On January 9, 2026, Haisco Pharmaceutical Group Co., Ltd. (Ticker Code: 002653) announced that it has entered into an exclusive licensing agreement with US based biotech AirNexis. Under the agreement, Haisco grants AirNexis the rights to develop, manufacture, and commercialize its independently developed innovative drug HSK39004 globally, excluding Greater China. The total deal value reaches up to USD 1.063 billion, including an upfront payment of USD 108 million (USD 40 million in cash and USD 68 million in AirNexis equity), up to USD 955 million in development, regulatory, and commercial milestone payments, and tiered royalties on post‑launch net sales reaching the mid-teens percentage. This collaboration represents a significant milestone in the internationalization of innovative respiratory drugs originating from China.

As a core respiratory asset of Haisco, HSK39004 is a proprietary PDE3/4 dual inhibitor that delivers "synergistic bronchodilatory and anti‑inflammatory effects", providing an add‑on maintenance therapy option for patients with chronic obstructive pulmonary disease (COPD). The drug has been developed in two inhaled formulations: an inhalation suspension and a dry powder inhaler (DPI). The DPI formulation enables rapid administration, requiring only five seconds from the start to the completion of inhalation, which significantly improves patient compliance compared to competing products. Both formulations have entered Phase II clinical trials in China. Preclinical and clinical studies have demonstrated that HSK39004 shows strong bronchodilatory and anti‑inflammatory activity with a favorable safety profile.