LAEKNA-B (02105) surged more than 5% in early trading, reaching HK$16.9 with a turnover of HK$28.7 million. The company recently signed an exclusive agreement with Qilu Pharmaceutical, granting Qilu the rights to research, develop, and commercialize LAE002 in China.

LAEKNA-B is responsible for completing the Phase III clinical trial for HR+/HER2- breast cancer until the first indication secures New Drug Application (NDA) approval in China. The company is eligible for up to RMB530 million in non-refundable upfront and clinical development milestone payments, with potential total payments reaching RMB2.045 billion. Additionally, it will receive tiered royalties ranging from 10% to over 20% of future net sales in the licensed region.

Yongxing Securities noted that LAE002 is expected to submit its NDA in the first half of 2026. The company's pipeline is progressing smoothly, with LAE002 licensed to Qilu, strong MAD data for LAE102, and FDA approval for LAE103's IND application. The brokerage initiated coverage with a "Buy" rating, valuing LAE102 using the DCF method.