智通财经APP获悉，招银国际发布研报称，三生制药(01530)将PD-1/VEGF双抗(SSGJ-707)的中国以外权益授予辉瑞(PFE.US) ，将获得12.5亿美元的首付款及最高达48亿美元的里程碑付款，并将获得双位数的产品销售分成，交易规模大幅超出市场预期。该行看好707在全球的潜力，相信里程碑和销售分成将持续增加三生制药的利润，将其目标价由14.18港元上调至28.32港元，维持“买入”评级。
公司将保留707在中国的权益，而辉瑞将拥有707在中国商业化的选择权。此外，授权交易达成后，辉瑞还将以30日成交量加权平均价认购公司1亿美元的普通股。该行认为，有关交易的达成得益于707在临床展现的同类最佳潜力，且研发进度全球领先。借助辉瑞丰富的临床资源和强大的执行能力，707的海外临床进度可望快速追赶，并充分挖掘该分子的潜力。
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