Caldera Therapeutics has entered an exclusive worldwide licence with Hong Kong listed Qyuns Therapeutics for a preclinical bispecific antibody programme targeting IL-17 and TL1A. Qyuns will receive 30 million dollars upfront plus up to 750 million dollars tied to development, regulatory and commercial milestones, Reuters reported. Caldera gains exclusive worldwide rights to develop, manufacture, seek approval for and sell drug candidates from the programme.
The deal was announced alongside Phase 1a data for Caldera’s existing lead, CLD-423, a bispecific targeting IL-23p19 and TL1A for inflammatory bowel disease. The first in human trial enrolled 56 healthy subjects and began in January 2026, and Caldera plans two Phase 2 trials in 2027, a Phase 2b in ulcerative colitis and a Phase 2a in Crohn’s disease. The company said it will disclose more about the Qyuns programme in 2027.
In the second deal, Evommune licensed rights outside Greater China to EVO570 from Chengdu based Hinova Pharmaceuticals. Evommune will pay 30 million dollars upfront, made up of 20 million dollars in cash and 10 million dollars in pre funded warrants to purchase Evommune stock, with Hinova eligible for up to about 1.1 billion dollars in development, regulatory and commercial milestones plus tiered royalties. EVO570 is an experimental oral molecular glue degrader targeting VAV1, a protein involved in activating immune cells. Evommune plans to start a mid stage study in rheumatoid arthritis in 2027.
Neither asset has human efficacy data, and in both deals almost all of the headline value is contingent. The pattern is the story: United States buyers are paying modest upfronts for Chinese originated immunology assets and taking the development risk themselves, at a pace Endpoints News put at roughly one China deal a week across the industry this year.