LEPU BIO-B (02157) announced that on August 1, 2025, the company (as licensor and transferor) entered into a licensing transaction with Excalipoint (as licensee and assignee) through an intellectual property transfer and licensing agreement and a share purchase agreement. The transaction involves the licensing and/or transfer of certain intellectual property rights related to two preclinical assets developed from the group's proprietary T-cell engager TOPAbody platform.

Under the intellectual property transfer and licensing agreement and share purchase agreement, subject to their terms and conditions, Excalipoint will obtain exclusive rights to develop and commercialize the target products globally. In consideration, the company will receive a total upfront cash payment of US$10 million and ordinary shares issued by Excalipoint Cayman to Innocube, the company's wholly-owned subsidiary (representing 10% of Excalipoint Cayman's diluted share capital). The deal also includes research and development and commercial milestone payments totaling up to US$847.5 million, and tiered sales royalties ranging from low single digits to mid single digits percentage.

Additionally, the group has the right to appoint one director to join the board of directors of Excalipoint Cayman. Concurrent with the licensing transaction, Excalipoint Cayman will conduct a Series A financing round, whereby funds managed by Sequoia China, Genesis Capital, and Apricot Capital (as co-lead Series A investors), together with other Series A investors (including funds managed by 5Y Capital, Cowin Venture, MSquare Healthcare Fund, and Hony Capital) will collectively invest US$41 million in Excalipoint Cayman according to the terms and conditions of the share purchase agreement.

The board of directors believes that the successful completion of the licensing transaction and Excalipoint Cayman's Series A financing will fully unlock the commercial value of the company's existing product pipeline and technology, advancing the company's global strategic positioning. Meanwhile, this transaction will also help the company further focus on its research and development strategy for next-generation ADC drugs and immune-oncology bi/tri-specific antibodies, accelerating the commercialization of late-stage products.