Fosun Pharma’s US$1.55 billion Eisai deal signals shift to long-term partnerships

A unit of Fosun Pharma has struck a US$1.55 billion deal to license its home-grown cancer drug to Japan’s Eisai, adding to a wave of out-licensing agreements that are channelling billions of dollars into Chinese novel drug development.The deal comes as Chinese novel drug makers are having more say in how their new medicines are developed with global partners, shifting from simple one-off licensing fees, where a company is paid for granting rights to its drug, to long-term collaborations.Under the agreement signed on Thursday, Eisai will pay Shanghai Henlius Biotech, a subsidiary of Fosun Pharma, an upfront fee of US$75 million for exclusive rights to commercialise serplulimab – a monoclonal antibody used for the treatment of cancers – and co-exclusive rights to develop and manufacture the drug in Japan, according to a filing with the Shanghai Stock Exchange.Henlius is conducting a phase two trial in Japan to test the drug’s effectiveness in small cell lung cancer and aims to file for approval in the coming year while also planning a separate study to see if it can help stomach cancer patients.The Fosun subsidiary is also eligible for up to US$80 million in regulatory milestone payments and as much as US$233 million linked to annual net sales, on top of double-digit royalty payments on future revenue.“Serplulimab has already shown its potential in indications with significant unmet medical needs and has obtained approvals in China and the EU,” said Toshihiko Yusa, executive officer and head of Japan business at Eisai. “Eisai will work closely with Henlius to deliver serplulimab to patients in Japan as quickly as possible.”The Fosun Pharma pavilion at the China International Import Expo, November 6, 2026. Photo: Daniel Ren