Hong Kong Stock Movement | SISRAM MED (01696) Surges Over 6% Following Commercial Distribution Agreement with Fosun Wanbang (Jiangsu)

Stock News09-23

SISRAM MED (01696) surged over 6%, rising 6.41% to HK$5.98 with trading volume of HK$10.9752 million at the time of writing.

On the news front, SISRAM MED announced that SISRAM (Tianjin) has entered into a commercial distribution cooperation agreement with Fosun Wanbang (Jiangsu). Under this agreement, the group will be responsible for providing commercialization, marketing promotion, medical education, and business planning services for the botulinum toxin type A injection product, branded as "Daxifei" in mainland China, within the designated region. The annual transaction amount cap is set at USD 17 million for both the period from yesterday to the end of this year and for next year.

The group stated that this product is re-licensed from Fosun Industry and is used for the temporary improvement of moderate to severe glabellar lines in adults caused by corrugator and/or procerus muscle activity. The group indicated that entering into this commercial distribution cooperation agreement will generate additional revenue.

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