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# TYK is paying RMB 300 million so Qilu can sell a drug Huiyu says it already had.
- URL: https://chinapharmadesk.com/tyk-ty9591-huiyu-qilu-settlement-analysis-2026-11-12/
- Published: 2026-11-12T11:59:00.000Z
- Updated: 2026-11-12T12:14:03.000Z
- Description: TYK Medicines will pay Huiyu RMB 300m—the same cash Qilu put up as an upfront—to end a fight over who may sell TY-9591 in mainland China. Qilu’s field activity is dated 13 November.
- Author: LinYi
- Tags: Desk analysis, Deals & BD

On the night of 11 November, two filings described the same payment. TYK Medicines (同源康, HKEX: 2410) will give Sichuan Huiyu Pharmaceutical (汇宇, STAR Market: 688553) RMB 300 million. In return, Huiyu steps away from TY-9591—the deuterated osimertinib TYK has already handed to Qilu Pharmaceutical for mainland China. Huiyu’s shareholders still have to approve the settlement before it binds. Until they do, the lawsuits are paused on paper, not gone.

## Two contracts, one molecule

The earlier paper was an agency. Through an affiliate, Huiyu had pursued nationwide distribution of TY-9591\. The milestone math disclosed around that deal was about RMB 150 million. Huiyu’s account, repeated in its Shanghai filing and in subsequent coverage, is that the conditions for payment were never met, so it had not paid TYK anything. The later paper is an exclusive license. In July 2026 TYK announced that Qilu would develop, manufacture, and sell TY-9591 in mainland China: RMB 300 million in cash upfront, and up to RMB 2.06 billion in further milestones. A separate plan for Qilu to subscribe about RMB 400 million of TYK H-shares later lapsed.

Those two grants cannot both be exclusive. TYK sued in Zhejiang to have the Huiyu agreements declared nonexistent. Huiyu sued in Sichuan to have them declared valid. Neither case had a judgment when the settlement was signed. TYK’s Hong Kong notice is blunt about why it would rather pay than wait: a long case could stall the Qilu license, and TY-9591’s commercial clock is already running. The drug received conditional NMPA approval in August 2026 for EGFR-mutant non-small-cell lung cancer with brain metastases. TYK told the exchange that Qilu’s academic promotion is aimed at 13 November, first-batch production around 18 November, and shipment to Qilu’s primary distributors before the end of the month.

## The price is the upfront

The settlement is RMB 150 million within 30 days of the agreement taking effect, and another RMB 150 million by 25 January 2027, provided the courts accept that the cases will end. After the first installment, Huiyu applies to withdraw. After the second, it gives up claims that could block TY-9591’s development, manufacture, sale, or any license TYK grants—including to Qilu. Each side’s penalty for walking away late is RMB 15 million. TYK says the RMB 300 million should not materially hurt operations once Qilu’s fees are counted, and that it expects to book a loss of about that amount for 2026\. The figure is management’s, and the auditors have not signed it.

Read against Qilu’s contract, the arithmetic is stark. TYK is handing Huiyu a sum equal to the cash upfront Qilu agreed to pay for the China rights. Chinese broker talk of a RMB 5 billion domestic peak for a “deuterated osimertinib” does not appear in either filing. It is a sales story, not a term of the settlement.

## What is left after the lawyers leave

Qilu can start detailing a product whose title is no longer in two courts, if Huiyu’s shareholders vote the deal through and the money moves. That is the only new commercial fact this week. TY-9591 still has to be prescribed against osimertinib, aumolertinib, and furmonertinib, in a niche—brain metastases—where those drugs are not absent. Nothing in the settlement says the product is on the national reimbursement list, names a hospital price, or describes how many representatives Qilu will actually put on lung-cancer wards. TYK had RMB 202 million of cash at 30 June 2026 and no product revenue in the first half; whether Qilu’s RMB 300 million upfront has already arrived is not visible in that interim report.

The pattern is the one China licensing desks keep relearning. An agency signed early, an exclusive license signed later for more money, and a launch date that makes litigation more expensive than the check. The check, this time, is the same size as the upfront.

*China Pharma Desk. Industry information only—not medical or investment advice.*