Adlai Nortye Enters Exclusive Licensing Agreement with ASK Pharm for AN9025 Worth Up to $230 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 29 2025
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Source: Newsfilter
- Strategic Partnership: Adlai Nortye has signed an exclusive licensing agreement with ASK Pharm, granting ASK rights to develop and commercialize AN9025 in mainland China, Hong Kong, and Macao, with potential total revenues of up to RMB 1.6 billion (approximately $230 million), highlighting the company's strong potential in the Chinese market.
- Upfront and Milestone Payments: The agreement includes over $20 million in upfront payments and near-term milestone payments, ensuring Adlai Nortye receives funding support in the early stages of the project, thereby accelerating the development of AN9025.
- Market Potential: AN9025, an oral small molecule pan-RAS inhibitor targeting RAS mutations across various tumor types, is expected to initiate its Phase I clinical trial in Q1 2026, potentially offering innovative treatment options in the Chinese market to meet significant unmet medical needs.
- R&D Synergy: This collaboration combines Adlai Nortye's innovation capabilities with ASK Pharm's expertise in development and commercialization in Greater China, aiming to accelerate the clinical and commercial potential of AN9025 and strengthen the company's leadership position in cancer treatment.
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About ANL
Adlai Nortye Ltd. is a Cayman Islands-based investment holding company. The Company is involved in the research and development of pharmaceutical products. It is a clinical-stage company focused on the development of targeted and immune-modulating cancer therapies. It is advancing an oncology pipeline, with Buparlisib (AN2025), a pan-phosphoinositide 3-kinase (PI3K) inhibitor, being evaluated in a registrational Phase three trial (NCT04338399) for patients with recurrent or metastatic head and neck squamous cell cancer (HNSCC) that has progressed after prior anti-programmed death-ligand 1 (PD-L1) treatment. It is also advancing multiple drug candidates, including AN4005, an oral small molecule PD-L1 inhibitor; AN8025, a multifunctional fusion protein acting as a T cell and antigen-presenting cell (APC) modulator; and AN9025, an oral small molecule pan-rat sarcoma virus (RAS) inhibitor. The Company’s subsidiary, Alpine Bioscience Ltd. (Alpine BVI), is an investment holding company.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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