Shenzhen Jingdan Biomedical Technology Co., Ltd., also known as CrystalO Biopharma, has signed a licensing agreement with Almirall, a global leader in medical dermatology, to co-develop an innovative small-molecule drug for skin diseases. The agreement is valued at up to approximately €254.5 million in upfront and milestone payments.

Under the agreement, CrystalO will leverage its AI-powered drug discovery platform to identify and optimize candidate compounds against selected targets, conduct investigational new drug (IND)-enabling studies, and advance the program through early clinical development to proof of concept (POC). Almirall will obtain exclusive global rights to develop, manufacture, and commercialize the drug outside the Chinese mainland, while CrystalO will retain exclusive rights on the Chinese mainland after the program reaches POC.

CrystalO specializes in the discovery of innovative ion channel-targeting drugs. The company has world-class capabilities in high-stability ion channel antigens, structural biology, and AI-driven drug discovery and development, with a focus on first-in-class therapies. It also maintains a robust R&D pipeline in the ion channel field.

This is not the first time a Pingshan-based biopharmaceutical company has secured a major overseas deal. In 2025, Shenzhen Pregene Biopharma signed a partnership with Gilead Sciences’ Kite Pharma for in vivo gene-editing therapies. The deal was valued at up to US$1.64 billion, setting a new record for Shenzhen’s biopharmaceutical out-licensing and marking the highest-value out-licensing deal in China’s in vivo CAR-T field.

These successive deals highlight the growing global competitiveness of Pingshan’s biopharmaceutical sector. The rapid growth of CrystalO and Pregene also reflects the district’s business-friendly environment.

Pingshan has taken the lead in Shenzhen by establishing a three-tier approval and service channel covering the municipal, district, and industrial-park levels. Through its expedited service mechanism, the district has provided targeted support to nearly 50 key biopharmaceutical companies, offering end-to-end assistance from R&D to commercialization and helping high-growth technology companies thrive in Pingshan before expanding into global markets.