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SBP GROUP (01177) surged over 4% intraday. As of press time, the stock was up 2.79%, trading at HK$5.705, with a turnover of HK$215 million.

Citi released a research report stating that Chia Tai Tianqing, a subsidiary of SBP GROUP, has entered into a strategic collaboration with German pharmaceutical company STADA for biosimilars. Under the agreement, Chia Tai Tianqing has granted STADA an exclusive license to commercialize pembrolizumab biosimilar (TQB3570, an anti-PD-1 monoclonal antibody) in the European Union, Switzerland, the United Kingdom, and the Commonwealth of Independent States, with an option to expand into the United States and Gulf Cooperation Council (GCC) member states.

The bank views the collaboration as a positive surprise and maintains a "Buy" rating on SBP GROUP with a target price of HK$10.8.

According to the agreement, Chia Tai Tianqing will receive an upfront payment and development, regulatory, and sales milestone payments of up to EUR 53 million, along with double-digit profit sharing. Chia Tai Tianqing will remain responsible for development, manufacturing, and commercial supply. The collaboration also includes options for up to three additional biosimilar molecules in the oncology and immunology fields.