Innovent Biologics Joins Hong Kong's Hang Seng Index

Innovent Biologics will join Hong Kong's Hang Seng Index next month. The biotech firm is the only new company added to the city's blue-chip stock benchmark in this quarterly review. This move advances the index compiler's plan to expand the number of constituents to 100. Innovent, based in China's Jiangsu province, is the first Chinese company to market a weight-loss drug. The inclusion follows a major deal signed last month. Innovent partnered with Japan’s Takeda Pharmaceuticals in an agreement valued at up to US$11.4 billion. The partnership will co-develop and commercialize three specific investigational cancer drugs.