2616.HK
CStone Pharmaceuticals announced Wednesday that it has entered into a strategic partnership and exclusive licensing agreement with Shenyang Sunshine Pharmaceutical, a subsidiary of 3SBio Inc., for anti-PD-1 antibody Nofazinlimab in mainland China.

The latest: CStone Pharmaceuticals (2616.HK) announced Wednesday that it has exclusively licensed Shenyang Sunshine Pharmaceutical, a subsidiary of 3SBio Inc. (1530.HK), to develop, register, manufacture and commercialize its anti-PD-1 antibody Nofazinlimab in Mainland China.

Looking up: CStone will receive an upfront payment of 60 million yuan ($8.2 million), development and registration milestone payments of up to 100 million yuan, and additional payments for future sales-based milestones and tiered sales royalties

Take Note: The drug, used to treat advanced hepatocellular cancer, is still in phase 3 clinical trials, with result from the main study expected to be announced in next year’s first quarter.

Digging Deeper: Founded in 2015 and listed in Hong Kong in 2019, CStone has four drugs on the market to treat non-small cell lung cancer, gastrointestinal tumors and acute myeloid leukemia. It began earning revenue from those drugs in 2021. Despite the company’s rapidly rising revenues, it has yet to earn a profit. Its shares are down nearly 90% from their 2021 all-time high.

Market Reaction: CStone’s shares rose on Thursday, closing up 0.5% at HK$2.13 by the midday break. The stock now trades at the lower end of its 52-week range.

Translation by A. Au

Have a great investment idea but don’t know how to spread the word? We can help! Contact us for more details.

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

Qudian abandons last mile delivery

Qudian: A slow-motion privatization?

The company said it is contemplating winding down its last-mile delivery service after stiff competition caused its revenue to plunge in the first quarter Key Takeaways: Qudian’s revenue fell by…
Yeahka secures bridgehead in U.S. payments market

Yeahka secures bridgehead in U.S. payments market

The Chinese fintech has cleared one of many regulatory hurdles to enter the U.S. digital payments business after gaining a state-level operating license Key Takeaways: After getting U.S. federal clearance,…
Sante makes infant nutritional products

Sainte Nutritional nurtures Hong Kong IPO

The Qingdao-based maker of food for special medical purposes is challenging international firms that still dominate the China market but could face tariff uncertainties Key Takeaways: Sainte Nutritional has filed…