Minghui licenses sub-q TED drug to Japan's ASKA in up to $440 million deal

Minghui Pharmaceutical of China has signed a licensing agreement with Japan's ASKA Pharmaceutical, granting exclusive rights to develop and sell its late‑stage thyroid eye disease (TED) candidate in Japan.

The deal is valued at up to $440 million, with ASKA paying $110 million upfront and the remainder tied to development milestones and a royalty of more than 30% of net sales in Japan.

The candidate, MHB018A, is a subcutaneously administered IGF-1R targeting antibody. In a phase 1/2 study released in June, it was well tolerated and cut proptosis by 81% in active TED at 12 weeks and 76% in chronic TED at 24 weeks.

Minghui will keep rights to MHB018A outside Japan and will continue its global development program, while ASKA adds the drug to its existing portfolio of thyroid‑related medicines.