Hinova Pharmaceuticals (688302.SH) Signs Exclusive Licensing Agreement to Advance Overseas Market Development of HP570

Hinova Pharmaceuticals (688302.SH) announced that on November 4, 2026, the company signed an Exclusive License Agreement with Evommune, Inc. ("Evommune") and its wholly-owned subsidiary Evommune MGD, LLC ("Evommune MGD"), under which the company will license its proprietary VAV1 molecular glue degrader HP570 ("HP570") to Evommune MGD for consideration. Evommune MGD will obtain exclusive rights to develop, manufacture, and commercialize HP570 worldwide outside the Greater China region (including mainland China, the Hong Kong Special Administrative Region, the Macao Special Administrative Region, and the Taiwan region) (the "Licensed Territory"). As part of the consideration for the out-licensing transaction, the company and its wholly-owned subsidiary Hinova Pharmaceuticals (HK) Limited ("Hinova Hong Kong") will receive an aggregate US$30 million non-refundable and non-creditable upfront payment, including US$20 million in cash and US$10 million in warrants issued by Evommune; the company is also entitled to receive potential development, regulatory, and commercialization milestone payments of up to US$1.07 billion, as well as tiered royalties on net sales of products in the Licensed Territory. HP570 is an oral VAV1 molecular glue degrader independently developed by the company using its targeted protein degradation technology platform. This out-licensing transaction validates the capabilities of the company's targeted protein degradation technology platform and enhances the company's international influence in the field of targeted protein degradation technology; leveraging Evommune's global clinical development capabilities, it will rapidly advance the overseas development of HP570 and benefit patients with autoimmune diseases worldwide. Through this out-licensing, the company will receive upfront payments and potential milestone and royalty income, which will help improve the company's cash flow while diversifying overseas clinical development investment and R&D risks; the company fully retains all rights to HP570 in the Greater China region, which will help continuously unlock the clinical and commercial value of HP570 in Greater China. This transaction is consistent with the company's development strategy of international R&D and maximizing pipeline value.