HK Stock Market Move | INNOVENT BIO (01801) opens more than 4% higher and reaches strategic cooperation with Eli Lilly, potential transaction value as high as 8.85 billion US dollars.

INNOVENT BIO (01801) opened more than 4%, as of the time of publication, it has risen by 4.65% to 83.2 Hong Kong dollars, with a turnover of 1364.48 million Hong Kong dollars. On the news front, INNOVENT BIO announced a strategic partnership with Eli Lilly to jointly advance the global research and development of innovative drugs in the fields of oncology and immunology. According to the agreement, INNOVENT BIO will receive an initial payment of 350 million US dollars; after reaching specific subsequent milestone events, INNOVENT BIO will also be eligible to receive a total of up to approximately 8.5 billion US dollars in research, regulatory, and commercial milestone payments. In addition, INNOVENT BIO has the right to receive a gradient sales split on the net sales of each product outside of Greater China. This agreement marks the seventh collaboration between the two parties, further deepening their long and fruitful partnership. According to the cooperation agreement, both parties will leverage their complementary strengths to accelerate the global research and development of innovative drugs. INNOVENT BIO, leveraging its mature antibody technology platform and efficient clinical capabilities, will lead the development of relevant projects from drug discovery to concept validation in Chinese clinical trials (Phase 2 clinical trial completion); Eli Lilly will obtain global exclusive development and commercialization licenses for relevant projects outside of Greater China, while INNOVENT BIO will retain all rights in Greater China.