HK Stock Market Move | SBP GROUP (01177) rose nearly 4% as its subsidiary entered into a strategic collaboration with STADA for biosimilars, with an upfront payment of up to EUR 53 million.

SBP GROUP (01177) rose nearly 4%, up 3.64% as of press time, at HK$5.695, with a turnover of HK$89.7588 million. On the news front, SBP GROUP issued an announcement that its subsidiary Chia Tai Tianqing Pharmaceutical Group Co., Ltd. (Chia Tai Tianqing) and STADA Arzneimittel AG (STADA) have entered into a strategic collaboration for biosimilars, with the two parties joining hands to enhance patient access to biosimilars across multiple regions globally. Under the terms and conditions of the agreement, Chia Tai Tianqing will receive an upfront payment and is entitled to potential development, regulatory and sales milestone payments totaling up to EUR 53 million. At the same time, Chia Tai Tianqing will enjoy a double-digit share of the profits generated from the pembrolizumab biosimilar candidate drug within the licensed territory. Chia Tai Tianqing will lead the R&D, manufacturing and commercial supply of the candidate biosimilars within the licensed territory. STADA will hold the marketing authorizations for these biosimilars within the licensed territory and enjoy exclusive sales and marketing rights. In addition, STADA also holds options for the United States and the Gulf Cooperation Council (GCC) member states.