三生制药PD1/VEGF双抗海外权益授权辉瑞,交易规模超预期

华源证券
22 May

事件:三生制药发布公告,1)公司将PD-1/VEGF双抗中国以外的全球权益授权给辉瑞,同时辉瑞还将获得中国市场商业化的选择权。2)根据协议,三生制药将获得12.5亿美元首付款+最高48亿美元里程碑+两位数百分比梯度销售分成。3)辉瑞将认购三生制药价值1亿美元的普通股股份。点评:破纪录的交易金额及交易达成时间均大超市场预期,海外峰值预期提高,有望提供较大估值弹性。1)公司2025JPM披露2期临床...

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