Zenas BioPharma Inks $2 Billion+ Licensing Deal With InnoCare for Autoimmune Drug Candidates

Zenas BioPharma finalized a strategic licensing deal with China's InnoCare Pharma potentially worth over $2 billion, granting Zenas global development and commercialization rights to three autoimmune drug candidates2345.

The agreement is centered on orelabrutinib, a Bruton's Tyrosine Kinase (BTK) inhibitor in Phase 3 trials for primary progressive multiple sclerosis (PPMS), with a secondary progressive MS (SPMS) Phase 3 trial set to start in Q1 2026145.

In addition to orelabrutinib, Zenas obtained rights to a novel IL-17AA/AF inhibitor and a brain-penetrant TYK2 inhibitor, both of which are projected to enter Phase 1 clinical trials in 2026145.

The financial structure of the deal includes up to $100 million in upfront and near-term milestone payments and the issuance of up to 7 million shares of Zenas common stock to InnoCare; total potential payments (milestone and commercial) across all three programs exceed $2 billion23.

Orelabrutinib is already approved in China and Singapore for certain blood cancers, but Zenas now holds rights to develop and commercialize it for non-oncology indications worldwide2.

The planned clinical development aims to address unmet medical needs for progressive forms of MS, with orelabrutinib's Phase 2 results showing significant reductions in MRI lesions and inflammation1.

Concurrent with the agreement, Zenas announced a $120 million private placement to fund ongoing and future development of these programs234.

Sources:

1. https://marketchameleon.com/articles/b/2025/10/8/zenas-biopharma-expands-autoimmune-pipeline-with-global-rights-innocare-deal

2. https://whbl.com/2025/10/08/zenas-bio-inks-potential-2-billion-licensing-deal-with-chinas-innocare-for-autoimmune-drug/

3. https://www.biopharmadive.com/news/zenas-innocare-china-deal-immune-drugs-multiple-sclerosis-btk/802323/

4. https://www.sec.gov/Archives/edgar/data/1953926/000110465925097663/tm2528075d1_ex99-1.htm

5. https://drug-dev.com/zenas-biopharma-innocare-pharma-announce-license-agreement-granting-zenas-rights-for-three-autoimmune-product-candidates-including-orelabrutinib-a-btk-inhibitor-in-phase-3-development-for-multiple/