On January 9, 2026, Haisco Pharmaceutical Group Co., Ltd. announced that it has entered into an exclusive licensing agreement with AirNexis. Under the agreement, Haisco grants AirNexis the rights to develop, manufacture, and commercialize its independently developed innovative drug HSK39004 globally, excluding Greater China. The total deal value reaches up to USD 1.063 billion, including an upfront payment of USD 108 million (USD 40 million in cash and USD 68 million in AirNexis equity), up to USD 955 million in development, regulatory, and commercial milestone payments, and tiered royalties on post-launch net sales reaching the mid-teens percentage.
This collaboration represents a significant milestone in the internationalization of innovative respiratory drugs originating from China. As a core respiratory asset of Haisco, HSK39004 is a proprietary PDE3/4 dual inhibitor that delivers "synergistic bronchodilatory and anti-inflammatory effects", providing an add-on maintenance therapy option for patients with chronic obstructive pulmonary disease (COPD). The drug has been developed in two inhaled formulations: an inhalation suspension and a dry powder inhaler (DPI).
The DPI formulation enables rapid administration, requiring only five seconds from the start to the completion of inhalation, which significantly improves patient compliance compared to competing products. Both formulations have entered Phase II clinical trials in China. Preclinical and clinical studies have demonstrated that HSK39004 shows strong bronchodilatory and Anti-inflammatory activity with a favorable safety profile.
AirNexis was founded and supported by the globally renowned life sciences investment firm Frazier Life Sciences (FLS), other major investors include OrbiMed, Life Sciences at Goldman Sachs Alternatives, SR One, Longitude, and Enavate, which together have committed USD 200 million to support the program. The global COPD market is estimated to reach USD 30.2 billion by 2033. Despite competition from MNCs like Merck and GSK in the PDE3/4 space, HSK39004 is poised to become the world's first dry powder inhaler targeting this mechanism, offering a paradigm-shifting treatment for patients globally.
As a benchmark enterprise in China's innovative drug sector, Haisco builds on a core strategy of "innovation-driven growth and global expansion". Haisco has established a diversified R&D pipeline encompassing small-molecule innovative drugs, biologics, and high-end generics. Haisco is actively advancing more than 50 R&D programs across key therapeutic areas including respiratory diseases, oncology, autoimmune diseases, metabolic disorders, central nervous system diseases and pain management; notably, over 10 of these programs are now in pivotal clinical stages.
The company has maintained a sustained commitment to R&D, with investment averaging more than 15% of revenue in each of the last three years. It has established three major R&D centers in Chengdu, Shanghai and Silicon Valley, and built a research team led by top experts from China and abroad, forming a dual-engine innovation system combining in-house R&D and external collaboration. As early as 2015, Haisco initiated its global strategy and has since actively expanded into overseas markets through multiple models, including license-out transactions, co-development partnerships, and overseas mergers and acquisitions.
The company has previously out-licensed several innovative drugs to international partners across Europe, the United States, and Southeast Asia. The collaboration with AirNexis deepens global engagement by integrating international capital and clinical resources, accelerating the translation of innovation programs worldwide and laying a solid foundation for more original drugs to enter global markets. Haisco stated that this collaboration is highly aligned with its international strategy and is expected to generate sustainable cash flow and long-term investment returns.
Unlike the traditional "license-out" collaboration model, this transaction adopts a Newco partnership structure. This enables deeper strategic alignment and shared growth with AirNexis and shared growth with AirNExis and its investors, marking an upgrade in Haisco remains highly confident in the future global expansion strategy. Haisco remains highly confident in The future global market performance of Haisco remains highly confident in its global market performance of the future global market performance of the future Global market performance of the global market performance of the global marketperformance of the global market performance of its global market performance of the global markets.
