FOSUN PHARMA (600196.SH) announced that on December 18, 2025, its subsidiary Fosun Pharma Industrial entered into a Collaboration and Option Agreement with Clavis Bio. Under the agreement, during the specified collaboration period, Fosun Pharma Industrial and Clavis Bio will jointly select targets (nominated by Clavis Bio) and advance preclinical development for compounds targeting these selected projects.

Clavis Bio retains an exclusive option to develop, manufacture, and commercialize these collaboration projects globally, excluding mainland China, Hong Kong, and Macau. Regardless of whether Clavis Bio exercises this option, the group retains exclusive rights to develop, manufacture, and commercialize the projects in mainland China, Hong Kong, and Macau.

If Clavis Bio exercises its option for any project, the group could receive up to $362.5 million in payments (including non-refundable option fees, development and registration milestone payments, and sales milestone payments). Additionally, the group will earn tiered royalties based on net sales of the licensed products in the designated regions.

Furthermore, the group will acquire a minority stake in a newly established project company by Clavis Bio’s controlling shareholder (Aditum Bio Fund 3) at zero cost. This collaboration aims to leverage both parties' R&D strengths, enrich the group’s high-value product pipeline, and accelerate global clinical development and commercialization through potential out-licensing, expanding the overseas footprint of its innovative products.