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和鉑醫藥-B(02142.HK):專注差異化療法,多元化管線齊頭並進
格隆匯 12-08 10:01

機構:興業證券

投資要點

專注差異化療法,多元化管線齊頭並進:公司是一家臨牀階段生物製藥公司,主要從事發現及開發免疫及腫瘤疾病方面的差異化抗體療法,能夠製造多種基於HCAb的新型免疫細胞銜接器雙特異性抗體。公司和鉑抗體平台已從一個產生傳統抗體的技術平台發展成為一個促進發現及開發針對免疫及腫瘤疾病且可根據不同醫療需求制定差異化抗體療法的平台。公司已建立免疫學及腫瘤免疫學療法的多元化均衡管線。自注冊成立以來,已獲取五輪股權融資。

治療性抗體市場廣闊,單抗潛力十足:治療性單克隆抗體或單抗(尤其是單特異性及雙特異性抗體)於近年已成為各種疾病的主要治療方法,亦成為全球製藥市場中最暢銷的藥物之一。2019年,全球治療性抗體市場規模約為1,639億美元。相比之下,儘管中國的治療性抗體市場於同年的規模約為42億美元,但其於2015年至2019年間蓬勃發展,複合年增長率為32.4%。?巴託利單抗與特那西普雙核,管線多元佈局:公司建立了以巴託利單抗和特那西普為雙核,覆蓋多種免疫性疾病管線,佈局合理,具備發展潛力。巴託利單抗和特那西普作為公司的核心產品,在臨牀數據方面已經顯示出一定優勢,且研發進展順利,預計近年將獲批。

投資建議:公司的核心產品巴託利單抗及特那西普均已處於研發後期,若進展順利,有望近近獲批上市,為公司貢獻收入和現金流。同時,公司其他在研藥物研發順利推進,有望成為公司業績增長的長期驅動力。公司獨有的和鉑抗體平台(即HCAb平台、HBICETM平台及H2L2平台)在新一代全人源抗體發現方面具有較強的優勢,該平台建設已相對成熟,未來有望持續產出新的藥物,建議關注。

風險提示:產品研發失敗風險,市場競爭加劇,研發資金壓力,政策風險。

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