Chinese biotech firm Changchun, US-based Yarrow sign $1.4b deal
2 min read
Health Care
Investment
- December 16, 2025
Changchun High-Tech Industry Group, a Chinese biopharmaceutical leader, has finalized a licensing agreement potentially reaching $1.4 billion with American firm Yarrow Bioscience for a novel biologic treatment addressing Graves’ disease and thyroid eye disease.
Through its subsidiary Shanghai Scizeng/GenSci, Changchun High-Tech has provided Yarrow exclusive development and commercialization rights beyond Greater China for drug candidate GS-098 (also designated GenSci098 or YB-101). The arrangement includes approximately $70 million in initial payments, with an additional $1.37 billion achievable through development milestones and sales targets, supplemented by significant royalties on net revenues.
Yarrow will spearhead clinical development and regulatory processes in key markets including the United States, Europe, and Japan. Changchun High-Tech maintains complete rights within Greater China and retains options to reclaim global privileges should Yarrow fail to fulfill critical commitments.
This agreement strengthens Changchun High-Tech’s biologics portfolio while providing substantial non-dilutive funding for future research. For Yarrow Bioscience – supported by healthcare investment firm RTW – the deal delivers a promising therapy candidate targeting significant treatment gaps in autoimmune thyroid conditions.
The collaboration demonstrates continued scientific cooperation between Chinese and American biotech entities within specialized medical fields, positioning both organizations to address growing global demand for advanced endocrinology treatments.
