A significant breakthrough has been achieved in the pharmaceutical business of a wealthy Thai family. On March 4, Xie Qirun, the leader of Sino Biopharmaceutical, signed an announcement finalizing an exclusive licensing agreement with global pharmaceutical giant Sanofi for a pioneering drug in the transplantation field. The total value of this transaction is $1.53 billion, equivalent to over ¥10.5 billion yuan. Xie Qirun's team will receive an upfront payment of $135 million. In the future, based on potential development, regulatory progress, and sales performance, she stands to receive up to $1.395 billion in milestone payments, plus sales royalties potentially reaching double-digit percentages.
This deal marks Sino Biopharmaceutical's first innovative drug licensing project with a multinational pharmaceutical company and is the largest of its kind in the transplantation field by a Chinese pharmaceutical company. During a conference call that morning, Xie Qirun outlined the progress of key pipelines for the year. Among the 12 other R&D pipelines discussed, many show potential to be best-in-class or first-in-class, creating opportunities for future out-licensing deals. Including the acquisition of siRNA drug developer Hejiya Biotech earlier this year, she has led the completion of two major transactions within the first quarter.
"This is a significant milestone, marking the official start of our new growth trajectory in the global market," Xie herself previewed, indicating that the company will have more surprises throughout the year.
The agreement with Sanofi is somewhat unique, as it involves a mature asset rather than the more common early-stage product collaboration, making it a rare type of partnership within the industry. The subject of the transaction is Rovaxitinib, a first-in-class drug independently developed by its subsidiary Chia Tai Tianqing. As the world's first JAK/ROCK dual-target small molecule inhibitor, it achieves dual pharmacological effects of anti-inflammatory and anti-fibrotic action through synergistic dual-pathway activity. It precisely targets the core pathological mechanisms of diseases such as myeloproliferative neoplasms and transplant rejection, establishing it as a benchmark drug in the transplantation field. In February, the drug received approval for marketing, indicated for Myelofibrosis (MF) and Graft-versus-Host Disease (GVHD).
"This is a commercially approved product, and revenue is expected to be generated progressively over the coming years," Xie Qirun stated. According to the agreement, Sanofi gains exclusive global rights for the development, production, and commercialization of the drug. Subsequent overseas clinical trials will be led by Sanofi's team.
From Xie Qirun's perspective, Sanofi's years of深耕 (deep cultivation) in the transplantation field mean that Rovaxitinib will become one of its key strategic products, enabling rapid clinical advancement and entry into the global market. Furthermore, Sanofi is strengthening its portfolio in hematologic oncology drugs, allowing for sustained commercial synergy going forward.
During the conference call, she explained the three strategic rationales behind the out-licensing deal: First, for blockbuster products with international potential, partner with international companies possessing strong development and sales capabilities to achieve dual enhancement of profitability and valuation. Second, for early-stage research technologies, adopt more flexible cooperation models to jointly advance overseas clinical development. Third, actively explore opportunities in emerging markets for mature products to generate increased profits and cash flow.
Using Rovaxitinib as an example, its two approved indications fall within the orphan drug category, a segment experiencing strong global market growth. Overseas development of such a drug relies on a global clinical system. With two of Sanofi's blockbuster products facing patent expiration, Rovaxitinib can serve as an excellent successor, making this a win-win transaction.
"This also serves as validation of our innovation capability and clinical efficiency," Xie Qirun noted. The completion of this deal represents a new starting point for her, poised to drive more products towards global markets through licensing-out strategies.
While engaging in out-licensing, the Xie-led company has also been actively acquiring valuable assets. In early 2026, she announced the full acquisition of domestic siRNA innovator Hejiya Biotech for a total consideration of ¥1.2 billion. Over the past year and a half, she has made frequent moves. In October 2024, Sino Biopharmaceutical acquired a controlling stake in Hybiome for ¥630 million. Hybiome, known as a leader in allergy diagnostics, had experienced declining performance in recent years. At the time of the acquisition, its market capitalization was only around ¥2 billion, but it has since surpassed ¥8 billion.
Just one month after that transaction closed, Xie Qirun arranged a cooperation with Linxian Pharmaceuticals, investing ¥142 million in its Series C financing and securing exclusive rights for the CCR8 monoclonal antibody LM-108 in mainland China. Last year, LM-108 achieved breakthrough research data in advanced solid tumors, gastric cancer, and pancreatic cancer, receiving two "Breakthrough Therapy" designations. In July 2025, she further acquired Linxian Pharmaceuticals in full for a total consideration of ¥6.822 billion, setting a record for the largest M&A deal in China's innovative drug sector that year. At the end of 2025, she also participated in the Series B financing of small nucleic acid company Shenggen Biotech.
These acquisitions follow a clear strategic pattern. Taking Linxian as an example, it was the only company in the market whose dual-specific antibody and ADC technology platforms had gained recognition from international multinational corporations. Xie Qirun values its strong early-stage R&D capabilities, believing that combined with her team's leading clinical, regulatory, production, and commercial capabilities in China, it can accelerate the clinical development of Linxian's innovative pipeline. Regarding Hejiya, she pointed out that it represents a strategic move to secure core technologies for next-generation drugs, serving as an important complement in the chronic disease therapeutic area. With a balanced approach of both out-licensing and acquisitions, Xie Qirun has specific plans for each part of her company's pipeline.
Sino Biopharmaceutical is the flagship healthcare arm of the Charoen Pokphand Group, now managed by the fourth generation of the Xie family. Sister Xie Qirun serves as Chairperson, while brother Xie Chengrun is CEO. Both are in their early thirties and hail from Chaoshan, Guangdong province. After assuming the role of Board Chairperson in 2015 at just 23 years old, Xie Qirun initiated the company's innovative drug strategy. The transformation path resembles that of multinational pharmaceutical companies, pursuing both independent innovation and strategic acquisitions in parallel. Her team focuses on two core therapeutic areas: oncology and major chronic diseases, with a global footprint.
In 2022, she led the formulation of four major strategies: "Organizational Integration, Comprehensive Innovation, Internationalization, and Digitalization," beginning the divestment of non-core businesses while increasing investment in key areas. Sino Biopharmaceutical first acquired Nasdaq-listed F-star for $161 million to enter the热门 (hot) field of bispecific antibodies. Subsequent transactions shifted focus to domestic Chinese innovative drug companies, leading up to the current initiation of overseas out-licensing.
Xie Qirun explained that a dedicated Business Development team has been established internally, covering different product lines and technology platforms. "Most of our team is currently based in China, but we are gradually building teams in the US and Europe to engage with local partners," Xie stated. She expressed the desire to build a team with a comprehensive and profound understanding of the global market landscape, industry trends, the strategic layouts of multinational corporations, and the company's own pipeline, to support its internationalization strategy.
A decade ago, Sino Biopharmaceutical had only 2 innovative products. That number has now grown to 21, with innovative drugs contributing nearly half of the total revenue, which reached ¥29 billion. During its generic drug era, the company's market capitalization was less than HK$50 billion. Today, it exceeds HK$100 billion, and its innovative drug pipeline ranks 15th globally. Xie Qirun estimates that the company will enter a period of explosive innovative output over the next three years, with the number of innovative products expected to surpass 30 by 2027, further optimizing its structure and accelerating growth. She regards 2026 as the first year of a new ten-year strategy, with globalization at its core, aiming to establish a second growth curve. As of the end of June 2025, the company's cash reserves totaled over ¥30 billion. With substantial funds at her disposal, whether planning acquisitions or advancing pipeline progress, Xie Qirun appears to be operating with ease and capability.
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