C-MER Eye Care (03309.HK) Surges Over 8% as Affiliated Company Xihua Pharma Enters Global Licensing Deal with Gilead for P-gp Inhibitor Encequidar

According to the Zhicheng Finance APP, C-MER Medical (03309) opened more than 8% higher. As of the time of writing, it rose by 8.85%, trading at HK$2.09, with a turnover of HK$380,400.

On the news front, C-MER Medical announced that on September 29, a subsidiary of C-MER Pharmaceuticals entered into a tripartite global licensing and cooperation agreement with Gilead Sciences, Inc. and Hanmi Pharm. Co., Ltd. regarding encequidar, the first P-glycoprotein inhibitor in the field of virology (C-MER Pharmaceuticals holds the global exclusive rights to this drug outside of South Korea). According to the agreement, C-MER Pharmaceuticals and Hanmi will grant Gilead the global exclusive rights to encequidar in the field of virology. Additionally, C-MER Pharmaceuticals and Hanmi will provide drug supply, share technical knowledge, and participate as key partners in the project. Upon meeting certain conditions and milestones within the agreement period, C-MER Pharmaceuticals will receive an upfront payment of $10 million and is entitled to potential future payments of up to approximately $72.5 million, along with royalties at a low single-digit percentage rate based on net sales.