Pharma BD Deal Intelligence

Expedition Therapeutics, Inc. / Shanghai Fosun Pharmaceutical (Group) Co., Ltd.

2025 · Licensing/Option · $645M · Pending

Shanghai Fosun Pharmaceutical subsidiary Fosun Pharma Industrial signed a license agreement granting Expedition Therapeutics the rights to develop, manufacture and commercialize XH-S004, an oral dipeptidyl peptidase 1 (DPP-1) inhibitor, in all regions globally except Chinese Mainland, Hong Kong SAR and Macau SAR. Expedition will pay up to $120 million in upfront and development milestone payments plus up to $525 million in sales milestones based on annual net sales in the licensed territories. XH-S004 is in Phase II in China for non-cystic fibrosis bronchiectasis and Phase Ib for COPD.

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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