Strategic Pan-RAS Inhibitor Partnership Expands Adlai Nortye's Reach Into Greater China Market

Adlai Nortye Ltd. (ANL) has sealed a landmark exclusive licensing deal with Aosaikang Pharmaceutical Co. Ltd. (ASK Pharma) to develop and market its promising pan-RAS inhibitor candidate AN9025 across Greater China—a strategically significant move that could unlock substantial commercial opportunities in one of the world’s largest pharmaceutical markets.

Deal Architecture and Financial Terms

Under the exclusive partnership framework, ASK Pharma gains complete development, manufacturing, and commercialization rights for AN9025 in mainland China, Hong Kong, and Macao, while Adlai Nortye maintains control of all other global territories. The financial structure reflects confidence in the asset’s potential: ASK Pharma will make an upfront payment plus near-term milestone payments exceeding USD 20 million, with a combined value potentially reaching RMB 1.6 billion (approximately USD 230 million). The deal also features tiered royalties on net regional sales, ranging from high single-digit to mid-teens percentages.

The AN9025 Opportunity: Addressing a Critical Unmet Need

RAS mutations represent some of the most prevalent cancer drivers across solid tumors, yet have remained notoriously difficult to drug effectively. AN9025 approaches this challenge as an oral small-molecule pan-RAS inhibitor engineered to combat a wide spectrum of RAS mutation variants. Preclinical evidence has demonstrated potent and sustained antitumor activity in pancreatic, lung, and colorectal adenocarcinomas—with efficacy profiles that match or exceed existing benchmark therapies in the pan-RAS inhibitor class.

The development timeline is accelerating: Adlai Nortye plans to initiate a Phase I clinical trial in the first quarter of 2026, positioning the candidate to enter the clinical validation phase within the coming year.

Partnership Rationale and Strategic Vision

Jingfei Ma, General Manager of ASK Pharma, characterized the collaboration as a “pivotal milestone” for the company’s innovation roadmap. “This partnership enables us to venture into high-barrier oncology development by combining complementary strengths in research, clinical execution, and market access,” Ma noted. “We’re positioning ourselves to accelerate AN9025’s advancement while strengthening our existing portfolio.”

CEO Yang Lu of Adlai Nortye positioned AN9025 as a differentiated, potentially best-in-class therapeutic option for RAS-driven cancers. “This collaboration signifies meaningful progress toward unlocking the clinical and commercial potential of AN9025 and demonstrates the strength of our RAS-targeted discovery platform,” Lu stated. He emphasized that the partnership directly addresses the substantial medical needs of patients carrying RAS mutations—a population currently underserved by available treatment options.

Broader RAS Portfolio and Competitive Positioning

Beyond AN9025, Adlai Nortye’s RAS-targeting pipeline includes AN4035, an innovative CEACAM5-targeting antibody-drug conjugate designed to deliver a potent pan-RAS inhibitor directly to tumor cells. AN4035 remains in preclinical development, with internal data demonstrating robust antitumor effects in CEACAM5-positive, RAS-dependent cancer models.

Market Reception

ANL stock has historically traded within a $0.87 to $2.99 range over the past twelve months. The partnership announcement triggered a sharp pre-market response, with shares trading at $2.88, reflecting a 76% gain—a clear signal of investor optimism regarding the Greater China commercialization rights and revenue potential.