Harbour BioMed, a pharmaceutical enterprise based in Hong Kong, has recently augmented its investment in Spruce Biosciences Inc., demonstrating a deepening commitment to their collaborative efforts. This strategic move highlights the growing trend of alliances within the biotechnology sector, aimed at accelerating the development of innovative treatments. The increased stake positions Harbour BioMed as a more significant shareholder, reinforcing the foundation for future joint ventures and research initiatives, particularly in advancing drug candidates like SPR202 for congenital adrenal hyperplasia. This development underscores the dynamic nature of pharmaceutical partnerships, where shared resources and expertise can drive substantial progress in medical science.
Harbour BioMed Enhances Stake in Spruce Biosciences, Bolstering Strategic Alliance
On Sunday, January 21, 2026, Harbour BioMed, headquartered in Hong Kong, formally exercised its warrant to acquire additional common stock in Spruce Biosciences Inc. This transaction has resulted in Harbour BioMed now possessing approximately 3.8% of Spruce's total outstanding shares and about 3.1% on a fully diluted basis. The initial warrant was granted to Harbour BioMed's subsidiary and other minority shareholders of HBM Alpha Therapeutics (HBMAT), a biotech firm incubated by Harbour BioMed, as part of a licensing and collaboration agreement between HBMAT and Spruce. The core objective of this ongoing collaboration is to propel the development of SPR202, formerly identified as HBM9013 by Harbour BioMed. This selective anti-corticotropin-releasing hormone monoclonal antibody targets various conditions, including congenital adrenal hyperplasia. In a related development earlier in January, Spruce Biosciences successfully secured up to $50 million in growth capital through loan funding from Avenue Capital Group. Moreover, Harbour BioMed has been actively expanding its network, as evidenced by an updated global strategic collaboration with AstraZeneca Plc, initially formed in March 2025. By December 2025, Harbour BioMed had also entered into a multi-year global strategic collaboration and licensing agreement with Bristol Myers Squibb Co to co-develop next-generation multi-specific antibodies. Under the terms of this agreement, Harbour BioMed stands to receive payments totaling $90 million, with potential development and commercial milestones reaching up to $1.035 billion, in addition to tiered royalties, contingent on Bristol Myers Squibb advancing all prospective programs. Despite these positive developments, the Benzinga Edge scorecard indicates that Spruce Biosciences' stock momentum is currently weak, scoring 21 out of 100. On the day of the announcement, Spruce Biosciences shares remained unchanged at $71.45 in premarket trading, hovering near its 52-week low of $7.26, according to Benzinga Pro data.
This strategic move by Harbour BioMed to increase its ownership in Spruce Biosciences provides a fascinating insight into the evolving landscape of pharmaceutical development. It highlights how smaller, innovative biotech firms often rely on strategic partnerships and financial backing from larger players to advance their research and bring promising therapies to market. While the immediate stock momentum for Spruce Biosciences appears subdued, the long-term implications of such deepened collaborations, coupled with substantial funding, could unlock significant value and accelerate breakthroughs in treating complex diseases like congenital adrenal hyperplasia. Investors, therefore, might consider looking beyond short-term fluctuations and evaluate the potential for growth driven by these synergistic alliances.