Roche secured global rights to Qyuns Therapeutics’ long‑acting bispecific antibody QX‑031N in a deal that starts with a $75 million upfront payment and could top $1.07 billion in development and commercial milestones. The candidate, engineered to target thymic stromal lymphopoietin (TSLP) and interleukin‑33 (IL‑33), is intended for COPD, asthma and other respiratory diseases. Under the agreement, Qyuns retains a stake via milestones and tiered royalties while Roche gains exclusive development and commercialization rights worldwide. Roche described the asset as complementary to its respiratory franchise and said it will take responsibility for late‑stage development and manufacturing. The transaction underscores Big Pharma’s continued appetite for multispecific biologics in inflammatory and respiratory disease, and it highlights China‑based biotech assets as strategic sources of novel modalities. Investors will monitor clinical readouts and Roche’s development plan for signals of differentiation versus existing biologics.