On November 4, 2026, Minghui Pharmaceutical (“Minghui”) and ASKA Pharmaceutical Co., Ltd. (“ASKA”) today announced that they have entered into an exclusive license agreement for the development and commercialization of MHB018A in Japan.
MHB018A is a novel, subcutaneously administered antibody targeting insulin-like growth factor 1 receptor (IGF-1R) for the treatment of thyroid eye disease (TED). Under the agreement, ASKA will receive exclusive rights to develop, seek regulatory approval for, and commercialize MHB018A in Japan. Minghui will retain all rights to MHB018A outside Japan and continue to lead its global development. MHB018A has demonstrated potential best-in-class efficacy and a favorable safety profile in TED. Phase 2 data presented orally at ENDO 2026 showed robust improvements across multiple clinically meaningful endpoints in patients with active and chronic TED, with no new or unexpected safety signals. Minghui is conducting a comprehensive Phase 3 development program comprising four randomized pivotal studies in active and chronic TED: two in China and two global studies involving sites in the United States, Europe, Japan, and other regions, designed to support regulatory submissions worldwide.
Under the terms of the agreement, Minghui will receive an upfront payment of USD 110 million and will be eligible to receive additional development, regulatory, and commercial milestone payments of up to USD 330 million, as well as tiered royalties up to mid-30% on net sales in Japan.
“Japan is an important market for MHB018A, and ASKA brings deep expertise in endocrinology, clinical development, regulatory affairs, and commercialization,” said Dr. Guoqing Cao, Founder and Chief Executive Officer of Minghui Pharmaceutical. “This partnership marks another important step toward bringing MHB018A to patients worldwide. We look forward to working closely with ASKA to advance the program in Japan and address the significant unmet needs of patients with TED.”
Minghui Pharmaceutical is a late-stage biopharmaceutical company dedicated to advancing transformative therapies in immunology, oncology, and other areas of significant unmet medical needs. With a broad and differentiated clinical pipeline spanning multiple stages of development, Minghui is committed to delivering innovative medicines to patients worldwide.
Fangda Partners provided comprehensive legal services to Minghui Pharmaceutical in this transaction. The Fangda team was led by partners Henry HE, Alex LIU, Josh SHIN and Bella WANG, who advised on the transaction structuring and led the negotiation and revision of the transaction documents. Team members included counsel Muriel HE and associates Rui MIAO, Essie ZHAO, Ethel WANG and Joey YUAN. Compliance team member Sherman DENG provided advice on cross-border data compliance matters, with support from Lianshi LIU and Scott LIN. Fangda’s multidisciplinary teams worked closely and efficiently throughout the transaction, providing strong legal support for its successful execution.
