遠大醫藥(0512.HK)：收購OncoSec，抗腫瘤佈局再下一城
機構：興業證券
投資要點
事件：近日，公司發佈公告，擬向OncoSec戰略投資的事項已獲得OncoSec股東大會批准，收購事項的先決條件均已實現。收購完成後，公司與間接持股49%的聯營公司Sirtex合計持有OncoSec 52.8%的股份。
TAVO為T細胞賦能，或提高免疫治療療效：OncoSec研發管線中進展最快的是TAVO與默沙東PD-1單抗（Keytruda）的聯合用藥，目前針對黑色素瘤的臨牀試驗已處於II期，預計於2020年末完成。TAVO通過瘤內注射，利用電穿孔技術將表達IL-12的DNA引入腫瘤細胞，使腫瘤及其微環境中持續產生IL-12，以促進T細胞增殖和腫瘤浸潤，達到更好的腫瘤免疫治療的效果。TAVO/Keytruda聯合治療最佳總體反應率為50%，完全緩解率為41%，較Keytruda單藥治療有所提高。在安全性上，與治療相關的嚴重不良事件率為8.7%。TAVO於2017年被美國FDA授予快速通道資格和用於治療不可切除性轉移性黑色素瘤的孤兒藥地位，於2019年被EMA授予先進醫療產品分類，有望加速該產品的審批。
抗腫瘤產品線協同效應有望逐步顯現：收購OncoSec以後，TAVO將擴充公司現有的抗腫瘤藥物產品線，同時TAVO上市後亦可藉助Sirtex的全球銷售網絡快速打開全球市場。此外，OncoSec的Visceral Lesion Applicator（VLA）未來或可與Sirtex的釔-90微球技術相結合，在肝癌等癌種的治療上取得更大的突破。我們認為未來不同治療方案的聯合將是腫瘤治療技術發展的趨勢，因此OncoSec強大的電穿孔基因遞送技術等研發平台為公司抗腫瘤產品的發展打開了一個全新的領域。待OncoSec收購整合完成後，OncoSec的技術平台與公司現有資源的協同效應將逐步顯現，有望源源不斷地產出新產品，助力公司再上一個台階。
一致預測和估值：根據彭博一致預測，預計2019-2021年EPS分別為0.33、0.44、0.58港元，當前股價對應市盈率分別為16.15、12.11、9.19倍，20PEG為0.37，低於行業平均水平，建議積極關注。
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