Leios Therapeutics licenses 10XB-101 to CMS for China market
Leios Therapeutics has agreed an exclusive licensing and strategic investment deal with subsidiaries of China Medical System Holdings for 10XB-101, its injectable focal fat reduction candidate. The agreement grants CMS rights to develop, manufacture, and commercialise the product in mainland China, including Hong Kong and Macau.
Under the financial terms, Leios will receive an upfront payment, regulatory and commercial milestone payments, and royalties on future net sales. CMS will also make a separate strategic equity investment in the La Jolla, California-based company. The precise value of the upfront payment and the equity stake were not disclosed.
The deal
10XB-101 contains polidocanol, a synthetic non-ionic detergent that the company says induces targeted adipolysis: injected in a defined pattern, it disrupts fat cell membranes, allowing destroyed cells to be cleared naturally by the body. Leios positions the candidate as a potential best-in-class minimally invasive injectable, though that characterisation is the company's own and remains to be substantiated in a larger trial.
Phase 2b data presented in the release showed that 64% and 70% of completers in the higher dose groups (3.0% and 4.5%) achieved a grade 2 or greater improvement on both clinician-reported and patient-reported submental fat scales, versus 0% on placebo. The company described the safety profile as clean across the study, with the underlying data cited as on file rather than from a peer-reviewed publication.
Chief executive Ted White said the CMS agreement validates Leios's "market-by-market commercialisation model" and that the partner's decision to proceed after a "rigorous diligence process underscores the strength of our clinical data and commercial potential." Leios said it expects to commence a further clinical trial in early 2027.
This is the second major regional licensing deal Leios has announced in 2026, following an earlier agreement with BNC Korea. White described South Korea as the "global trendsetter in aesthetics" and China as the "volume powerhouse," framing the two deals as complementary anchors in an Asia-Pacific expansion strategy.
Market context
The injectable aesthetics market has grown substantially over the past decade, driven by demand for non-surgical body contouring and submental fat reduction. The dominant product in the submental segment has been deoxycholic acid (Kybella, marketed by Allergan Aesthetics), which won FDA approval in 2015. A number of companies have since attempted to develop next-generation injectables with improved tolerability or efficacy profiles. Leios is competing in that field, and the outcome of its 2027 trial will be the primary commercial signal for prospective partners and investors.
CMS is listed on both the Hong Kong and Singapore exchanges and focuses on specialty pharmaceuticals across cardiovascular-kidney-metabolic, CNS, gastroenterology, ophthalmology, and skin health. Its skin health business is described as a leading segment, which gives it relevant commercial infrastructure for an aesthetic injectable. The company has stated ambitions to replicate its model in Southeast Asia and the Middle East, making 10XB-101 a potential platform asset rather than a standalone product.
For Leios, the back-to-back licensing deals reduce the capital burden of international development and provide non-dilutive milestone revenue. The key near-term milestone is trial initiation in early 2027, with Phase 3 design and regulatory agency alignment in the United States still to be confirmed publicly.