Hong Kong Stock Market Moves: Laek Biopharma-B (02105) Rises Over 5% as LAE002 Phase III Trial Meets Endpoint, NDA Filing Planned

According to the Zhitong Finance APP, Laekna Therapeutics-B (02105) rose over 5% in the morning session. As of the time of writing, it was up 5.14%, trading at HK$14.32, with a turnover of HK$13.0107 million.

On the news front, Laekna Therapeutics' core product, the AKT inhibitor LAE002 (Afuresertib), has reached its primary endpoint in the Phase III clinical trial for breast cancer treatment as announced on April 15. According to the company's plan, they will collaborate with their partner Qilu Pharmaceutical Co., Ltd. to submit a new drug application to the National Medical Products Administration in China soon. Qilu Pharmaceutical also announced on April 30 that it would advance the domestic market application for this drug in China.

According to the previously reached licensing agreement, Qilu Pharmaceutical has obtained all exclusive rights for the clinical research, drug development, production, and commercialization of LAE002 in China. Laekna Therapeutics will be responsible for completing the Phase III clinical trial (AFFIRM-205) for HR+/HER2- breast cancer. In return, if LAE002 is approved for its first indication in China, Laekna Therapeutics is entitled to receive a non-refundable upfront payment of 530 million yuan and milestone payments totaling up to 2.045 billion yuan.