Spero Therapeutics Secures Multi‑Year Licensing Agreement and Financing
Spero Therapeutics, Inc. (Nasdaq: SPRO) announced on July 14 2026 that it has entered into an exclusive licensing arrangement with Innovent Biologics, Inc. (Hong Kong: 01801.HK) for the development and commercialization of the third‑generation anti‑CD40L antibody IBI355 (Spero R&D code: SP001). The agreement grants Spero worldwide rights, excluding Greater China, to conduct research, manufacture, and market the product. In return, Innovent will receive an upfront payment and will be eligible for development, regulatory, and commercial milestone payments, estimated at US$1.1 billion. The parties will also share tiered royalties on net sales. Spero plans to commence a Phase 2 clinical trial of IBI355 in the United States in Q2 2027 for IgG4‑related disease (IgG4‑RD), a chronic fibroinflammatory condition with limited therapeutic options. Innovent will initiate a parallel Phase 2 study in China early in 2027 for Sjögren’s disease (SjD), another autoimmune disorder with a high unmet need.
In the same week, Spero entered into a US$105 million non‑recourse, non‑dilutive royalty‑financing transaction with affiliates of Healthcare Royalty (HCRx), a company majority owned by KKR & Co. Inc. The proceeds are earmarked for advancing the immunology candidate SP001. HCRx will receive rights to future milestone and royalty payments tied to sales of Utebzi from GSK. The transaction provides Spero with immediate cash, while HCRx will obtain quarterly principal and interest payments derived solely from GSK‑related payments until the loan is repaid. After repayment, Spero will retain 35 % of subsequent GSK payments related to Utebzi sales.
The licensing and financing moves are positioned to strengthen Spero’s pipeline and financial flexibility as it expands its focus on novel treatments for multidrug‑resistant bacterial infections and immune‑mediated diseases. The company’s market capitalization stands at US$121.6 million, with a 52‑week high of US$3.08 and a low of US$1.80. Its current share price (as of 12 July 2026) is US$2.18.
