Dual targetThe new drug impacts the global COPD market, highlighting innovation andInternationalizationStrength

On January 9, 2026, Haisco Medicine Group (ticker: 002653) announced that it has signed a exclusive licensing agreement with US company AirNexis for self-developed research and development.Class 1 innovative drugsThe rights to global (except Greater China) development, production, and commercialization of HSK39004 are licensed to the other party. The total value of this partnership transaction reaches up to $1.063 billion, including a down payment of $108 million, milestone payments of $955 million, and royalties after listing. This cooperation model marks an important breakthrough in the internationalization of innovative drugs in the Chinese respiratory field.

As a core product developed by Haisco in the field of respiration, HSK39004 is a PDE3/4 dual inhibitor with independent intellectual property rights. Through a combined "bronchodilation + anti-inflammatory" mechanism, it provides an auxiliary maintenance treatment regimen for chronic obstructive pulmonary disease (COPD). The drug has innovatively developed two formulations: inhalation suspension and inhalation powder aerosol. The inhalation powder aerosol allows medication delivery in a short time, with only 5 seconds from start to end of inhalation, significantly improving patient compliance compared to similar products. Currently, both formulations have entered the phase II clinical trial stage in China. Pre-clinical study data show that HSK39004 exhibits excellent bronchodilatory activity and anti-inflammatory effects, along with good safety profiles.

The partner in this collaboration, AirNexis, is founded by the globally renowned biopharmaceutical investment firm Frazier Life Sciences (FLS). Major investors include OrbiMed, Life Sciences at Goldman Sachs Alternatives, SR One, Longitude, and Enavate. This partnership brings together several internationally recognized biopharmaceutical investment firms, reflecting the market’s confidence in this project. The global COPD market is expected to reach $30.2 billion by 2033. Although multinational pharmaceutical companies such as Merck and GSK have already invested in the PDE3/4 dual-target area, HSK39004 still has potential to becomeWorld's firstFor the inhalable powder aerosol medication targeting this target, it provides groundbreaking treatment options for patients around the world.

In terms of internationalization layout, Hisisco launched its global strategy as early as 2015, through “Authorize going global（license-out“Joint development” and “overseas mergers and acquisitions” among other models are used to actively expand the global market. Previously, several innovative drugs have been licensed to overseas pharmaceutical companies, covering regions such as Europe, America, and Southeast Asia. This collaboration with AirNexis is a key step for the company to deepen global coordination and integrate international capital and clinical resources. It aims to accelerate the global translation of innovative achievements and lay the foundation for more original drugs to enter the international market in the future.

Haisco said that this collaboration aligns well with the company's internationalization strategy, and it is expected to bring continuous cash flow and long-term investment returns. Unlike previous purely...Authorize for international expansion（License-outDue to the different models, this time the company has achieved deep integration and mutual growth with AirNexis and the investors behind it through the establishment of a new entity (Newco), marking a further advancement in its internationalization strategy. The company is confident in the future performance of its products in global markets.

In the future, the company will continue to focus on unmet clinical needs, strengthen independent innovation and global cooperation, and enable new Chinese research drugs to benefit more patients worldwide.

About Haisco

As a benchmark enterprise in Chinese innovative drugs, Haisco has always adopted "innovation-driven, global deployment" as its core strategy. The company has developed a diversified research and development pipeline covering small molecule innovative drugs, biopharmaceuticals, and high-end generic drugs. It has over 50 research projects in core treatment areas such as respiratory diseases, tumors, autoimmune diseases, metabolism, central nervous system disorders, and pain, among which more than 10 are at a critical stage of clinical trials. Haisco continues to increase its R&D investment, with the R&D expense ratio exceeding 15% in the past three years. It has established three research and development centers in Chengdu, Shanghai, and Silicon Valley in the US, and formed a research and development team led by top experts from home and abroad, creating an innovative system driven by "independent research and development + external cooperation".

About the investors

The lead investor Frazier invests globally in private and public companies engaged in the discovery, development, and commercialization of innovative biopharmaceuticals. Since 2016, the company has raised over $5.3 billion in capital, including venture funds focused on business creation and private companies, as well as pure long-position mutual funds targeting small to mid-cap public companies. Since 2010, the companies in Frazier’s portfolio have received more than 65 FDA-approved therapeutic drugs, and have completed over 60 initial public offerings or strategic acquisitions.

Other major investors are also top global biotech investment firms. For example, OrbiMed was established in 1989, managing approximately $20 billion in net assets, and conducting investments through various tools such as private equity, public markets, and特许权基金. The Life Sciences team at Goldman Sachs Alternatives, established in 2021, focuses on late-stage venture capital investments in therapeutic companies at the early clinical stage with multiple asset portfolios. As of September 30, 2025, Goldman Sachs' asset management scale reaches approximately $3.5 trillion.