AllyKang Says IMD-1005 Licensing Deal Has Been Terminated

AllyKang said the licensing cooperation for IMD-1005 with Yafei Biotech and Qinheli has effectively ended after it received a termination notice from the two partners on September 6, according to Jiemian News. The deal, signed on August 26, 2025, would have given AllyKang exclusive rights to develop, manufacture and commercialize the oncology drug candidate in mainland China, Hong Kong, Macau and Taiwan for an upfront payment of 150 million yuan, up to 620 million yuan in milestone payments and a 12.8% sales royalty. The company had previously disclosed that the agreement still had not taken effect because Yafei Biotech’s board approval, a condition for effectiveness, had not been completed. Jiemian News reported that AllyKang had also said in October 2025 that the partners were still going through internal approval procedures, and in January it said the 100 million yuan upfront payment could not be made in 2025 because those approvals were unfinished. The article said AllyKang’s shares had surged on speculation around the deal, reaching an intraday high of 68.80 yuan on July 25, 2025, and later hitting the daily limit at 41.22 yuan on November 10, 2025. It also said the stock rose 6.12% in the two trading days before the termination announcement, closing at 26.88 yuan. For the first half of this year, AllyKang reported revenue of 627 million yuan, down 13.44% year on year, and net profit attributable to shareholders of 54.9264 million yuan, down 16.68%.