$100 Million AstraZeneca Deal Puts Chinese Biotech Jacobio on Path to Profit
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Founded in 2015, Jacobio reached a milestone in its 10th year with the first commercial sales of a product. Photo: IC Photo
Chinese innovative drug developer Jacobio Pharmaceuticals Group Co. Ltd. expects to turn profitable in 2026, a major turnaround driven by a $100 million upfront payment from a licensing deal with AstraZeneca PLC.
The forecast, disclosed during an earnings call on Wednesday, follows a narrower net loss of 146 million yuan ($21 million) for 2025, compared with 156 million yuan a year earlier. The Hong Kong-listed biotech also reported its first revenue from product sales during the year.
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- Jacobio Pharmaceuticals expects to become profitable in 2026, mainly due to a $100 million upfront payment from a licensing deal with AstraZeneca for its pan-KRAS inhibitor JAB-23E73.
- In 2025, the company's net loss narrowed to 146 million yuan, with revenue of 53.5 million yuan and its first product sales, while R&D spending declined by 42.9%.
- The AstraZeneca deal may bring up to $1.9 billion in milestone payments; JAB-23E73 entered Phase I trials in 2024.
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Who’s Who
- Jacobio Pharmaceuticals Group Co. Ltd.
- Jacobio Pharmaceuticals Group Co. Ltd. is a Chinese innovative drug developer established in 2015. They anticipate profitability in 2026, largely due to a $100 million upfront payment from a licensing deal with AstraZeneca. The company reported its first product sales revenue in 2025 from its KRAS G12C inhibitor, glecirasib (Airuikai), and its financial health is improving due to strategic partnerships and reduced spending.
- AstraZeneca PLC
- AstraZeneca PLC has signed a deal with Jacobio Pharmaceuticals Group Co. Ltd. to develop and commercialize Jacobio's pan-KRAS inhibitor JAB-23E73. AstraZeneca will gain global rights to the drug, excluding mainland China, Hong Kong, Macao, and Taiwan. The agreement includes a $100 million upfront payment to Jacobio in Q1 2026 and potential milestone payments of up to $1.9 billion. This partnership is expected to drive Jacobio's profitability.
- Shanghai Allist Pharmaceuticals Co. Ltd.
- Shanghai Allist Pharmaceuticals Co. Ltd. (Allist) is a partner of Jacobio Pharmaceuticals, commercializing the KRAS G12C inhibitor glecirasib (Airuikai) in China. Allist also contributes to funding key clinical trials for Jacobio and provided 45 million yuan to Jacobio in 2025 as part of a partnership.
- E-Town Capital
- E-Town Capital is an organization that provided a 45-million-yuan tranche from a financing agreement to Jacobio Pharmaceuticals Group Co. Ltd. in 2025. This contribution was part of Jacobio's overall cash inflow, supporting the biotech company's financial growth.
- Revolution Medicines Inc.
- Revolution Medicines Inc. is the developer of RMC-6236, a competing drug to Jacobio’s JAB-23E73. RMC-6236 utilizes "molecular glue" technology and has shown a higher rate of severe treatment-related side effects in its studies compared to JAB-23E73.
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What Happened When
- 2015：
- Jacobio Pharmaceuticals was founded.
- September 2024：
- JAB-23E73 entered Phase I clinical trials.
- May 2025：
- Glecirasib (Airuikai) received conditional approval in China.
- 2025：
- Jacobio reported its first revenue from product sales.
- 2025：
- Jacobio reported revenue of 53.5 million yuan and a cash inflow of 240 million yuan, including significant payments from various partnerships/transactions.
- 2025：
- Jacobio reported a narrower net loss of 146 million yuan, compared with 156 million yuan in 2024.
- December 2025：
- AstraZeneca licensing agreement with Jacobio was signed.
- December 2025：
- Glecirasib was added to the national medical insurance catalog in China.
- End of 2025：
- Jacobio’s combined cash, cash equivalents, and bank credit facilities stood at roughly 1.53 billion yuan.
- By January 15, 2026：
- Jacobio reported a 38.5% response rate among 13 evaluable pancreatic cancer patients treated with JAB-23E73.
- First quarter of 2026：
- Jacobio expects to receive the $100 million upfront payment from AstraZeneca.
- Wednesday, March 12, 2026：
- Jacobio disclosed its profit forecast for 2026 during its earnings call.
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