[Sino Biopharmaceuticals and Boehringer Ingelheim reached a US$7 billion cooperation] On November 4, China Biopharmaceuticals announced the signing of a strategic option and licensing agreement with Boehringer Ingelheim. The cooperation covers 6 preclinical oncology assets, including ADCs and T cell adapters, 5 of which are from Lixin Pharmaceuticals and 1 from Beijing Tide. Sino Biopharmaceuticals will lead the early development of the project until the completion of global Phase I clinical trials. After reaching the agreed milestones, Boehringer Ingelheim can exercise the option to obtain exclusive rights outside Greater China for four of the projects, and exclusive global rights for the remaining two projects. China Biopharmaceuticals will receive an upfront payment and near-term payments of US$358 million; options, R&D, regulatory and commercialization milestones totaling up to US$7 billion, and a maximum double-digit sales commission. US$7 billion is the potential total with development and commercialization conditions.