HK Stock Market Move | CARSGEN-B(02171) increased by over 14%, inviting investment from Zhuhai SoftBank Xin Chuang to accelerate the progress of universal CAR-T cell products in mainland China.

CARSGEN-B (02171) rose more than 14%, as of the time of publication, it rose by 14.02% to 15.78 Hong Kong dollars, with a turnover of 37.085 million Hong Kong dollars. On the news front, Koji Medicine announced that it has reached an agreement with Zhuhai Hengqin SoftBank Xinchuang Equity Investment Management Enterprise (Limited Partnership) ("Zhuhai SoftBank Xinchuang") under the management of the fund to jointly invest in Yokaize Biopharmaceuticals (Shanghai) Co., Ltd. It is reported that Yokaize is a new drug research and development company in mainland China focused on using universal CAR-T cell therapy to treat blood tumors. Under the terms of the agreement, Yokaize Biopharmaceuticals will have exclusive rights in mainland China to develop, produce, and commercialize Koji Medicine's universal BCMA CAR-T cell products for the treatment of multiple myeloma and plasma cell leukemia, as well as universal CD19/CD20 CAR-T cell products for the treatment of B-cell tumors. The fund plan under Zhuhai SoftBank Xinchuang (the fund is currently in the process of performing registration and filing procedures) will subscribe to an additional registered capital of RMB 80,000,000 in Yokaize, thereby holding 8% of Yokaize's registered capital after the transaction is completed. Koji Medicine's equity in Yokaize will be diluted from 100% to 92%.