HUTCHMED shares surged 17.77% after the company announced an exclusive licensing agreement with GSK worth up to $1.295 billion, while Daiwa upgraded the company to Buy and set an $18.50 price target. The agreement gives GSK rights to develop and commercialize HMPL-A830 worldwide outside Mainland China, Hong Kong, Macau and Taiwan. HUTCHMED will receive $110 million upfront, up to $1.185 billion in development, regulatory and commercial milestones, and tiered royalties. HMPL-A830 is a first-in-class antibody-targeted therapy conjugate combining a KRAS inhibitor payload with an EGFR antibody. HUTCHMED will lead global Phase I development, expected to begin in the second half of 2026, before GSK assumes later development and commercialization outside the reserved markets.