FAST NEWS: Antengene Invests $36 Million in Drug Discovery Center
The latest: Biopharma company Antengene Corp. Ltd. (6996.HK) announced Monday it has entered into an agreement with a contractor to build a drug discovery and manufacturing center for antibody biologics in Hangzhou for 245.5 million yuan ($36.3 million).
Looking up: Upon completion, the center will strengthen the company’s capabilities in drug development, manufacturing, and commercialization, to meet growing internal R&D needs and support its commercialization roadmap.
Take Note: The project is expected to be completed in January 2025, meaning the company will still have to wait about two and a half years before it can benefit from the facility.
Digging Deeper: Founded in 2018 with a focus on innovative anti-tumor drugs, Antengene listed on the Hong Kong Stock Exchange in November 2020 after raising about HK$2.77 billion ($353 million) in its IPO. The company failed to record any revenue through the end of last year, with R&D costs reaching 980 million yuan over the past four years. In May this year, its first commercialized product, Xpovio, was launched in China and brought in more than 53 million yuan in just over a month, representing a major breakthrough for its interim results this year.
Market Reaction: The company’s shares initially fell on Tuesday morning before recovering to close 0.4% higher at the midday break at HK$4.84. They now trade near the lower end of their 52 week range.
Translation by Jony Ho
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