HK Stock Market Move | Sino Biopharm (01177) rises nearly 4% after signing a stock investment and strategic cooperation agreement with Lixing Pharmaceutical.

SINO BIOPHARM (01177) rose nearly 4%, as of press time, it rose 3.67% to 3.39 Hong Kong dollars, with a turnover of 84.0657 million Hong Kong dollars. On the news front, SINO BIOPHARM announced that the Group has signed a strategic cooperation agreement with Lixin Pharmaceutical Technology (Shanghai) Co., Ltd. (Lixin Pharmaceutical). The Group invested in Lixin Pharmaceutical with its own funds and reached a strategic cooperation agreement on LM-108 and potential multiple innovative bispecific antibodies or antibody-drug conjugates (ADC) in mainland China. Lixin Pharmaceutical announced on October 18, 2024, that it had completed a 300 million yuan C1 round of financing, with the funds raised used to accelerate the development of clinical pipeline drugs and the construction of an innovative platform. According to the capital increase subscription agreement, as the lead investor in this round of financing, the Group paid 142 million yuan to Lixin Pharmaceutical and acquired 4.91% of the company's equity after the transaction. The Group and Lixin Pharmaceutical have reached a strategic cooperation agreement on LM-108 in mainland China. In addition, the Group has the right to choose multiple innovative bispecific antibodies or ADC drugs in Lixin Pharmaceutical's research pipeline for cooperation, with specific terms to be agreed upon separately.