On April 23, 2025, Qyuns Therapeutics Co., Ltd. (“Qyuns Therapeutics”) and Caldera Therapeutics have entered into an out-license agreement (the “License Agreement”). The License Agreement grants Caldera Therapeutics an exclusive right to develop and commercialize QX030N globally. QX030N is a long-acting bispecific antibody in the pre-clinical stage for the treatment of immunologic disorders. Fangda acted as legal counsel to Qyuns and provided comprehensive legal services.

Subject to terms and conditions of the License Agreement, Caldera Therapeutics is granted an exclusive, royalty-bearing, transferable, sublicensable right to research, develop, register, manufacture and commercialize QX030N worldwide. In return, Qyuns Therapeutics or its designated affiliate(s) (collectively, the “Group”) will be entitled to receive a one-time, non-refundable, and non-creditable upfront payment of USD10 million, and to receive approximately 24.88% of the equity interest in Caldera Therapeutics. Qyuns Therapeutics may also receive additional payments of up to USD545 million, subject to the achievement of certain clinical development, regulatory and commercial milestones. The Group will also be entitled to receive tiered royalties on net sales from Caldera Therapeutics during a specified time period after the first commercial sales of QX030N.

Caldera Therapeutics is a company newly incorporated in the United States, for the primary purpose of drug development and commercialization, including development and commercialization of QX030N. Caldera Therapeutics was founded by leading biotech investors Lilly Asia Ventures, Atlas Venture, and venBio.

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, 2 products at phase III clinical stage, 4 products at phase II or phase I, 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.

The Fangda team provided comprehensive legal services to Qyuns Therapeutics in this transaction, including transaction structure design, transaction document preparation, negotiation, revision and finalization. The team was led by partners Henry HE, Yiru WANG and Josh SHIN . Team members also included counsels Bella WANG, Alice PING and associate Essie ZHAO.