QYUNS-B (02509) rose more than 11% intraday before paring gains to 4.78% at HK$22.82, with a turnover of HK$12.29 million. The surge follows the company's announcement on October 28 of a global exclusive collaboration and licensing agreement with Roche for its self-developed long-acting bispecific antibody QX031N targeting autoimmune diseases. Under the agreement, Roche gains worldwide exclusive rights to research, develop, register, manufacture, and commercialize QX031N. QYUNS-B will receive an upfront payment of $75 million, up to $995 million in milestone payments, and tiered royalties on potential future sales.

QX031N is a long-acting bispecific antibody simultaneously targeting TSLP and IL-33. Analysts at China Post Securities noted that the deal is notable as QX031N remains in preclinical development, yet secured a high-value upfront agreement with a multinational corporation (MNC). This reflects both validation of QYUNS-B's early-stage innovation capabilities and recognition of the respiratory autoimmune market's potential and target selection. The transaction's scarcity value is underscored by its financial terms and partnership caliber, with QX031N's clinical potential comparable to TL1A bispecifics in IBD while positioning the target combination as globally competitive.