BeOne Medicines is paying $20 million upfront to reserve an exclusive option on HH160, a preclinical trispecific antibody from Beijing-based Huahui Health. Exercising that option costs another $100 million. If HH160 reaches market, Huahui stands to collect up to $1.9 billion in milestones plus tiered royalties, making the total deal value roughly $2 billion.
What does BeOne actually get? HH160 targets PD-1, CTLA-4, and VEGF-A simultaneously, two immune checkpoints and an angiogenesis target, built on Huahui’s PolyBoost multispecific antibody platform. Preclinical data appeared at last year’s AACR meeting, where Huahui claimed the antibody could yield synergistic anti-tumor effects and simplify dosing. It’s still preclinical — a very early-stage bet at any price.
BeOne already owns Brukinsa, a BTK inhibitor for blood cancer, and Tevimbra, a PD-1 inhibitor. Together, those two products make it a credible commercial buyer in oncology. It’s also running a phase 1 on BG-T187, a trispecific targeting EGFR and two c-Met epitopes, launched in 2024. HH160 would be BeOne’s second trispecific in the pipeline.
BeOne has also flagged it may invest in Huahui’s future financing rounds, a move that will be negotiated separately. That structure points to a broader platform bet, not a one-asset deal.
Huahui reached commercial stage this year when Chinese regulators cleared Libevitug, a monoclonal antibody for chronic hepatitis D. A global phase 3 is underway targeting U.S. approval.
— Diana Kowalski