《大行》交銀國際:中生製藥(01177.HK)收購禮新醫藥助收入提升 升目標價至8元
交銀國際發表研究報告指,中生製藥(01177.HK)以5億美元淨額收購禮新醫藥,而禮新醫藥基於四大差異化技術平台開發的潛在同類首創/最佳(FIC/BIC)管線,整合後將助力中生自研提速。
交銀國際表示,禮新有8款候選藥物處於臨床階段,其中PD-1/VEGF雙抗和GPRC5D ADC已分別與默沙東和阿斯利康達成授權許可協議,總金額達到40億美元。此外,禮新在研管線中的LM-108作為全球進展領先的CCR8單抗,也具有全球首創(FIC)潛力。LM-108聯合PD-1單抗的二期臨床試驗顯示,其在PD-1經治的MSI-H患者、CCR8高表達的二線胃癌和二線胰腺癌患者中均展現出優異的療效,中位無進展生存期(mPFS)分別達到8.1、13.2、6.9個月。公司已啟動LM-108治療MSI-H實體瘤的III期研究,並探索一線胃癌和胰腺癌的開發。公司預計LM-108的全球銷售高峰將達到80億美元。
交銀國際預計,本次收購將在短期內為中生製藥帶來授權合作收入;同時,中生製藥持續的降本增效努力效果顯著,交銀下調費用率預測,最終2025至2027年經調整淨利潤預測上調6%至10%。長期來看,預計禮新豐富的管線將為中生製藥銷售收入帶來較大增量貢獻,上調現金流折現率(DCF)目標價至8元,維持「買入」評級,短期催化劑包括公司自研管線的潛在BD授權機會。
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