(Yicai Global) Feb. 18 -- Huadong Medicine’s shares hit a three-month high after it announced the acquisition of rights for a new immune drug developed by a US biotech firm as well as the takeover of a Spanish cosmetics equipment maker.

Huadong Medicine [SHE: 000963] jumped by the 10 percent exchange-imposed limit to end today at CNY32.90 (USD5.09), the highest since Nov. 6.

Subsidiary Hangzhou Zhongmei Huadong Pharmaceutical signed a deal with Provention Bio on Feb. 17 to develop and commercialize the PRV-3279 antibody drug in the Chinese mainland, Hong Kong, Macau and Taiwan, Hangzhou-based Huadong said this morning.

Huadong will make an upfront payment of USD6 million, and as much as USD11.5 million in funding to cover the costs of research, development and manufacturing activities. Huadong will pay up to USD172 million if certain regulatory and commercial objectives are achieved. Provention will receive double-digit royalties from sales of PRV-3279 in China.

Huadong also plans to buy Spain’s High Technology Products via its wholly owned UK unit, Sinclair Pharma. It will pay an initial EUR65 million (USD78.3 million), followed by a further EUR20 million, Huadong said yesterday.

High Technology Products’ R&D base is located in Barcelona, and the production base is in Bulgaria. Its main products are for body shaping and skin repair, the statement said.

Editor: Tom Litting