金吾财讯 | 交银国际研报指，中国生物制药(01177)宣布，拟以不超过9.51亿美元的交易对价收购礼新医药95.09%股权。剔除礼新医药于交割日的估计现金及银行存款约4.5亿美元，公司就收购事项待作出的付款净额约为5.01亿美元。本次交易完成后，礼新医药将成为中国生物制药的全资子公司，其主要研发及管理团队，将连同其双抗、ADC等技术平台一起加入中国生物制药。该机构指，基于四大差异化技术平台开发的潜在同类首创/最佳（FIC/BIC）管线，整合后将助力中生自研提速：公司将纳入礼新的四大技术平台。此外，礼新还有8款候选药物处于临床阶段，其中PD-1/VEGF双抗和GPRC5D ADC已分别与默沙东和阿斯利康达成授权许可协议，总金额达40亿美元。礼新在研管线中的LM-108也具有FIC潜力，公司已启动LM-108治疗MSIH实体瘤的III期研究，并探索一线胃癌和胰腺癌的开发。公司预计LM108的全球销售峰值将达到80亿美元。基于此次收购及公司降本增效努力效果显着，该机构上调2025-27年经调整净利润预测10-11%，上调DCF目标价至8.0港元，维持买入评级，短期催化剂包括公司自研管线的潜在BD授权机会。
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