Pharma BD Deal Intelligence

ArriVent BioPharma, Inc. / Lepu Biopharma Co., Ltd.

2025 · Licensing/Option · $1.2B · Complete

ArriVent BioPharma entered an exclusive license agreement with Lepu Biopharma for MRG007, an antibody-drug conjugate in development for gastrointestinal cancers. ArriVent obtains exclusive, royalty-bearing, sublicensable rights to develop, manufacture and commercialize MRG007 worldwide outside Greater China (mainland China, Hong Kong, Macau and Taiwan), plus a non-exclusive license for oncology use in that territory. Lepu Biopharma receives a one-time upfront payment and near-term milestone payments totaling $47.0 million in cash and is eligible for up to $1.16 billion in development, regulatory and sales milestones plus tiered high single-digit to low-teen royalties on net sales. First IND submission was planned for the first half of 2025.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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