HK Stock Market Move | 3SBIO (01530) fell more than 4% as the Pfizer licensing agreement took effect, offering a 17.09% discount to issue new shares to raise HK$785 million.

3SBIO (01530) fell more than 4%, as of the time of publication, down by 4.44% to HKD 29.05, with a turnover of HKD 525 million. On the news front, 3SBIO announced that all the prerequisites of the license agreement with Pfizer for the PD-1/VEGF bispecific antibody (SSGJ-707) have been met, and the license agreement will take effect from July 24. On the same day, the two parties signed a subscription agreement, issuing 31.1425 million shares to Pfizer at a price of HKD 25.2055 per share, representing a discount of 17.09% from the closing price on July 24, with a total amount of approximately HKD 785 million. After completion, Pfizer will hold 1.28% of the company's share capital. Approximately 80% of the net proceeds will be used to enrich the global research and development of clinical and preclinical projects in the product pipeline, as well as to improve production facilities; the remaining balance will be allocated for general corporate purposes.