Published by Global Banking & Finance Review®
Posted on January 30, 2026
3 min readLast updated: January 30, 2026
AstraZeneca partners with CSPC for up to $18.5 billion to license weight-loss drugs, marking CSPC's largest out-licensing deal and expanding AstraZeneca's obesity market strategy.
By Andrew Silver
SHANGHAI, Jan 30 (Reuters) - AstraZeneca will license experimental drugs for obesity and weight-related conditions from CSPC Pharmaceutical Group and collaborate on other projects, paying $1.2 billion upfront and up to $17.3 billion more if milestones are met, the Chinese drugmaker said on Friday.
The deal builds on existing collaboration between the companies in areas such as artificial intelligence and a spokesperson for AstraZeneca said it was in addition to a $15 billion investment in China that the drugmaker announced on Thursday.
The British-Swedish drugmaker is expanding its investment in the growing obesity market led by Western rivals and has also licensed an experimental weight-loss pill from China's EccoGene.
AstraZeneca executive Sharon Barr said the investments in China are key to supporting the company's target of launching 20 new medicines by 2030.
For CSPC, it is the largest out-licensing deal the company has ever signed, Macquarie Capital analysts said. Under the agreement, CSPC is eligible to receive up to $3.5 billion in payments tied to research and development milestones, and up to $13.8 billion for sales-related milestones covering access to its platform and eight drug programs.
Any future royalties based on annual net sales of the licensed products will be in addition to these payments, CSPC said in a filing.
Shares of CSPC, however, were down about 12% in Hong Kong following the announcement, after they had surged 26% since January 2. AstraZeneca's London-listed shares were up 0.3% on Friday.
"This reflects the classic 'buy the rumour, sell the news' phenomenon," said Tony Ren, head of Asia healthcare research at Macquarie Capital.
The newly licensed drug candidates from CSPC include SYH2082, a "clinical-ready" product, and three other pre-clinical products in its injectable weight-management portfolio, the company said in a filing to the Hong Kong Stock Exchange.
SYH2082 is designed for once-monthly dosing, which can help patients stick to weight-loss therapy for longer.
The agreement covers the development, manufacturing and commercialisation of the candidates. AstraZeneca has been granted a global licence, excluding Taiwan, Hong Kong, Macau, and mainland China.
AstraZeneca will also collaborate on four additional new programmes with CSPC, using CSPC's proprietary platforms for sustained-release delivery technology and AI-driven peptide drug discovery.
"With CSPC, we're exploring mechanisms that allow us to offer better tolerability and more durable responses. And we know that's important for patients," said AstraZeneca's Barr.
(Reporting by Sherin Sunny in Bengaluru, Andrew Silver in Shanghai and Bhanvi Satija in London; Editing by Sherry Jacob-Phillips, Elaine Hardcastle)
Milestone payments are payments made when specific goals or milestones are achieved in a project or agreement, often used in licensing and partnership deals.
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