INNOVENT BIO (01801) opened more than 4% higher. At the time of writing, the stock was up 4.65%, trading at HK$83.2 with a turnover of HK$13.6448 million. The increase follows an announcement by INNOVENT BIO of a strategic collaboration with Eli Lilly to jointly advance the global development of innovative drugs in oncology and immunology. Under the agreement terms, INNOVENT BIO will receive an upfront payment of $350 million. Upon achieving specific subsequent milestones, the company is also eligible to receive up to approximately $8.5 billion in research, development, regulatory, and commercial milestone payments. Additionally, INNOVENT BIO is entitled to receive tiered royalties on net sales of each product outside Greater China. This agreement marks the seventh collaboration between the two parties, further deepening their long-term and productive partnership. According to the cooperation agreement, both companies will leverage their complementary strengths to accelerate the global R&D of innovative drugs. INNOVENT BIO, utilizing its established antibody technology platform and efficient clinical capabilities, will lead the research and development work for related projects from drug discovery through proof-of-concept clinical trials in China (completion of Phase II trials). Eli Lilly obtains exclusive global development and commercialization rights for the related projects outside Greater China, while INNOVENT BIO retains all rights to the projects within Greater China.