JW (Cayman) Therapeutics Co. Ltd (2126) has announced a major transaction related to an amendment of a collaboration agreement now assigned to Regeneron. The original agreement, established in 2022, was transferred from 2seventy bio to Regeneron on April 1, 2024, and has been further revised on October 30, 2025 (“Amendment No. 1”).

The amendment allows Regeneron to fund certain development activities for JW (Cayman) Therapeutics’ MAGE-A4 cell therapy and includes milestone payments for progress in product development. Regeneron also gains a non-exclusive, worldwide license to exploit the Drug Product Process technology (excluding the MAGE-A4 or other collaboration products in Greater China) against specified regulatory milestone payments. Additionally, JW (Cayman) Therapeutics has granted Regeneron an option to obtain a non-exclusive license under its Lentiviral Vector Manufacturing Process for use in Regeneron’s cell therapy products upon payment of an option exercise fee and subsequent milestone payments.

Under the revised terms, the total consideration to JW (Cayman) Therapeutics—including upfront, milestone, and option-related fees—will not exceed US$50 million. In connection with the changes, JW (Cayman) Therapeutics will record a US$3 million impairment for the license it received from Regeneron under the original collaboration. The company states that the arrangement is intended to leverage Regeneron’s technological capabilities alongside JW (Cayman) Therapeutics’ integrated cell therapy platform, aimed at accelerating development in the oncology field. The board considers the transactions part of the ordinary course of business and beneficial to the company’s expansion strategy in cell immunotherapy research.