HK Stock Market Move | INNOCARE (09969) rose nearly 5% and reached a licensing cooperation agreement with Connoa on the CD20xCD3 dual antibody ICP-B02 and Prolium.

INNOCARE (09969) rose nearly 5%, up 4.79% to HK$5.91 at the time of writing, with a turnover of HK$8.0636 million. On the news front, INNOCARE and ConoYa jointly announced a licensing agreement with Prolium Bioscience for the development and commercialization of the CD20CD3 bispecific antibody ICP-B02 (CM355). According to the agreement, Prolium will have the rights to develop, register, produce, and commercialize ICP-B02 in the global non-oncology field and oncology field outside of Asia. The company, along with Chengdu ConoYa, will receive an initial and near-term payment totaling $17.5 million, with the potential for additional milestone payments of up to $502.5 million based on specific clinical, regulatory, and commercial milestones. It is worth mentioning that INNOCARE previously announced that it expects revenue from Apatinib in 2024 to be around RMB 1.001 billion, an increase of approximately 49% compared to the same period last year. It is expected to achieve a total operating income of approximately RMB 1.01 billion, an increase of about 37% compared to the same period last year, with a net loss attributable to the owners of the parent company of approximately RMB 0.443 billion, a decrease of about 30% compared to the same period last year.