On August 12, Hanyu Pharmaceutical(300199) issued an announcement stating that the company has reached an agreement with Zhejiang Sansheng Mandi Pharmaceutical Co., Ltd., and the two parties have reached a cooperation agreement on the development, registration, production and commercialization of Smegglutide injection (for blood glucose control) in China (excluding Taiwan).
The company granted 3SBio an exclusive, non-transferable, and sublicensable license in the region, under which 3SBio or its affiliates shall act as the marketing authorization holder for the collaborative products in China and be solely responsible for the commercialization of the collaborative products in the region.
The financial terms of this collaboration consist of three parts: an initial payment to 3SBio for signing the agreement, milestone payments for registration and commercialization, and sales royalties. The initial payment is RMB 12 million. The milestone payments for registration and commercialization include RMB 18 million upon approval of the blood glucose indication for the collaborative product, and RMB 7.5 million upon successful acceptance of the first commercial batch of goods by 3SBio. The maximum sales milestone payment is RMB 145 million.
In the first quarter of 2026, Hanyu Pharmaceutical achieved revenue of 299 million yuan and net profit attributable to the parent company of 128 million yuan.

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