HK Stock Market Move | SKB BIO-B(06990) rose nearly 10% in early trading. Clinical trial applications for SKB571 and SKB535 new drugs have been approved.

SKB BIO-B(06990) rose nearly 10% in early trading, up 8.84% at the time of writing, to HKD 172.5, with a turnover of HKD 31.94 million. On the news front, Kornopat Bio recently announced that it has received a clinical trial notification letter for the innovative drug SKB535 from the National Medical Products Administration (NMPA) Drug Evaluation Center, dated November 15, 2024. On the same day, the company also received a clinical trial notification letter for the new drug SKB571 from the NMPA Drug Evaluation Center. It is reported that Kornopat Bio has signed a license and cooperation agreement with MSD for the development of SKB535 for cancer treatment. Upon reaching specific development and sales milestones, Kornopat Bio will be entitled to receive further milestone payments and tiered royalties based on net sales of SKB535 commercialization. In addition, Kornopat Bio has been informed by MSD about exercising exclusive selection rights for SKB571. Kornopat Bio has received $37.5 million from MSD for exercising this exclusive selection right and will be entitled to receive further milestone payments upon reaching specific development and sales milestones, as well as tiered royalties based on net sales of SKB571 commercialization.