2026.08.06
On August 4, 2026, Kangning Jery Biopharmaceuticals (stock code: 9966.HK) announced that its wholly-owned subsidiary, Jiangsu Kangning Jery Biopharmaceutical (Kangning Jery), had reached a licensing agreement with Pathos AI, Inc. for Kangning Jery's independently developed first-in-class (FIC) new drug, the TROP2/HER3 bispecific antibody-drug conjugate (ADC) JSKN016.
Under the licensing agreement, Kangning Jery grants Pathos exclusive rights to research, develop, manufacture and commercialize JSKN016 globally (excluding mainland China, Hong Kong, Macau and Taiwan, hereinafter referred to as ‘the Licensed Territories’). Pathos will bear the development and commercialization costs while Kangning Jery retains full proprietary rights for the development, manufacturing and commercialization of JSKN016 in mainland China, Hong Kong, Macau and Taiwan.
Kangning Jery is entitled to receive a non-refundable upfront payment of USD 125 million and milestone payments based on development and commercialization progress, up to USD 2.093 billion, as well as royalties ranging from high single-digit to low double-digit percentages of annual net sales in the Licensed Territories.
As part of this licensing cooperation, Kangning Jery receives a warrant from Pathos, granting the right to subscribe to Pathos's preferred shares, with a total subscription price of USD 62.5 million (subject to adjustment according to the overall transaction terms). Kangning Jery has full discretion over whether to exercise this warrant. If the company chooses to exercise it, the investment agreements and documents will be signed and disclosed separately.
JSKN016 is a TROP2/HER3 bispecific ADC independently developed by Kangning Jery using single-domain antibody, bispecific antibody and glycosylation site-specific conjugation platforms. The drug achieves a homogeneous structure with DAR4 through glycosylation site-specific conjugation, ensuring high stability and low off-target toxicity. Its mechanism of action involves precisely binding to tumor cell surface receptors to block oncogenic signaling pathways, while specifically releasing a topoisomerase I inhibitor to efficiently kill tumors. JSKN016 has demonstrated good anti-tumor activity and safety in various solid tumors and is currently undergoing multiple Phase II clinical studies for monotherapy and combination therapy in lung cancer, breast cancer and other cancers, with a Phase III clinical study for treating triple-negative breast cancer underway.
JunHe was entrusted by Kangning Jery to review, amend and negotiate the formal Licensing Agreement and warrant for this project, and conducted data compliance work. JunHe’s team earned the trust and recognition of the client with its consistently efficient, rigorous work style and meticulous, dedicated service attitude.
ZHAO, Hao (Gerry) was the lead partner for this project. WANG, Qiang (Josh) primarily handled the equity portion and DONG, Xiao (Marissa) primarily handled the data compliance portion.
