Haisco Forms Sentivera In Up To $1.5 Billion Immunology Deal, Extending Its U.S. Partnering Run

Haisco Pharmaceutical Group has signed a deal to form Sentivera, a new immunology biotech backed by Population Health Partners and ARCH Venture Partners, around one of Haisco’s core assets for type 2 inflammatory diseases. The transaction is potentially worth about $1.5 billion, combining upfront and equity payments with milestone and royalty economics if the program reaches launch.

Under the terms described by the companies, Haisco will receive $75.9 million in upfront and equity payments and as much as $1.46 billion in milestones and royalties on net sales. Sentivera will hold global development rights outside of China, while Haisco retains China rights and will continue work on the drug there.

Deal structure

The companies did not name the asset, but said it targets type 2 inflammatory diseases. Those can include asthma, atopic dermatitis, chronic rhinosinusitis with nasal polyps, and eosinophilic esophagitis. The candidate achieved investigational new drug status in China earlier this month and, according to the release, has shown anti-inflammatory activity and a favorable safety profile in preclinical testing.

The setup matters because it follows a familiar cross-border playbook: a China-based company advances an asset to an early regulatory step domestically, then partners ex-China rights into a U.S.-backed vehicle built for broader development. That can limit capital needs for the originator while preserving upside through milestones, royalties and continued China participation.

Why it matters

For Haisco, the Sentivera transaction adds to a busy partnering year. In June, the company struck a collaboration with Eli Lilly that could be worth up to $3 billion for five programs. Also in June, it signed a deal with Nuvectis for two late-stage programs worth up to $1.4 billion. In April, AbbVie took worldwide rights to a pain asset from Haisco for up to $715 million.

The signal is less about one disclosed molecule than about capital flow. U.S. venture firms are still willing to build new companies around externally sourced assets when they see a route to differentiated development outside China, especially in large inflammatory markets where incumbents are already established.