HK Stock Market Move | INSILICO (03696) rose nearly 5% and reached a drug development cooperation agreement with Qilu Pharmaceutical worth over HK$931 million.
(03696) rose nearly 5%, as of the time of writing, it rose by 4.5%, reaching 59.2 Hong Kong dollars, with a turnover of 3446.85 million Hong Kong dollars.
INSILICO (03696) rose nearly 5%, as of the time of writing, up 4.5% to 59.2 Hong Kong dollars, with a trading volume of 344.685 million Hong Kong dollars.
On the news front, on January 27, INSILICO announced that it has reached a strategic drug development cooperation agreement with Qilu Pharmaceutical Group and its subsidiary Shanghai Qilu Pharmaceutical Research Center. Through this cooperation, the two parties will use INSILICO's Pharma.AI solution to develop small molecule inhibitors for specific targets in the cardiovascular and metabolic disease areas.
According to the terms of the agreement, INSILICO will use its self-built Pharma.AI platform to focus on the design and optimization of novel small molecule drugs for metabolic diseases, while Qilu Pharmaceutical will be responsible for subsequent development and commercialization work. The total value of the agreement exceeds 931 million Hong Kong dollars, including development and sales milestone payments, as well as a share of subsequent net sales.
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