Shanghai Henlius Biotech, Inc. (2696.HK) and Amberstone Biosciences, Inc. have signed a collaboration and license agreement covering up to two targets selected by Henlius. Amberstone will use its proprietary T-MATE platform to generate preclinical pH-gated, tumor-activated T-cell engager candidates, while Henlius will lead subsequent research, development, manufacturing and commercialization worldwide. Amberstone will receive an upfront payment and research funding and could earn up to $440 million in development, regulatory and sales milestones for each target, plus tiered royalties on net sales. Amberstone said its lead T-MATE asset is expected to enter clinical development in the first half of 2027.