{"id":52392,"date":"2025-12-31T21:41:48","date_gmt":"2025-12-31T13:41:48","guid":{"rendered":"https:\/\/flcube.com\/?p=52392"},"modified":"2025-12-31T21:41:49","modified_gmt":"2025-12-31T13:41:49","slug":"aosaikang-licenses-adlai-nortyes-pan-ras-inhibitor-an9025-for-china-in-100-million-deal","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=52392","title":{"rendered":"Aosaikang Licenses Adlai Nortye&#8217;s Pan-RAS Inhibitor AN9025 for China in $100 Million Deal"},"content":{"rendered":"\n<p><strong>Beijing Aosaikang Pharmaceutical Co., Ltd<\/strong> (<a href=\"https:\/\/www.google.com\/finance\/quote\/002755:SHE\">SHE: 002755<\/a>) announced a licensing agreement with <strong>Adlai Nortye Ltd<\/strong> (<a href=\"https:\/\/www.google.com\/finance\/quote\/ANL:NASDAQ\">NASDAQ: ANL<\/a>) to obtain <strong>exclusive rights<\/strong> for <strong>AN9025<\/strong>, a <strong>first\u2011in\u2011class oral pan\u2011RAS inhibitor<\/strong>, in <strong>Mainland China, Hong Kong, and Macau<\/strong>. The deal includes an <strong>upfront payment of USD\u202f100\u202fmillion<\/strong> and milestones up to <strong>USD\u202f500\u202fmillion<\/strong>, plus tiered royalties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-deal-overview\">Deal Overview<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Item<\/th><th>Detail<\/th><\/tr><\/thead><tbody><tr><td><strong>Licensor<\/strong><\/td><td>Adlai Nortye Ltd (NASDAQ: ANL)<\/td><\/tr><tr><td><strong>Licensee<\/strong><\/td><td>Beijing Aosaikang Pharmaceutical (002755.SZ)<\/td><\/tr><tr><td><strong>Product<\/strong><\/td><td>AN9025 (oral pan\u2011RAS inhibitor, Class\u202f1 innovative drug)<\/td><\/tr><tr><td><strong>Territory<\/strong><\/td><td>Mainland China, Hong Kong, Macau (exclusive)<\/td><\/tr><tr><td><strong>Indication<\/strong><\/td><td>RAS\u2011mutated solid tumors (pan\u2011KRAS, NRAS, HRAS)<\/td><\/tr><tr><td><strong>Upfront Payment<\/strong><\/td><td>USD\u202f100\u202fmillion<\/td><\/tr><tr><td><strong>Milestone Payments<\/strong><\/td><td>Up to USD\u202f500\u202fmillion (regulatory &amp; commercial)<\/td><\/tr><tr><td><strong>Royalties<\/strong><\/td><td>Tiered mid\u2011single to low\u2011double digit on net sales<\/td><\/tr><tr><td><strong>Regulatory Status<\/strong><\/td><td>IND cleared in US &amp; China; FDA clinical trial approval received<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-technology-profile-next-generation-molecular-glue\">Technology Profile: Next\u2011Generation Molecular Glue<\/h2>\n\n\n\n<p><strong>Mechanism of Action<\/strong>: AN9025 utilizes <strong>molecular glue technology<\/strong> to bind <strong>activated RAS\u2011GTP<\/strong> and <strong>cyclophilin A<\/strong> (a molecular chaperone), forming a <strong>ternary complex<\/strong> that inhibits all RAS isoforms.<\/p>\n\n\n\n<p><strong>Key Advantages vs. Traditional RAS Inhibitors<\/strong>:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Feature<\/th><th>AN9025 (Molecular Glue)<\/th><th>Traditional RAS Inhibitors (e.g., sotorasib)<\/th><\/tr><\/thead><tbody><tr><td><strong>Target Scope<\/strong><\/td><td><strong>Pan\u2011RAS<\/strong> (KRAS, NRAS, HRAS)<\/td><td><strong>Single mutation<\/strong> (e.g., KRAS\u202fG12C only)<\/td><\/tr><tr><td><strong>Binding Site<\/strong><\/td><td><strong>Allosteric site + chaperone<\/strong><\/td><td>Active site only<\/td><\/tr><tr><td><strong>Resistance Profile<\/strong><\/td><td><strong>Higher barrier<\/strong> (prevents isoform switching)<\/td><td>Prone to <strong>bypass activation<\/strong><\/td><\/tr><tr><td><strong>Durability<\/strong><\/td><td><strong>Extended patient benefit<\/strong> (systemic regulation)<\/td><td><strong>Limited duration<\/strong> (median PFS 6\u20118 months)<\/td><\/tr><tr><td><strong>Indication Breadth<\/strong><\/td><td><strong>Broad RAS\u2011mutated tumors<\/strong><\/td><td><strong>Narrow mutation\u2011specific<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-market-opportunity-ras-mutated-cancers-in-china\">Market Opportunity: RAS\u2011Mutated Cancers in China<\/h2>\n\n\n\n<p><strong>RAS Mutation Prevalence<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>KRAS<\/strong>: <strong>25\u201130%<\/strong> of all solid tumors (lung, colorectal, pancreatic)<\/li>\n\n\n\n<li><strong>NRAS<\/strong>: <strong>15\u201120%<\/strong> of melanoma, hematologic malignancies<\/li>\n\n\n\n<li><strong>HRAS<\/strong>: <strong>5\u201110%<\/strong> of head &amp; neck, bladder cancers<\/li>\n\n\n\n<li><strong>Total Addressable Patients<\/strong>: <strong>~800,000<\/strong> new RAS\u2011mutated cases annually in China<\/li>\n<\/ul>\n\n\n\n<p><strong>Current Treatment Landscape<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>KRAS\u202fG12C inhibitors<\/strong>: <strong>Sotorasib<\/strong> (Amgen), <strong>adagrasib<\/strong> (Mirati\/BMS) approved only for <strong>NSCLC<\/strong><\/li>\n\n\n\n<li><strong>Pan\u2011RAS gap<\/strong>: <strong>No approved therapy<\/strong> for NRAS\/HRAS or non\u2011G12C KRAS mutations<\/li>\n\n\n\n<li><strong>Market Size<\/strong>: China RAS\u2011targeted therapy market projected at <strong>\u00a525\u201130\u202fbillion<\/strong> (US$3.5\u20114.2\u202fB) by 2030<\/li>\n<\/ul>\n\n\n\n<p><strong>AN9025 Positioning<\/strong>: Targets <strong>70\u201175%<\/strong> of RAS\u2011mutated patients currently lacking targeted options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-competitive-landscape\">Competitive Landscape<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Drug<\/th><th>Company<\/th><th>Target<\/th><th>Stage (China)<\/th><th>Limitation<\/th><\/tr><\/thead><tbody><tr><td><strong>Sotorasib<\/strong><\/td><td>Amgen\/Beta<\/td><td>KRAS\u202fG12C<\/td><td>Approved (NSCLC only)<\/td><td>Single mutation; resistance common<\/td><\/tr><tr><td><strong>Adagrasib<\/strong><\/td><td>Mirati\/BMS<\/td><td>KRAS\u202fG12C<\/td><td>NDA under review<\/td><td>Single mutation; narrow label<\/td><\/tr><tr><td><strong>Divarasib<\/strong><\/td><td>Roche<\/td><td>KRAS\u202fG12C<\/td><td>Phase\u202fIII<\/td><td>Single mutation<\/td><\/tr><tr><td><strong>RMC\u20119805<\/strong><\/td><td>Revolution Medicines<\/td><td>KRAS\u202fG12D<\/td><td>Phase\u202fI<\/td><td>KRAS\u202fG12D only<\/td><\/tr><tr><td><strong>AN9025<\/strong><\/td><td><strong>Adlai Nortye \u2192 Aosaikang<\/strong><\/td><td><strong>Pan\u2011RAS<\/strong><\/td><td><strong>Phase\u202fI ready<\/strong><\/td><td><strong>Broad spectrum; first pan\u2011RAS<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>First\u2011Mover Advantage<\/strong>: AN9025 is <strong>12\u201118 months ahead<\/strong> of rivals in <strong>pan\u2011RAS space<\/strong>, with potential for <strong>Orphan Drug Designation<\/strong> in pancreatic cancer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-clinical-development-plan-amp-timeline\">Clinical Development Plan &amp; Timeline<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Phase<\/th><th>Design<\/th><th>Primary Endpoints<\/th><th>Timeline<\/th><\/tr><\/thead><tbody><tr><td><strong>Phase\u202fI<\/strong> (China)<\/td><td>Dose escalation in RAS\u2011mutated solid tumors<\/td><td>Safety, MTD, PK<\/td><td>Initiate Q2\u202f2026<\/td><\/tr><tr><td><strong>Phase\u202fII<\/strong><\/td><td>Expansion cohorts (pancreatic, colorectal, NSCLC)<\/td><td>ORR, PFS<\/td><td>2027<\/td><\/tr><tr><td><strong>Phase\u202fIII<\/strong><\/td><td>Registration trials vs. chemotherapy<\/td><td>OS, PFS<\/td><td>2028\u20112029<\/td><\/tr><tr><td><strong>NDA Filing<\/strong><\/td><td>Rolling submission to NMPA<\/td><td>\u2013<\/td><td>Target <strong>2029\u20112030<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>FDA Alignment<\/strong>: Adlai Nortye will conduct <strong>parallel US trials<\/strong>; data may support <strong>global registration strategy<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-financial-projections\">Financial Projections<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Revenue Scenario<\/th><th>2028E<\/th><th>2030E<\/th><th>2032E<\/th><\/tr><\/thead><tbody><tr><td><strong>China RAS market (\u00a5B)<\/strong><\/td><td>12.0<\/td><td>20.0<\/td><td>28.0<\/td><\/tr><tr><td><strong>AN9025 peak penetration<\/strong><\/td><td>3%<\/td><td>8%<\/td><td>15%<\/td><\/tr><tr><td><strong>Annual patients<\/strong><\/td><td>24,000<\/td><td>64,000<\/td><td>120,000<\/td><\/tr><tr><td><strong>Net revenue (\u00a5 million)<\/strong><\/td><td>360<\/td><td>1,280<\/td><td>2,700<\/td><\/tr><tr><td><strong>Royalty to Adlai Nortye<\/strong><\/td><td>12%<\/td><td>10%<\/td><td>8%<\/td><\/tr><tr><td><strong>Aosaikang net profit<\/strong><\/td><td>245<\/td><td>896<\/td><td>1,980<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Peak Sales Potential<\/strong>: <strong>\u00a52.7\u202fbillion<\/strong> (US$380\u202fM) by 2032, representing <strong>15%<\/strong> of Aosaikang\u2019s projected revenue.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strategic-rationale-for-both-parties\">Strategic Rationale for Both Parties<\/h2>\n\n\n\n<p><strong>For Aosaikang<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Portfolio Upgrade<\/strong>: Transforms from <strong>generic manufacturer<\/strong> to <strong>innovation\u2011driven<\/strong> oncology player<\/li>\n\n\n\n<li><strong>First\u2011in\u2011Class<\/strong>: <strong>Pan\u2011RAS<\/strong> platform offers <strong>5\u20117 year exclusivity<\/strong> window in China<\/li>\n\n\n\n<li><strong>Commercial Leverage<\/strong>: <strong>3,000\u2011person sales force<\/strong> can target <strong>top 500 oncology centers<\/strong> for rapid launch<\/li>\n<\/ul>\n\n\n\n<p><strong>For Adlai Nortye<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non\u2011Dilutive Funding<\/strong>: <strong>USD\u202f100\u202fmillion<\/strong> upfront finances US development<\/li>\n\n\n\n<li><strong>China Validation<\/strong>: Partners with <strong>established local player<\/strong> for regulatory and commercial execution<\/li>\n\n\n\n<li><strong>Global Option<\/strong>: Retains <strong>ROW rights<\/strong> for potential <strong>multi\u2011billion\u2011dollar<\/strong> ex\u2011China deals<\/li>\n<\/ul>\n\n\n\n<p><strong>Forward\u2011Looking Statements<\/strong><br>This brief contains forward\u2011looking statements regarding AN9025\u2019s clinical development, regulatory pathway, market penetration, and financial contributions to Aosaikang and Adlai Nortye. Actual results may differ materially due to clinical trial outcomes, competitive responses, regulatory review timelines, and market access policies.<a href=\"https:\/\/flcube.com\/\">-Fineline Info &amp; Tech<\/a><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/flcube.com\/wp-content\/uploads\/2025\/12\/\u5965\u8d5b\u5eb7\uff1a\u5173\u4e8e\u7b7e\u7f72\u8bb8\u53ef\u5f15\u8fdb\u534f\u8bae\u7684\u516c\u544a.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of \u5965\u8d5b\u5eb7\uff1a\u5173\u4e8e\u7b7e\u7f72\u8bb8\u53ef\u5f15\u8fdb\u534f\u8bae\u7684\u516c\u544a.\"><\/object><a id=\"wp-block-file--media-9e6f1728-55f6-44bd-ac06-7bfeb1deebe9\" href=\"https:\/\/flcube.com\/wp-content\/uploads\/2025\/12\/\u5965\u8d5b\u5eb7\uff1a\u5173\u4e8e\u7b7e\u7f72\u8bb8\u53ef\u5f15\u8fdb\u534f\u8bae\u7684\u516c\u544a.pdf\">\u5965\u8d5b\u5eb7\uff1a\u5173\u4e8e\u7b7e\u7f72\u8bb8\u53ef\u5f15\u8fdb\u534f\u8bae\u7684\u516c\u544a<\/a><a href=\"https:\/\/flcube.com\/wp-content\/uploads\/2025\/12\/\u5965\u8d5b\u5eb7\uff1a\u5173\u4e8e\u7b7e\u7f72\u8bb8\u53ef\u5f15\u8fdb\u534f\u8bae\u7684\u516c\u544a.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-9e6f1728-55f6-44bd-ac06-7bfeb1deebe9\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Beijing Aosaikang Pharmaceutical Co., Ltd (SHE: 002755) announced a licensing agreement with Adlai Nortye Ltd&#8230;<\/p>\n","protected":false},"author":1,"featured_media":52394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAownpewDA:productID":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7,10],"tags":[2138,955,2139,1048,70],"class_list":["post-52392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company","category-deals","tag-adlai-nortye","tag-aosaikang-pharmaceutical","tag-nasdaq-anl","tag-she-002755","tag-tpd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aosaikang Licenses Adlai Nortye&#039;s Pan-RAS Inhibitor AN9025 for China in $100 Million Deal - Insight, China&#039;s Pharmaceutical Industry<\/title>\n<meta name=\"description\" content=\"Beijing Aosaikang Pharmaceutical Co., Ltd (SHE: 002755) announced a licensing agreement with Adlai Nortye Ltd (NASDAQ: ANL) to obtain exclusive rights for AN9025, a first\u2011in\u2011class oral pan\u2011RAS inhibitor, in Mainland China, Hong Kong, and Macau. 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