Roche struck a licensing agreement with Jiangsu‑based Qyuns Therapeutics securing global rights to QX‑031N, a clinical‑stage bispecific antibody aimed at respiratory disease, in a deal that could top $1 billion. The agreement includes an immediate up‑front payment and more than $1 billion in potential milestones, with Roche taking responsibility for global development, manufacturing and commercialization. Company statements indicate the program targets COPD and asthma via dual blockade of TSLP and IL‑33, and Roche characterized the candidate as a potential best‑in‑disease asset. The licensing move underscores Big Pharma’s continued appetite for bispecifics and for in‑region sourcing of respiratory biologics.