Yarrow Bioscience agreed to license ex‑China rights to GS‑098, a thyroid‑stimulating hormone receptor (TSHR) antibody developed by Shanghai Scizeng/GenSci, in a deal that could be worth roughly $1.365 billion. The agreement includes $70 million upfront and near‑term development milestones, with tiered double‑digit royalties on ex‑China sales. Rebecca Frey, Yarrow CEO, framed the move as accelerating clinical development for Graves’ disease and thyroid eye disease. The pact hands Yarrow a potential late‑stage autoimmune candidate and gives GenSci a financially meaningful pathway to commercialize domestically while sharing ex‑China upside. TSHR is an emerging target in autoimmune thyroid disease and the deal tightens competition as several firms pursue related mechanisms. For investors and developers, the transaction highlights continued appetite for mid‑to‑late preclinical immunology assets from China that can be regionalized through licensing.