Taking back overseas rights Yiming Anke (01541) strategic correction opens up new space

The Zhitong Finance App learned that Yiming Enke (01541) announced the withdrawal of global (outside of Greater China) interests in IMM2510 (PD-L1/VEGF) and IMM27M (CTLA-4 ADCC+) from Instil Bio after the market yesterday, indicating that the company has actively revised its previous licensing strategy. In August 2024, when overseas equity in these two assets was granted to Instil with a $50 million down payment and recent payment plus a $2 billion milestone, the market questioned the latter's ability to execute. Now it seems wise to stop losses in a timely manner.

Instil progressed slowly for 15 months after being authorized, and did not complete the enrollment of the first US patient until November 2025.

After the return of overseas rights, the company not only regained complete global rights, but also had the opportunity to find partners again, while regaining control over development strategies and clinical progress.

Additionally, IMM27M (CLTA-4 ADCC+)'s overseas interests have also been withdrawn at the same time. CTLA-4 has not received much attention for quite some time due to safety reasons, but the 2025 Nobel Prize in Physiology or Medicine brought the CTLA-4 target back into the public eye. The GotiStobart (new-generation CTLA-4 antibody) data recently released by BioNtech/OncoC4 also showed significant positive results compared to the control group, and the OS curve had a very typical trailing effect. Yiming Enke also has VEGF/PD-L1 and CTLA-4, and has great potential for future combined use. However, when used in combination as a monoclonal antibody, CLTA-4 will have more flexibility in terms of dosage and frequency of administration, thereby reducing its safety risk.

Another core highlight of Yiming Enke is the CD47 series pipeline. Among them, the cornerstone product IMM01 (SIRPα-FC fusion protein) is being actively promoted in phase III clinical trials for chronic myelomonocytic leukemia (CMML). It is expected that phase III mid-term analysis will be carried out within this year. Based on the large amount of positive efficacy and safety data accumulated in the early stages, it is expected to fill the gap in the CD47 field. Furthermore, the myeloid cell adaptor (MCE) molecule IMM0306 (CD47/CD20) developed based on IMM01 has attracted much attention. In 2025, Sanofi purchased Dren Bio's innovative MCE product DR-0201 with a $600 million down payment and a milestone of 1.3 billion US dollars. Since then, a number of early platform-based collaborations have been implemented in this field, proving the strategic value of MCE. Yiming Angke's IMM0306 is one of the fastest progressing MCE molecules.

In the field of self-prevention, IMM0306 for systemic lupus erythematosus presented phase IB data at the 2025 ACR conference, showing that the 24-week SRI-4 response rate reached 71.4% and 80.0% in the 0.8 mg/kg and 1.2 mg/kg cohorts, respectively, with no CRS. The dosing regimen only needs to be used once a week for 4 consecutive weeks, and there is no need to use medication for the next six months, making it extremely convenient. In the field of oncology, phase II data released at the 2025 ASH conference showed that ORR reached 91.2% and CR rate of 67.6% when treated with lenalidomide; even among patients resistant to CD20, ORR and CRR reached 88.9% and 66.7%, respectively. Phase III clinical trials will commence in the first quarter of 2026.

Taken together, this equity recycling allowed Yiming Angke to regain control of important assets (IMM2510, IMM27M, and), superimposing the differentiated layout of the IMM01 and IMM0306 pipelines in the fields of cancer and self-immunity. The company's subsequent clinical progress and BD cooperation are worth looking forward to.