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《大行》野村:恆瑞醫藥(01276.HK)瑞康曲妥珠單抗授權交易助釋放商業潛力 維持「買入」評級
阿思達克 09-25 11:19
野村發表研究報告指,恆瑞醫藥(01276.HK)宣布向印度製藥公司Glenmark Pharmaceuticals授予其HER2抗體藥物偶聯物「瑞康曲妥珠單抗」在全球非核心市場的開發及商業化的獨家權利有償許可,預料將獲得1,800萬美元首付款、總計最高近11億美元的監管及商業里程碑付款,以及銷售分層特許權使用費。 野村指,恆瑞保留了瑞康曲妥珠單抗在大中華區、美國、加拿大、歐洲及日本等多個主要醫藥市場的開發及商業化權利,預期今次首付款金額對公司財務影響不大,但整體里程碑付款規模或可觀,相信與Glenmark的授權合作將有助釋放產品商業潛力,預期保留多個主要市場權利為未來與其他潛在夥伴達成更大規模合作提供空間,維持「買入」評級,目標價94.54元,對應2025年預測市盈率約51.9倍。
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