Jacobio Pharmaceuticals outlicensed its phase‑I pan‑KRAS inhibitor JAB‑23E73 to AstraZeneca in a deal worth up to $1.915 billion. The agreement grants AstraZeneca global rights outside China and sets a joint development and commercialization plan inside China. Jacobio will receive a $100 million up‑front payment and is eligible for milestone and tiered royalty payments. AstraZeneca will lead clinical development and regulatory filings outside China, reflecting a common model where Chinese biotech keeps domestic co‑development while globalizing via a big Pharma partner. The pact underscores continued industry appetite for KRAS‑directed programs and highlights China’s role as a growing source of innovation for out‑licensing to western pharma.