HK Stock Market Move | ALPHAMAB-B (09966) rose over 4% after reaching an overseas licensing agreement with Pathos, achieving an international expansion of its core assets.

ALPHAMAB-B (09966) has risen more than 4%, reaching a 4.3% increase as of this writing, priced at HKD 8.855, with a trading volume of HKD 8.2356 million. In terms of news, Kangning Jieli has granted Pathos exclusive development and commercialization rights globally outside of Greater China, while retaining all rights within Greater China. The transaction includes a non-refundable upfront payment of USD 125 million, with milestone payments totaling up to USD 2.093 billion, as well as royalties ranging from the high single digits to low double digits based on annual net sales. Additionally, the company has received warrants for purchasing Pathos' preferred shares, with a total subscription price of USD 62.5 million, with the decision to exercise being at the company's discretion. Soochow released a research report stating that the partner Pathos is a well-funded AI-driven precision oncology R&D company with rising valuations. Pathos completed a USD 365 million Series D financing in May 2025, with a post-money valuation of approximately USD 1.6 billion, with investors including top firms such as NEA and Revolution Growth, and has established strategic partnerships with AstraZeneca and Tempus AI. The potential appreciation space for the warrants included in this transaction is worth noting.