HK Stock Market Move | GRAND PHARMA(00512) rose by over 4% in the morning session by selling a portion of its stake in Telix. The proceeds will assist in clinical development.

GRAND PHARMA (00512) rose more than 4% in the morning session, rising 3.78% to HK$5.22 as of the time of publication, with a turnover of HK$13.4251 million. On the news front, on February 28, GRAND PHARMA announced that it had completed the sale of a portion of the group's equity in Telix Pharmaceuticals Limited ("Telix"), a company listed on the Australian Securities Exchange and Nasdaq (ASX: TLX, Nasdaq: TLX), through over-the-counter transactions, selling approximately 45.2% of its shares in Telix (4.9472 million shares) for approximately A$143 million. The proceeds will be used for the group's clinical development plans in areas of unmet demand, including projects conducted in collaboration with Telix. The group plans not to further sell its remaining 6 million shares of Telix in the next 12 months. The announcement stated that in November 2020, the group made a strategic equity investment of US$25 million (equivalent to approximately A$35 million), acquiring 20.9472 million fully paid ordinary shares of Telix at an issuance price of A$1.69 per share through private placement. The group also holds the exclusive development and commercialization rights for Telix's prostate cancer, kidney cancer, and brain cancer (glioblastoma) imaging and treatment products in the Greater China region.