HK Stock Market Move | CSPC Pharma (01093) fell more than 10% as it signed a major peptide drug deal with AstraZeneca, with a potential total transaction value of up to $18.5 billion.

CSPC PHARMA (01093) fell by more than 10%, as of the time of reporting, down by 9.07% to HK$9.72, with a turnover of HK$2.563 billion. On the news front, CSPC PHARMA announced a strategic cooperation and licensing agreement with AstraZeneca for the development of innovative long-acting peptide drugs. The collaboration covers a clinically ready long-acting GLP-1/GIP dual receptor agonist project SYH2082 and three preclinical projects, as well as cooperation on four additional new projects. This authorization cooperation between CSPC PHARMA created a new record for overseas BD transactions in the GLP-1 track. Under the agreement, CSPC PHARMA will receive a upfront payment of $1.2 billion, and has the right to receive up to $3.5 billion in potential research milestone payments, up to $13.8 billion in potential sales milestone payments, as well as a double-digit percentage of sales based on annual net sales of related products, with a potential total transaction value of up to $18.5 billion.