Under the agreement, the two companies will jointly explore ANGPTL3 combination therapies for the treatment of dyslipidemia. The agreement also includes Novartis's option to license next-generation molecules in Bowang Pharmaceutical's pipeline.
Novartis acquires rights to an siRNA candidate from BoWang Pharmaceuticals currently in IND-enabling studies
BoWang Pharmaceuticals will receive an upfront payment of $160 million, options for profit-sharing in multiple territories, potential near-term equity investments, and is eligible for option payments, clinical development and sales milestone payments, and tiered royalties on commercial sales.
Shanghai, China and Boston, USA, September 3, 2025 – Bowang Pharmaceuticals, Inc. (“Bowang Pharmaceuticals” or the “Company”) today announced a new strategic collaboration agreement with Novartis (NYSE: NVS) to jointly develop multiple cardiovascular products. This new agreement expands upon the existing collaboration between the two companies.
Dr. Shu Dongxu, Co-founder, Chairman and CEO of BoWang Pharmaceuticals, said: "We are very pleased to deepen our collaboration with Novartis, a global leader in cardiovascular, renal and metabolic medicine. This new collaboration will further empower BoWang Pharmaceuticals to build its innovation engine as we aim to develop best-in-class siRNA therapeutics and establish a top-tier clinical development team across multiple regions around the world. BoWang Pharmaceuticals' vision is to become a global biotech company, and business development is an important component in expanding the impact of our hepatic and extrahepatic siRNA therapeutics."
"Long-acting siRNA technology has been shown to permanently reduce the expression of pathogenic proteins, marking a major shift in the prevention and treatment of cardiovascular disease," said Dr. Shaun Coughlin, Head of Cardiovascular and Metabolic Disease Research at Novartis. "Novartis remains committed to developing innovative therapies for patients with cardiovascular disease. We are very pleased to have reached a new collaboration agreement with BoWang Pharmaceuticals. This renewed collaboration will further advance the development of potential new therapies to address unmet clinical needs."
The new partnership includes:
Licensing and right of first refusal
BoWang Pharmaceuticals has granted Novartis an option for non-China rights to two early-stage molecules for the treatment of severe hypertriglyceridemia (sHTG) and mixed dyslipidemia, as well as a right of first negotiation for BW-00112 (ANGPTL3). The product is currently in Phase II clinical trials in the United States and China, with BoWang Pharmaceuticals leading the subsequent combination therapy trials.
Innovative transaction structures
For another siRNA drug candidate in the preclinical research stage, Bowang Pharmaceutical has granted Novartis an exclusive license outside of China, which includes reciprocal options to share profits and losses (P&L) in the United States and China. The product is expected to start Phase I clinical trials in 2026.
Licensing fees and equity financing
BoWang Pharmaceuticals will receive an upfront payment of $160 million and may receive potential milestone and option payments, as well as tiered royalties on commercial sales, for a total potential milestone value of up to $5.2 billion. Furthermore, Novartis has expressed preliminary intention to participate in BoWang Pharmaceuticals' next round of equity financing. The specific details of its participation (including investment amount and timing) are subject to routine due diligence, negotiation, and the signing of a formal agreement between the two parties.
BofA Securities served as financial advisor for the transaction.
About Cardiovascular Disease
Cardiovascular disease is one of the leading causes of mortality and morbidity worldwide. In 2021, 20.5 million people died from cardiovascular disease, accounting for approximately one-third of global deaths. 1 siRNA therapy has the potential to enhance therapeutic applicability, with differentiated efficacy and delivery methods, potentially improving patient outcomes and compliance. Bowang Pharmaceuticals has an efficient global R&D presence, integrating resources across Asia, the Americas, and Europe, dedicated to providing differentiated, innovative medicines to patients in urgent need.
About Bowang Pharmaceutical
BoWang Pharmaceuticals is a clinical-stage biotechnology company dedicated to developing next-generation RNAi therapeutics to provide patients worldwide with improved treatment options. Leveraging its liver-targeted and extrahepatic delivery technology platforms, the company has built a diverse RNAi drug development pipeline covering cardiovascular and metabolic diseases, specialty diseases, viral infections, central nervous system disorders, and rare diseases. Currently, BoWang Pharmaceuticals has six RNAi drug candidates in clinical development.

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