HK Stock Market Move | Jiangsu Hengrui Pharmaceuticals (01276) rose more than 4% in early trading and signed a licensing agreement with Indian Glenmark for the Ruchenquituzumab monoclonal antibody project.

Jiangsu Hengrui Pharmaceuticals (01276) rose more than 4% in early trading, up 4% as of the time of writing, at 90.95 Hong Kong dollars, with a turnover of 47.3784 million Hong Kong dollars. In terms of news, Jiangsu Hengrui Pharmaceuticals announced that it will license its first-class innovative drug SHR-A1811 (sintilimab) project with independent intellectual property rights to Glenmark Specialty for a fee. Glenmark Specialty will pay Hengrui an upfront payment of $18 million. Hengrui is entitled to milestone payments related to registration and sales, up to a maximum of $1.093 billion. Depending on the sales of sintilimab within the authorized scope, Glenmark Specialty will pay corresponding sales royalties to Hengrui. Public information shows that Glenmark Specialty is a subsidiary of Glenmark Pharmaceuticals, a research-driven global pharmaceutical company headquartered in Mumbai, India, listed on the Indian National Stock Exchange and the Mumbai Stock Exchange, with business covering innovative drugs, generic drugs, and OTC fields, focusing on respiratory, dermatology, and oncology treatment areas. It has 11 world-class production facilities on four continents, with business operations in more than 80 countries, and pharmaceutical sales ranking among the top 100 bio-pharmaceutical companies in 2023.