Ashlins Pharma licenses interferon alpha-2b from Lee's, eyes $50M raise to pursue FDA approval for rare disease

Ashlins Pharmaceuticals has signed a licensing agreement with Hong Kong‑based Lee’s Pharmaceutical to obtain the ex‑China rights to a Chinese formulation of interferon alpha‑2b. The deal, announced on July 21, is valued at up to $31 million and includes an upfront payment plus milestone fees, though the exact breakdown was not disclosed.

Interferon alpha‑2b, previously marketed as Intron A by Merck, was withdrawn from the market in 2022 for commercial reasons, leaving many rare‑disease patients who used the drug off‑label without a source. Ashlins’ founder and CEO Jennifer Lin said the company plans to in‑license the active ingredient and develop it for formal FDA approval targeting rare‑disease patients.

The startup, backed by Peter Thiel’s venture capital, has not revealed the specific indication it will pursue, but it has scheduled a pre‑investigational new drug application meeting with the FDA. Lin also indicated that Ashlins is preparing a $50 million fundraising round to fund the development program.