《大行》瑞銀:恆瑞醫藥(01276.HK)全球業務擴張進展順利 目標價87.3元
瑞銀研究報告指,恆瑞醫藥(01276.HK)日前公布與GSK達成獨家授權合作,授權HRS-9821(PDE3/4抑制劑)以及最多11個臨床前項目的大中華區以外全球獨家權利。協議包括5億美元首付款、最高120億美元里程碑付款及銷售分成。
該行指,是次125億美元總交易規模為中國生物醫藥對外授權的歷史新高,反映恆瑞醫藥強勁的研發實力。雖然公司未有披露付款時間表,該行料首付款或於2025年末季或2026首季入帳。
該行認為國際合作將會是恆瑞醫藥長期增長動力,此次交易證明其研發能力獲國際藥企認可。公司目前有超過90個臨床階段的創新藥管線,是內地生物醫藥同業中最完備的企業之一,該行對其創新與國際化戰略持積極看法;目標價87.3元,維持「買入」評級。
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