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Stock Track | LAEKNA-B Soars 43% on Obesity Drug Deal With Eli Lilly

Stock Track2024-11-20

Shares of Hong Kong-listed biotech company Laekna Inc (02105) skyrocketed 43.21% on Wednesday, surging to a 10-month high amid significant investor enthusiasm over the company's announced clinical collaboration with pharmaceutical giant Eli Lilly (LLY).

Under the agreement, Eli Lilly will fund and execute a Phase 1 study of Laekna's experimental obesity treatment LAE102 in the United States. Notably, Laekna retains global rights to the drug, suggesting investors believe this deal could accelerate LAE102's development and approval process while mitigating risk for the smaller biotech firm.

The market's euphoric reaction underscores optimism that the collaboration strengthens the prospects for LAE102's commercial success, given Eli Lilly's extensive resources and expertise. With obesity representing a massive, underserved market, LAE102 is considered a potentially lucrative asset if clinical trials prove the drug's safety and efficacy.

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