Evommune will pay $30m upfront, consisting of $20m in cash and $10m in pre-funded warrants for common shares.
Hinova is eligible to receive the remainder of the deal value through development, regulatory, and commercial milestone payments, alongside tiered royalties on net sales outside Greater China.
Earlier designated as HC118, EVO570 is an oral molecular glue degrader designed to target the Vav guanine nucleotide exchange factor 1 (VAV1) signalling protein.
The Hinova-discovered therapy has not yet received regulatory approval.
Regulatory filings for an investigational new drug (IND) have been submitted in China and accepted in the US, with a Phase I trial assessing safety, pharmacokinetics, and target engagement scheduled to start imminently.
Preclinical studies demonstrated activity in animal models of several immune conditions and greater potency in human immune cells than competitor degraders.
Evommune chief scientific officer Dr Jeegar Patel said: “VAV1 is a compelling target in immunology today, offering a potential path to JAK-like efficacy without the safety and tolerability challenges of other available therapies.
“With a differentiated scaffold and structure-guided optimisation resulting in sub-nanomolar potency, high selectivity and a profile supporting once-daily oral dosing, EVO570 has the potential to be a best-in-class approach for patients with rheumatoid arthritis and other T- and B-cell-driven autoimmune diseases.
“We look forward to reporting Phase I results and plan to advance it into its first Phase II trial in rheumatoid arthritis in 2027.”
Advising Hinova on the transaction were BFC Group as exclusive financial adviser and Fangda Partners as exclusive legal adviser.
Hinova has one prostate cancer drug approved in China and is developing small molecules, deuterated drugs, and proteolysis targeting chimera (PROTAC) degraders.
Evommune continues to advance therapies for chronic inflammatory diseases.