BRIEF: Abbisko moves into the black in 2024
Biopharmaceutical company Abbisko Cayman Ltd. (2256.HK) said on Monday that its revenue increased significantly last year, up from 19 million yuan ($2.59 million) in 2023 to 485 million yuan in 2024. As a result, the company earned a profit of 10 million yuan last year, reversing a loss of 432 million yuan the previous year.
The company said the big revenue increase and resulting profit were mostly due to its signing of an out-licensing agreement for its drug pimicotinib (ABSK021), including an upfront payment of $70 million, with Merck (MRK.US).
Shares of Abbisko opened up nearly 1% at HK$4.55 on Monday and continued to rise through the day, up 3.1% in the afternoon session. The company’s shares have more than doubled over the past year.
By Lau Chi Hang
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