On September 23, 2026, Amberstone Biosciences (hereinafter referred to as “Amberstone”), a US biotechnology company invested by Co-win Investment Enterprise, entered into a global exclusive collaboration and license agreement with Henlius (2696.HK).

In recent years, TCEs have emerged as a key area of cancer immunotherapy. These advanced antibodies simultaneously bind to tumour cells and the body’s own T cells, directly harnessing the immune system to kill cancer cells, and have demonstrated significant clinical value in hematologic malignancies. More recently, the approval of the first TCE therapy for a solid tumour has provided initial clinical validation of the modality’s potential in solid tumours. However, progress to date has remained limited to a small number of rare and highly tumor-specific targets. For most tumour-associated antigens (TAAs) that are also expressed to some extent in normal tissues, the potent activity of conventional TCEs can readily cause on-target, off-tumour toxicity and systemic immune responses. Overcoming the narrow safety window associated with a broader range of targets and expanding the druggable target space for TCEs have therefore become critical to advancing this modality across solid tumours.

Tumour microenvironment (TME)-specific conditional activation is emerging as a promising strategy to overcome the scarcity of TAAs in solid tumours. Due to the abnormal metabolism of cancer cells, the microenvironment of most solid tumours is persistently acidic, with a lower pH than the neutral environment of normal tissues. Amberstone’s proprietary T-MATE™ platform leverages this distinction by engineering a pH-sensitive switch into therapeutic molecules. The molecules remain inert in normal, neutral tissues and are activated only upon entering the acidic TME. By requiring both target binding and acidic TME conditions for activation, this approach is designed to substantially improve the therapeutic index, limit off-tumour toxicity, and widen the therapeutic window, thereby enabling the development of safer and more potent TCE therapies for solid tumours.

Supported by fully integrated capabilities spanning research and development, manufacturing, and global commercialization, Henlius has successfully developed and advanced multiple monoclonal antibodies (mAbs) to approval worldwide. In parallel, the company is expanding into frontier modalities, including immune cell engagers (ICEs), antibody-drug conjugates (ADCs), and bispecific and multispecific antibodies, while building strong capabilities in tumour target discovery and antibody engineering. In the ICE field, Henlius has established a diversified technology platform encompassing TCEs, natural killer cell engagers (NKCEs), and myeloid cell engagers (MCEs). The company continues to enhance its platform toolkit, including by introducing co-stimulatory signals to strengthen immune-cell activity and by developing a selective activation platform designed to reduce the risk of cytokine release syndrome (CRS), further broadening the mechanisms and therapeutic potential of ICEs in solid tumours.

The introduction of T-MATE™ technology will further strengthen Henlius’ existing ICE platform and represents a forward-looking strategic initiative to address the challenges of TCE development in solid tumours. By combining TAA targets selected by Henlius with Amberstone’s tumour microenvironment-dependent activation technology, the two companies aim to leverage their complementary strengths and accelerate the development of next-generation TCEs with the potential to deliver both enhanced efficacy and improved safety.

Under the terms of the agreement, Henlius will obtain exclusive licenses to develop next-generation TCEs against two designated TAAs by Henlius. Amberstone will use its T-MATE™ platform to generate preclinical candidates (PCCs), while Henlius will lead subsequent research, development, manufacturing, and commercialization, drawing on its capabilities in translational medicine, clinical development, and global commercialization. Amberstone will receive an upfront payment and will be eligible for research fees, development and regulatory milestone payments, sales milestone payments, as well as single-digit royalties on product sales following commercialization.