Zhejiang Huahai Pharmaceutical's subsidiary Huao Tai has reached a global research cooperation and licensing agreement with ALM.

Zhejiang Huahai Pharmaceutical (600521.SH) announced that its subsidiary, Hangzhou Alltest Biotech Pharmaceutical Co., Ltd. (hereinafter referred to as "Huahai"), has reached a global research collaboration and licensing agreement with Almirall, S.A. (hereinafter referred to as "ALM"), to develop a monoclonal antibody candidate drug targeting multiple potential indications, including dermatology. According to the agreement, Huahai has the rights to develop and commercialize the project and products in China, while ALM has the rights to develop and commercialize the project and products globally outside of China. Using an innovative research and development platform, Huahai will conduct related research until obtaining a molecule with clinical concept validation, for which ALM will pay Huahai a total of up to $340 million in upfront, development and commercialization milestone payments, as well as corresponding tiered royalties.