Tasly Signs Cooperation Agreement to Advance Research and Development and Industrialization of Dual-Target CAR-T Project

On the evening of March 19, Tasly (600535) announced that to continue advancing the research and industrialization of the dual-target CAR-T project, accelerate project progress, introduce additional R&D resources, and share risks, after friendly negotiations, Tasly plans to jointly sign a “Cooperation Agreement” with Beijing Neurosurgical Institute (hereinafter referred to as “Neurosurgical Institute”) and Beijing Rencheng Neuro-Oncology Biotechnology Engineering Center Co., Ltd. (hereinafter referred to as “Beijing Rencheng Biological”). Tasly, as the marketing authorization holder (MAH), will lead the R&D, registration, and commercialization, and will have exclusive rights to product manufacturing and commercialization; the Neurosurgical Institute, as the core technology (patent) holder, will continue to provide R&D support; Beijing Rencheng Biological, as a partner in R&D, will provide technical and financial support for specific stages of development, share risks, and distribute sales profits proportionally based on actual R&D investment.

The announced product is an autologous CAR-T targeting CD44 and/or CD133. The company received clinical trial approval for this product in April 2025, with indications approved for recurrent glioblastoma, and it has now entered Phase I clinical trials. The product can specifically recognize and bind to mutually exclusive highly expressed antigens in primary and recurrent glioblastoma (GBM), effectively activate and extend T-cell lifespan, thereby killing tumor cells.

All three parties confirmed that Tasly and Beijing Rencheng Biological will share sales profits according to their future actual R&D investment proportions. The total estimated R&D cost for the project is 240 million yuan, to be borne by Tasly and Beijing Rencheng Biological according to their responsibilities and development stages as stipulated in the agreement (Tasly is expected to invest 160 million yuan, Beijing Rencheng Biological 80 million yuan). These investment amounts are based on actual project needs and have been negotiated and agreed upon by all three parties.

Because the company’s director and general manager, Cai Jinyong, serves as a director of Beijing Rencheng Biological, and vice general manager Zhou Shuiping serves as vice chairman of Beijing Rencheng Biological, according to the “Stock Listing Rules,” Beijing Rencheng Biological is an associated person of the listed company, and this transaction constitutes a related-party transaction.

In March 2025, Tasly’s actual controller changed to China Resources Limited, officially becoming part of China Resources Sanjiu, marking a new chapter in the company’s development.

According to the company’s 2025 annual report disclosed on the evening of the 19th, during the period, the company achieved operating revenue of 8.236 billion yuan, of which main business revenue from pharmaceutical manufacturing was 7.382 billion yuan, a decrease of 2.54% year-on-year, remaining relatively stable mainly due to price reductions from centralized procurement and industry decline in traditional Chinese medicine injections; revenue from pharmaceutical commercial chain pharmacy business was 736 million yuan, down 10.39% year-on-year, mainly affected by policy impacts. During the period, the company realized net profit attributable to shareholders of 1.105 billion yuan, an increase of 15.63% year-on-year.

Regarding the signing of this cooperation agreement, Tasly stated that Beijing Rencheng Biological was established jointly by Tasly (holding 49% equity) and the Neurosurgical Institute, mainly focusing on cell immunotherapy. This cooperation is a key measure for the company to deepen its cell immunotherapy strategic layout and accelerate core product development. By leveraging Beijing Rencheng Biological’s cutting-edge technology platform, experts, technical team, and R&D funding in the field of brain tumor CAR-T, it will help improve the efficiency and success rate of new drug development, achieve shared benefits and risk sharing, and align with the company’s R&D strategy and development plan in the field of cell immunotherapy.

This transaction is based on fair market prices, representing a fair market transaction, and does not harm the interests of the company or its shareholders, especially minority shareholders. The company’s main business is not dependent on such transactions, and there is no adverse impact on the company’s independence.