HK Stock Market Move | GENSCRIPT BIO (01548) opened more than 3% higher, and reached a licensing agreement with Nanjing Pongbo and Lixin Pharmaceutical Technology.

GENSCRIPT BIO (01548) opened more than 3% higher, as of the time of publication, it has risen by 3.51% to HK$11.2, with a turnover of HK$4.3 million. On the news front, GENSCRIPT BIO announced that on November 12, 2024, its non-wholly-owned subsidiary, Nanjing Pongbo Bio-technology Co., Ltd. (Nanjing Pongbo), entered into a restated and amended license agreement with Lixin Pharmaceutical Technology Co., Ltd. (a company focused on discovering and developing innovative biopharmaceuticals to change cancer treatment) (Lixin). Under the agreement, Nanjing Pongbo agreed to grant Lixin an exclusive global transferable license, as well as the right to grant further licenses, enabling Lixin to develop, produce, commercialize, and otherwise use certain molecules, including licensed molecules, targeting several disclosed PD-1 (programmed cell death protein) single-domain antibodies, and related proprietary technologies for global purposes. On the same day, LaNova sent a confirmation letter to Nanjing Pongbo regarding the payment arrangements under the restated and amended agreement, whereby Nanjing Pongbo and Zhenjiang Pongbo Bio-technology Co., Ltd. (a non-wholly-owned subsidiary of the company, collectively referred to as "Pongbo") will have the right to receive payments from LaNova under the restated and amended agreement.