HBM Shares Jump 65% on Deal With AstraZeneca
07 April 2022 - 4:32AM
Dow Jones News
By Ben Otto
HBM Holdings Ltd. shares jumped after the company said it would
sell rights for a tumor antibody under development to AstraZeneca
PLC in a deal that could be worth as much as $350 million.
Shares of the Shanghai-based biopharmaceutical company rose as
much as 65% in early trading Thursday, its biggest one-day jump
since it listed in Hong Kong in late 2020.
HBM said it had entered into a deal to allow Anglo-Swedish
pharmaceutical giant AstraZeneca to develop and commercialize an
antibody that targets the elimination of tumors. The novel
bispecific antibody, known as HBM7002, is currently in the
pre-clinical stage.
HBM will receive an upfront payment of $25 million, with the
potential for up to $325 million more based on hitting development
and commercialization milestones. The company is also entitled to
receive royalties from AstraZeneca, it said.
The deal "marks a major milestone in business development of the
company, validating the potential of the company's technology
platform and innovation capabilities," HBM said.
Shares were last up 31% at 4.84 Hong Kong dollars (62 U.S.
cents).
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
April 06, 2022 22:17 ET (02:17 GMT)
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