Sino Biopharmaceutical (01177) opened over 5% higher in Hong Kong trading, jumping 5.49% to HK$6.72 at press time with turnover reaching HK$52.35 million. The surge follows the company's announcement to acquire a 95.09% stake in Shanghai-based Liannovo Pharma for approximately $500 million. Combined with its existing 4.91% equity obtained during Liannovo's Series C financing, this transaction will make Liannovo a wholly-owned subsidiary.
Industry data reveals Liannovo's substantial licensing achievements. In May 2023, the biotech firm granted AstraZeneca exclusive global rights to develop and commercialize LM-305, securing $55 million upfront with potential milestones up to $545 million. Later in November 2024, Liannovo licensed worldwide rights for its PD-1/VEGF bispecific antibody LM-299 to Merck in a deal totaling $3.288 billion, including $888 million in upfront and technology transfer payments. Cumulatively, Liannovo's outbound licensing agreements approach $4 billion, equivalent to nearly RMB 30 billion.
The transaction strategically expands Sino Biopharm's oncology pipeline, particularly strengthening its antibody-drug conjugate (ADC) capabilities through Liannovo's innovative portfolio. Market analysts highlight that this acquisition provides immediate revenue streams from existing partnerships while accelerating Sino Biopharm's global expansion in targeted cancer therapies.
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