BeyondSpring Inc. has entered into a strategic agreement to sell its majority equity interest in its Chinese subsidiary, Dalian Wanchunbulin Pharmaceuticals Ltd. ("Bulin"). In exchange, the buyer, Biolin Investment Limited, will provide non-cash consideration by funding and conducting the China portion of the company's global Phase 3 DUBLIN-4 trial for Plinabulin. The company also announced an at-the-market (ATM) equity offering program.
Key Details
- Strategic Sale & Collaboration: On September 28, 2026, BeyondSpring agreed to sell its subsidiary that indirectly holds the majority interest in Bulin. The transaction is designed to provide a non-dilutive, capital-efficient path to advance the DUBLIN-4 trial.
- Non-Cash Consideration: The buyer's obligation to fund and complete the China portion of the DUBLIN-4 trial serves as the consideration for the sale. This portion is expected to account for approximately 50% of the trial's planned global enrollment of 442 patients.
- Clawback Provision: If target patient enrollment is not achieved within a three-year period, the investor must transfer a proportional portion of the equity interests back to BeyondSpring. If the shortfall is 90% or greater, 100% of the equity must be returned.
- At-the-Market (ATM) Program: BeyondSpring also entered into an agreement on September 29, 2026, to sell up to 9,200,000 ordinary shares via an ATM program, with Citizens JMP Securities, LLC acting as the agent for a commission of up to 3.0%.
- FDA Fast Track Designation: Coinciding with these agreements, the company announced that the FDA has granted Fast Track designation to the Plinabulin and docetaxel combination for the lung cancer indication being studied in the DUBLIN-4 trial.