HBM HOLDINGS-B (02142) saw its shares rise more than 8% during the morning trading session. At the time of writing, the stock was up 7.92%, trading at HK$13.21 with a turnover of HK$217.947 million. The surge follows an announcement on February 23 that the company has granted Solstice Oncology the global rights, excluding Greater China, for its next-generation CTLA-4 antibody HBM4003. Under the agreement, Solstice Oncology will pay over $105 million in upfront consideration, which includes a $50 million initial payment, a $5 million near-term payment, and company equity valued at over $50 million. Additionally, HBM HOLDINGS-B is eligible to receive up to $1.1 billion in milestone payments, along with tiered sales royalties. Public information indicates that Solstice Oncology is a clinical-stage biotechnology company founded by several leading venture capital firms, and this collaboration follows a NewCo model.