ARTICLE | Deals
China momentum continues with Madrigal-CSPC, Arrowhead- Sanofi tie-ups: Deals Report
Plus: Bain, KKR underscore PE interest in biotech
August 4, 2025 11:23 PM UTC
In one of the latest examples of a Western company turning to Asia to license innovation, Madrigal has partnered with one of China’s most profilic dealmakers in CSPC to gain rights to an oral small molecule GLP-1 receptor agonist and orforglipron derivative that’s on the cusp of the clinic.
Madrigal Pharmaceuticals Inc. (NASDAQ:MDGL) gains an exclusive global license to SYH2086 from CSPC Pharmaceutical Group Ltd. (HKEX:1093) for $200 million up front and up to $2 billion in milestones, plus royalties. Madrigal is aiming to have the asset in the clinic in 1H26 for metabolic dysfunction-associated steatohepatitis (MASH, formerly NASH)...