Pharma BD Deal Intelligence

F. Hoffmann-La Roche AG / Qyuns Therapeutics Co., Ltd.

2025 · Licensing/Option · $1.1B · Complete

Roche entered a global exclusive collaboration and licensing agreement with China's Qyuns Therapeutics (2509.HK) for QX031N, a long-acting preclinical bispecific antibody targeting TSLP and IL-33 for inflammatory and respiratory disease. Qyuns receives USD 75 million upfront (non-refundable, non-creditable) and is eligible for up to USD 995 million in development, regulatory and commercial milestones plus tiered royalties on net sales. Roche takes global rights to develop, manufacture and commercialize the asset.

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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