大行評級丨招銀國際:上調三生製藥目標價至28.32港元 看好707在全球的潛力
招銀國際發表研究報告指,三生製藥將PD-1/VEGF雙抗(SSGJ-707)的中國以外權益授予輝瑞,將獲得12.5億美元的首付款及最高達48億美元的里程碑付款,並將獲得雙位數的產品銷售分成,交易規模大幅超出市場預期。公司將保留707在中國的權益,而輝瑞將擁有707在中國商業化的選擇權。此外,授權交易達成後,輝瑞還將以30日成交量加權平均價認購公司1億美元的普通股。
該行認爲,有關交易的達成得益於707在臨牀展現的同類最佳潛力,且研發進度全球領先。藉助輝瑞豐富的臨牀資源和強大的執行能力,707的海外臨牀進度可望快速追趕,並充分挖掘該分子的潛力。該行看好707在全球的潛力,相信里程碑和銷售分成將持續增加三生製藥的利潤,將其目標價由14.18港元上調至28.32港元,維持“買入”評級。
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