花旗表示，三生制药(01530.HK) 及其子公司沈阳三生宣布与辉瑞(PFE.US) 就其突破性PD-1/VEGF双特异性抗体(SSGJ-707)达成全球(不包括中国)的许可转让合作；三生制药将获得：1)12.5亿美元的预付款；2)高达48亿美元的潜在里程碑付款；3)产品净销售额的阶梯式双位数百分比特许权使用费。
花旗认为，此交易的进展和交易对价均超出市场预期。全球扩张是创新制药/生物技术公司的核心投资主题。该行认为，许可转让趋势受地缘政治风险的影响极小，此交易应能缓解投资者的担忧。创新制药/生物技术是该行行业的首选，三生制药仍为生物技术子行业的首选之一。
花旗将12.5亿美元的预付款计入三生制药2025财年收入，并将SSGJ-707海外销售纳入该行的模型，将2025年预计每股盈利预测从0.96元人民币上调至3.41元人民币，得出新的现金流折现法(DCF)目标价21元(此前为13元)；维持“买入”评级。(ad/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-20 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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