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[August 10, 2026] — Shenzhen CrystalO Biopharmaceutical Co., Ltd. (hereinafter referred to as “CrystalO”) announced that it has formally entered into a collaboration and license agreement with Almirall, S.A. (ticker: ALM), a world‑leading medical‑dermatology biopharmaceutical firm headquartered in Barcelona, Spain.
This partnership combines CrystalO’s expertise in ion‑channel biology with Almirall’s deep‑rooted experience in medical‑dermatology research and clinical development, to co‑develop innovative drug candidates for skin disorders.
Drawing on CrystalO’s ion‑channel small‑molecule drug‑discovery platform and Almirall’s R&D capabilities in medical dermatology, the two parties will jointly advance the R&D of an innovative small‑molecule drug for medical‑dermatology indications.
1. The two parties will carry out a drug discovery and R&D collaboration, leveraging CrystalO’s ion‑channel drug‑discovery platform to jointly advance the discovery and development of a small‑molecule drug for medical‑dermatology applications.
2. Under the agreement, CrystalO will be responsible for candidate compound discovery, optimization, IND‑enabling studies and early‑stage clinical development, and drive the program to clinical Proof‑of‑Concept (POC). Almirall will obtain exclusive rights to develop, manufacture and commercialize the relevant compounds and products for global markets excluding mainland China.
3. Pursuant to the agreement, Almirall will pay an upfront payment to CrystalO, plus potential milestone payments amounting to a maximum aggregate value of approximately €254.5 million.
Collaboration Arrangements
Under the terms of the agreement, CrystalO will leverage its leading “AI‑and‑structural‑biology‑based drug‑discovery platform” to conduct discovery and optimization of candidate compounds, IND‑enabling studies and early‑stage clinical development against selected targets, and advance the program to clinical Proof‑of‑Concept (POC). Almirall will secure exclusive rights to develop, manufacture and commercialize the relevant compounds and products for all global markets excluding mainland China. Upon the program achieving POC, CrystalO will obtain exclusive development and commercialization rights for the product within mainland China.
This collaboration model fully combines CrystalO’s technical strengths in ion‑channel target identification, small‑molecule drug research & development and early‑stage development, with Almirall’s professional expertise in medical‑dermatology clinical development, regulatory registration and global commercialization.
Pursuant to the agreement, Almirall shall pay CrystalO an upfront project payment, success‑based payments linked to R&D, regulatory and commercial milestones, as well as tiered royalties calculated on future net product sales, amounting to a maximum total consideration of approximately €254.5 million. Meanwhile, CrystalO shall pay tiered royalties to Almirall based on the future sales performance of the product in mainland China.
Management Comments
Karl Ziegelbauer, Chief Scientific Officer of Almirall, commented: “This collaboration with CrystalO represents an important milestone in advancing our China‑innovation strategy and further strengthens our growing R&D pipeline in medical dermatology. We look forward to leveraging our respective strengths through this drug‑discovery partnership to bring potential innovative therapeutic options to patients suffering from skin diseases worldwide.”
Dr. Zhang Jin, Founder and Chief Executive Officer of CrystalO, stated: “We are greatly honored to enter into a strategic cooperation with Almirall, a globally renowned leader in the dermatology space. This partnership is strong recognition of CrystalO’s technology platform and R&D capabilities in ion‑channel drug discovery. We look forward to close collaboration with the Almirall team, combining our respective strengths to accelerate the development of innovative medicines for the benefit of patients across the globe.”
World‑Leading Ionfire® Ion‑Channel Small‑Molecule Drug R&D Platform
CrystalO’s self‑developed Ionfire® ion‑channel small‑molecule drug R&D platform is a world‑leading end‑to‑end innovative‑drug R&D system built upon AI technologies and cutting‑edge structural biology, which disrupts conventional R&D paradigms.
Delivering leap‑forward efficiency gains, the platform shortens the R&D cycle for ion‑channel drug programs from target‑to‑PCC (pre‑clinical candidate) from 48 months to 9‑18 months. It substantially cuts R&D costs and features replicable and scalable strengths to rapidly advance the innovative‑drug pipeline.
Leveraging its world‑class in‑house high‑throughput screening technology, AI‑aided tools and structure‑based drug‑design capabilities, the company executes drug discovery in a precise and efficient manner. Backed by a strong scientific team, its research findings have been published in top‑tier international journals including Science (cover story), Neuron, Cell Research, Nature Communications and Science Advances. These achievements build solid technical moats and continuously empower the R&D of ion‑channel‑targeted innovative medicines.
About CrystalO
Shenzhen CrystalO Biopharmaceutical Co., Ltd. is a biopharmaceutical enterprise dedicated to the R&D of ion‑channel‑targeted innovative medicines. The company’s core team is led by high‑caliber overseas talents. Erwin Neher, Nobel Laureate in Physiology or Medicine and a founding figure in the ion‑channel field, serves as its Chief Scientific Advisor. The team also includes PhDs from top‑tier research institutions and pharmaceutical companies such as Harvard University. The team possesses world‑class R&D capabilities covering highly‑stable ion‑channel antigens and antibodies, structural elucidation, structure‑ and AI‑based drug discovery, and pharmacology. Committed to in‑house development of First‑in‑Class innovative drugs, the company has built a robust pipeline within the ion‑channel therapeutic space.
About Almirall
Almirall is a global pharmaceutical company focused on medical dermatology. It works closely with leading scientists, healthcare professionals and patients. Guided by its mission to transform patients’ world by helping them fulfil their hopes and dreams for healthy lives, the company stays at the forefront of science and strives to deliver breakthrough, differentiated innovative therapies in medical dermatology to address unmet patient needs.
Founded in 1944 and headquartered in Barcelona, Almirall is publicly‑listed on the Spanish Stock Exchange (ticker symbol: ALM). It generated total revenue of €1.1145 billion in 2025 and employs more than 2,100 people worldwide. Almirall’s products improve patients’ lives every day and are marketed in over 100 countries across the globe.
Almirall continues to scale up its R&D investment in medical dermatology, further strengthening its leading R&D capabilities and innovation pipeline. This is highly aligned with its long‑term strategy of creating positive value for patients and society and consolidating its leadership position in medical dermatology. Over the past decade, Almirall has invested a cumulative total of more than €1 billion in R&D for medical‑dermatology programs. In 2025, its R&D spending represented approximately 12.5 % of net sales.
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