Sino Biopharmaceutical Jumps Nearly 4% as Subsidiary Strikes Strategic Biosimilar Deal with STADA, Securing Up to EUR53 Million in Upfront Payment

Stock News09-29 10:03

Shares of Sino Biopharmaceutical (01177) climbed nearly 4%, rising 3.64% to HK$5.695 as of press time, with turnover reaching HK$89.7588 million.

On the news front, Sino Biopharmaceutical announced that its subsidiary, Chia Tai Tianqing Pharmaceutical Group Co., Ltd. (Chia Tai Tianqing), has entered into a strategic collaboration with STADA Arzneimittel AG (STADA) for biosimilars, with both parties joining forces to enhance patient access to biosimilars across multiple regions globally.

Under the terms and conditions of the agreement, Chia Tai Tianqing will receive an upfront payment and is entitled to potential development, regulatory, and sales milestone payments totaling up to EUR53 million. Additionally, Chia Tai Tianqing will receive a double-digit share of profits generated in the licensed territories from a pembrolizumab biosimilar candidate.

Chia Tai Tianqing will lead the research and development, manufacturing, and commercial supply of the biosimilar candidates within the licensed territories. STADA will hold the marketing authorizations for these biosimilars in the licensed territories and enjoy exclusive sales and marketing rights. Furthermore, STADA also holds options for the United States and Gulf Cooperation Council (GCC) member states.

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