HBM Holdings (HKG:2142) said it expects to report a profit of between HK$532 million to about HK$579 million for the six months ended 30 June, according to a Monday Hong Kong bourse filing.

The improvement was mainly driven by proceeds from strategic collaborations, including a global partnership with AstraZeneca that contributed around $175 million from subscription shares, upfront payments, milestones, and option fees.

Interim results are expected by the end of August.

Shares of the company were down about 4% in recent trade.