Adlai Nortye Secures $230 Million Deal to Accelerate Cancer Drug Development in China
North Brunswick, Monday, 29 December 2025.
Adlai Nortye partners with ASK Pharm in a deal valued at $230 million to develop the AN9025 cancer therapy in Greater China, aiming for clinical trials in early 2026.
Strategic Licensing for Greater China
On December 29, 2025, Adlai Nortye Ltd. (NASDAQ: ANL) formalized a significant strategic pivot by entering into an exclusive license agreement with ASK Pharm regarding its oncology asset, AN9025 [1]. Under the terms of this agreement, ASK Pharm secures the exclusive rights to develop, manufacture, and commercialize the drug within the “Licensed Territory,” which encompasses mainland China, Hong Kong, and Macao [1]. Adlai Nortye retains all rights to the drug in global markets outside of this specific region, allowing the company to maintain a foothold in the broader international landscape while offloading regional development costs [1]. The financial structure of the deal is substantial; Adlai Nortye is eligible to receive up to RMB 1.6 billion (approximately USD 230 million) in total payments [1]. This figure includes an upfront payment and near-term milestones that collectively exceed USD 20 million, alongside tiered royalties ranging from high single-digit to mid-teens percentages based on net product sales within the territory [1].
Leadership Perspectives on Innovation
The collaboration is positioned by both entities as a move to accelerate high-barrier innovation in the oncology sector. Yang Lu, Chairman and CEO of Adlai Nortye, described AN9025 as a “differentiated pan-RAS (ON) inhibitor” with the potential to emerge as a best-in-class therapy [1]. This sentiment is mirrored by ASK Pharm’s leadership; Director and General Manager Jingfei Ma characterized the partnership as a “pivotal milestone” in their strategic innovation upgrade, emphasizing the asset’s role in their entry into frontier innovation [1]. For Adlai Nortye, this agreement represents a method to leverage local expertise in the Asian pharmaceutical market while monetizing an asset that is currently in the preclinical phase but approaching clinical readiness [1][2].
Pipeline Depth and Clinical Horizons
AN9025 is an oral small molecule designed to target a broad spectrum of RAS mutations across various tumor types [1]. While the drug is listed among the company’s preclinical candidates alongside AN8025 and AN1025, the development timeline is advancing rapidly [2]. Adlai Nortye expects to initiate the Phase I clinical study for AN9025 in the first quarter of 2026, signaling an imminent transition from preclinical research to human trials [1]. This asset sits within a broader, mature pipeline; the company is simultaneously advancing buparlisib (AN2025), a PI3K inhibitor currently in a Phase III open-label trial for head and neck squamous cell carcinomas, and AN0025, a prostaglandin E receptor 4 antagonist [2]. The ability to secure significant funding for an early-stage asset like AN9025 validates the perceived value of Adlai Nortye’s discovery engine despite the inherent risks of early development.
Market Reaction and Financial Context
Investors appear to be monitoring Adlai Nortye’s progress closely leading up to this announcement. Market data from the NASDAQ indicates positive movement for the stock (ANL) just prior to the deal’s confirmation. On December 26, 2025, the stock price closed at $1.640, marking a significant increase from the December 24 price of $1.530 [2]. This represents a rise of 7.19 percent over the two-day trading period. The trading volume on December 26 reached 70,929 shares, suggesting heightened investor interest as the company approaches its projected clinical milestones in early 2026 [1][2].