Abbisko Therapeutics Co., Ltd (HKG: 2256), a Shanghai-based biotechnology company, has released a positive financial forecast for the first half of 2024. The company anticipates total revenues to amount to RMB 497 million (USD 68.34 million) over the six-month period, marking a significant uptick. Additionally, Abbisko expects to report its inaugural profits, with an estimated range of RMB 200-220 million (USD 2.75-3.0 million).
This projected revenue increase and profitability are attributed to the upfront payment of USD 70 million (RMB 497 million) from a licensing agreement with Merck KGaA, which centers on the development of pimicotinib (ABSK021). As of June 30, 2023, Abbisko reported a loss of RMB 209 million for the corresponding period.
Pimicotinib, an orally administered, highly selective and potent small-molecule antagonist of CSF-1R, was licensed to Merck for commercialization in Greater China, with an option for Merck to lead global development. The deal, inked in December of the previous year, could be worth up to USD 605.5 million. Abbisko received the USD 70 million upfront payment from the German pharmaceutical giant in February of this year.- Flcube.com
