Adlai Nortye Ltd. (ANL) announced that it has entered into an exclusive licensing agreement with Aosaikang Pharmaceutical Co. Ltd. (ASK Pharma) for the development and commercialization of its investigational pan-RAS (ON) inhibitor AN9025 in mainland China, Hong Kong and Macao.
Under the terms of the agreement, ASK Pharma will obtain exclusive rights to develop, manufacture and commercialize AN9025 in the licensed territory, while Adlai Nortye retains global rights outside Greater China.
The company is eligible to receive up to RMB 1.6 billion (approximately USD 230 million), including an upfront payment and near-term milestones exceeding USD 20 million, along with tiered royalties ranging from high single-digit to mid-teens on net sales in the region.
RAS mutations are among the most common oncogenic drivers across solid tumors,yet remain one of the most challenging targets in oncology. AN9025 is an oral small-molecule pan-RAS (ON) inhibitor designed to block a broad spectrum of RAS mutations. Preclinical studies have shown potent and durable antitumor activity across pancreatic, lung and colorectal adenocarcinomas, with efficacy comparable or superior to a benchmark agent in the same class.
Adlai Nortye expects to initiate a Phase I clinical trial of AN9025 in the first quarter of 2026.
ASK Pharma's General Manager Jingfei Ma said the partnership marks a "pivotal milestone" in the company's innovation strategy, enabling it to expand into high-barrier oncology drug development. "By leveraging our complementary strengths in R&D, clinical development, and commercialization, we aim to accelerate the development of the AN9025 project while reinforcing our existing pipeline", Ma said.
Adlai CEO Yang Lu described AN9025 as a differentiated, potentially best-in-class RAS-targeting therapy. "This collaboration represents a meaningful step forward in advancing the clinical and commercial potential of AN9025 and underscores the value of our RAS-targeted drug discovery platform," Lu said. He added that the partnership will help bring new treatment options to patients with RAS-mutated cancers, who continue to face significant unmet medical needs.
In addition to AN9025, its RAS portfolio includes AN4035, a CEACAM5-targeting antibody-drug conjugate designed to deliver a potent pan-RAS (ON) inhibitor directly to tumors. AN4035 remains in preclinical development, with the company previously highlighting strong antitumor activity in CEACAM5- positive, RAS-addicted cancer models.
ANL has traded between $0.87 and $2.99 over the past year. The stock is currently trading in the pre-market at $2.88, up 76%.
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