By Fineline Cube 
Shanghai-based Fosun Pharmaceutical (Group) Co., Ltd (SHA: 600196, HKG: 2196) announced on August 11, 2025, that its subsidiary Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd. has entered into a licensing agreement with Expedition Therapeutics, Inc. The agreement grants Expedition global development, manufacturing, and commercialization rights for the small molecule oral dipeptidyl peptidase 1 (DPP-1) inhibitor, XH-S004, excluding mainland China, Hong Kong, and Macao. Fosun Pharma retains these rights in the excluded regions.
Financial Terms
Under the agreement, Expedition will pay Fosun Pharma up to $120 million in non-refundable upfront and development milestone payments. Additionally, Expedition will make sales milestone payments of up to $525 million based on annual net sales achievements within the licensed territory.
Drug Profile
XH-S004 is a small molecule oral DPP-1 inhibitor developed by Fosun Pharma. It works by inhibiting DPP-1 and its activated neutrophil serine proteases, reducing inflammation and blocking the cycle of infection and airway damage. Currently in Phase II trials in China for non-cystic fibrosis bronchiectasis and Phase Ib trials for chronic obstructive pulmonary disease (COPD), XH-S004 has no approved competitors globally.-Fineline Info & Tech