On March 24, 2026, Conno Bio announced that Ouro Medicines, its NewCo partner, had signed a merger and acquisition agreement with Gilead Sciences. Gilead will acquire Ouro Medicines for an upfront payment of $1.675 billion plus up to $500 million in milestone payments, bringing the total transaction value to $2.175 billion. As a shareholder of Ouro Medicines, Conno Bio will receive approximately $250 million in upfront payment and up to approximately $70 million in milestone payments, with total potential revenue of approximately $320 million. Conno Bio will also continue to enjoy tiered royalty rights on the commercial sales of CM336/OM336. This landmark transaction not only accelerates the global development of this potential best-in-class T-cell engager (TCE) in the field of autoimmune diseases, but also fully validates the innovative value of Conno Bio’s proprietary TCE R&D platform.

I Transaction Structure: US$2.175 Billion Acquisition; Conno Bio to Receive US$320 Million in Returns
Pursuant to the merger and acquisition agreement:
·Gilead acquires Ouro Medicines for an upfront payment of US$1.675 billion (subject to customary adjustments) plus up to US$500 million in milestone payments, with a total transaction value of US$2.175 billion;
·As a shareholder of Ouro Medicines, Conno Bio will receive approximately US$250 million in upfront payment and up to approximately US$70 million in milestone payments, with aggregate potential proceeds of approximately US$320 million;
·Following completion of the transaction, Conno Bio will no longer hold an equity stake in Ouro Medicines but will continue to retain tiered royalty rights on the commercial sales of CM336/OM336.
This transaction structure enables Conno Bio to obtain substantial cash returns while retaining future sales-based royalty interests, thereby maximizing value realization.
II Core Asset: CM336/OM336 – A Potential Best-in-Class TCE Bispecific Antibody
CM336/OM336, Ouro Medicines’ sole product candidate, is an innovative T-cell engager (TCE) bispecific antibody independently discovered and developed by Conno Bio. Its active ingredient is a recombinant anti-BCMA and anti-CD3 humanized bispecific antibody.
Mechanism of Action:
·Specifically binds to BCMA-positive target cells and CD3-positive T cells;
·Recruits immune T cells to the vicinity of target cells and activates T cells;
·Induces cytokine release and triggers T cell-mediated cytotoxicity to eliminate target cells.
Clinical study results have demonstrated rapid reductions in peripheral blood B cells and plasma cells in patients, confirming the definitive mechanism of action of CM336.
Regulatory Designations and Academic Publications:
·Granted Fast Track Designation and Orphan Drug Designation by the FDA for the treatment of autoimmune hemolytic anemia (AIHA) and primary immune thrombocytopenia (ITP);
·Clinical results for AIHA were published in The New England Journal of Medicine, one of the world’s leading medical journals;
·Registration studies are expected to commence in 2027.
III Strategic Significance: From NewCo Partnership to Acquisition, Accelerating Global Development
In November 2024, Conno Bio entered into an exclusive license agreement with Ouro Medicines, granting Ouro exclusive global rights (excluding Greater China) to research, develop, manufacture, register and commercialize CM336/OM336. Gilead’s acquisition of Ouro will provide this potential best-in-class TCE with the resources of a global pharmaceutical giant, accelerating its global development across multiple autoimmune disease areas with high unmet medical needs.
Conno Bio confirmed that the license agreement will remain in effect following the acquisition, and the Company will continue to hold all relevant rights and benefits under the agreement.
IV Platform Value: Continuous Validation of Conno Bio’s Innovative Capabilities
The acquisition of Conno Bio’s NewCo partner represents another major milestone in the Company’s external collaboration portfolio, following the recent receipt of a US$45 million milestone payment from AstraZeneca for the Claudin18.2 ADC candidate CMG901. These two business development (BD) achievements further validate the innovative potential of Conno Bio’s technology platforms and the success of its diversified licensing collaborations.
Driven by the dual engines of “in-house R&D + external partnerships”, Conno Bio continues to advance high-quality, high-potential innovative medicines. Through innovative models such as NewCo partnerships and out-licensing, the Company accelerates the overseas value realization of its early-stage pipeline. This transaction will provide sustained momentum for the Company’s ongoing independent R&D and pipeline advancement.
From CMG901 (ADC) to CM336/OM336 (TCE), and from AstraZeneca to Gilead, Conno Bio’s innovation capabilities have been repeatedly recognized by global pharmaceutical leaders. With Gilead’s involvement, this potential best-in-class TCE bispecific antibody is poised to reach patients with autoimmune diseases worldwide at an accelerated pace.