Haisco Pharmaceutical has granted AirNexis Therapeutics exclusive rights to develop and commercialise its PDE3/4 dual inhibitor, HSK39004 (AN01), for chronic obstructive pulmonary disease (COPD) outside of Greater China. AirNexis will pay Haisco USD 108 million upfront, comprising USD 40 million in cash and a 19.9% equity stake in AirNexis valued at approximately USD 68 million. Haisco is also eligible for up to USD 955 million in future milestone payments and tiered royalties of up to 12% on net sales.

HSK39004 is an inhaled therapy designed to simultaneously inhibit PDE3 and PDE4 enzymes, aiming to improve airflow and reduce airway inflammation. The candidate is currently in Phase II clinical trials in China, with both suspension and dry powder inhalation formulations under investigation. AirNexis is a US-based company recently established and supported by Frazier Life Sciences, with backing from investors including OrbiMed, Goldman Sachs Alternative Investments and SR One. Haisco's Chairman, Wang Junmin, will also participate in AirNexis's USD 200 million funding round.

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