Introduction On July 30, 2025, CSPC Pharmaceutical Group signed a global licensing agreement with U.S.-listed Madrigal Pharmaceuticals, granting exclusive rights to develop, manufacture, and commercialize SYH2086—CSPC’s oral small-molecule GLP-1 receptor agonist targeting metabolic-associated steatohepatitis (MASH). The deal includes a $120 million upfront payment, up to $2