HK Stock Market Move | PEGBIO CO-B(02565) rose by over 10%, receiving a billion-dollar target order from Tengrui Pharmaceutical and equity funds of 140 million Hong Kong dollars.

PEGBIO CO-B(02565) rose more than 10%, as of the submission, it has increased by 10.21%, reaching 61.55 Hong Kong dollars, with a transaction amount of 251.924 million Hong Kong dollars. In terms of news, PEG BioPharmaceuticals announced that it has recently signed a strategic cooperation agreement with Shanghai Tengrui Pharmaceutical Co., Ltd. regarding the commercialization of its core product Paddencon in mainland China. According to the cooperation arrangement, both parties will integrate their research and development as well as commercialization resources to jointly promote the market promotion and commercialization layout of the target product in mainland China. Both parties have established in the cooperation agreement to achieve a core commercialization goal of cumulative sales exceeding 10 billion yuan. According to the cooperation agreement, Tengrui Pharmaceutical will pay a total of approximately 140 million Hong Kong dollars in equity capital to the company. According to the current payment arrangement, the related equity capital is expected to be paid within this fiscal year. The board of directors believes that this cooperation will bring cash flow with high certainty to the company, and further accelerate the commercialization process of the target product. According to the cooperation arrangement, Tengrui Pharmaceutical will be responsible for the exclusive commercial promotion activities of the target product in mainland China. The sales revenue of the product in mainland China will be confirmed by PEGBIO.