AstraZeneca agreed to outlicense ex‑China rights to Jacobio Pharmaceuticals’ clinical‑stage pan‑KRAS inhibitor JAB‑23E73 in a deal worth up to $1.915 billion. Jacobio retains China rights and will co‑develop the asset with AstraZeneca inside the territory, with AstraZeneca leading development and commercialization outside China. The transaction signals continued big‑pharma appetite for KRAS‑targeting small molecules amid an intensifying oncology race. AstraZeneca’s up‑front investment and milestone structure reflect a strategy to secure next‑generation targeted therapies to replenish oncology pipelines facing patent cliffs. Investors and competitors will monitor clinical progress and biomarker strategies that will determine patient selection and commercial positioning for this broad KRAS inhibitor.