Qyuns Therapeutics enters $700M licensing deal with Windward Bio's LE2025 for bispecific antibody QX027N

On December 22, 2025, Qyuns Therapeutics announced an exclusive licensing agreement with LE2025 Therapeutics, an affiliate of Windward Bio, for its self-developed product QX027N. Under the agreement, LE2025 Therapeutics is granted exclusive global rights to develop and commercialize QX027N, excluding Mainland China, Taiwan, Hong Kong, and Macau.

In return, Qyuns Therapeutics is eligible to receive payments totaling up to USD 700 million, including an upfront payment, equity in Windward Bio, and development and commercial milestone payments. Additionally, the company is entitled to receive tiered royalties based on the net sales of QX027N in the licensed territories.

QX027N is a long-acting anti-TSLP×IL-13 bispecific antibody independently developed by Qyuns Therapeutics. It received clinical trial implied approval (Acceptance Numbers: CXSL2500757, CXSL2500758) from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in November 2025, with proposed indications for asthma and atopic dermatitis. The first patient has been enrolled in its Phase 1 clinical trial in China.

It is worth noting that just one week earlier (December 16), Qyuns Therapeutics announced that its global exclusive collaboration and license agreement with Roche for another bispecific antibody, QX031N, had completed the required regulatory filing and officially taken effect. The company has also received the $75 million upfront payment from Roche. The partnership was initially announced on October 28, 2025. In addition to the $75 million upfront payment, Qyuns Therapeutics is eligible to receive up to $995 million in milestone payments, as well as a percentage of sales royalties.