HBM Holdings Ltd. has announced a strategic collaboration with AstraZeneca, which includes a share subscription agreement and a partnership to develop next-generation multi-specific antibodies.

HBM Holdings shares jumped 10% in morning trading.

The agreement will see AstraZeneca subscribe to 9.15% of HBM’s shares, raising approximately US$105.3 million for HBM’s research and development and operational needs. The collaboration is expected to enhance HBM’s position in the biopharmaceutical industry by leveraging AstraZeneca’s global drug development expertise, potentially leading to significant advancements in antibody therapeutics. This partnership also involves establishing an innovation center in Beijing and could result in up to US$4.4 billion in milestone payments for HBM, underscoring the potential impact on the company’s growth and market presence.