1. Jichuan Pharmaceutical Secures Exclusive Commercial Rights to Benvitimod Cream for Up to 190 Million Yuan On February 26, Jichuan Pharmaceutical Group Co., Ltd., a wholly-owned subsidiary of Hubei Jichuan Pharmaceutical Co., Ltd., signed an exclusive commercialization agreement with Shanghai Zademan Pharmaceutical Technology Co., Ltd. Under the agreement, Jichuan is granted exclusive rights to commercialize Zademan's ZeliMei® Benvitimod Cream in mainland China for the duration of the collaboration. The total payments, including an upfront payment and milestone payments, will not exceed 190 million yuan (including tax). ZeliMei® Benvitimod Cream is the first domestically developed and globally approved aromatic hydrocarbon receptor (AhR) modulator for treating eczema (atopic dermatitis) in patients aged two and above. It works by inhibiting inflammation, repairing the skin barrier, regulating microbiota, and providing antioxidant effects. The product addresses the unmet need for a non-steroidal topical treatment that balances efficacy and safety in young children with eczema, offering a new option for treating facial and sensitive-area eczema. Approved in November 2024, the product has not yet been included in China's National Reimbursement Drug List and is in the early stages of market expansion. Following the agreement, Jichuan will pay up to 125 million yuan (including tax) as an upfront and near-term commercial milestone payment. An additional 65 million yuan (including tax) will be paid upon achieving future R&D milestones. Zademan will pay Jichuan a promotion service fee, the specific proportion of which is not disclosed due to commercial confidentiality.

2. BeiGene Reports 2025 Revenue of 5.3 Billion USD with Net Profit of 287 Million USD On February 26, BeiGene released its 2025 financial results, showing total revenue of 5.3 billion USD, a 40% year-over-year increase. Revenue breakdown includes 3.9 billion USD from zanubrutinib (2.8 billion USD from the U.S. market), 737 million USD from tislelizumab, and 486 million USD from products licensed from Amgen. GAAP net profit was 287 million USD. For 2026, the company forecasts revenue between 6.2 billion and 6.4 billion USD, with GAAP operating profit projected at 700-800 million USD (compared to approximately 447 million USD in 2025).

3. Prominent CRO Firm Divests Entire CDMO Operations On February 25, Charles River Laboratories announced a strategic decision to divest its entire CDMO business, cell solutions operations, and select European early-discovery service assets. These businesses, which generated approximately 287 million USD in revenue last year, will be sold to GI Partners and CRO competitor IQVIA. In the transaction with GI Partners, Charles River will transfer its CDMO and cell solutions businesses primarily through future performance-based contingent payments. The CDMO unit provides manufacturing services for gene-modified cell therapies, viral vectors, and plasmid DNA for gene therapies, while the cell solutions business supplies human-sourced cellular materials for cell therapy development and production. The sale includes CDMO facilities in Tennessee, Maryland, and the UK, as well as a cell therapy production site in California. As part of the strategic shift, the Maryland CDMO facility, which had previously planned to close and lay off 20 employees, is included in the divestiture. The two divested businesses generated combined annual revenue of 143 million USD in 2025, with the manufacturing solutions segment contributing 117 million USD and the research models and services segment 26 million USD. Separately, IQVIA will acquire certain European early-discovery service assets from Charles River for approximately 145 million USD in cash, plus potential additional payments of up to 10 million USD.

4. Zai Lab Reports Q4 and Full-Year 2025 Financial Results and Corporate Updates Zai Lab reported total revenue of 127.6 million USD for the fourth quarter of 2025, a 17% year-over-year increase. Full-year 2025 revenue reached 460.2 million USD, up 15% compared to the previous year. Zocilurtatug pelitecan (zoci) has the potential to become Zai Lab's first globally commercialized oncology product, with three registrational studies expected to initiate by the end of 2026. These studies will cover second-line and later small cell lung cancer, first-line small cell lung cancer, and extrapulmonary neuroendocrine carcinoma. The company plans to advance its differentiated global pipeline, including ZL-1503 (IL-13/IL-31Rα), ZL-6201 (LRRC15 ADC), ZL-1222 (PD-1/IL-12), and ZL-1311 (MUC17/CD3 TCE). Key regional programs are also progressing, with KarXT approved in China and commercial launch preparations underway. Critical data readouts for povetacicept in IgA nephropathy and elegrobart in thyroid eye disease are anticipated in 2026.

5. Bile Therapeutics' First-in-Class EGFR×HER3 Bispecific ADC Achieves Phase III Success On February 23, Bile Therapeutics' innovative, first-in-class EGFR×HER3 bispecific ADC (iza-bren), the only candidate of its kind to reach Phase III clinical trials, successfully met both primary endpoints of progression-free survival (PFS) and overall survival (OS) in a prespecified interim analysis of a Phase III trial (Study BL-B01D1-307) for locally advanced or metastatic triple-negative breast cancer (TNBC). The Independent Data Monitoring Committee recommended discussing early regulatory submission based on the current results while continuing patient follow-up. Topline data showed that iza-bren significantly extended both PFS and OS. This marks the first positive Phase III result for iza-bren in breast cancer and the third Phase III study in which it has achieved its primary endpoints. The trial enrolled patients with unresectable locally advanced or metastatic TNBC who had previously failed taxane-based therapy. The success of this pivotal registrational Phase III study represents a major breakthrough for iza-bren in advanced TNBC and expands its potential oncology indications.

6. Tianchen Biotech Files for Hong Kong IPO Suzhou Tianchen Biopharmaceuticals Co., Ltd. (Tianchen Biotech) has updated its prospectus in preparation for a listing on the Hong Kong Stock Exchange. The company has secured successive funding rounds in recent years: a 112 million yuan Series B1 round in December 2023 at a valuation of 1.312 billion yuan; a 60 million yuan Series B2 round in December 2024, valuing the company at 1.56 billion yuan post-investment; a 16 million yuan Series B3 round in March 2025, raising the post-investment valuation to 1.716 billion yuan; and a 208 million yuan financing round in May 2025, resulting in a post-money valuation of 2 billion yuan. Founded in 2020, Tianchen Biotech is a clinical-stage biopharmaceutical company headquartered in Shanghai and Suzhou (Changshu), focused on the independent discovery and development of innovative biologic drugs for allergic and autoimmune diseases. Its core product, LP-003, and key product, LP-005, are both in clinical development and have received IND approvals from China's Center for Drug Evaluation. The company has obtained IND approvals and/or initiated clinical trials in China for LP-003 in multiple indications, including allergic rhinitis, chronic spontaneous urticaria, allergic asthma, chronic rhinosinusitis with nasal polyps, and food allergy. The executive directors are Dr. Liu Heng, Dr. Sun Naichao, and Xie Ming; non-executive directors are Lin Jian, Ms. Gu Qin, Dr. Xue Di, and Dr. Chen Kan; independent non-executive directors are Xiao Yaoxi, Ruan Tianshi, Yang Chun, and Zhou Guofang.

7. Zhixiang Jintai 2025: Revenue Soars 666% to 231 Million Yuan On February 26, Zhixiang Jintai released its 2025 performance report, indicating total operating revenue of approximately 231 million yuan, a 666.65% increase compared to the previous year. Operating loss was approximately 529 million yuan, a 33.57% reduction year-over-year. Total loss amounted to approximately 536 million yuan, down 32.74% from the prior year. Net loss attributable to owners of the parent company was approximately 536 million yuan, also a 32.74% decrease. After adjusting for non-recurring gains and losses, the net loss was approximately 579 million yuan, a 27.99% reduction compared to 2024.