HONG KONG,Jan. 22,2025 -- Today,Lepu Biopharma Co.,Ltd (Stock Code: 02157.HK) announced that it has entered into anexclusive licensing agreement with ArriVent BioPharma,Inc.for MRG007,a Potential Best-in-Class antibody- drug conjugate ("ADC") for the treatment of Gastrointestinal ("GI") Cancers.

Under the terms of the agreement,Lepu Biopharma has granted ArriVent exclusive rights to develop,manufacture and commercialize MRG007 outside of Greater China which includes mainland China,Hong Kong,Macau and Taiwan. Lepu Biopharma will receive a one-time upfront and near-term milestone payments totaling$47 millionin cashand is eligible to receive up to $1.16billion in development,regulatory and sales milestones and tiered royalties on net sales outside ofGreater China.

MRG007 has shown robust antitumor activity in preclinical models of GI cancers and a favorable therapeutic index based on IND enabling studies. The first IND submission is planned for the first half of 2025 with an initial clinical development focus in colorectal,pancreatic and other GI cancers.

Sui Ziye Ph.D.,Executive Director and Chief Executive Officer of Lepu Biopharma said,"We are very pleased to be working with ArriVent. Lepu Biopharma has been dedicated to promoting the technological advancement of innovative ADCs in China. We believeMRG007 is one of our potential best-in-class ADC molecules in pre-clinical stage. The agreement is a recognition of our self-dependent R&D capabilities.We look forward to collaborating with ArriVent to advance the development of MRG007 globally and help bring this potential promising therapy to more patients around the world."

Bing Yao,Chairman and Chief Executive Officer of ArriVent said,"We believe MRG007 is a potential best-in-class ADC for the treatment of GI malignanciesbased onpreclinical and IND enabling studies. Expanding our pipeline with MRG007 furthers our mission to develop novel medicines for cancers with high unmet needs worldwide and accelerates our ADC portfolio by adding a program which plans to enter the clinic in the near-term. We look forward to collaborating with Lepu Biopharma in advancing this program globally."

About Lepu Biopharma Co.,Ltd.

Lepu Biopharma Co.,Ltd. (Stock Code: 02157.HK)is an innovation-driven company focusing on oncology therapeutics,in particular,targeted therapy and oncology immunotherapy,with a strong China foundation and global vision. The companyis dedicated to developing innovative ADCs through its advanced ADC technology platform. Lepu Biopharma highly values the continuing build-out of its own commercialization capabilities and is determined to pursue the goal towards strong transformation from core technology to drugs and industrialization. At present,the product pipeline of Lepu Biopharma covers three major areas,namely immunotherapies,ADC targeted therapies and oncolytic virus drugs,including oneclinical/commercialization- stage drugcandidate,seven clinical-stage drug candidates (sixof which are ADC drug candidates) and three clinical-stage combination therapies of the key candidates in its pipeline. The company houses the leading ADC drug candidate pipeline in China.

About ArriVent

ArriVent is a clinical-stage biopharmaceutical company dedicated to the identification,development,and commercialization of differentiated medicines to address the unmet medical needs of patients with cancers. ArriVent seeks to utilize its team's deep drug development experience to maximize the potential of its lead development candidate,firmonertinib,and advance a pipeline of novel therapeutics,such as next-generation antibody drug conjugates,through approval and commercialization.