HK Stock Market Move | CSPC PHARMA (01093) gains over 5% and signs an exclusive licensing agreement with Madrigal for up to a maximum of $2.075 billion.

CSPC PHARMA (01093) rose by more than 5%, at the time of publication, it increased by 5.15% to HKD 10.62, with a turnover of HKD 6.08 billion. In terms of news, CSPC PHARMA announced that it has entered into an exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. (Madrigal) for the global development, production, and commercialization of the group's oral small molecule glucagon-like peptide-1 (GLP-1) receptor agonist SYH2086. Under the terms of the agreement, the group has agreed to grant Madrigal exclusive rights to develop, produce, and commercialize SYH2086 globally, while reserving the group's rights to develop and sell other oral small molecule GLP-1 receptor agonist products in China. The group is entitled to receive a total consideration of up to $2.075 billion, including a $120 million upfront payment, potential development, regulatory and commercial milestone payments of up to $1.955 billion, and high double-digit royalty payments based on annual net sales of SYH2086.