Chongqing Genrix Biopharmaceutical Co., Ltd. (Stock Code: 688443, “Genrix Bio”) announced on June 5 that it has entered into an licensing agreement with Nasdaq-listed Cullinan Therapeutics, Inc. (Nasdaq: CGEM, “Cullinan”) for ex-Greater China territory. Under the agreement, Cullinan has obtained exclusive global rights (ex-Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan) to develop, manufacture, and commercialize GR1803 injection (Velinotamig), a BCMA×CD3 bispecific antibody developed by Genrix Bio. Genrix Bio will retain the rights for development, manufacturing, and commercialization of GR1803 within Greater China and will continue to actively advance the drug’s development for current clinical indications and its future marketing in China.

Cullinan will pay Genrix Bio an upfront licensing fee of USD 20 million to develop and commercialize Velinotamig in all disease areas globally outside of Greater China. In addition, Genrix Bio is eligible to receive up to USD 692 million in development, regulatory, and sales-based milestone payments. Genrix Bio will also receive tiered royalties from mid-single digits to the mid-teens based on potential ex-Greater China net sales. The two companies will work closely together, leveraging their respective strengths. Genrix Bio will carry out research on Velinotamig in autoimmune diseases within mainland China to explore further therapeutic possibilities.

Velinotamig is a bispecific antibody drug independently developed by Genrix Bio for the treatment of relapsed/refractory (r/r) multiple myeloma (MM). It is classified as a Category 1 therapeutic biological product in China and can simultaneously bind to the BCMA and CD3 antigens. In August 2024, Velinotamig received Breakthrough Therapy Designation by the Center for Drug Evaluation (CDE) under the National Medical Products Administration (NMPA) and is currently in Phase II clinical trials. The international collaboration between Genrix Bio and Cullinan not only injects new momentum into Genrix Bio’s global development strategy but also marks a significant step forward in the global advancement of its innovative pipeline. For Cullinan, this strengthens its T cell engager (TCE) pipeline, enhancing its ability to address a broader range of indications. Both companies will join forces to accelerate the development of innovative therapies and benefit patients worldwide.

Chongqing Genrix Biopharmaceutical Co., Ltd. (Genrix Bio) is a listed biopharmaceutical company (Stock Code: 688443) fueled by antibody drug discovery technologies and committed to addressing significant unmet clinical needs. Supported by its capability in R&D, production, and commercialization, Genrix Bio focuses on monoclonal antibodies and bispecific antibodies in three major therapeutic areas: autoimmune diseases, infectious diseases, and oncology.

Fangda Partners provided comprehensive legal services to Genrix Bio on this transaction. The team was led by Corporate partners Henry He and Josh Shin for transaction structuring and for negotiating and revising transaction documents. Team members included associates Audrey Luo, Miao Rui and Yao Shuyi. Intellectual Property partners Yin Junting and Jeanette Wang provided support on patent-related matters, while Compliance partner Sherman Deng advised on cross-border data compliance. Fangda’s multidisciplinary teams worked together efficiently to provide strong legal support for the successful deal execution.