Simcere Pharmaceutical (02096.HK) Rises Over 3% as Core Product SIM0500 Receives $40 Million Milestone Payment from AbbVie

According to the Zhicheng Finance APP, Simcere (02096) rose more than 3%. As of the time of writing, it increased by 2.69%, trading at HK$12.61, with a turnover of HK$22.0187 million.

On the news front, recently, Simcere announced that its subsidiary has entered into an overseas licensing option agreement with a subsidiary of AbbVie Inc. regarding the investigational new drug candidate SIM0500. According to the terms of the agreement, Simcere will receive an upfront payment from AbbVie, as well as optional rights and milestone payments of up to $1.055 billion. Additionally, both parties have agreed to collect tiered royalties based on net sales.

Huatai Securities pointed out that Simcere's core product SIM0500 has received a $40 million milestone payment from AbbVie. This BCMA/GPRC5D/CD3 tri-specific antibody TCE has been granted Fast Track designation by the FDA. It is expected to read out Phase I clinical data and achieve proof of concept within the year. The bank believes that the company's innovative R&D system and platform technology capabilities continue to be validated, with multiple $1 billion-level overseas licensing collaborations already achieved. SIM0500 demonstrated significantly superior anti-tumor activity compared to bispecific antibody TCEs in preclinical studies and is at the leading edge globally among competitors targeting the same combination.