China's Innovative Drug Sector Surges as Three Biopharma Firms Announce Blockbuster BD Deals on the Same Day

　　【Pharmaceutical Network Industry DynamicsIn recent years, with the continuous development of innovative drugs in China, the trend of Chinese innovative drugs going global has become prominent. As of October 2025, BD transactions for innovative drugs remain active, with several pharmaceutical companies announcing significant BD deals on October 16.
 

Hansoh Pharma announced that, on October 16 (after trading hours), Shanghai Hansoh Biomedical Technology Co., Ltd. and Changzhou Hengbang Pharmaceutical Co., Ltd. (collectively referred to as the "Licensor"), both wholly-owned subsidiaries of the company, entered into a licensing agreement with F. Hoffmann-La Roche Ltd (the "Licensee") for HS-20110. Under the licensing agreement, the Licensor will receive an upfront payment of $80 million and is eligible to receive milestone payments of up to $1.45 billion based on the product’s development, regulatory approval, and commercialization progress, as well as tiered royalties on future potential product sales.
 

Data shows that HS-20110 is an investigational CDH17-targeted antibody-drug conjugate (ADC) currently undergoing global Phase I clinical trials in China and the United States for the treatment of colorectal cancer (CRC) and other solid tumors. Roche's significant investment in this collaboration indicates its strong belief in the substantial potential of HS-20110 as a potentially innovative therapy.
 

On the evening of October 16, PuriGold Bio announced that it had reached a collaboration with KITE PHARMA, INC. ("Kite") in the field of in vivo gene-editing therapy and signed a licensing and collaboration agreement covering a global territory. According to the agreement, PuriGold is entitled to and has received an upfront payment totaling $120 million. Upon achieving specific milestones, PuriGold is also eligible to receive up to $1.52 billion in various milestone payments, as well as sales royalties based on future net product sales.
 

Data shows that Puerigen Bio is an innovative biopharmaceutical company specializing in the research, development, and industrialization of cell and gene therapy drugs. It independently develops immune cell drugs and promotes their industrialization and internationalization, currently operating through a licensing model to authorize or transfer technology to clients. For the research and commercialization of its projects, the company has established an independent and complete R&D, production, and supply system. According to Puerigen's financial report, the company achieved revenue of 5.626 million yuan in the first half of this year, and this collaboration is expected to bring significant business growth.
 

On October 16, Nanjing Levena Biopharma also announced an exclusive global partnership with Dianthus Therapeutics to jointly advance the development of a novel anti-BDCA2/TACI bispecific fusion protein, LBL-047 (DNTH212). Levena Biopharma will grant Dianthus exclusive rights for the research, development, manufacturing, and commercialization of LBL-047 outside Greater China, receiving up to $38 million in upfront and near-term milestone payments. The total value of the deal could reach up to $1 billion.
 

Data show that LBL-047 is a preclinical pipeline asset of Vibe Bio. As a long-acting bispecific fusion protein, it is designed to selectively deplete plasmacytoid dendritic cells (pDCs) to reduce type I interferon (IFN-I) production while inhibiting the BAFF/APRIL signaling pathway to block B-cell activation, survival, and antibody production. By targeting two key drivers in the pathogenesis of autoimmune diseases, this differentiated strategy has the potential to cover a wide range of autoimmune indications, maximizing its clinical value and commercial potential.
 

In addition, on October 8, Norovir Bio announced a collaboration with overseas biopharmaceutical company Zenas to license its small molecule drug orelabrutinib for autoimmune diseases abroad, with the total agreement amount exceeding 2 billion US dollars.
 

From the overall perspective of the industry, the trend of innovative drugs going overseas has become clear, and the market expects more BD deals to be finalized by the end of the year. Institutional analysis points out that the current outlook firmly favors the innovative drug sector, with a focus on BD targets with strong certainty. Looking ahead, the innovative drug sector will still be primarily driven by BD transaction expectations, and the resumption of BD deals is expected to be a key factor in driving the recovery of the sector. Data shows that BD transactions in the fourth quarter account for about 40% of the annual total. Additionally, there is still room for expectations regarding the market performance of blockbuster products. The recent adjustment in the sector provides a good window of opportunity for investors who are optimistic about the long-term track of innovative drugs.
 

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