HK Stock Market Move | CSPC PHARMA (01093) rose nearly 7% in early trading. CSPC PHARMA reached a new $1.77 billion partnership with AstraZeneca.
The Stone Pharmaceutical Group (01093) rose nearly 7% in early trading, up 6.75% at the time of writing, to 8.06 Hong Kong dollars, with a turnover of 167 million Hong Kong dollars.
CSPC PHARMA (01093) rose nearly 7% in the morning session, rising 6.75% to HK$8.06 as of the time of this report, with a turnover of HK$167 million.
On the news front, CSPC PHARMA announced a collaboration with AstraZeneca on small nucleic acid drugs. Under this agreement, CSPC PHARMA will receive a $30 million upfront payment and has the right to receive up to $540 million in potential research milestone payments, up to $1.2 billion in potential sales milestone payments, and single-digit royalty sales based on annual net sales of the relevant products.
According to the terms of the agreement, CSPC PHARMA and AstraZeneca will jointly discover and develop preclinical candidates (PCC) with therapeutic potential for multiple indications of kidney disease targeting two targets. For each PCC project, AstraZeneca will have the right to choose exclusive rights for development, production, and commercialization on a global scale or outside of China (as applicable). CSPC PHARMA will retain full rights for the development, production, and commercialization of one PCC within China.
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