HK Stock Market Move | DUALITYBIO-B (09606) surged over 5% in early trading after entering into a collaboration with Genentech on ADC, with potential milestone payments exceeding $1 billion.

DUALITYBIO-B (09606) rose over 5% in early trading, and as of the time of publication, it is up 4.65%, priced at HKD 204.6, with a transaction volume of HKD 76.2986 million. In terms of news, InnoCare Pharma signed a collaboration and licensing agreement with Genentech, a subsidiary of Roche Group, to develop multiple next-generation ADC drugs for tumor indications based on the company's DUPAC platform. The company will lead the discovery and early global clinical development of the collaboration projects. Genentech will receive exclusive global rights to the ADCs resulting from the collaboration, and after the completion of Phase 1a clinical development, Genentech will solely assume responsibility for further clinical development and commercialization. According to the collaboration agreement, InnoCare Pharma will receive a $45 million upfront payment and will be eligible for potential development, regulatory, and commercialization milestone payments totaling over $1 billion for all collaboration projects. In addition, the company will have the right to receive tiered royalties based on the annual net sales of the approved products resulting from the collaboration.