On December 19, 2025, Qyuns Therapeutics Co., Ltd. (“Qyuns Therapeutics”) and LE2025 Therapeutics AG (“LE2025”), an affiliate of Windward Bio Group AG (“Windward Bio”), have entered into a license and collaboration agreement (the “Agreement”).
The Agreement grants LE2025 an exclusive right to develop and commercialize QX027N globally, except from mainland China, Taiwan, the Special Administrative Region of Hong Kong and the Special Administrative Region of Macau (the “Licensed Territory”). In return, the Company or its designated affiliate(s) (collectively, the “Group”) will be entitled to receive a total of up to USD700 million payments, including an upfront payment, an equity interest of Windward Bio, development and commercial milestone payments, plus tiered royalties on net sales of QX027N in the Licensed Territory.
QX027N is a long-acting anti-TSLPxIL-13 bispecific antibody independently developed by Qyuns Therapeutics. As mentioned in the voluntary announcement dated November 13, 2025, QX027N has obtained clinical trial approvals from the Center for Drug Evaluation of the National Medical Products Administration (Acceptance Nos.: CXSL2500757, CXSL2500758), intended for the treatment of asthma and atopic dermatitis. On December 12, 2025, Qyuns Therapeutics successfully initiated the Phase I clinical trial for QX027N by enrolling the first subject in China.
ABOUT WINDWARD BIO GROUP AG
Windward Bio is a clinical-stage biotechnology company with deep discovery, development, and commercialization expertise committed to transforming the treatment of people living with advanced immunological conditions. Its lead program is WIN378, a potential best-in-disease, long-acting anti-TSLP monoclonal antibody currently in Phase II trials for asthma. The pipeline also includes WIN027, a clinical-stage, long-acting anti-TSLPxIL-13 bispecific, which has potential broad therapeutic application across immunological diseases. The company is building a pipeline of long-acting bispecific antibodies, targeting validated biology in respiratory and dermatological conditions.
ABOUT QYUNS THERAPEUTICS
Adhering to the vision of “innovation for the great majority”, established in 2015, Qyuns Therapeutics (2509.HK), as a high-tech enterprise focuses on R&D, industrialization and commercialization of antibody drugs for autoimmune and allergic diseases, and strives to improve drug accessibility and affordability. Based on its independent innovation capabilities, Qyuns Therapeutics has built a comprehensive pipeline, including 1 product approved by NMPA, 3 products at phase III clinical stage, multiple products at phase II or phase I, 3 long-acting bispecific antibody candidates advanced into international markets, with indications covering the four major disease areas of skin, respiratory, digestive, and rheumatism. Qyuns Therapeutics is one of the leading companies in China in the field of autoimmune and allergic diseases. It is also one of those who received the most IND approvals regarding autoimmune and allergic diseases in China. For more information, please visit:www.qyuns.net.
The Fangda team provided comprehensive legal services to Qyuns Therapeutics in this transaction, included designing the transaction structure and document preparing, negotiating, revising and finalizing transaction documents. The team was led by partners Henry HE, WANG Yiru, Josh SHIN, Bella WANG, counsel Alice PING and associate Essies ZHAO. With deep collaboration across practice groups, Fangda ensured the smooth progress for the transaction and continues to help Chinese biopharmaceutical companies expand into global markets.