Minghui licenses Japan rights to TED drug for $110M upfront

Minghui Pharmaceutical has granted Japan-based ASKA Pharmaceutical exclusive rights to develop and commercialize MHB018A for thyroid eye disease (TED) in Japan.

The deal includes $110 million upfront, up to $330 million in development, regulatory and commercial milestones, and tiered royalties that could reach the mid-30% range on Japanese net sales.

MHB018A is a subcutaneous antibody targeting IGF-1R. Minghui says it is conducting Phase 3 studies in China and globally, and retains rights outside Japan.

The agreement was announced on November 4, 2026. The milestone payments are conditional, so the often-cited $440 million total is not guaranteed.