China-based Qyuns Therapeutics (HKEX: 2509) has received the first clinical milestone payment from Swiss giant Roche under their global exclusive licensing agreement. The milestone payment follows first-in-human dosing in the Phase I trial of QX031N, a long-acting bispecific antibody targeting both TSLP and IL-33 for respiratory disease. The trial, being held in New Zealand, is enrolling healthy participants alongside those with COPD and asthma.
Under the October 28, 2025 agreement, Roche paid Qyuns USD 75 million upfront — non-refundable and non-creditable — for global exclusive rights to develop, manufacture, and commercialize QX031N. The remaining up to USD 995 million comprises development, regulatory, and commercial milestones, with tiered royalties on net sales also included. The specific per-milestone amounts and royalty rate tiers have not been publicly disclosed. The current announcement confirms the first development milestone has been triggered and paid, though the value of that specific payment was not disclosed.
Deal context
QX031N, designated RG6981 within Roche's pipeline, is described by Qyuns as a long-acting bispecific antibody engineered to simultaneously block TSLP (thymic stromal lymphopoietin) and IL-33 (interleukin-33). Both are upstream alarmin cytokines released by damaged airway epithelium in response to allergens, pollutants, and mechanical stimuli. TSLP signals through the TSLPR/IL-7Rα receptor complex, while IL-33 acts via ST2/IL-1RAcP. Each drives distinct but overlapping inflammatory cascades in asthma and COPD, and dual blockade is hypothesized to suppress the inflammatory response more broadly than mono-targeting either cytokine alone.