Windward Bio agreed to acquire ex‑China rights to Qyuns Therapeutics’ WIN027 (QX027N), a long‑acting bispecific targeting TSLP and IL‑13, in a deal with headline value up to $700 million. Windward, backed by Novo Holdings, said WIN027 is designed to deliver extended dosing and deeper inhibition for respiratory and dermatology diseases, including asthma, COPD and atopic dermatitis. The transaction complements Windward’s existing immunology portfolio and follows the company’s 2025 fundraise and prior licences. Windward framed the asset as potentially offering improved efficacy and dosing convenience versus current biologics; the program is at phase 1 in China with long‑acting design elements highlighted.