CITIC Securities has published a research report reaffirming its "Buy" rating for Innovent Biologics (01801). The firm forecasts revenues of RMB 11.806 billion, RMB 15.382 billion, and RMB 21.092 billion for the years 2025 to 2027. Using a DCF valuation method, the company’s fair market capitalization is estimated at HKD 221.5 billion, leading to a target price of HKD 129.61. Innovent's extensive presence in the oncology sector is gaining momentum, and high-value clinical products are expected to drive further revenue growth while reducing marginal costs. Moreover, in non-oncology areas, the company has made significant advancements in metabolic, autoimmune, and ophthalmic fields, with its marketed and pipeline products demonstrating competitive strength and progress. The report highlighted that on October 22, Innovent Biologics entered into a global strategic cooperation agreement with Takeda Pharmaceutical. Takeda will pay Innovent USD 1.2 billion as an upfront payment, which includes a USD 100 million strategic equity investment at a subscription price of HKD 112.56 per share—20% above Innovent's weighted average share price over the past 30 trading days. The total deal value could reach USD 11.4 billion. Innovent will collaborate with Takeda on the development of IBI363 (PD-1/IL-2α-bias). Additionally, Innovent has granted Takeda exclusive rights to IBI343 (CLDN18.2 ADC) outside Greater China, along with an exclusive option for IBI3001 (EGFR/B7H3 ADC) outside the Greater China region.