On December 16, HBM HOLDINGS-B announced on the Hong Kong Stock Exchange that its wholly-owned subsidiary, Nonna Biotech (Suzhou) Co., Ltd. (referred to as "Nonna Biotech"), has entered into a research cooperation and licensing agreement with Candid Therapeutics, Inc. (referred to as "Candid") to develop the next-generation T cell connector. According to the terms of the agreement, Nonna Biotech is entitled to receive an upfront payment and potential milestone payments of up to $0.32 billion. Candid will be responsible for all subsequent development work on the product.