HK Stock Market Move | ABBISKO-B (02256) rises more than 4% in the afternoon, the company plans to raise more than HK$500 million through rights issue, mainly for drug research and development.

ABBISKO-B (02256) rose more than 4% in the afternoon, rising 4.36% to HK$14.36 at the time of publication, with a turnover of HK$188.342 million. In terms of news, Hutchmed announced a proposed placement of 42.9 million shares at a price of HK$12.18 per share. The net proceeds from the placement are approximately HK$517 million, with the company planning to use around 90% for research and innovation in oncology and non-oncology candidate drugs, advancing international multicenter clinical trials, and potential commercial activities; around 10% will be used for general and corporate purposes. It is worth noting that Hutchmed's internally developed highly selective small molecule FGFR4 inhibitor irpagratinib (ABSK-011) has been granted orphan drug qualification by the European Medicines Agency (EMA) for the treatment of hepatocellular carcinoma (HCC). Currently, irpagratinib is undergoing clinical studies in multiple locations worldwide. The ODD granted by EMA will provide strong support for the clinical development, registration application, and commercialization process of the product in Europe.