Shares of LAEKNA-B (02105) surged 16.56% in afternoon trading, currently priced at HK$7.25, with a turnover of HK$10.7125 million.

According to an announcement from the company, LAEKNA-B has reported new developments regarding the exclusive licensing agreement for LAE118, a novel pan-mutant selective PI3Kα inhibitor, signed with Vasque Bio on June 9. The group has received the initial payment from Vasque Bio as per the agreement, which includes US$10 million in cash and a right to receive, without additional consideration, up to a high double-digit percentage of the issued ordinary shares of Vasque Bio, or a cash payment in lieu of such shares.

Under the terms and conditions of the licensing agreement, if Vasque Bio completes a qualifying strategic collaboration or acquisition transaction meeting specific conditions related to the use of LAE118, the group will be entitled to receive an additional payment, which could amount to up to 50% of the value of that strategic transaction.

LAE118 is a novel pan-mutant selective PI3Kα inhibitor independently developed by LAEKNA-B. It has received Investigational New Drug (IND) application approvals from both the U.S. Food and Drug Administration (FDA) and China's Center for Drug Evaluation (CDE) of the National Medical Products Administration. As a novel therapy targeting PIK3CA-mutated solid tumors, the company is actively advancing this candidate drug into clinical research.