Affluent Partners Unit Enters Cooperation Contract for New Medicine Development

MT Newswires Live

Dec 02, 2024

Affluent Partners (HKG:1466) unit Beijing Baijin Biotechnology entered into a strategic cooperation framework agreement with Taihe Huamei (Zhejiang) Medical Technology to develop a new medicine in Mainland China, a Monday bourse filing said.

The new medicine, KMHH-03, which has been developed by Taihe Huamei (Zhejiang) Medical Technology, has obtained preliminary approval from China's National Medical Products Administration and is currently undergoing first-stage clinical research.

Under the contract, Beijing Baijin Biotechnology will invest in Taihe Huamei (Zhejiang) Medical Technology by subscribing for equity interest in the latter.

The parties are yet to decide the time and value of the investment under the contract, which will expire Dec. 31, 2027.

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