July 31, 2025 12:31 AM GMT CSPC Pharmaceutical Group | Asia Pacific An Upside Surprise to Out- licensing Deal Target The event: CSPC has entered a licensing agreement with Madrigal (MDGL.O, Not Covered) for the exclusive ex.China development and commercial rights to SYH2086, an oral GLP-1 in preclinical stage (link). The deal includes an upfront fee of US$120mn, potential total milestones of up to US$1,955mn, and a double-digit share of sales royalties. MDGL's lead asset – Rezdiffra (resmetirom) – is a once ...