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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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GSK Acquires Lupus Drug from Chinese Biotech Chimagen in Deal Worth Up to US$850 Million

GSK plc has announced the acquisition of an experimental lupus drug from Chinese biotech company Chimagen Biosciences in a deal worth up to US$850 million (RM3.7 billion). This agreement enhances GSK's immunology pipeline, adding to its existing lupus treatment portfolio.

As part of the deal, GSK will pay US$300 million upfront, with Chimagen eligible for US$550 million in success-based milestone payments. While the drug is currently in early clinical trials for leukemia and lymphoma, GSK plans to begin clinical trials for lupus in 2025.

The British drugmaker already markets Benlysta, a blockbuster treatment for systemic lupus erythematosus and lupus nephritis, and is optimistic about the potential of the acquired drug to further address these autoimmune diseases.

Pharmaceutical companies are increasingly turning to China for innovative medicines. GSK recently secured a multi-billion-dollar deal for its shingles vaccine in China and signed a licensing agreement with Hansoh Pharma for an antibody-drug conjugate.

This latest move underscores GSK's strategic focus on expanding its offerings in immunology and autoimmune disease treatments.

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