VelaVigo Bio Strikes Second Major Licensing Agreement, Transfers Bispecific Rights to Ollin Biosciences

In a continued series of strategic moves, VelaVigo Bio, a biotechnology firm based in Shanghai, has finalized its second significant transaction within a six-month span. The latest agreement involves the licensing of ex-China rights to VBS-102, a bispecific asset, to U.S.-based Ollin Biosciences. The total potential value of the deal reaches up to $440 million, a figure that includes an initial payment along with contingent payments tied to future developmental, regulatory, and commercial milestones. VelaVigo is also positioned to earn tiered royalties based on eventual sales within Ollin’s geographical domain.

This announcement follows a similar licensing deal executed by VelaVigo in November of the previous year, when the company partnered with Avenzo Therapeutics. That transaction involved a Nectin4xTROP2 bispecific antibody-drug conjugate, for which Avenzo secured ex-China rights. Initial and near-term payments under that agreement could reach $50 million, with the total potential value soaring to $750 million contingent upon successful achievement of specified benchmarks. The company further reinforced its financial standing earlier this year by completing a $50 million funding round in February.
The new licensing arrangement marks another step in VelaVigo’s broader strategy to monetize its pipeline assets by granting territorial rights outside of China, while maintaining domestic control. VBS-102, the focus of the Ollin deal, will now be developed and potentially commercialized by the U.S. biotech, subject to performance and regulatory success.
Ollin Biosciences, a relatively new entrant in the biotech space, has maintained a focus on ophthalmology. In January 2024, the company filed a trademark application for “OLLIN,” citing coverage for pharmaceutical agents intended for treating and preventing ophthalmic diseases and disorders. Ollin is also supporting academic research in this domain, having awarded funding to a professor at Duke University who is conducting a project on the interplay of ocular outflow targets, specifically in the context of glaucoma.
Leadership at Ollin includes Jason Ehrlich, who is identified as the company’s Chief Executive Officer. Ehrlich brings a background in ophthalmic drug development, with past roles including Chief Medical Officer at Kodiak Sciences and earlier tenure as global head of clinical ophthalmology at Genentech. Though Ollin has not publicly detailed its investor base, industry connections suggest a link to Arch Venture Partners. Paul Berns, a managing partner at Arch, serves on Ollin’s board of directors. The company’s foundation also includes Atul Dandekar, who previously held executive responsibilities at Maze Therapeutics, another Arch-supported enterprise.

The financial and strategic implications of VelaVigo’s recent transactions indicate a deliberate effort to engage international collaborators while reinforcing its capital base. The deals with Avenzo and Ollin, in addition to securing non-dilutive funding, enable VelaVigo to leverage regional expertise in development and commercialization without relinquishing its foothold in the domestic Chinese market.