According to CoinMeta, Haichuang Pharmaceutical announced that the company has signed an "Exclusive License Agreement" with evommune, granting a paid license of its vav1 molecular glue degradation agent hp570, which is protected by independent intellectual property rights, to evommune and mgd. As part of the consideration for this licensing transaction, the company and its wholly-owned subsidiary will receive a non-refundable and non-deductible upfront payment of $30 million. In addition, the company is entitled to collect potential milestone payments of up to $1.07 billion for development, registration, and commercialization, as well as tiered royalties corresponding to the net sales of products within the licensed region.