AstraZeneca secured ex-China rights to Sino Biopharmaceutical’s PDE3/4 inhibitor candidate TQC-3721 for up to $2.1 billion, bolstering its COPD pipeline with a late-stage small molecule. The deal includes a $200 million upfront payment to Chia Tai Tianqing Pharmaceutical Group, with additional development, regulatory, and sales milestones totaling as much as $1.9 billion. TQC-3721 is positioned as a potential best-in-class therapy for chronic respiratory disorders including COPD, following the commercial path of Merck’s recently acquired ensifentrine franchise (Ohtuvayre). Sino has already completed a Phase 2 COPD study in China, where the candidate combined with standard therapies improved lung function versus comparator regimens and placebo. The AstraZeneca pact also includes tiered royalties based on annual net sales. The transaction reflects continued UK/European pharma reliance on China-sourced clinical candidates as competition in COPD treatment intensifies.