Shares of CSPC Pharmaceutical Group Ltd (HKG:1093) surged over 9% on Monday after the company announced an exclusive licensing agreement with Jiangsu Alphamab Biopharmaceuticals for the development and commercialization of a novel cancer drug candidate in mainland China.
Under the agreement, CSPC PHARMA has secured the rights to develop and commercialize JSKN003, a potential best-in-class antibody-drug conjugate targeting HER2-positive solid tumors. JSKN003 has shown promising efficacy and safety data in early clinical trials, and the market for HER2-targeted drugs in China is expected to grow significantly in the coming years.
In addition to an upfront payment, Jiangsu Alphamab will also receive milestone payments and royalties on any future sales of JSKN003 in China. The deal is seen as a significant boost to CSPC PHARMA's oncology pipeline and could provide a lucrative revenue stream if the drug is successfully commercialized.
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