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INNOVENT BIO Opens Up 10% on Shr Issuance to Takeda Pharma at ~30% Premium w/ Licensing Deal Worth USD11.4B
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INNOVENT BIO (01801.HK) opened 9.9% higher this morning (22nd) at HKD95.5, with pre-market trading volume of 1.9026 million shares, involving HKD182 million. The group announced before the opening bell that, in order to accelerate the development of the next-generation IO and ADC cancer therapies to the global market, it entered into a global strategic collaboration today with Takeda Pharmaceutical (4502.JP). This collaboration will involve three research projects. The two parties will co-develop IBI363 (PD-1/IL-2Alpha-bias) globally and co-commercialize it in the US, where Takeda Pharmaceutical will lead the efforts under joint governance and aligned development plan. INNOVENT BIO will also grant Takeda Pharmaceutical the exclusive right to commercialize IBI363 outside of the US and Greater China, exclusive rights outside of Greater China for IBI343 (CLDN18.2 ADC), and an exclusive option for the rights outside of Greater China for IBI3001(EGFR/B7H3 ADC). INNOVENT BIO will receive a USD1.2 billion upfront payment (including a strategic equity investment of USD100 million by way of the subscription) and be eligible for potential milestones totaling up to USD10.2 billion, making a total deal value of up to USD11.4 billion. INNOVENT BIO will also receive royalty payment outside Greater China for each molecule, except with respect to IBI363 in the US, where the parties will share profits or losses. In this collaboration, Takeda Pharmaceutical, through its subsidiary Takeda Pharmaceuticals International AG, will make a USD100 million strategic equity investment in INNOVENT BIO, expected to subscribe for 6.9138 million INNOVENT BIO shares (around 0.4% of its enlarged issued share capital) at a price of HKD112.56 per share, marking a premium of around 29.53% over its previous closing price of HKD86.9. The net proceeds are estimated to be around HKD777 million. AAStocks Financial News |
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