HANGZHOU – November 04, 2026 -- Minghui Pharmaceutical will receive an upfront payment of USD 110 million from ASKA Pharmaceutical under an exclusive license for MHB018A in Japan, with up to USD 330 million in further milestone payments on offer.

MHB018A is a subcutaneously administered antibody targeting insulin-like growth factor 1 receptor (IGF-1R) for thyroid eye disease (TED). ASKA gains exclusive rights to develop, seek regulatory approval for and commercialize the drug in Japan. Minghui keeps all rights outside Japan and continues to lead global development.

Deal combines USD 440 million in headline value with royalties up to mid-30%

Minghui is eligible for development, regulatory and commercial milestones totaling up to USD 330 million, on top of the USD 110 million upfront. It will also receive tiered royalties of up to mid-30% on net sales in Japan.

Phase 3 program spans four pivotal studies across China and global sites

Minghui is running four randomized pivotal studies in active and chronic TED. Two are in China, and two are global studies with sites in the United States, Europe, Japan and other regions. The program is designed to support regulatory submissions worldwide.

Phase 2 data presented orally at ENDO 2026 showed improvements across multiple clinically meaningful endpoints in patients with active and chronic TED. Minghui reported no new or unexpected safety signals.

ASKA targets thyroid specialty care expansion in Japan

ASKA, a wholly owned subsidiary of ASKA Pharmaceutical Holdings (TSE: 4886), focuses on women's health, internal medicine including thyroid and gastrointestinal diseases, and urology. The company holds a leading position in Japan's thyroid hormone therapy market. It is pursuing portfolio expansion under its ASKA VISION 2035 strategy.

ASKA President and Representative Director Sohta Yamaguchi said TED has limited treatment options in Japan. He said the company is committed to pursuing regulatory approval and bringing a new treatment option to patients as soon as possible. Minghui Founder and CEO Guoqing Cao called Japan "an important market" for MHB018A and cited ASKA's expertise in endocrinology, clinical development, regulatory affairs and commercialization.

Stifel is exclusive financial advisor to Minghui, and Fangda Partners is legal advisor.