HK Stock Market Move | SIMCERE PHARMA (02096) rose more than 3%. Recently, its core product SIM0500 received a $40 million milestone payment from AbbVie.

SIMCERE PHARMA (02096) rose by more than 3%, as of the time of writing, it had risen by 2.69% to 12.61 Hong Kong dollars, with a trading volume of 220.187 million Hong Kong dollars. In terms of news, SIMCERE PHARMA recently announced that its subsidiary has signed an overseas licensing option agreement with an affiliate of AbbVie Inc. regarding the research drug candidate SIM0500. According to the terms of the agreement, the group will receive an upfront payment from AbbVie, as well as selective rights and milestone payments of up to 1.055 billion US dollars, with both parties agreeing to royalties based on net sales. Huatai pointed out that SIMCERE PHARMA's core product SIM0500 has received a milestone payment of 40 million US dollars from AbbVie, with the BCMA/GPRC5D/CD3 triple-targeted chimeric antigen receptor T cell therapy already recognized by the FDA's fast track designation. It is expected to read out Phase I clinical data and achieve concept verification within the year. The bank believes that the company's innovative research and development system and platform technology capabilities continue to be validated, with multiple overseas licensing agreements exceeding $1 billion reached. SIM0500 has shown significantly better anti-tumor activity than bispecific T cell engagers in preclinical studies, leading the global progress in the same target combination competition.