HK Stock Market Move | CSPC PHARMA (01093) rises more than 4%, China Pharmaceutical Giant and RADIANCE BIOPHARMA enter into exclusive licensing agreement for SYS6005.

CSPC PHARMA (01093) rose over 4%, with an increase of 4.59% at the time of writing, reaching 5.25 Hong Kong dollars with a turnover of 253 million Hong Kong dollars. On the news front, on February 19, CSPC PHARMA announced that its subsidiary CSPC PHARMA Giant Stone Biopharmaceutical Co., Ltd. (Stone Pharmaceutical Giant Stone) has entered into an exclusive licensing agreement with Radiance Biopharma, Inc. (Radiance Biopharma) for the development and commercialization of the group's recombined anti-human receptor tyrosine kinase-like orphan receptor 1 (ROR1) antibody drug SYS6005 in the United States, European Union, United Kingdom, Switzerland, Norway, Iceland, Liechtenstein, Albania, Montenegro, North Macedonia, Serbia, Australia and Canada (the region). Under the terms of the agreement, Stone Pharmaceutical Giant Stone agrees to grant Radiance Biopharma exclusive rights to develop and commercialize the product in the region. Stone Pharmaceutical Giant Stone will receive an upfront payment of $15 million and is entitled to receive up to $150 million in potential development and regulatory milestone payments and up to $1.075 billion in potential sales milestone payments, as well as tiered sales royalties based on the annual net sales of the product in the region.