Adlai Nortye and ASK Pharm Forge $230 Million Alliance to Tackle Elusive Cancer Driver

SINGAPORE – December 29, 2025 – In a significant strategic move within the oncology sector, clinical-stage biotechnology firm Adlai Nortye has entered into a major exclusive licensing agreement with Jiangsu Aosaikang Pharmaceutical Co. (ASK Pharm). The deal, potentially worth up to RMB 1.6 billion (approximately $230 million), grants ASK Pharm the rights to develop, manufacture, and commercialize AN9025, Adlai Nortye’s novel pan-RAS (ON) inhibitor, in Greater China.

This collaboration marks a pivotal step in the global effort to drug one of oncology's most challenging targets. RAS gene mutations are found in approximately 30% of all human cancers, including high concentrations in some of the deadliest forms like pancreatic, colorectal, and lung cancers. For decades, these mutations were considered largely “undruggable.” This new partnership combines Adlai Nortye’s innovative drug discovery platform with ASK Pharm’s extensive clinical development and commercialization infrastructure in the Chinese market, aiming to accelerate a potentially transformative therapy for patients with immense unmet needs.

Under the terms of the agreement, Adlai Nortye will receive a significant financial package that includes an upfront payment and near-term milestones exceeding $20 million. The company is also set to receive tiered royalties on net sales in mainland China, Hong Kong, and Macao, which could range from a high single-digit to a mid-teens percentage. Adlai Nortye will retain all rights to AN9025 in territories outside of this Greater China region, positioning the compound for a global development strategy.

A Strategic Push Against a Notorious Target

The RAS family of proteins acts as a critical switch in cellular signaling pathways that control cell growth and survival. When mutated, these proteins can become stuck in an “ON” state, leading to uncontrolled cell proliferation and cancer. The scientific community has long sought effective ways to block this activity, but the unique structure of the RAS protein has made it a formidable challenge.

AN9025 is an oral small-molecule inhibitor designed to specifically target this active “ON” state across a broad spectrum of RAS mutations, earning it the “pan-RAS” designation. This approach differs from earlier inhibitors that targeted specific, individual RAS mutations, potentially offering a wider therapeutic window for patients with various tumor types.

“We are delighted to partner with ASK Pharm on the development of AN9025, a differentiated pan-RAS (ON) inhibitor with the potential to be best-in-class,” said Yang Lu, Chairman and Chief Executive Officer of Adlai Nortye, in a statement. “This collaboration represents a meaningful step forward in advancing the clinical and commercial potential of AN9025 and underscores the value of our RAS-targeted drug discovery platform.”

Preclinical studies have already shown promising results. Data indicates that AN9025 effectively inhibits RAS-mutant cancers with potent and durable efficacy in models of pancreatic, lung, and colorectal adenocarcinomas. The company reported that its compound demonstrated comparable or superior results when benchmarked against another agent of the same class, fueling optimism for its future clinical performance. The next major step is the initiation of a Phase I clinical study, which Adlai Nortye expects to begin in the first quarter of 2026.

Combining Innovation with Market Expertise

The partnership is built on a foundation of complementary strengths. Adlai Nortye, a global company with dual R&D operations in the United States and China, has cultivated a pipeline focused on next-generation cancer immunotherapies and targeted therapies. Its portfolio includes AN4005, a first-in-class oral PD-L1 inhibitor, and other complex assets, highlighting its capabilities in creating innovative drug candidates.

ASK Pharm, founded in 2003, brings to the table a powerful engine for development and commercialization within China. As a research-based pharmaceutical enterprise specializing in oncology, digestive diseases, and other areas, it has a proven track record. The company successfully launched Limertinib, a third-generation EGFR TKI, in 2025 and currently has multiple candidates in Phase III trials, including a c-MET TKI and a Claudin18.2 monoclonal antibody. Its consistent ranking among China’s top pharmaceutical R&D pipelines underscores its capacity to navigate the complex regulatory and market landscape.

Mr. Jingfei Ma, Director and General Manager of ASK Pharm, framed the deal as a crucial part of the company's strategic evolution. “This partnership marks a pivotal milestone in our strategic innovation upgrade, signaling our decisive move into frontier innovation with high entry barriers,” he stated. “By leveraging our complementary strengths in R&D, clinical development, and commercialization, we aim to accelerate the development of AN9025 project while reinforcing our existing pipeline.”

The Broader Landscape and Path Forward

The agreement arrives at a time of intense activity and recent breakthroughs in the RAS-targeting field. The approval of the first KRAS G12C inhibitors in recent years shattered the long-held belief that RAS was an impossible target, igniting a wave of investment and research into new approaches. While these initial drugs are specific to one mutation, the development of pan-RAS inhibitors like AN9025 represents the next frontier, aiming to provide solutions for a much larger patient population.

By securing a strong regional partner, Adlai Nortye is executing a common and effective strategy for global drug development. The deal de-risks the significant costs of clinical trials and commercial launch in a major market while providing non-dilutive capital to fund its ongoing research and development for the rest of the world. For ASK Pharm, the agreement provides access to a high-potential, first-in-class asset that aligns perfectly with its focus on innovative oncology drugs.

For the countless patients diagnosed with RAS-driven cancers, this collaboration represents another beacon of hope. The combined expertise of Adlai Nortye and ASK Pharm could significantly shorten the timeline for bringing a novel and potentially life-saving treatment to one of the world's largest healthcare markets, addressing a profound and persistent unmet medical need.