Minghui Sells Japanese Rights to Phase 3 Thyroid Eye Disease Drug for $110M Upfront
- Shanghai-based Minghui Pharmaceutical is licensing the Japanese rights to its Phase 3 thyroid eye disease drug.
- The buyer is a 106-year-old specialty pharma best known for thyroid hormone products.
- The upfront payment is $110 million.
💡 Points Based on public reports
For comparison, Viridian's Japan deal with Kissei for its IGF-1R antibodies paid $70 million upfront in 2025, so $110 million for one country's rights to a Phase 3 asset is a rich price and shows how contested Amgen's Tepezza territory has become. The buyer's thyroid franchise gives it endocrinologist access that a generalist wouldn't have. What isn't clear from the lede is how much of the milestone stack is still ahead.
China biotech Minghui does thyroid eye disease deal for $110M upfront ↗