Roconkibart Licensing Deal
Junshi Biosciences and Fosun Pharma Collaborate to Develop and Commercialize Roconkibart in Greater China
Shanghai Junshi Biosciences has struck a major licensing deal with Fosun Wanbang Pharma Group, handing the Fosun subsidiary exclusive rights to develop and sell roconkibart in Greater China. The upfront payment is RMB 215 million, with milestone payments of up to RMB 1.125 billion and tiered double-digit royalties on net sales, according to GlobeNewswire.
Roconkibart is an anti-IL-17A monoclonal antibody — a drug that blocks a key inflammatory signal in the body — developed by Junshi to treat moderate to severe plaque psoriasis. China's drug regulator, the NMPA, accepted the drug's application for approval in December 2025. The deal puts one of China's largest pharma distributors in charge of getting it to market.
Phase 3 Success Paved the Way for This Deal
Junshi's pivotal Phase 3 trial, led by Professor Jianzhong Zhang of Peking University People's Hospital, met both of its primary goals. The study showed roconkibart helped a significantly higher share of patients achieve PASI 90 — meaning at least 90% clearer skin — within 12 weeks compared to a placebo, according to GlobeNewswire. Zhang said the drug shows "superior efficacy in achieving deep symptom remission."
That clinical win, announced in September 2025, set the stage for the NMPA filing and, ultimately, this licensing agreement. China has an estimated 6.5 million psoriasis patients, according to Clarivate. Psoriasis rates in the country jumped from 0.12% of the population in 1984 to 0.47% in 2008 — and the need for effective biologics has grown with it.
Why Junshi Chose Fosun to Sell the Drug
Junshi CEO Dr. Jianjun Zou said the deal will "accelerate the availability of this innovative therapy" by tapping into Fosun's "mature clinical development and commercialization framework," according to GlobeNewswire. Building an independent sales force for a non-cancer drug in China is expensive. Licensing the drug to Fosun lets Junshi focus its cash on its oncology pipeline instead.
This fits a pattern Junshi has used before. The company previously licensed drugs to Coherus in the United States and Hikma in the Middle East and North Africa. Jing Li, Co-President of Fosun Pharma, called the deal a "vital step in continuously enriching our portfolio of high-value pipelines," saying autoimmune diseases are a "core therapeutic focus" for the company, per GlobeNewswire.
A Crowded Market With Billion-Dollar Rivals
Roconkibart enters a fiercely competitive space. Novartis's Cosentyx, also an IL-17 blocker, brought in $6.14 billion in global revenue in 2024. Eli Lilly's Taltz is another major rival. The global IL-17 drug market was worth $6.52 billion in 2024 and is projected to reach $10.9 billion by 2030, according to PatSnap Eureka.
There are currently 106 drugs competing in the IL-17 space globally, according to Clarivate. That means Fosun will need to compete hard — likely on price and positioning on China's National Reimbursement Drug List (NRDL), which determines whether patients can afford a drug. Analysts at TipRanks rate Junshi stock a Hold with a price target of HK$34.70, viewing the deal as a smart move to "monetize its pipeline" without the cost of direct sales.
What the Money Means for Both Companies
The RMB 215 million upfront payment gives Junshi an immediate cash boost to fund its broader drug development programs. The milestone payments — worth up to RMB 1.125 billion if all development and sales targets are hit — could make this one of Junshi's most valuable domestic deals. Royalties are tiered, meaning the percentage Junshi earns grows as sales rise.
For Fosun, the deal deepens its push into innovative drugs. The company's innovative drug revenue already made up 33% of its total pharmaceutical revenue in early 2026, according to Fosun Pharma. Adding a late-stage biologic with a pending NMPA approval fits directly into that strategy — and gives Fosun a domestic alternative to pricey imported IL-17 drugs for millions of Chinese patients.
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