CStone Pharmaceuticals-B (02616) saw its stock price soar 5.05% during intraday trading on Thursday. The significant upward movement followed the company's announcement of a major capital raising initiative to advance its research and development pipeline.

The biopharmaceutical company entered into a placement agreement to issue 118 million shares at HK$8.97 per share, aiming to raise gross proceeds of approximately HK$1.058 billion. After deducting expenses, the net proceeds are estimated at HK$1.053 billion, with 90% allocated to fund further R&D of assets within its "Pipeline 2.0" strategy.

Key pipeline assets highlighted for funding include CS2009, a tri-specific molecule targeting PD-1, VEGFA, and CTLA-4 currently in Phase II development with potential best-in-class or first-in-class status, and CS5001, a potential best-in-class ROR1 ADC. The remaining proceeds will be used for general corporate purposes, signaling the company's commitment to advancing its innovative oncology portfolio.