to the vision of “innovation for the great majority”, established in 2015, Qyuns Therapeutics (2509.HK), as a high-tech enterprise focuses on R&D, industrialization and commercialization of antibody drugs for autoimmune and allergic diseases, and strives to improve drug accessibility and affordability. Based on its independent innovation capabilities, Qyuns Therapeutics has built a comprehensive pipeline, including 1 product approved by NMPA, 2 products at phase III clinical stage, 4 products at phase II or phase I, with indications covering the four major disease areas of skin, respiratory, digestive, and rheumatism. Qyuns Therapeutics is one of the leading companies in China in the field of autoimmune and allergic diseases. It is also one of those who received the most IND approvals regarding autoimmune and allergic diseases in China.
The Fangda team provided comprehensive legal services to Qyuns Therapeutics in this transaction. The team was led by partners Henry HE, Josh SHIN and Bella WANG, who were responsible for designing the transaction structure and document preparing, negotiating, revising and finalizing transaction documents. Team members included associates LIANG Xiaoyan, Audrey LUO and Essies ZHAO. Antitrust partners Michael HAN and Christoph van Opstal also contributed specialized legal expertise. With deep collaboration across practice groups, Fangda ensured the smooth progress for the transaction and continues to help Chinese biopharmaceutical companies expand into global markets.
