Sino Biopharmaceutical hits almost 4-year peak on plan to buy out LaNova

** Shares of Sino Biopharmaceutical 1177 rise 5.5% to HK$6.72, their highest since September 2021, and on course for a sixth consecutive session of gains

** Co said on Tuesday it will buy the 95.09% stake it does not hold in Shanghai-based LaNova Medicines for no more than $950.92 million

** Says acquisition of the cancer treatment developer will enhance its competitiveness and influence in oncology innovation, while enabling potential future international transactions by leveraging LaNova's R&D capabilities

** The Hang Seng Biotech Index HHSHKBIO climbs 0.7%, while the Hang Seng Index HSI rises 0.3%

** YTD, stock up 99.7%