Sino Biopharmaceutical (1177.HK): Dual Respiratory Milestones: AZ Out-licensing Deal and GSK Portfolio Expansion

研报英文原文证据摘录

Sino Biopharmaceutical (1177.HK): Dual Respiratory Milestones: AZ Out-licensing Deal and GSK Portfolio Expansion

Equity Research

8 July 2026 | 11:47PM HKT

Sino Biopharmaceutical (1177.HK): Dual Respiratory Milestones: AZ

Out-licensing Deal and GSK Portfolio Expansion

Second BD deal with MNC; Licensing-out PDE3/4i to AZ: Sino Biopharm Ziyi Chen

+852-2978-0526 | ziyi.chen@gs.com

announced a licensing agreement with AstraZeneca for TQC3721 (a PDE3/4 inhibitor Goldman Sachs (Asia) L.L.C.

in phase 3), under which AZ obtains ex-China rights of TQC3721 for upfront payment Honglin Yan

of US$200mn, up to US$1.7bn in development, regulatory and commercial +852-2978-6666Goldman Sachs (Asia)| honglin.yan@gs.comL.L.C.

milestones, as well as tiered royalties ranging up to double-digit percentages based

on net sales. In addition, AZ also gains global rights for certain future development

programs for TQC3721, which are more innovative than ongoing clinical programs

per company. TQC3721 has become the second China-originated PDE3/4 inhibitor

to secure a major MNC partnership, following Hengrui’s deal with GSK for its PDE3/4

inhibitor in 2025. The transaction marks Sino Biopharm’s second major licensing-out

deal with an MNC in 2026 following its earlier Sanofi partnership, further

demonstrating the company’s growing ability to generate globally competitive assets

from its internal R&D platform.

Introducing two COPD drugs from GSK to strengthen respiratory portfolio: In

addition to the TQC3721 out-licensing deal, the company also announced an

expanding partnership with GSK following their collaboration on bepirovirsen.

Through the introduction of Trelegy (LABA/LAMA/ICS) and Anoro (LABA/LAMA)

from GSK for an initiation period of 5.5 years, Sino Biopharm further enriches its