Core Viewpoint - The company, 科笛-B (02487), experienced a significant stock price increase of over 14% despite reporting a substantial decline in revenue and an increase in net loss for the first half of the year [1] Financial Performance - Revenue for the first half of the year decreased by 30.6% to approximately 66.3 million HKD [1] - The net loss amounted to approximately 239 million HKD, reflecting a year-on-year increase of about 19.1% [1] Strategic Decisions - The revenue decline was primarily attributed to the company's cautious decision to terminate its agency partnership with the American skincare brand, 欧玛, due to macroeconomic policies and international environmental impacts [1] - Resources are being reallocated towards the commercialization of new products, CU-40102 (topical finasteride spray) and CU-10201 (topical 4% minocycline foam), which are expected to have greater market potential and higher return on investment [1] Fundraising and Allocation - The company plans to issue a total of 28.9 million placement shares at a price of 8.40 HKD per share, representing a discount of approximately 12.04% from the previous closing price of 9.55 HKD [1] - The net proceeds from the placement are expected to be around 240 million HKD, with 45% allocated for preclinical research and development, clinical trials, and production facility layout in areas such as localized fat management, hair diseases, and skin diseases [1] - Another 45% will be used for marketing, channel expansion, and brand building for CU-40102 and CU-10201, while the remaining 10% will be allocated for working capital and general corporate purposes [1]

Core Viewpoint - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. has signed a licensing agreement with Sitala Bio Ltd. for the development, production, and commercialization of FXS6837, a small molecule inhibitor for immune modulation diseases, outside of China, including Hong Kong, Macau, and Taiwan [1][3][5]. Group 1: Licensing Agreement Overview - The agreement grants Sitala exclusive rights to develop, produce, and commercialize FXS6837 and related products in a global scope, excluding China [2][3]. - Fosun Pharmaceutical will receive shares valued at $5 million from Sitala at no cost, with an expected ownership stake of no more than 10% on a fully diluted basis [2][3]. - The agreement does not require shareholder approval and is not classified as a related party transaction [3][5]. Group 2: Financial Terms - Sitala will pay up to $190 million in non-refundable upfront and milestone payments, including an upfront payment of $25 million and up to $165 million based on clinical and commercialization progress [5][6]. - Additionally, Sitala will pay up to $480 million in sales milestone payments based on annual net sales of the licensed product [5][6]. - Sitala is also obligated to pay royalties based on the annual net sales of the licensed product at an agreed percentage [6]. Group 3: Product and Market Context - FXS6837 is currently in Phase II clinical trials in China, with a total R&D investment of approximately RMB 120 million (around $17 million) as of July 2025 [3][4]. - The global market for related disease treatments is projected to reach approximately $3.8 billion in sales by 2024 [4]. Group 4: Company Background - Sitala, founded in May 2021 and based in the UK, focuses on developing innovative drugs for inflammatory and autoimmune diseases [5][6].