RTW‑backed Yarrow Bioscience licensed ex‑China rights to GS‑098, a thyroid‑stimulating hormone receptor (TSHR) antibody developed by Shanghai Scizeng/GenSci, in a deal that could reach $1.37 billion. Yarrow will fund development outside China and gain commercial rights, while GenSci retains China territory and milestone/royalty economics. The agreement fast‑tracks a candidate targeting Graves’ disease and thyroid eye disease—areas of high unmet need—and reflects RTW’s strategy of sourcing clinical‑stage assets from Asian biotechs. The transaction highlights continued cross‑border licensing flow and the appetite for immunomodulatory antibodies with potential in autoimmune endocrinology.