Saizeng Medical Technology Co. Ltd, a subsidiary of Changchun High‑Tech Industry (Group) Co., Ltd. (SHE: 000661), entered into an exclusive licensing agreement with Yarrow Bioscience, Inc. for GenSci098 injection, a humanized monoclonal antibody targeting the Thyroid Stimulating Hormone Receptor (TSHR). GenSci will receive $120 million in near‑term payments and up to $1.365 billion in milestones, plus royalties exceeding 10% of net sales.
Transaction Structure
Component
Details
Licensee
Yarrow Bioscience, Inc.
Upfront Payment
USD 70 million
Near‑Term Milestones
USD 50 million
Total Near‑Term
USD 120 million
Total Potential Milestones
Up to USD 1.365 billion
Royalties
>10% of net sales post‑launch
Asset
GenSci098 injection (TSHR antagonist)
Indications
Thyroid‑Associated Ophthalmopathy (TED) and Graves’ Disease (GD)
Drug Profile
Attribute
GenSci098
Mechanism
Humanized monoclonal antibody TSHR antagonist
Innovation
Category 1 therapeutic biologic (first‑in‑class in China)
Improves hyperthyroidism and mitigates proptosis (bulging eyes)
Stage
Clinical development for TED and GD‑related indications
Administration
Injectable
IP Status
Independently developed by GenSci Medical
Market Opportunity
Metric
Value
Context
TED Prevalence
~1 million patients globally
~30% of Graves’ disease patients develop TED
Graves’ Disease
~20 million patients worldwide
Significant unmet need for disease‑modifying therapy
Current Treatments
Tepezza (IGF‑1R inhibitor) dominates TED market
TSHR approach is novel mechanism
Peak Sales Potential
$2‑3 billion global (if approved)
Addresses both TED and underlying GD
Competitive Advantage
First TSHR‑targeted therapy
Differentiated from IGF‑1R pathway
Strategic Implications
For GenSci:$1.4 billion deal validates TSHR platform; monetizes early‑stage asset while retaining China rights; provides non‑dilutive capital for broader pipeline.
For Yarrow: Secures first‑in‑class TSHR antagonist for rare autoimmune diseases; leverages GenSci’s clinical data; positions for global development and commercialization.
For Market: Demonstrates premium valuations for novel autoimmune targets; TSHR class could expand into other thyroid disorders; royalty rate >10% reflects asset quality.
Forward‑Looking Statements This brief contains forward‑looking statements regarding milestone achievements, clinical development timelines, and market projections. Actual results may differ due to regulatory feedback, competitive responses, or clinical risks.-Fineline Info & Tech
By Fineline Cube 