CSPC Pharmaceutical Group (HKG:1093) has agreed to grant an exclusive license to AstraZeneca to develop, manufacture, and commercialize its lipoprotein inhibitor YS2302018, and products that comprise or contain the compound, a Monday bourse filing said.
The firm will receive an upfront payment of $100 million under the license contract and be eligible for up to $370 million and $1.55 billion in potential development and sales milestone payments, respectively.
The pharmaceutical company will also receive tiered royalties based on annual net sales of the relevant products.
Shares of the company closed nearly 5% higher on Monday.
Price (HKD): $7.12, Change: $+0.31, Percent Change: +4.55%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.