VelaVigo Bio, the U.S. subsidiary of VelaVigo Cayman Limited (VelaVigo), a biotech company with a robust discovery and development platform of multi-specific antibodies and antibody-drug conjugate (ADC),  announced its second out-licensing agreement of a first-in-class (FIC) asset to Ollin Biosciences, Inc. ("Ollin"), granting Ollin an exclusive license to develop, manufacture and commercialize VBS-102, a first-in-class bispecific antibody, globally (excluding Greater China). VelaVigo will maintain rights for Greater China.

Under the terms of the agreement, VelaVigo will receive an upfront fee and future development, regulatory, and commercial milestone payments in cash and equity, totaling up to approximately $440 million in the aggregate, as well as tiered royalties on sales in Ollin's territory.

This milestone follows VelaVigo's first licensing deal with Avenzo Therapeutics in November 2024 and the successful close of a $50 million Pre-A funding round in February 2025, reinforcing the company's unique business model combining business development (BD) and venture capital (VC) strategies for sustainable growth.

The latest deal underscores VelaVigo's ability to discover and develop high-potential therapeutics while partnering strategically to maximize value. Additionally, VelaVigo is advancing its fully owned lead asset, a FIC/BIC bispecific ADC, into a U.S. clinical trial this year and expanding its global clinical development capabilities. The company will also present data on five additional FIC or BIC molecules at upcoming industry conferences, seeking further partnership opportunities worldwide.

"This second out-licensing deal is a strong validation of our discovery platform and our ability to identify and advance novel therapeutics with significant potential," said Jing Li, CEO of VelaVigo. "With our first asset entering the clinic this year and a deep pipeline of innovative molecules, we are demonstrating our capacity to translate cutting-edge science into valuable clinical-stage programs. Our goal is to build a global biotech leader by leveraging strategic partnerships while advancing our own portfolio."

"Our BD+VC model is designed to create sustainable value for investors and partners," said Tong Zhang, co-founder, Chief Business & Financial Officer of VelaVigo. "This second licensing deal, following our successful $50M Pre-A round, highlights our ability to execute on both financing and strategic collaborations. We are actively engaging with potential partners to expand our global footprint and accelerate the development of our pipeline."