PegBio Announces Landmark Commercialization Collaboration with Tenry Pharmaceutical for Paidakang in Mainland China

Date: March 16, 2026

Key Highlights

• PegBio Co., Ltd. (“PegBio”) enters into a strategic commercialization agreement with Shanghai Tenry Pharmaceutical Co., Ltd. (“Tenry Pharmaceutical”) for PegBio’s core product, Paidakang, in Mainland China.
• The collaboration aims for a cumulative commercialization sales target exceeding RMB 10 billion.
• PegBio will receive a royalty payment of approximately HK\$140 million from Tenry Pharmaceutical, expected within the current year.
• Tenry Pharmaceutical will handle exclusive commercialization and promotion of Paidakang in Mainland China, leveraging its extensive marketing network and academic promotion team.
• PegBio retains all intellectual property, product interests, and overseas market rights for Paidakang. Sales revenue in Mainland China will be recognized by PegBio.
• The agreement marks a significant milestone in PegBio’s commercialization strategy and is expected to generate high-certainty cash inflows.

Detailed Overview of the Agreement

PegBio’s Board of Directors has announced the signing of a strategic cooperation agreement with Tenry Pharmaceutical for the commercialization of Paidakang, the company’s core product, in Mainland China. PegBio and Tenry will integrate their respective strengths—PegBio’s research and clinical expertise, and Tenry’s nationwide commercialization network—to boost market expansion, promotion, and deployment of Paidakang.

The parties have set an ambitious core commercialization target: cumulative sales of over RMB 10 billion for Paidakang in Mainland China. The Board believes that the outstanding clinical value of Paidakang, combined with the complementary strengths of the two companies, could unlock a RMB 10 billion market opportunity and drive significant commercial and market coverage growth.

As part of the arrangement, Tenry Pharmaceutical will pay PegBio a royalty totaling approximately HK\$140 million. According to current arrangements, this payment is expected to be received within the current financial year, providing PegBio with a high degree of cash flow certainty and accelerating the commercialization process for Paidakang.

Roles & Responsibilities

• Tenry Pharmaceutical is responsible for the exclusive commercialization and promotion of Paidakang in Mainland China, utilizing its established marketing channels and professional prescription drug promotion teams.
• PegBio will continue to recognize sales revenue from Paidakang in Mainland China and retains all intellectual property rights, product interests, and overseas market rights for the product.
• This arrangement does not constitute a discloseable transaction under Chapter 14 of the Hong Kong Listing Rules.

About Tenry Pharmaceutical

Tenry Pharmaceutical is a well-established pharmaceutical enterprise specializing in drug R&D, manufacturing, and commercialization. The company has a robust marketing network covering major regions of Mainland China and an experienced academic promotion team, making it a strong partner for PegBio in this commercialization effort.

Importantly, Tenry Pharmaceutical and its ultimate beneficial owner are independent third parties and not connected persons of PegBio under the relevant listing rules.

Important Notices for Shareholders

• The targeted sales scale of over RMB 10 billion is a commercialization target and development plan, not a forecast or guarantee of future revenue or profit.
• Actual sales performance could be affected by several factors, including market conditions, promotional progress, and regulatory approvals. As such, there are inherent uncertainties in this target.
• Shareholders and potential investors are advised to exercise caution when dealing in PegBio’s securities, given these uncertainties.

Board Composition

As of the date of this announcement, the board of PegBio Co., Ltd. comprises:

• Executive Directors: Dr. Michael Min XU (Chairman and General Manager), Ms. Xiaojun WANG
• Non-Executive Directors: Dr. Xiangjun ZHOU, Dr. Yuhong XU, Ms. Ting ZHAI, Mr. Hongkai LI
• Independent Non-Executive Directors: Dr. Jiancun ZHANG, Dr. Yangyang CHEN, Ms. Xinpeng FAN

Potential Market Impact

This agreement represents a major commercialization milestone for PegBio, with the potential to significantly impact the company’s financial performance, cash flows, and strategic market positioning. The royalty payment and ambitious sales target—if achieved—could be highly price-sensitive events, likely to influence the company’s share value. Investors should monitor further disclosures and updates regarding sales progress, regulatory developments, and financial impacts.

Disclaimer: The information provided in this article is based on the company’s voluntary announcement and is not intended to constitute financial advice. Actual outcomes may differ from targets due to various market and regulatory factors. Investors should exercise caution and consult professional advisers before making investment decisions.

View PEGBIO CO-B Historical chart here