Pharma BD Deal Intelligence

Windward Bio AG / Qyuns Therapeutics Co., Ltd.

2025 · Licensing/Option · $700M · Complete

Qyuns Therapeutics announced on 19 December 2025 a license and collaboration agreement with LE2025 Therapeutics AG, an affiliate of Novo Holdings-backed Windward Bio Group AG, granting exclusive rights to develop and commercialize QX027N globally outside mainland China, Hong Kong, Macau and Taiwan. QX027N is a long-acting IgG1 bispecific antibody targeting TSLP and IL-13 for asthma and atopic dermatitis; Qyuns dosed the first subject in a China Phase I trial on 12 December 2025. Qyuns is eligible for up to USD 700 million in total consideration comprising an undisclosed upfront, equity in Windward Bio, development and commercial milestones and tiered royalties.

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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