#HKSTARTUPS 中國樂普生物製藥與開曼群島新公司 Excalipoint 簽下總額高達 8.57 億美元的交易，授權兩款處於臨床前階段的 T 細胞雙特異性抗體 CTM012 和 CTM013，前者已獲臨床試驗許可。Excalipoint 將支付 1,000 萬美元首付款，後續可達 8.475 億美元里程碑金，並提供銷售分成。樂普同時入股 10%，強調此舉可加速全球化及專注後期研發。
這種交易屬於中國生技圈盛行的「NewCo 模式」：藥企將大部分早期資產出售或授權予境外新設公司，由國際團隊負責開發與募資，原公司持股參與權益，分享未來收益。2025 年上半年中國企業採此模式的交易總額已超 100 億美元，涉及康諾雅、嘉和生物、岸邊生物、艾力斯生物等。
China’s Lepu Biopharma has signed an up-to-$857M deal with newly formed Cayman Islands firm Excalipoint, licensing two preclinical T-cell engagers, CTM012 and CTM013, the former already IND-approved. Excalipoint will pay $10M upfront, up to $847.5M in milestones, plus royalties, while Lepu takes a 10% equity stake.
The transaction reflects the booming “NewCo model” in China’s biotech sector, where early-stage assets are sold or licensed to newly created overseas companies backed by international teams and investors, allowing original developers to avoid one-off licensing value loss while retaining equity upside. This model has surpassed $10B in cumulative deal value by mid-2025, involving companies like Kangnuoya, Jacobio, Azhia Biotech, and Ascentage Pharma.
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Full article https://www.fiercebiotech.com/biotech/lepu-supplies-2-t-cell-engagers-newco-857m-deal