Fosun Pharma Accelerates Global BD Strategy in 2026 with Serplulimab Licensing Deal to Eisai

　　【Pharmaceutical Network Industry Dynamics】Under the strong promotion of pharmaceutical policies in China, coupled with the serious homogenization of innovation in the domestic market, many Chinese pharmaceutical companies have embarked on the path of innovative transformation and overseas expansion.
 

On February 5, Fosun Pharmaceutical announced that its holding subsidiary, Shanghai Henlius Biotech, Inc., signed a "License Agreement" with Eisai Co., Ltd. (Eisai). Henlius granted Eisai the rights for the development, production, and commercialization of Serplulimab Injection for oncology indications within the Japan region.
 

According to the agreement, Eisai will pay Shanghai Henlius Biotech, Inc. up to 155 million US dollars in non-refundable upfront and regulatory milestone payments. Among these, the upfront payment amounts to 75 million US dollars, which will be paid after the agreement is established; the regulatory milestone payments total up to 80.01 million US dollars and will be disbursed based on the progress of relevant regulatory approvals for the product in Japan. Additionally, depending on the annual net sales of Serplulimab Injection in Japan, Eisai will also pay up to 233 million US dollars in sales milestone payments.
 

It is reported that Serplulimab Injection is an innovative anti-PD-1 monoclonal antibody independently developed by Fosun Pharmaceutical. Currently, this drug has been approved for marketing in China, the European Union, the United Kingdom, Indonesia, Thailand, Malaysia, Singapore, and other countries and regions. In China, the approved indications for Serplulimab Injection already cover first-line treatment in combination with chemotherapy for squamous non-small cell lung cancer, extensive-stage small cell lung cancer, esophageal squamous cell carcinoma, and non-squamous non-small cell lung cancer.
 

In addition, the registration application for this drug in combination with chemotherapy for neoadjuvant/adjuvant treatment of gastric cancer was accepted by the China National Medical Products Administration in December 2025 and has been included in the priority review process.
 

In fact, in recent years, Fosun Pharmaceutical has been accelerating its transformation into a global innovative pharmaceutical company driven by "self-research + BD dual drivers" from a model combining imitation and innovation. Meanwhile, its self-developed innovative drugs have also started to be licensed globally with significant rights and value, with continuous upgrades in licensing models, pipeline value, and internationalization.
 

By 2025, Fosun Pharmaceutical had already completed six outbound BD deals, with multiple products successfully entering international markets. On December 9, Fosun Pharmaceutical announced that its holding subsidiary, Yaoyou Pharmaceutical, had reached a significant licensing agreement with Pfizer. According to the agreement, Pfizer will obtain exclusive global rights for the development, production, and commercialization of Yaoyou Pharmaceutical’s self-developed oral small-molecule GLP-1 receptor agonist, YP05002. For this, Pfizer will pay an upfront fee of up to $150 million and is eligible to receive milestone payments totaling up to $1.935 billion.
 

In August, Fosun Pharmaceutical announced that its holding subsidiary, Fosun Pharmaceutical Industry, signed a "License Agreement" with Expedition. Fosun Pharmaceutical Industry will grant Expedition the rights to develop, manufacture, and commercialize the small molecule oral dipeptidyl peptidase 1 (DPP-1) inhibitor XH-S004 globally (excluding mainland China, Hong Kong, and Macao). According to the agreement, Expedition will pay Fosun Pharmaceutical Industry up to US$120 million in non-refundable upfront and development milestone payments, as well as up to US$525 million in sales milestone payments.
 

In February, Henlius, a subsidiary of Fosun Pharmaceutical, signed a "License Agreement" with Dr. Reddy’s, granting it the rights to develop, manufacture, and commercialize the investigational product HLX15 (recombinant anti-CD38 fully human monoclonal antibody injection) in the United States and 42 agreed European countries. The agreement covers two dosage forms: intravenous injection (IV) and subcutaneous injection (SC). Dr. Reddy’s will pay Henlius up to USD 131.6 million, including an upfront payment of USD 33 million and milestone payments.
 

Overall, Fosun Pharmaceutical has transformed from a past focus on引进(License-in) to a balanced model of "primarily outbound, with both inbound and outbound" activities, and has already reaped significant gains in terms of the number and value of authorizations. In the future, the company's depth in自主研发 in frontier technology fields, along with the operational efficiency of its global BD network, will help it achieve continued success in the highly competitive market.
 

　　Disclaimer: In no event shall the information or opinions expressed in this article constitute investment advice to any person.