By Fineline Cube 
InnoCare Pharma Limited (HKG: 9969) announced a landmark exclusive license and subscription agreement with Zenas BioPharma, Inc. (NASDAQ: ZBIO). The deal gives Zenas global rights to develop, manufacture and commercialise orelabrutinib—a potent BTK inhibitor for multiple sclerosis (MS)—alongside two other pre‑clinical assets, with an estimated value that could exceed USD 2 billion.
Deal Highlights
- Exclusivity & Scope
- Orelabrutinib: exclusive BTK inhibitor licence for MS and non‑oncology indications outside Greater China (including mainland China, Hong Kong, Macau, Taiwan) and Southeast Asia.
- IL‑17AA/AF inhibitor: oral, dual‑target inhibitor licensed globally outside Greater China & Southeast Asia.
- TYK2 inhibitor: oral, brain‑penetrant agent licensed globally.
- Financial Terms
- Up to USD 100 million in upfront and milestone cash payments.
- Up to 7,000,000 Zenas common shares issued.
- Total potential transaction value > USD 2 billion, including development, regulatory, and commercial milestones.
- Tiered royalties (up to high‑teens percentages) on annual net sales of the licensed products.
Strategic Implications
- For InnoCare: The partnership unlocks a robust revenue stream and gives it a foothold in the high‑growth MS market while preserving its core oncology focus.
- For Zenas: Access to a proven BTK platform and two novel pre‑clinical compounds accelerates its pipeline diversification and positions it for a strong competitive edge in neuro‑inflammatory and autoimmune disease segments.
- Market Impact: The $2 billion valuation underscores investor confidence in targeted therapies for MS and other immune‑mediated disorders, potentially spurring further collaborations across the biotech ecosystem.-Fineline Info & Tech