On 16 January 2026, Guangdong Raynovent Biotech Co., Ltd. (“Raynovent”), a controlling subsidiary of Guangdong Zhongsheng Pharmaceutical Co., Ltd., and Qilu Pharmaceutical Co., Ltd. (“Qilu Pharmaceutical”) held a strategic cooperation signing ceremony to jointly announce the execution of a licensing agreement for the innovative GLP-1/GIP dual-target receptor ultra-long-acting agonist RAY1225 Injection. Under the agreement, Raynovent has granted Qilu Pharmaceutical the rights to manufacture and commercialize RAY1225 Injection in Chinese mainland, Hong Kong, Macau and Taiwan.
RAY1225 Injection is an innovative and structurally novel peptide drug independently developed by Raynovent with proprietary global intellectual property rights. As a dual agonist of the GLP-1 receptor and the GIP receptor, RAY1225 benefits from favorable pharmacokinetic properties and demonstrates the potential for an ultra-long-acting dosing requiring administration only once every two weeks. To date, the following Phase III clinical trials have all successfully completed full patient enrollment: REBUILDING-2 — a study evaluating the safety and efficacy of RAY1225 Injection in Chinese patients who are obese or overweight; SHINING-3 — a study evaluating the safety and efficacy of RAY1225 Injection in combination with oral hypoglycemic agents versus semaglutide injection in patients with type 2 diabetes; and SHINING-2 — a placebo-controlled clinical trial evaluating RAY1225 Injection as monotherapy in patients with type 2 diabetes. Raynovent remains committed to advancing these the Phase III trials of RAY1225 Injection with a rigorous, high-quality, efficient, and standardized scientific approach.
Qilu Pharmaceutical possesses extensive sales experience and strong commercialization capabilities. Leveraging its comprehensive market coverage across the pharmaceutical industry and its professional promotional strengths, Qilu Pharmaceutical provides a solid foundation for the establishment of a robust, mutually beneficial strategic partnership between the parties. This collaboration will combine Raynovent’s leading product advantages in RAY1225 Injection with Qilu Pharmaceutical’s strong commercialization capabilities, thereby accelerating the commercialization of RAY1225 Injection in the China region and effectively addressing the substantial unmet clinical demand in the domestic market.
Subject to the terms and conditions of the agreement, Raynovent will receive up to CNY 1 billion, including an upfront payment of CNY 200 million and additional development and sales milestone payments of up to CNY 800 million. In addition, following product commercialization, Raynovent will be entitled to receive double-digit royalties based on the net sales of the licensed product. Raynovent will also continue to be responsible for advancing the clinical development and regulatory registration of the relevant indications within the licensed territory.
The Fangda team provided comprehensive legal services to Raynovent in this transaction. Those services included designing the transaction structure and preparing, negotiating, revising and finalizing transaction documents. The team was led by partners Patrick LI, Henry HE and Josh SHIN. Team members included associates Yara YANG and Audrey LUO. The team’s efficient collaboration ensured the smooth progress of the transaction and provided effective legal support.
