China Biotech Everest Medicines Inks $705.7M Deal for Ophthalmology Drug VIS-101, Files IPO Prospectus

On October 30, Everest Medicines issued an announcement stating that it had entered into an agreement with Visara to obtain an irrevocable exclusive license for the clinical development, manufacturing, and commercialization of VIS-101 in Greater China, Singapore, South Korea, and certain Southeast Asian countries.VIS-101 is a novel bifunctional biologic agent targeting VEGF-A and ANG-2. It demonstrates significantly superior efficacy compared to first-generation therapies, holding promise for providing more durable therapeutic benefits to patients with wet age-related macular degeneration (wet AMD), diabetic macular edema (DME), and retinal vein occlusion (RVO).

Visara is an affiliate of NewBridge Bio (formerly I-Mab, a company listed on the Nasdaq Global Market under the ticker symbol: NBP), focusing on the development of therapeutics for serious eye diseases. It was established with approximately $37 million in capital injection from NewBridge Bio and partial related rights contributed by a strategic partner. NewBridge Bio is the controlling shareholder of Visara and holds global rights to VIS-101. Notably, on October 31, NewBridge Bio filed its listing application with the Main Board of the Hong Kong Stock Exchange; however, the company has not yet disclosed the proposed number of shares to be issued or the fundraising scale.

Under the specified exclusive license, Everest Medicines will pay an upfront payment of $7 million (approximately RMB 49.7 million), as well as reimbursement of out-of-pocket expenses not exceeding RMB 24 million; potential development and sales milestone payments of up to $89 million (approximately RMB 632 million); and potential royalties based on net sales.(The total value of the cooperation is approximately RMB 705.7 million).

VIS-101 is not an original pipeline of Visara and its holding company, New Bridge Biologics.This drug was initially developed by AskGene, a subsidiary of Aosaikang (development code: ASKG712),In 2021, AskGene licensed the global rights for development, manufacturing, and commercialization outside Asia and Japan to AffaMed (Aimu Medical; R&D code: AM712). AskGene retained the rights to develop, manufacture, and commercialize the product in Asian regions excluding Japan.

On October 14 this year, AskGene, a subsidiary of Aosaikang, entered into a licensing agreement with Visara, Inc.AskGene has granted Visara exclusive rights to its independently developed ophthalmic bispecific antibody ASKG712 (VIS-101) in the Greater China region, Singapore, Thailand, Malaysia, Indonesia, Vietnam, South Korea, and India. Under the agreement, AskGene will receive a $7 million upfront payment, with potential milestone payments of up to $89 million in the future, as well as royalties on product sales.

Within one month, VIS-101 changed hands twice. On October 30, Visara transferred the exclusive license for VIS-101 in Greater China, Singapore, South Korea, and certain Southeast Asian countries to Everest Medicines.Everest Medicines will pay a $7 million upfront payment, reimbursement of out-of-pocket expenses not exceeding RMB 24 million, potential development and sales milestone payments of up to $89 million, and potential royalties based on net sales.

Currently, VIS-101 has completed Phase I clinical trials for neovascular age-related macular degeneration (nAMD) and diabetic macular edema (DME), and is currently conducting a randomized, dose-ranging Phase II clinical trial in China. Based on the results of the Phase II trial, VIS-101 is expected to initiate a Phase III head-to-head comparative study against Vabysmo in the first quarter of 2026, with readout of the randomized Phase III clinical data anticipated in 2028.

In fact, just one month ago, another VEGF×Ang-2 bispecific antibody BD deal was announced in the ophthalmology field.

On September 17, Innovent Biologics announced that it had licensed the VEGF×Ang-2 bispecific antibody IBI324 (OLN324) to U.S.-based Ollin.IBI324 is currently in Phase 1b clinical development for the treatment of patients with wet (neovascular) age-related macular degeneration (wAMD) or diabetic macular edema (DME). The pipeline has completed enrollment of more than 150 patients with wAMD or DME in the JADE study conducted in the United States. The JADE study is a randomized, Phase 1b, proof-of-concept clinical trial conducted in the United States, designed to evaluate potential differences between IBI324 and faricimab in terms of anatomical outcomes and durability of efficacy. Ollin has completed enrollment for the JADE study, which included approximately 150 subjects. Preliminary results from this study are expected to be announced in the first quarter of 2026.

These two transactions send a clear signal to the industry: there is substantial unmet need in the ophthalmic disease market, and VEGF × Ang-2 bispecific antibodies hold promise as an effective solution to address the current pain points in ophthalmology.In retinal diseases such as neovascular age-related macular degeneration (nAMD) and diabetic macular edema (DME), excessive VEGF stimulates the growth of abnormally fragile blood vessels beneath the macula, leading to leakage of blood and fluid into the retina, which causes retinal swelling and vision loss. Meanwhile, Ang-2 weakens vessel walls by blocking protective Tie2 signaling, thereby exacerbating inflammation and fluid accumulation.

Therefore, VEGF×Ang-2 bispecific antibodies hold significant clinical value in the field of ophthalmology. By simultaneously modulating two key drivers of vascular leakage, inflammation, and neovascularization, VEGF×Ang-2 bispecific antibodies can provide superior disease control. Clinical evidence indicates that quarterly administration of VEGF×Ang-2 bispecific antibodies achieves visual acuity recovery outcomes comparable to monthly anti-VEGF therapy, even with longer dosing intervals, while reducing the risk of visual fluctuations and improving long-term visual stability.

Currently, Roche’s faricimab (trade name Vabysmo) is the only globally approved VEGF×Ang-2 bispecific antibody for neovascular age-related macular degeneration (nAMD), diabetic macular edema (DME), and retinal vein occlusion. However, faricimab still faces limitations such as refractoriness caused by disease heterogeneity and metabolic changes. The immunological complexity of its dual-pathway mechanism may induce resistant phenotypes, while drug interactions can increase the risk of hemorrhage and infection.

These challenges present opportunities for a new generation of VEGF×Ang-2 bispecific antibodies with improved drug resistance profiles and safety margins. As a highly differentiated VEGF×Ang-2 bispecific antibody, VIS-101 features twice the number of binding sites compared to benchmark products, enabling superior dual-target binding and blockade effects. Its dosing interval is expected to be extended, addressing significant unmet needs in the global field of retinal diseases.

In addition to the aforementioned Everest Medicines, AskGene, and Innovent Biologics, several other Chinese pharmaceutical companies are accelerating their presence in the VEGF×Ang-2 ophthalmic disease sector. RemeGen (RC28, VEGF/FGF), Hengrui Medicine (HR19034, anti-VEGF bispecific antibody), CMS Pharmaceutical/Yzy Biopharma (Y400, VEGF/Ang-2 nanobody), and Xingmou Biotech (XMVA09, VEGF/ANG-2) all have relevant pipelines. The successive business development (BD) deals involving Innovent Biologics, AskGene, and Everest Medicines are expected to draw greater attention to VEGF×Ang-2 bispecific antibodies, positioning this modality as the new frontier for BD activities in the ophthalmology field.