Adlai Nortye licensed its pan‑RAS(ON) inhibitor AN‑9025 to Jiangsu Aosaikang Pharmaceutical (Ask Pharm) in an exclusive deal that gives Ask Pharm China commercialization rights. The oral small molecule targets a broad spectrum of RAS mutations across tumor types and reflects continued partner interest in pan‑RAS strategies. Separately, ASK Pharm secured other China rights deals reported Dec. 30, underscoring active regional licensing activity for novel oncology assets. These transactions illustrate a two‑way flow of innovation and capital between small western biotechs and Chinese commercial partners seeking late‑stage or near‑clinical assets.