Leo Pharma has had a busy start to 2025 on the business development front but its latest deal, a licensing pact for Shanghai Junshi Biosciences' PD-1 antibody toripalimab, has raised a few eyebrows.
Leo Delves Into Rare Cancer Space With Junshi Deal
The Danish drugmaker, best known for dermatology, has secured the European rights to Shanghai Junshi Biosciences’ cancer therapy toripalimab, which was the first Chinese PD-1/L1 checkpoint inhibitor to be approved in the US.

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Merck & Co., which already has an oral PCSK9 inhibitor in Phase III, licensed Hengrui’s Lipoprotein(a)-lowering small molecule HRS-5346 outside of Greater China for $200m up front.
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