HK Stock Market Move | InnoCare Pharma (09969) rose over 5% in early trading; recently signed a major agreement with Eli Lilly, taking the company a step further in going global.

InnoCare Pharma (09969) rose over 5% in early trading. As of press time, it was up 3.69% at HK$14.62, with a turnover of HK$31.9315 million. On the news front, InnoCare Pharma recently announced the signing of a research and development collaboration and licensing agreement with Eli Lilly. The two parties will carry out strategic cooperation in the field of innovative drug research and development. InnoCare Pharma will rely on its proprietary drug discovery platform and deep research experience to discover and develop up to 5 innovative target projects to address major unmet clinical needs. It is reported that Eli Lilly will pay InnoCare Pharma up to US$100 million in upfront and near-term milestone payments, with potential research, development and commercialization milestone payments totaling approximately US$3.25 billion. In addition, InnoCare Pharma has the right to receive tiered royalty payments in the single-digit percentage range based on annual net sales of licensed products. The signing of this agreement will help the company leverage its own research and development platform to collaborate with Eli Lilly on the development of innovative drugs, help further enhance the international competitiveness and influence of the listed company, and take the company a step further in going global.