《大行報告》富瑞下調諾誠健華-B(09969.HK)目標價11元 評級「持有」
富瑞發表報告指,諾誠健華-B(09969.HK)獲渤健(BIIB.US)通知終止雙方就抑制劑產品「奧布替尼」的合作和許可協議,由於該產品預期將於今年5月公布用於治療多發性硬化症(MS)的二期臨床研究數據,因此相信公司屆時才會公布推進三期試驗及尋找另一個合作夥伴等進一步計劃。
就終止合作,渤健將有90天時間來完成許可的過渡。根據2021年7月公布的合作協議,諾誠健華將獲得來自渤健的1.25億美元首付款,以及在達到合作約定的開發里程碑、商業里程碑以及銷售里程碑時,有資格獲得至多8.125億美元的潛在臨床開發里程碑和商業里程碑付款。目前諾誠健華已獲得1.25億美元首付款。
富瑞指,管理層對該產品用於治療MS的療效和安全性仍然充滿信心,並強調有足夠資源來啟動三期試驗,由於公司一直在研究中處於主導地位,因此預計不會出現任何過渡問題,又透露對另一家在治療MS領域擁有後期臨床開發和商業化經驗的全球合作夥伴持開放態度。
該行認為,單單是擁有良好安全性,可能不足以提升奧布替尼的競爭力,認為市場目前較期待奧布替尼在多個適應症的開發和商業化的進展,給予「持有」評級,目標價由13.2元降至11元。
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