Haisco Pharmaceutical Group
Last updated: August 27, 2026
Company Overview
Haisco Pharmaceutical Group (海思科医药集团股份有限公司; SZSE: 002653) is a commercial-stage Chinese pharmaceutical company engaged in innovative drug discovery and development, manufacturing and commercialization.
Founded in 2000, Haisco initially built its business around specialty and generic medicines before making a major strategic shift toward innovative drug R&D in 2012—the same year it listed on the Shenzhen Stock Exchange. The company has since evolved into an increasingly innovation-driven biopharmaceutical company, with particular strength in small-molecule drug discovery.
Haisco currently focuses primarily on anesthesia/pain, respiratory disease, chronic/metabolic disease, autoimmune/inflammatory disease and oncology, while also developing drugs for rare and complement-mediated diseases. Its pipeline includes small-molecule innovative drugs, biologics and high-end generics.
| Company | Haisco Pharmaceutical Group Co., Ltd. |
|---|---|
| Chinese name | 海思科医药集团股份有限公司 |
| Founded | 2000 |
| Business status | Public |
| Stock exchange | Shenzhen Stock Exchange |
| Ticker | 002653.SZ |
| Listed | 2012 |
| Main operating/R&D presence | Chengdu, Sichuan, China |
| Registered/group roots | China, with operations spanning Sichuan, Tibet, Liaoning and other locations |
| Industry | Pharmaceuticals / Biotechnology |
| Development stage | Commercial-stage |
| Core therapeutic areas | Anesthesia & pain, respiratory, autoimmune/inflammation, metabolic/chronic diseases, oncology, rare/complement diseases |
| Innovative pipeline | 27 Class 1 innovative-drug projects disclosed in 2026 |
| Clinical-stage Class 1 projects | 20+ |
| Marketed Class 1 innovative drugs | 5 as of July 2026 |
| Core modality | Small molecules, expanding into biologics, antibodies and ADCs |
The company’s principal office disclosed in its latest interim filing is at 136 Baili Road, Wenjiang District, Chengdu, Sichuan Province. Haisco also operates manufacturing facilities in Chengdu/Meishan in Sichuan and Shenyang/Huludao in Liaoning, among other locations. (money.finance.sina.com.cn)
From Generic Drugs to Innovation
A defining moment in Haisco’s history came in 2012, when management began transforming the company from a traditional generic-drug business into an innovative pharmaceutical company.
Haisco established its innovation research organization and substantially increased investment in internally discovered medicines. In recent years, annual R&D investment has consistently exceeded RMB1 billion; in 2024, R&D investment represented approximately 25% of revenue.
That investment is now producing commercial products, late-stage clinical candidates and increasingly valuable international licensing transactions.
Haisco says it currently has more than 20 Class 1 innovative-drug projects in clinical development, spanning anesthesia/pain, respiratory disease, chronic disease, autoimmune disease, oncology and rare diseases.
Therapeutic Areas
Haisco’s innovative pipeline can broadly be divided into five major franchises.
| Therapeutic area | Major programs / approaches |
|---|---|
| Anesthesia & Pain / CNS | Cipepofol (HSK3486), HSK21542, HSK16149 and Nav1.8 programs |
| Respiratory | HSK31858 (DPP1), HSK39004 (PDE3/4), HSK44459 (PDE4B), HSK50042 |
| Autoimmune / Inflammation | HSK44459, HSK47388, HSK39297 and emerging oral small molecules |
| Metabolic / Chronic disease | HSK7653, HSK31679, HSK55879 and other metabolic programs |
| Oncology | HSK42360, HSK46575, HSK41959, HSK46256, HSK47977 and additional precision-oncology programs |
| Rare / Complement disease | HSK39297, including PNH, IgA nephropathy and lupus nephritis |
Haisco’s historical strength is small-molecule medicinal chemistry, but the company is broadening its technology base. Management said in its 2026 interim report that its emerging large-molecule platform is developing monoclonal antibodies, bispecific/multispecific antibodies and ADCs. (money.finance.sina.com.cn)
Marketed Innovative Drug Portfolio
Haisco reached an important milestone in July 2026 when its fifth internally developed Class 1 innovative drug received Chinese approval.
1. Cipepofol — HSK3486
Cipepofol (HSK3486; 思舒宁® / CYPSEDO) is Haisco’s flagship intravenous anesthetic and one of its most strategically important products.
The drug targets the GABA-A receptor and was developed as a next-generation intravenous anesthetic. It has received multiple approvals in China covering procedural sedation and anesthesia, induction and maintenance of general anesthesia and other uses.
Its biggest international milestone came in May 2026, when the U.S. FDA approved cipepofol for induction of general anesthesia in adults. Haisco announced the approval on June 1.
The approval transformed cipepofol from a primarily Chinese commercial asset into a globally approved innovative drug and represented an important validation of Haisco’s international R&D capabilities.
2. HSK21542 — Anruikefen
Haisco has also commercialized HSK21542, an internally developed analgesic targeting the peripheral κ-opioid receptor.
The company is continuing to expand the product’s indications. In May 2026, China’s NMPA accepted a new marketing application for treatment of postoperative pain, potentially broadening its use across mild, moderate and severe postoperative pain if approved. (money.finance.sina.com.cn)
3. HSK7653 — Beichangping
HSK7653 (倍长平®) is a DPP-4 inhibitor developed for type 2 diabetes and represents an important component of Haisco’s chronic/metabolic disease franchise.
The drug has already reached the Chinese market. Haisco continues to build additional metabolic programs around its established commercial presence in this field.
4. HSK16149 — Keligabalin
HSK16149 (克利加巴林) is another of Haisco’s approved Class 1 innovative drugs, expanding the company’s CNS/pain franchise.
Together with cipepofol and HSK21542, it helps establish anesthesia, analgesia and neuroscience as one of Haisco’s most mature therapeutic franchises.
5. HSK39297 — Sipukopan / Youkupan
One of Haisco’s most important developments of 2026 was the approval of HSK39297 (琥珀酸思普可泮片; 优可盼®).
On July 23, 2026, Chinese regulators approved HSK39297 for adults with paroxysmal nocturnal hemoglobinuria (PNH) who had not previously received complement-inhibitor therapy. It became Haisco’s fifth approved Class 1 innovative drug.
HSK39297 is an oral selective complement Factor B inhibitor designed to block activation of the alternative complement pathway.
Importantly, Haisco is developing the molecule well beyond PNH. Additional programs include:
- IgA nephropathy — Phase III
- Lupus nephritis — Phase II
- Additional PNH regulatory development
- Generalized myasthenia gravis
- Age-related macular degeneration
The IgA nephropathy program received Breakthrough Therapy designation in China in 2025. (money.finance.sina.com.cn)
Selected Innovative Drug Pipeline
Haisco’s complete R&D portfolio is substantially larger than the table below. The following highlights the most strategically important clinical and recently commercialized programs.
| Candidate | Target / Mechanism | Major indication(s) | Current status* |
|---|---|---|---|
| Cipepofol (HSK3486) | GABA-A | Anesthesia/sedation | Marketed China & U.S.; additional indications in development |
| HSK21542 | Peripheral κ-opioid receptor | Pain / pruritus | Marketed; postoperative-pain NDA accepted |
| HSK7653 | DPP-4 | Type 2 diabetes | Marketed |
| HSK16149 | CNS/pain mechanism | Neuropathic pain | Marketed |
| HSK39297 | Complement Factor B | PNH | Marketed – China |
| HSK39297 | Complement Factor B | IgA nephropathy | Phase III |
| HSK39297 | Complement Factor B | Lupus nephritis | Phase II |
| HSK31858 | DPP1 | Non-CF bronchiectasis | Phase III |
| HSK31858 | DPP1 | Asthma | Phase II |
| HSK39004 | PDE3/4 | COPD | Phase III |
| HSK44459 | PDE4B | IPF / progressive pulmonary fibrosis | Phase III |
| HSK44459 | PDE4B | Behçet’s / AD / psoriasis | Phase II |
| HSK47388 | Oral IL-23 inhibitor peptide | Psoriasis / UC / PsA | Phase II development |
| HSK31679 | Metabolic small molecule | MASH/NASH | Phase III |
| HSK55879 | Metabolic | Type 2 diabetes / obesity | Phase I |
| HSK42360 | BRAF paradox breaker | Advanced solid tumors | Phase I / I-II combinations |
| HSK46575 | Precision oncology | Prostate cancer | Phase I / Ib-II |
| HSK41959 | Precision oncology | MTAP-deleted tumors | Phase I development |
| HSK46256 | Oncology | Solid tumors | Phase I |
| HSK47977 | Oncology | Solid tumors | Phase I |
| HSK50042 | Antifibrotic | Idiopathic/progressive pulmonary fibrosis | Phase II |
| HSK45030 | Small molecule | Muscular dystrophy | Phase I |
| HSK60002 | Small molecule | Inflammatory disease | IND cleared |
*Development status reflects publicly disclosed information available through August 27, 2026; individual assets may have different stages for different indications.
Haisco’s official pipeline categorizes R&D into CNS, respiratory/inflammatory/autoimmune disease, oncology and cardiometabolic disease. (en.haisco.com)
Major Late-Stage Pipeline Opportunities
HSK31858 — DPP1 Inhibitor
HSK31858 is an oral, selective DPP1 inhibitor targeting inflammatory respiratory disease.
Its lead indication is non-cystic fibrosis bronchiectasis, where the Chinese program has advanced into Phase III. Phase II development is also underway in asthma and chronic airway inflammatory disease associated with mucus hypersecretion. (money.finance.sina.com.cn)
The molecule is internationally partnered with Chiesi Group, which licensed development, manufacturing and commercialization rights outside Greater China in 2023. (chiesi.com)
HSK39004 — PDE3/4 Inhibitor
HSK39004 is another strategically important respiratory asset. It is a dual PDE3/PDE4 inhibitor being developed for COPD.
Haisco is developing both inhaled suspension and dry-powder formulations. By the first half of 2026, both formulations had entered Phase III development in China, while the dry-powder formulation had been included in China’s Breakthrough Therapy program. (money.finance.sina.com.cn)
International rights outside Greater China were licensed to AirNexis Therapeutics in January 2026.
HSK44459 — PDE4B Inhibitor
HSK44459 illustrates how Haisco increasingly develops individual molecules across multiple therapeutic areas.
Two Phase III programs are underway in idiopathic pulmonary fibrosis and progressive pulmonary fibrosis. Haisco is simultaneously evaluating HSK44459 in autoimmune/inflammatory diseases including Behçet’s disease, atopic dermatitis, psoriasis and inflammatory bowel disease. (money.finance.sina.com.cn)
HSK47388 — Oral IL-23 Program
HSK47388 is an oral IL-23 inhibitor peptide being developed for inflammatory diseases.
Phase I studies demonstrated pharmacokinetic and pharmacodynamic findings that supported progression into Phase II development for psoriasis and ulcerative colitis. The molecule received a U.S. FDA IND clearance in June 2025. (en.haisco.com)
On August 19, 2026, Haisco announced Chinese clinical clearance for another indication, psoriatic arthritis, further expanding the potential franchise.
Latest Clinical and Commercial Developments
Haisco has had an unusually active 2026.
| Date | Development | Significance |
|---|---|---|
| Aug. 26, 2026 | Preclinical autoimmune asset licensed to Sentivera | >$1.5B potential transaction value |
| Aug. 19, 2026 | HSK47388 new PsA indication cleared | Expands oral IL-23 franchise |
| Aug. 13, 2026 | HSK60002 clinical trial approved | Adds inflammatory-disease program |
| Jul. 23, 2026 | HSK39297 / Youkupan approved for PNH | Haisco’s 5th Class 1 innovative drug |
| Jun. 23, 2026 | HSK42360 + HSK39297 licensed to Nuvectis | Expands oncology/complement programs globally |
| Jun. 2026 | HSK31679 Phase III initiated | Advances metabolic/MASH franchise |
| Jun. 1, 2026 | Cipepofol U.S. FDA approval announced | First major U.S. approval for Haisco-originated innovation |
| Jun. 1, 2026 | Lilly collaboration announced | Up to five discovery programs |
| Apr. 2026 | AbbVie pain collaboration | Globalizes Nav1.8 portfolio |
| Jan. 2026 | HSK39004 licensed to AirNexis | Major COPD out-licensing transaction |
Financial Position and Funding
Haisco differs significantly from a venture-backed clinical-stage biotech. It is a profitable, publicly traded commercial pharmaceutical company that can fund R&D through operating revenue while increasingly generating substantial licensing income.
Its 2026 first-half results, released on August 27, show how rapidly this model is evolving.
| Financial metric | H1 2026 | YoY change |
|---|---|---|
| Revenue | RMB3.096 billion | +54.7% |
| Net profit attributable to shareholders | RMB851.2 million | +427.0% |
| Adjusted net profit | RMB752.2 million | +324.2% |
| Operating cash flow | RMB760.6 million | +117.6% |
| R&D investment | RMB729.1 million | +46.8% |
Haisco said the sharp revenue increase was driven in part by higher technology-service revenue associated with new overseas licensing projects. (money.finance.sina.com.cn)
This means Haisco’s financing model increasingly has three engines:
commercial drug sales + internally generated operating cash + global licensing/BD revenue.
That combination gives the company substantially greater financial flexibility than a typical clinical-stage Chinese biotech.
Global Partnerships and Licensing Strategy
International business development has become one of the most important elements of Haisco’s strategy.
During the first half of 2026 alone, Haisco disclosed four transactions with aggregate potential value exceeding US$6 billion, involving AirNexis, AbbVie, Lilly and Nuvectis. (money.finance.sina.com.cn)
The August Sentivera transaction has pushed the potential value of Haisco’s announced 2026 BD transactions even higher.
| Partner | Program | Territory / structure | Economics |
|---|---|---|---|
| Sentivera Therapeutics | Preclinical oral autoimmune/inflammation asset | Ex-Greater China license | ~$75.9M upfront + up to $1.46B milestones + ≤10% royalties |
| Eli Lilly | Up to 5 small-molecule programs | Discovery/research collaboration | Up to $87M upfront/near-term + $2.967B milestones + royalties |
| AbbVie | Nav1.8 pain programs | Ex-Greater China license | $30M upfront + >$700M potential milestones + royalties |
| Nuvectis Pharma | HSK42360 + HSK39297 | Ex-China/global territory licenses | $40M upfront/near-term + up to $1.421B milestones + royalties |
| AirNexis Therapeutics | HSK39004 | Ex-Greater China | $108M upfront + up to $955M milestones + royalties |
| Chiesi Group | HSK31858 | Ex-Greater China | Upfront + milestones + royalties |
Lilly Collaboration
Haisco’s June 2026 agreement with Eli Lilly is especially notable because it is broader than a conventional single-asset licensing deal.
Haisco will conduct discovery and early development work for up to five targets selected by Lilly. Depending on the program, Lilly will receive either global rights or rights outside Greater China.
Haisco is eligible for up to $87 million in upfront and near-term payments, up to $2.967 billion in subsequent milestones, plus tiered royalties.
The deal effectively validates Haisco’s small-molecule discovery platform itself—not simply one particular drug.
AbbVie Pain Partnership
In April 2026, Haisco entered an exclusive licensing agreement with AbbVie covering novel selective Nav1.8 inhibitors for pain.
AbbVie received development, manufacturing and commercialization rights outside Greater China. Haisco receives a $30 million upfront payment, potentially more than $700 million in milestones and tiered royalties. (prnewswire.com)
Nuvectis Partnership
In June, Haisco licensed two programs to Nuvectis Pharma:
HSK42360 — a BRAF “paradox breaker” inhibitor for oncology; and
HSK39297 — the Factor B inhibitor now approved in China for PNH.
Nuvectis obtained HSK42360 rights outside Greater China and HSK39297 rights outside Greater China, India and certain Southeast Asian territories. (prnewswire.com)
AirNexis Partnership
In January 2026, Haisco licensed HSK39004 to AirNexis Therapeutics outside Greater China.
The transaction carries a potential value of $1.063 billion, including a $108 million upfront consideration, up to $955 million in milestones and royalties. Part of the upfront consideration was structured as equity in AirNexis. (static.cninfo.com.cn)
Latest Deal: Sentivera Therapeutics
The newest addition to Haisco’s international partnership portfolio was announced August 26, 2026.
Haisco granted U.S.-based Sentivera Therapeutics exclusive rights outside Greater China to develop, manufacture and commercialize an internally discovered, preclinical-stage oral small-molecule autoimmune/inflammatory drug. Haisco has not publicly identified the molecule in its announcement.
The financial structure is notable:
| Component | Potential value |
|---|---|
| Cash upfront | $40M |
| Sentivera equity received | ~$35.9M |
| Total upfront consideration | ~$75.9M |
| Potential milestones | Up to $1.46B |
| Royalties | Up to 10%, tiered |
| Additional economics | Share of potential sublicensing income |
The equity component gives Haisco approximately 17.5% of Sentivera, providing potential participation in the longer-term value of the licensee in addition to conventional milestone and royalty economics. (finance.sina.com.cn)
Haisco’s Emerging Business Model
Haisco’s evolution can be summarized as:
Generic & specialty pharma → China innovative pharma → global innovative biopharma + technology licensor
The company now combines three businesses.
1. Commercial pharmaceuticals.
Five internally developed Class 1 innovative drugs have reached the Chinese market, alongside Haisco’s larger established pharmaceutical portfolio.
2. Proprietary R&D.
Haisco has built a pipeline of approximately 27 Class 1 innovative-drug projects, including more than 20 clinical-stage programs, with multiple Phase III assets.
3. Global innovation licensing.
Haisco is increasingly monetizing assets before global commercialization through partnerships with multinational pharmaceutical companies and U.S. biotechnology companies.
This third component is becoming particularly important. Licensing revenue contributed materially to the company’s 54.7% first-half 2026 revenue growth, while partnerships simultaneously transfer part of the cost and risk of overseas clinical development to international partners. (money.finance.sina.com.cn)
Outlook
Haisco appears to have reached an important transition point.
The company’s original innovative-drug strategy, initiated around 2012, has now produced five approved Class 1 innovative drugs, including cipepofol, which achieved U.S. FDA approval in 2026. HSK39297’s approval gives Haisco a foothold in rare/complement disease, while HSK31858, HSK39004, HSK44459 and HSK31679 provide several additional late-stage opportunities.
At the same time, international licensing has emerged as a significant source of validation and potential capital. Deals involving Lilly, AbbVie, AirNexis, Nuvectis, Chiesi and Sentivera demonstrate external interest across several independent Haisco discovery programs rather than reliance on one flagship molecule.
The Lilly agreement is particularly significant because it extends the relationship from asset licensing into drug discovery itself, with Haisco responsible for discovering and advancing molecules against as many as five Lilly-selected targets.
Financially, Haisco is also in a stronger position than many emerging Chinese biotechnology companies. Its commercial business is generating revenue and operating cash flow, while licensing deals provide substantial upfront and potential milestone income. During H1 2026, revenue reached RMB3.10 billion, attributable net profit RMB851 million and R&D investment RMB729 million. (money.finance.sina.com.cn)
The major question for the next several years will therefore be whether Haisco can translate this unusually broad pipeline and increasingly successful “China discovery → global licensing” model into a sustainable global biopharmaceutical franchise.
With multiple Phase III programs, five marketed innovative medicines, a U.S.-approved anesthetic, an expanding large-molecule platform and more than US$7 billion in potential 2026 BD transaction value based on announced deal economics, Haisco is increasingly moving beyond its roots as a domestic Chinese pharmaceutical company and positioning itself as a global innovation-driven drug developer and licensing partner. (finance.sina.com.cn)
References
- Haisco Pharmaceutical – Official Website
- Haisco – R&D Pipeline
- Haisco – 2026 Interim Results and Corporate News
- Haisco – HSK39297 / Youkupan PNH Approval
- Haisco – Cipepofol U.S. FDA Approval
- Haisco – Lilly Collaboration
- Haisco – HSK39004 / AirNexis Licensing Agreement
- Chiesi – HSK31858 Licensing Agreement
- Nuvectis Pharma
- Haisco – Corporate Operations and Manufacturing Footprint
