HQ Team
October 9, 2025: Zenas BioPharma, Inc. and China’s InnoCare Pharma Limited have inked a $2 billion licensing deal that grants the US-based Zenas global rights to develop and commercialise an investigational drug to treat multiple sclerosis (MS) and other autoimmune diseases.
Waltham, Massachusetts-based Zenas will pay InnoCare upfront and near-term milestone payments of up to $100 million in cash, including milestone achievements expected in 2026, according to a statement.
It will also issue up to 7,000,000 shares of Zenas common stock to the Beijing-based company, including shares issuable upon a milestone expected by early 2026.
The experimental pill orelabrutinib is being studied for multiple types of the disease that affects the central nervous system. It works by blocking a protein called BTK, which plays a role in inflammation inside the brain and spinal cord. This could help slow or prevent the disease from getting worse.
Private placement
Global studies are trying to find out if the drug helps people with primary progressive multiple sclerosis, and soon with secondary progressive multiple sclerosis.
During earlier studies on people with relapsing-remitting MS, it reduced the appearance of new brain lesions within three to six months and kept inflammation low for almost two years.
Its side effects and safety are the same as drugs in a similar class, and it has already been tested in other immune-related diseases and certain blood cancers.
Zenas plans to initiate a second global,end-stage, clinical trial evaluating orelabrutinib in patients with SPMS in the first quarter of 2026. An end-stage clinical trial to evaluate the safety and efficacy of orelabrutinib in patients with primary progressive MS has already been initiated.
The licensing deal also gave Zenas rights to a novel, an oral, brain-penetrant, TYK2 inhibitor, an investigational new drug in the enabling studies stage.
“We plan to advance each of these programs to human clinical trials in 2026 and expect to have initial patient data from the oral IL-17AA/AF clinical program in 2027,” said Lonnie Moulder, Founder and Chief Executive Officer of Zenas.
Zenas announced a $120 million private placement to fund the development of the programs.
“This strategic collaboration will leverage our shared focus to accelerate the development of orelabrutinib and help maximise its clinical and commercial potential on a global scale, particularly in MS,” said Dr Jasmine Cui, Co-Founder, Chairwoman and CEO of InnoCare Pharma.
