Adlai Nortye Signs Exclusive License Agreement with ASK Pharm for AN9025, Potential Revenue Up to RMB 1.6B
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 29 2025
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Adlai Nortye entered into an exclusive licensing agreement with ASK Pharm for its proprietary pan-RAS (ON) inhibitor AN9025. Under the terms of the agreement, ASK Pharm will obtain exclusive rights to develop, manufacture, and commercialize AN9025 in mainland China, Hong Kong and Macao. Adlai Nortye will retain worldwide rights to the compound excluding the Licensed Territory. Adlai Nortye is eligible to receive total consideration of up to RMB 1.6B, including an upfront payment and near-term milestone payments exceeding $20M, plus tiered royalties ranging from a high single-digit to mid-teens percentage of net product sales in the Licensed Territory.
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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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