Changes in Hong Kong stocks | Corning Jerry Pharmaceutical-B (09966) rose more than 11%, TROP2/HER3 dual-antibody ADC authorized to go overseas, reaching a milestone of up to US$2 billion

The Zhitong Finance App learned that Corning Jerry Pharmaceutical-B (09966) rose by more than 11%. As of press release, it had risen 11.62% to HK$8.26, with a turnover of HK$3.424 million.

According to the news, Corning Jerry Biopharmaceuticals announced that its wholly-owned subsidiary Jiangsu Corning Jerry Biopharmaceutical Co., Ltd. and Pathos AI, Inc. have reached a licensing agreement for the first-in-class (FIC) novel drug TROP2/HER3 bispecific antibody conjugate (ADC) JSKN016, developed independently by Corning Jerry. Under the license agreement, Corning Jerry granted Pathos an exclusive license to research, develop, manufacture and commercialize JSKN016 globally (excluding mainland China, Hong Kong, Macau and Taiwan), and Pathos is responsible for the relevant development and commercialization expenses under the license agreement.

Under the terms of the agreement, Corning Jerry is entitled to receive a non-refundable down payment of US$125 million and milestone payments based on certain development and commercialization developments, totaling up to US$2,093 million, and license royalties based on high single digit to low double digit percent of total annual net sales within the licensed region. As part of this licensing agreement, Corning Jerry has obtained a share warrant from Pathos, with the right to subscribe for Pathos' preferred shares at a total subscription price of US$62.5 million (subject to adjustment according to the overall terms of the transaction).