（原标题：港股异动 | 来凯医药-B(02105)高开逾4% 与齐鲁制药就LAE002订立独家许可协议） 消息面上，来凯医药发布公告称，集团与齐鲁制药有限公司已订立独家许可协议。在中国地区加速商业 化乳腺癌候选新药LAE002(Afuresertib)。据悉，目前LAE002针对HR+/HER2-乳腺癌III期临床试验 (AFFIRM-205)招募正按计划进行。 智通财经APP获悉，来凯医药-B(02105)高开逾4%，截至发稿，涨4.24%，报11.8港元，成交额28.32万港 元。 根据协议条款，直至首个适应症在中国获得新药申请批准，来凯有权获得最高总计人民币5.3亿元不可 退还的首付款和临床开发里程碑付款，以及最高总计人民币20.45亿元的首付款及里程碑款项。此外， 来凯还有权在中国地区内未来净销售额收取梯度销售分成，分成比率范围为十余个百分点至二十余个百 分点。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company focuses on innovative therapies for cancer and metabolic diseases, with a strong emphasis on addressing unmet medical needs in obesity and tumor treatment [1][11]. - LAE102, a globally pioneering ActRIIA monoclonal antibody, aims to mitigate muscle loss associated with GLP-1 receptor agonist weight loss therapies, showing promising results in early clinical trials [2][38]. - Afuresertib (LAE002), a broad-spectrum AKT kinase inhibitor, is currently in late-stage clinical trials for HR+/HER2- breast cancer, demonstrating significant potential as a new treatment option for resistant cases [3]. Summary by Sections Company Overview - Laekna Therapeutics, established in 2016 and listed on the Hong Kong Stock Exchange in June 2023, is a biotechnology company dedicated to developing innovative therapies for cancer, metabolic diseases, and liver fibrosis [1][11]. LAE102 Development - LAE102 targets the ActRIIA receptor to counteract muscle loss caused by GLP-1 receptor agonists, with preclinical studies confirming its efficacy in promoting muscle growth and reducing fat accumulation [2]. - The drug has shown excellent safety and tolerability in Phase I trials, with no serious adverse events reported [38]. Afuresertib (LAE002) Development - Afuresertib is an oral, reversible, ATP-competitive AKT inhibitor that effectively suppresses tumor cell growth and metastasis by inhibiting the PI3K/AKT/mTOR signaling pathway [3]. - The drug is currently in Phase III clinical trials for HR+/HER2- breast cancer, with promising results in earlier phases indicating its potential as a new treatment for resistant breast cancer [3]. Financial Projections - The company anticipates revenues of 44 million, 50 million, and 76 million yuan for the years 2025, 2026, and 2027, respectively, with projected net losses of 271 million, 298 million, and 254 million yuan for the same years [4].