Minghui Pharmaceutical ("Minghui") and ASKA Pharmaceutical Co., Ltd. ("ASKA")  announced that they have entered into an exclusive license agreement for the development and commercialization of MHB018A in Japan.

MHB018A is a novel, subcutaneously administered antibody targeting insulin-like growth factor 1 receptor (IGF-1R) for the treatment of thyroid eye disease (TED). Under the agreement, ASKA will receive exclusive rights to develop, seek regulatory approval for, and commercialize MHB018A in Japan. Minghui will retain all rights to MHB018A outside Japan and continue to lead its global development.

MHB018A has demonstrated potential best-in-class efficacy and a favorable safety profile in TED. Phase 2 data presented orally at ENDO 2026 showed robust improvements across multiple clinically meaningful endpoints in patients with active and chronic TED, with no new or unexpected safety signals.

Minghui is conducting a comprehensive Phase 3 development program comprising four randomized pivotal studies in active and chronic TED: two in China and two global studies involving sites in the United States, Europe, Japan, and other regions, designed to support regulatory submissions worldwide.

Under the terms of the agreement, Minghui will receive an upfront payment of USD 110 million and will be eligible to receive additional development, regulatory, and commercial milestone payments of up to USD 330 million, as well as tiered royalties up to mid-30% on net sales in Japan.

"Japan is an important market for MHB018A, and ASKA brings deep expertise in endocrinology, clinical development, regulatory affairs, and commercialization," said Dr. Guoqing Cao, Founder and Chief Executive Officer of Minghui Pharmaceutical. "This partnership marks another important step toward bringing MHB018A to patients worldwide. We look forward to working closely with ASKA to advance the program in Japan and address the significant unmet needs of patients with TED."

Sohta Yamaguchi, President and Representative Director of ASKA Pharmaceutical, commented:

"This partnership represents an important step in strengthening our presence in thyroid disease and specialty care, as well as expanding our product portfolio. TED is a disease with limited treatment options and significant unmet medical needs in Japan. Through our collaboration with Minghui, we are committed to advancing efforts toward regulatory approval and bringing a new treatment option to patients in Japan as soon as possible."

Stifel is serving as exclusive financial advisor to Minghui and Fangda Partners is serving as legal advisor.