Shanghai-based VelaVigo Bio has secured its second major licensing deal in six months, granting U.S. biotech Ollin Biosciences exclusive global rights to develop and commercialize VBS-102, a first-in-class bispecific antibody, for up to $440 million.
The agreement provides VelaVigo with an upfront fee and future development, regulatory, and commercial milestone payments in cash and equity totaling approximately $440 million, plus tiered royalties on sales in Ollin's territory. VelaVigo retains rights for Greater China.
Strategic Partnership Momentum
This transaction follows VelaVigo's November 2024 licensing agreement with Avenzo Therapeutics for a Nectin4xTROP2 bispecific antibody-drug conjugate, which netted up to $50 million in upfront and near-term payments with potential milestone value reaching $750 million. The company also closed a $50 million Pre-A funding round in February 2025.
"This second out-licensing deal is a strong validation of our discovery platform and our ability to identify and advance novel therapeutics with significant potential," said Jing Li, CEO of VelaVigo. "With our first asset entering the clinic this year and a deep pipeline of innovative molecules, we are demonstrating our capacity to translate cutting-edge science into valuable clinical-stage programs."
Ollin Biosciences Profile
Ollin Biosciences maintains a low public profile but appears focused on ophthalmology applications. The company filed a trademark for "OLLIN" in January 2024 covering pharmaceutical preparations for ophthalmic diseases and conditions. Ollin is also funding glaucoma research by a Duke University ophthalmology professor for a project testing "additivity of two outflow targets."
Jason Ehrlich serves as CEO of Ollin, according to an October 2023 ophthalmology event brochure. Ehrlich previously held executive positions at Kodiak Sciences until August 2023 and served as global head of clinical ophthalmology at Genentech.
Business Model Validation
The deal reinforces VelaVigo's unique BD+VC business model combining business development and venture capital strategies. "Our BD+VC model is designed to create sustainable value for investors and partners," said Tong Zhang, co-founder and Chief Business & Financial Officer of VelaVigo. "This second licensing deal, following our successful $50M Pre-A round, highlights our ability to execute on both financing and strategic collaborations."
Pipeline Development
VelaVigo is advancing its fully owned lead asset, described as a first-in-class/best-in-class bispecific ADC, into U.S. clinical trials this year while expanding global clinical development capabilities. The company plans to present data on five additional first-in-class or best-in-class molecules at upcoming industry conferences as it seeks further partnership opportunities worldwide.
Founded in 2021 with a $50 million investment, VelaVigo operates R&D centers in Shanghai and clinical operations in Boston. The company positions itself as a leading antibody/ADC discovery and development biotech with capabilities spanning translational medicine, CMC, and early clinical development.
