Pharmaron (03759) opened sharply higher, rising more than 5% in early trading. At the time of writing, the stock was up 5.43% to HK$19.61, with a turnover of HK$6.4262 million. The move follows an announcement on March 11 that the company and Eli Lilly have entered into a manufacturing collaboration for Orforglipron, the first oral small molecule GLP-1 receptor agonist to be submitted for registration. Under the agreement, Lilly is expected to invest $200 million in Pharmaron to support its technical capabilities, with potential for further expansion based on future developments. This commercial manufacturing partnership for Orforglipron with Lilly marks a significant milestone for Pharmaron's formulation CDMO business.