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中國通海證券:和鉑醫藥是具有差異化戰略的創新生物科技公司
格隆匯 04-25 09:22
格隆匯4月25日丨中國通海證券4月20日發研報稱,和鉑醫藥(2142.HK)將受益於全球研發和運營、強大的研發管線和三個先進的專利技術平台。其主要增長動力包括 :1.兩個處於臨牀後期的、目標在2022年提交BLA、2023年實現商業化的產品;2.強大的研發管線,且在多種醫療領域具有巨大的市場潛力;3.堅實的政策支持,以推動快速商業化進程;4.能加速研發進度和與全球製藥企業合作的自有行業領先技術平台。兩個產品或在2023年實現商業化:特那西普(HBM9036)和巴託利單抗(HBM9161)在中國處於臨牀研究的後期階段。HBM9036已經完成了用於治療乾眼症的3期臨牀試驗的第一次中期分析。HBM9161,用於治療肌無力(MG),被NMPA授予突破性療法,這將減少提交BLA後的審查過程。該行相信這兩個產品如果獲得市場批准,可能會給公司帶來鉅額的現金流,預計2025年兩項藥品的潛在市場規模高達5.5億美元。避免同質化競爭的差異化戰略:中國的生物科技公司在熱門靶點扎堆,導致了同質化競爭。公司選擇了差異化的創新研發路線,不僅關注最熱門的腫瘤治療領域,還關注免疫學等其他領域。雖然CTLA-4是目前比較火熱的靶點,但HBM4003採用了重鏈結構,這使其有能力在競爭中脱穎而出。增強研發能力的行業領先技術平台:公司擁有行業領先的技術平台,包括Harbour Mice和HBICE,以提高開發效率。公司從其平台上產生了兩個"First-in-Class"藥物,HBM7008和HBM1020。2022年4月,公司向阿斯利康授權了候選藥物,HBM7022,價格高達3.5億美元。臨牀前產品成功授權給大型國際製藥公司,證明了公司技術平台的實力。估值:以2022市場預期計算,和鉑醫藥的市銷率(P/S)為13.4,在同行中估值偏低。關鍵的股價催化劑: 1.HBM9036和HBM9161的3期臨牀試驗結果公佈;2.臨牀前候選藥物的新臨牀試驗(IND)申請。
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