AstraZeneca struck a licensing agreement with Sino Biopharmaceutical for ex-China rights to TQC3721, a dual PDE3/4 inhibitor candidate aimed at chronic obstructive pulmonary disease. AstraZeneca will pay $200 million upfront, with additional development, regulatory and sales milestones that could total up to $2.1 billion, plus royalties. In China, Sino has advanced TQC3721 in multiple formulations, including a nebulized version in Phase III and a dry powder inhaler in Phase II. Sino positions the asset as a potential challenger in a space shaped by ensifentrine’s reference status. The deal underscores pharma’s continued push to enlarge respiratory pipelines through external partnerships, particularly for late-stage oral or inhaled mechanisms.