China-based Lepu Biopharma Co., Ltd. (HKG: 2157) announced on August 1, 2025, that it has entered into a licensing agreement with Excalipoint for two preclinical assets, CTM012 and CTM013. Under the terms of the agreement, Excalipoint will receive exclusive, worldwide rights to develop and commercialize these products.
Agreement Terms
In exchange for the exclusive rights, Lepu Biopharma will receive:
- An upfront cash payment of $10 million and common shares of Excalipoint Cayman, representing 10% of its enlarged issued share capital, issued to Innocube, a wholly-owned subsidiary of Lepu Biopharma.
- Up to $847.5 million in total development and commercial milestone payments.
- Tiered royalties on sales, ranging from low single-digit percentages to mid-single-digit percentages.
Additionally, Lepu Biopharma has the right to appoint one director to the board of Excalipoint Cayman.
Financing Round
Coinciding with the licensing deal, Excalipoint Cayman will conduct a Series A financing round. Funds managed by Sequoia China, Genesis Capital, and Apricot Capital (as co-lead Series A investors), along with other Series A investors (including funds managed by 5Y Capital, Kai Feng Venture Capital, MiFang Health Fund, and Hony Capital), will collectively invest $41 million in Excalipoint Cayman under the terms of a share purchase agreement.
Asset Highlights
CTM012 and CTM013 are preclinical drug candidates developed by Lepu Biopharma based on its proprietary T-cell engager TOPAbody bispecific antibody platform. CTM012 has already received clinical trial approval.-Fineline Info & Tech
