BUZZ-HK-listed Laekna jumps most in 7 weeks on Qilu licence deal

Reuters11-12
BUZZ-HK-listed Laekna jumps most in 7 weeks on Qilu licence deal

** Shares of Laekna Inc 2105.HK jump 8.5% to HK$12.28, their biggest intraday pct gain since September 26

** Stock hit its highest point since November 5, and on track for third consecutive session of gains, if current trend holds

** The developer of innovative therapies for cancer, liver diseases and obesity said it has granted China's Qilu Pharmaceutical an exclusive licence for research, development, and commercialisation of breast and prostate cancer treatment LAE002 (afuresertib) in China

** Says the company is entitled to receive upfront and clinical development milestone payments up to 530 million yuan ($74.41 million) upon new drug application approval in China

** Says the company is eligible to receive up to 2.045 billion yuan ($287.10 million) in total in upfront and milestone payments and is entitled to receive tiered royalties on future net sales of LAE002 (afuresertib) at percentages ranging from the low teens to the low twenties

** YTD, Laekna shares up 28.9%, Hang Seng Biotech Index .HSBIO up 82.8%

($1 = 7.1230 Chinese yuan)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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