China's Hinova hits 2-1/2-month high on licensing deal with Evommune
EVMN•Hinova shares rose as much as 14.8% to 37.97 yuan, their highest since August 20, after Evommune licensed rights to experimental autoimmune disease treatment EVO570. Evommune will pay $30 million upfront, with up to about $1.1 billion in milestone payments and tiered royalties.
1. Licensing deal
Evommune said it licensed rights to EVO570 from China's Hinova Pharmaceuticals. Hinova will receive $30 million upfront and is eligible for up to about $1.1 billion in development, regulatory and commercial milestone payments, as well as tiered royalties on future sales.
2. Shares rise
Hinova shares climbed as much as 14.8% to 37.97 yuan, their highest level since August 20, and were last up 9%, on track for a second straight session of gains. The stock was down 27.1% year to date, while the CSI300 Index was down 11.1%.
