Lepu Medical's Minwei Biotech out-licenses GLP-1/GIP/FGF21 agonist in potential $1.045B deal

On October 31, Shanghai Minwei Biotech, a controlled subsidiary of Lepu Medical, out-licensed its proprietary MWN105 injection to Denmark's Sidera Bio Aps. (established in February 2024 with seed funding from Novo Holdings) through a paid licensing agreement. Under the agreement, Sidera Bio obtained exclusive global rights to develop and commercialize MWN105 outside Greater China (including mainland China, Hong Kong SAR, Macau SAR, and Taiwan).

As part of the consideration for this out-licensing deal, Shanghai Minwei Biotech will receive a 9.99% equity stake in Sidera Bio and will be eligible to receive licensing fees for MWN105.

Minwei Biotech completed its nearly 100 million yuan Series A round in 2021 with investment from Trinitas Capital. In 2023, Lepu Medical acquired a controlling stake in Minwei for approximately 400 million yuan. In 2025, Hankang Capital (Series A) and Tencent Investment (Series A+) subsequently invested in Minwei. Currently, Lepu Medical holds approximately 54.23% of Minwei's equity.

MWN105 injection is a GLP-1/GIP/FGF21 receptor triple agonist independently developed by Minwei Biotech, currently in clinical trials in China.

Sidera Bio will make an initial payment and near-term milestone payments totaling $35 million. As part of the out-licensing agreement, Shanghai Minwei Biotech will receive a 9.99% equity stake in the Danish company Sidera. Additionally, based on clinical development progress and commercial sales performance, Sidera will pay Shanghai Minwei cumulative milestone payments of up to $1.01 billion.

Shanghai Minwei is also entitled to receive tiered royalties based on the actual annual net sales in all markets excluding Greater China (mainland China, Hong Kong SAR, Macau SAR, and Taiwan).

The execution of this agreement will help advance the global deployment of GLP-1 multi-target drugs, which are emerging as a crucial direction in global innovative drug development due to their breakthrough potential in treating diabetes, obesity, and other metabolic diseases. By expanding into overseas markets through business development collaboration, the company will provide new treatment options for patients worldwide while further enhancing its brand influence and international competitiveness.