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《大行》中金:中生製藥(01177.HK)收購禮新醫藥助創新藥業務開啟 目標價上調至7.6元
阿思達克 07-17 11:45
中金發表研究報告指,中生製藥(01177.HK)近日以9.5092億美元收購禮新醫藥95.09%股權。剔除禮新醫藥持有現金及存款約4.5億美元後,淨代價5億美元,收購完成後,禮新醫藥將成為中生製藥全資子公司。中金表示,禮新醫藥具備經MNC驗證的全球創新實力,且禮新醫藥全球首創(FIC)及同類最優(BIC)管線充足,有關收購有望賦能中生製藥創新藥業務開啟新篇章。 中金表示,收購完成後,新納入多項優質資產有望極大豐富公司現有腫瘤管線,LM-299作為潛在BIC,目前正在中國進行I期臨床;LM-305作為潛在FIC,目前正在全球進行I期臨床;LM-108(CCR8單抗)目前正在中國進行II期臨床,LM-302(Claudin 18.2 ADC)正在中國進行III期臨床,此外禮新還有SIRP-α單抗、4-1BB/NaPi2b雙抗、4-1BB/CEACAM5雙抗、CTLA-4腫瘤微環境特異性單抗等4項創新腫瘤管線處於臨床階段。 中金維持中生製藥盈利預測不變,當前股價相當於於2025和2026年市盈率29倍、26.1倍,考慮板塊估值中樞上行,中金上調該股目標價26.7%至7.6元,分別對應34.6倍、31.1倍2025、2026年市盈率,相比周二(7月15日)收市價6.37元,隱含19.3%上行空間;維持「跑贏行業」評級。
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