PEGBIO CO-B (ASX: 02565) has announced that it has received the initial milestone payment of HK$61 million from Shanghai Tengrui Pharmaceutical Co., Ltd. This payment pertains to the commercialization collaboration agreement for its self-developed novel drug, Weipenataide Injection (Paidakang®), in mainland China.

The successful receipt of this payment signifies that the commercialization partnership for Paidakang® in mainland China has entered a substantive implementation and full-scale advancement phase. It further reflects the partner's recognition of Paidakang®'s clinical value, market potential, and long-term commercial prospects.

Paidakang® is a long-acting GLP-1 receptor agonist independently developed by the group and approved for marketing by the National Medical Products Administration for the treatment of type 2 diabetes. The product features once-weekly dosing, a therapeutic starting dose without titration, and has demonstrated stable glycemic control, weight management benefits, and a favorable safety profile in key clinical studies.

The group will continue to work closely with Tengrui Pharmaceutical to steadily advance the commercialization efforts for Paidakang® in mainland China. This includes market access, pipeline development, academic promotion, and terminal coverage, aiming to accelerate the realization of the product's clinical and commercial value and contribute to improving the long-term treatment management for patients with type 2 diabetes in China.