On November 18, 2022 Shanghai Fosun Pharma reported it has licensed US rights to a PD-1 candidate from its longstanding partner, Henlius Biotech, in an $840 million agreement (Press release, Fosun Pharma, NOV 18, 2022, View Source [SID1234624259]). Although Fosun is Henlius’s controlling shareholder, Henlius declared it was looking for a US partner as recently as three months ago. Despite their relationship, Henlius negotiated an enviable contract with Fosun, consisting of a $140 million upfront payment, a one-time $50 million regulatory milestone payment and up to $650 million in sales milestones, plus royalties. The PD-1, serplulimab, was the thirteenth PD-1/L1 inhibitor approved in China

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