China-based Lepu Biopharma announced on 1 August it licensed global rights to two pre-clinical T-cell engager (TCE) assets to Cayman Islands's Excalipoint for up to USD 847.5 million, including USD 10 million upfront and 10% equity in Excalipoint Cayman. The candidates, CTM012 (IND-cleared) and CTM013, were developed using Lepu's proprietary TOPAbody platform, with Excalipoint securing exclusive worldwide development and commercialisation rights.

The deal includes USD 117 million in development milestones and USD 730.5 million in sales milestones plus tiered royalties. Excalipoint concurrently raised USD 41 million in Series A funding led by HongShan and BioVenture. Lepu will retain revenue participation while focusing resources on its late-stage ADC and bispecific pipelines. The transaction validates Lepu's TCE platform as Chinese biotechs increasingly partner assets for global expansion.

PharmCube's NextBiopharm® database shows that TCE deal-making activity is bouncing back after peaking in 2020, with H1 2025 total value already matching the 2024 full-year figure. Click here to request a free trial for NextBiopharm®.