Adlai Nortye Ltd. announced a definitive agreement with Jiangsu Aosaikang Pharmaceutical Co. Ltd. (ASK Pharm) to grant the Chinese company exclusive rights to develop, manufacture and commercialize the oral pan‑RAS(ON) inhibitor AN9025 throughout mainland China, Hong Kong and Macao. The license covers the entire Greater China market, while Adlai Nortye retains worldwide rights outside the licensed territory.
The transaction is structured for a total consideration of up to RMB 1.6 billion (≈USD 230 million). ASK Pharm will pay an upfront fee and near‑term milestone payments that together exceed USD 20 million, followed by tiered royalties ranging from a high single‑digit to mid‑teens percentage of net product sales in the licensed territory. The deal provides Adlai Nortye with immediate, non‑dilutive capital and a recurring royalty stream that could grow as AN9025 progresses toward regulatory approval.
AN9025 is a next‑generation oral pan‑RAS(ON) inhibitor that targets a broad spectrum of RAS mutations, including KRAS, NRAS and HRAS. Preclinical data demonstrate potent and durable activity in pancreatic, lung and colorectal adenocarcinomas. By partnering with ASK Pharm, Adlai Nortye mitigates the development and commercialization risks associated with the Chinese market, allowing the company to focus resources on global development and other pipeline candidates such as AN8025.
The licensing agreement comes at a time when Adlai Nortye’s first‑half 2025 financial results showed a narrowed net loss of USD 18.3 million, down from USD 27.7 million a year earlier, and a 41.4 % reduction in R&D expenses to USD 15.2 million. Operating cash outflow fell to USD 15.1 million from USD 28.4 million, while cash and cash equivalents stood at USD 44.1 million as of June 30 2025. The new deal is expected to extend the company’s cash runway and reduce ongoing burn as it prepares for a Phase I study slated for Q1 2026.
“AN9025 represents a differentiated, potentially best‑in‑class RAS‑targeting therapy,” said Yang Lu, CEO of Adlai Nortye. “Partnering with ASK Pharm in Greater China not only accelerates the clinical and commercial potential of AN9025 but also underscores the value of our RAS‑targeted drug discovery platform.” Jingfei Ma, General Manager of ASK Pharm, added that the collaboration is a “pivotal milestone” in the company’s innovation strategy and will enable rapid advancement of AN9025 in a high‑barrier oncology market.
Investors and analysts have responded favorably to the announcement, citing the substantial upfront and milestone payments, the strategic entry into the large Chinese oncology market, and the potential for significant royalty income as key drivers of the positive sentiment. The deal is viewed as a validation of Adlai Nortye’s platform and a critical step toward monetizing its early‑stage assets.
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