EnitiateBio and Joincare have entered into a licensing agreement for the development and commercialization of QY101 inhalation in China, with YAFO Capital serving as the transaction advisor to EnitiateBio.

启元生物与健康元药业就QY101吸入剂的中国区开发和商业化权利达成授权许可协议。雅法担任启元生物交易顾问。

Transaction Overview

交易概览

On November 22, 2024, EnitiateBio (Hangzhou) Co., Ltd. (EnitiateBio) and Joincare Pharmaceutical Group Industry Co., Ltd. (Joincare) established a significant licensing partnership. Under this agreement, EnitiateBio has granted Joincare the rights to develop and commercialize QY101 inhalation in China. EnitiateBio will continue to retain the rights to develop the topical skin cream, and both parties will jointly promote the development and marketing of this innovative drug. QY101 is an innovative PDE4 inhibitor with the potential to treat autoimmune diseases such as plaque psoriasis and atopic dermatitis. Previously, QY101 ointment has completed Phase II clinical research in China and has shown good safety and efficacy trends. The partnership builds upon QY101's research results, aiming to further develop its inhaled dosage form to address the needs of diverse patient populations.

As a leading comprehensive pharmaceutical company in China, Joincare has strong R&D capabilities and rich marketing experience. Joincare excels in the field of inhaled preparations and has successfully developed and commercialized several treatments for respiratory diseases. This cooperation will make full use of Joincare's professional capabilities and market resources in the field of inhalation preparations to accelerate the research and development process of QY101 inhalation and bring new treatment options to patients as soon as possible.

中国杭州，2024年11月22日 —— 启元生物（杭州）有限公司（以下简称“启元生物”）与健康元药业集团股份有限公司（以下简称“健康元药业”）达成一项重要的授权合作。启元生物将QY101吸入剂的中国区开发和商业化权利授权给健康元药业，启元生物将继续保留皮肤外用乳膏的开发权利，双方共同推进这一创新药物的开发和市场推广。QY101是创新型PDE4抑制剂，具有治疗斑块状银屑病和特应性皮炎等自免疾病的潜力。此前，QY101软膏已在中国完成Ⅱ期临床研究，并显示出良好的安全性和疗效趋势。此次合作基于QY101的研究成果，进一步开发吸入剂型，以满足不同患者群体的需求。健康元药业作为国内领先的综合性制药企业，拥有强大的研发实力和丰富的市场推广经验。公司在吸入制剂领域具有显著优势，已成功开发并商业化多款呼吸系统疾病治疗药物。此次合作将充分利用健康元药业在吸入制剂领域的专业能力和市场资源，加速QY101吸入剂的研发进程，早日为患者带来新的治疗选择。

YAFO Capital (Shanghai) acted as transaction advisor on this transaction for Enitiatebio.

雅法资本（上海）在本合作中担任启元生物交易顾问。

About QY101

关于QY101

QY101 ointment is a next-generation PDE4 inhibitor independently developed by EnitiateBio, featuring high activity, high selectivity, superior transdermal absorption, and systemic degradability, with global intellectual property rights.

QY101软膏为启元生物自主研发、拥有全球知识产权的新一代高活性、高选择性、高透皮渗透、系统易降解的PDE4抑制剂，具有治疗银屑病和特应性皮炎等皮肤疾病的作用。

About EnitiateBio

关于启元生物

EnitiateBio (Hangzhou) Co., Ltd. is an innovative pharmaceutical company focusing on the development of innovative drugs for autoimmune diseases. The company is headquartered in Hangzhou, Zhejiang Province, with a medical and R&D centre in Shanghai. In 2021, the company entered into a strategic cooperation with Beda Pharmaceuticals to jointly promote the clinical translational development of the company's drugs.

Guided by the core values of "embracing competition, relentless pursuit, and transparent dedication", the company has set up a transformation team with successful experience in new drug research and development, medical transformation, clinical management, and business operation. QY201, QY101 and QY211, which are the first class of innovative drugs with global patents developed by the company, are in the clinical trial stage, and have received over 30 clinical approvals across more than 10 indications.

The company has been elected as the first vice president of China Dermatology New Drug Alliance (PhDA) to jointly promote the linkage of "government, industry, academia, research and medicine" in dermatology, always focusing on patients' unsatisfied clinical needs, and striving to become a leader in the development of innovative autoimmune disease drugs.

For more information, please visit https://www.enitiatebio.com/ 

启元生物（杭州）有限公司是一家专注于自身免疫疾病创新药物开发的创新型药企，总部位于杭州，在上海设有医学与研发中心，获得贝达基金、时节投资等多家产业资本与专业机构的投资，并与贝达药业达成战略合作，共同推进公司药物的临床开发。

公司秉承“拥抱竞争、无懈追求、坦率奉献”的价值理念，已组建一支具有新药开发全阶段成功经验的转化团队。公司自主研发的具有全球专利的1类创新药物QY201、QY101和QY211均在临床试验阶段，其中：QY201项目为JAK1/TYK2 双靶点抑制剂，已启动特应性皮炎III期临床工作，正在积极进行动物药效模型试验，QY201同样展现了较好的吸入剂开发潜力。

公司为中国皮肤科新药联盟（PhDA）首届副理事长单位，共同推动皮肤科“政产学研医”联动，聚焦患者临床未满足需求前瞻性布局，力争成为自身免疫疾病创新药物开发的领先者。

更多信息请访问https://www.enitiatebio.com/ 

About Joincare

关于健康元

Founded in 1992, Joincare (600380.SH) is an innovative and scientific research-based comprehensive pharmaceutical group. It owns two large listed companies, Joincare and Livzon Pharmaceutical, and more than 20 major holding subsidiaries. The company has always adhered to scientific and technological innovation as its strategic basis, with the goal of building a two-wheel drive technology platform for innovative drugs and high-barrier complex preparations. In areas of clinical demand, we have a rich and diversified product matrix and pipeline of drugs under development. It has significant advantages in the field of inhaled preparations and has successfully developed and commercialized a number of drugs for the treatment of respiratory diseases. Joincare is a market leader in the domestic respiratory preparations sector.

For more information, please visit https://www.joincare.com/ 

健康元（600380.SH）创立于1992年，是一家创新科研型的综合医药集团。旗下拥有健康元、丽珠医药两家大型上市公司，20余家主要控股子公司。一直以来，公司始终坚持以科技创新为战略基点，以打造创新药和高壁垒复杂制剂技术平台双轮驱动为战略目标，在呼吸、 镇痛、消化道、辅助生殖、精神、肿瘤等具有显著临床需求的领域拥有丰富多元的产品矩阵及在研药物管线。在吸入制剂领域具有显著优势，已成功开发并商业化多款呼吸系统疾病治疗药物，是国内呼吸制剂领域的领导者。

更多信息请访问https://www.joincare.com/ 

About YAFO Capital

关于雅法资本

Founded in 2013, YAFO Capital is a Shanghai based boutique investment and advisory firm, with professional team in our China, U.S., EU and SEA offices. Partnering with Pharmaceutical companies, YAFO Fund mainly invests in global assets. YAFO Life Sciences is a leading advisory boutique focused on asset transactions. YAFO has built a strong proven track record and closed dozens of in-licensing and out-licensing transactions with global pharma and biotech companies. Over the past five years, YAFO has been ranked as the No. 1 advisor for China cross border licensing transactions.  For more information, please visit www.yafocapital.com

雅法资本成立于2013年，作为新型投资和投行咨询机构，致力于中国及海外生物医药项目的投融资、资产跨境交易和资产孵化等。旗下雅法基金联合药企进行资产投资和并购，雅法全球医疗专注于医药产品跨境及国内授权交易。基于雅法在全球广泛的人脉与资源网络，在过去十年成功推进了大量的海外项目进入中国市场并协助多个中国产品完成海外授权。雅法拥有经验丰富的全球交易团队，覆盖美国、日本 、欧洲等全球主要医药创新区域。核心合伙人均为华尔街资深投行人士或具有跨国药企经历，为客户交易提供强力支持。雅法总部位于上海，在美国、欧洲、东南亚等地均设有分部。雅法在生物医药跨境授权及并购业务交易数量连续多年排名第一。

更多信息请访问https://www.yafocapital.com/ 

Recent Events

近期活动

The ACCESS CHINA East-Meets-West Event is scheduled to take place in San Francisco on January 14, 2025.

The event includes a dinner reception and one-on-one meetings. It will bring together more than 100 management and BD personnel from overseas and Chinese pharmaceutical companies. Additionally, the event offers YAFO clients a platform to connect with major pharmaceutical companies during JPM.

At the same time, ACCESS CHINA Online Roadshow will start on January 7. Welcome to scan the QR code below to register! If you have already registered, the event link will be sent to your email.

雅法药通中国 East-Meet-West 活动将于2025年1月14日在旧金山举办。活动包括晚宴招待会和一对一会议。活动将会汇聚来自海外和中国制药公司的100多位管理层与BD人员。此外，该活动也为雅法客户在JPM期间提供与大药企公司会面的平台。

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