Haichuang Pharmaceutical and American biomedical company Evommune, Inc., jointly announced today that they have reached an exclusive licensing agreement for HP570, an efficient and highly selective oral VAV1 molecular gel degrader with the best potential in its class, independently developed by Haichuang Pharmaceutical using a targeted protein degradation technology platform. Under the agreement, Haichuang Pharmaceutical granted Evommune the exclusive right to develop, manufacture and commercialize the HP570 on a global scale outside of Greater China. Evommune will pay a total down payment of 30 million US dollars to Haichuang Pharmaceutical; Haichuang Pharmaceutical is also entitled to receive up to US$1.07 billion in potential development, regulatory registration and commercialization milestone payments, as well as tiered royalties corresponding to net sales in the licensed region. Furthermore, if agreed in the agreement, Haichuang Pharmaceutical will be entitled to additional sub-license shares.

Haichuang Pharmaceutical and American biomedical company Evommune, Inc., jointly announced today that they have reached an exclusive licensing agreement for HP570, an efficient and highly selective oral VAV1 molecular gel degrader with the best potential in its class, independently developed by Haichuang Pharmaceutical using a targeted protein degradation technology platform. Under the agreement, Haichuang Pharmaceutical granted Evommune the exclusive right to develop, manufacture and commercialize the HP570 on a global scale outside of Greater China. Evommune will pay a total down payment of 30 million US dollars to Haichuang Pharmaceutical; Haichuang Pharmaceutical is also entitled to receive up to US$1.07 billion in potential development, regulatory registration and commercialization milestone payments, as well as tiered royalties corresponding to net sales in the licensed region. Furthermore, if agreed in the agreement, Haichuang Pharmaceutical will be entitled to additional sub-license shares.