Chinese biotech firm Changchun, US-based Yarrow sign $1.4b deal
- ByStartupStory | December 16, 2025
Chinese biopharmaceutical company Changchun High-Tech Industry Group has entered a licensing agreement worth up to $1.4 billion with US-based Yarrow Bioscience for an innovative biologic targeting Graves’ disease and thyroid eye disease.
A subsidiary of Changchun High-Tech, Shanghai Scizeng/GenSci, has granted Yarrow exclusive rights outside Greater China to develop, manufacture, and commercialise the drug candidate GS-098 (also known as GenSci098 or YB-101). The deal includes around $70 million in upfront payments, plus up to $1.37 billion in potential milestones tied to development, regulatory approvals, and commercial sales, along with double-digit royalties on net sales in licensed territories.
Yarrow will handle clinical advancement and market approvals in regions such as the US, Europe, and Japan for both indications, while Changchun High-Tech retains full control in Greater China (mainland China, Hong Kong, Macau, and Taiwan). The Chinese firm can regain global rights if Yarrow fails to meet key obligations.
For Changchun High-Tech, the partnership validates its biologics innovation and provides substantial non-dilutive capital to fuel further R&D. New York-based Yarrow, backed by life sciences investor RTW Investments, gains a high-potential lead asset addressing major unmet needs in autoimmune thyroid disorders.
The collaboration highlights ongoing US-China biotech ties in specialised therapeutic areas, despite broader tensions, and positions both parties to capitalise on growing demand for targeted endocrinology treatments.
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