Hong Kong's CK Life Sciences bets on skin cancer drug as its stock soars more than 200% [CNBC]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
ckh.com.hk/en/ir
Company Research
Source: CNBC
Hong Kong's CK Life Sciences bets on skin cancer drug as its stock soars more than 200% Shares of biotech company CK Life Sciences Hong Kong The firm — part of major conglomerate CK Hutchison, which was founded by retired billionaire Li Ka-shing — announced on Nov. 6 that its phase three clinical trial produced positive results. Trials showed a lower recurrence rate of 41% for patients on the drug, compared to a group being administered a placebo. After the announcement on Wednesday, shares of the company climbed for two straight days. It reached an intra-day high of HK$1.34 on Thursday, representing a 277% jump from HK$0.355 at last Tuesday's close. It has since pared some gains and was hovering around HK$0.96 on Tuesday afternoon. CK Life's Chief Operating Officer Alan Yu pointed to the company's "fairly sustainable" model of having two cash-generating streams of business — healthcare and agriculture. "Unlike other biotech companies, we have two streams of revenue to derive to suppo
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