藥明巨諾-B(02126.HK)新股報告:藥明巨諾(開曼)有限公司,給予“申購”評級
機構:中泰證券
評級:申購
公司簡介
藥明巨諾是一家中國領先的臨牀及臨牀前階段細胞治療公司,公司在2016年2月由全球領先的細胞治療公司Juno與藥明康德(2359HK)的全資附屬公司上海藥明聯合創立。目前產品管線包括以CD19抗原為靶點的潛在優秀自體CAR-T療法的Relma-cel、以靶向BCMA的自體CAR-T產品JWCAR129、以AFP為靶點治療HCC的潛在優秀自體TCRmT細胞療法的JWATM203、以GPC3為靶點的新型自體T細胞療法候選產品JWATM204等7款產品。
中泰觀點
主打產品Relma-cel是潛在優秀抗CD19CAR-T產品:公司的主打候選產品Relma-cel,是一款用於治療各類B細胞惡性腫瘤潛在優秀自體CAR-T產品,未來有潛力成為中國治療多種血液癌症的優秀三線療法。Relma-cel主要針對CD19的抗原,而CD19的抗原在多類B細胞血液癌症包括DLBCL、FL、MCL及CLL中有廣泛分佈,相關適應症均屬於更廣的癌症類別B細胞非霍奇金淋巴瘤(NHL)。根據弗若斯特沙利文的資料,2020年中國NHL市場估計約有51.4萬名患者,預期於2030年將增至約73萬名患者。Relma-cel與全球其他目前獲批的抗CD19CAR-T的產品相比,安全性可能更高且藥效相當,截止2020年6月17日數據顯示Relma-cel產生的最佳ORR為75.9%,最佳CRR為51.7%,不超過5.1%的患者產生sCRS或sNT,且無產生治療相關死亡。國家藥監局已於2020年6月受理審查Relma-cel用作DLBCL三線療法的新藥申請,且於2020年9月國家藥監局授予Relma-cel新藥申請優先審查資格及Relma-cel治療FL的突破性療法認定。
經營業績方面:2018、2019財年及2020年前6個月,公司產生虧損分別為2.7億元、6.3億元及6.5億元;研發開支分別為7,599萬元、1.4億元及8,227萬元;經營現金淨額流出分別為1.1億元、1.9億元及1.1億元。
估值方面:按全球公開發售後的3.8億股本計算,公司市值為75-90億港元。由於公司尚未盈利,不適用PE估值法。此次穩價人是高盛,今年共計9個項目,首日表現7漲2跌。基石方面,引入高瓴等10家投資者,合計認購1.5億美元。我們認為公司的主打產品Relma-cel有機會成為中國首個獲批一類生物製品CAR-T細胞療法,且商業化後具備龐大的市場潛力,綜上所述給予其79分,評級為“申購”。
風險提示:(1)CAR-T治療市場競爭顯著加劇的風險、(2)公司處於虧損中,收入尚不穩定、(3)研發進度不及預期、結果不確定
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