HK Stock Market Move | Jiangsu Hengrui Pharmaceuticals (01276) surged over 5% in the afternoon session. Innovative drug licensed overseas to Novo, with potential total deal value of up to US$2.6 billion.
Jiangsu Hengrui Pharmaceuticals (01276) surged over 5% in the afternoon session. As of press time, it was up 3.26% at HK$46.22, with a turnover of HK$163 million.
Jiangsu Hengrui Pharmaceuticals (01276) surged over 5% in the afternoon session, rising 3.26% as of press time to HK$46.22, with a turnover of HK$163 million.
On the news front, Jiangsu Hengrui Pharmaceuticals announced at midday that it has entered into an agreement with Novo Nordisk A/S (hereinafter referred to as "Novo") to license HRS-1596, a potential once-weekly oral glucagon-like peptide-1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) dual receptor agonist, to Novo for consideration. Novo will obtain exclusive rights to develop, manufacture, and commercialize HRS-1596 globally outside of Greater China. The potential total deal value of the transaction is up to US$2.6 billion, including a US$300 million upfront payment and payments upon the achievement of relevant development, regulatory, and commercialization milestones. In addition, Hengrui will be eligible to receive corresponding sales royalties based on the net sales of HRS-1596 in the licensed territories.
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