On July 15, Innovent Biologics rose 3.78% in regular trading, trading at HKD 93.75/share, with turnover of HKD 340 million.

The movement was driven by the announcement on July 14 that Innovent Biologics entered into an exclusive licensing agreement with Spero Therapeutics for IBI355 (SP001), a third-generation anti-CD40L monoclonal antibody ready for Phase II clinical development. Spero plans to initiate a Phase II study of IBI355 in IgG4-related disease in Q2 next year, while Innovent plans to launch a Phase II trial for Sjogren's disease in China by early next year.

This deal adds to Innovent's expanding partnership portfolio, following recent commercial agreements with Eli Lilly for Verzenios in mainland China and collaboration with Pfizer. Multiple brokerages maintain Buy ratings on the stock, with target prices ranging from HKD 119.2 to HKD 134.5. Bank of America recently raised its target price to HKD 119.2, citing an active licensing transaction environment and robust internal R&D capabilities.

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