【券商聚焦】招银国际维持映恩生物(09606)买入评级指其为在ADC联用下一代免疫治疗的先行者

金吾财讯

Sep 01

金吾财讯 | 招银国际研报指，上半年，映恩生物(09606)DualityBio实现收入12.3亿元人民币，同比增长23%，主要受益于许可和合作付款。尽管公司尚无商业化产品，但其与BioNTech、BeOne、GSK、Avenzo和Adcendo等合作伙伴达成的总潜在交易金额超过60亿美元的广泛合作关系，以及未来可能达成的新增合作，预计将在临床项目推进过程中持续提供资金支持。作为ADC与下一代免疫治疗（IO）联合疗法的先行者，DualityBio与BioNTech正推进多项I/II期临床试验，评估BNT327（PD-L1/VEGF双抗）与HER2、B7-H3和TROP2 ADC在多种肿瘤类型中的联合疗效。TROP2 ADC+BNT327联合方案的初步数据于4月AACR会议公布，显示其对肿瘤生长的抑制作用明显优于各单药治疗。在67例实体瘤患者中，因治疗相关不良事件而中止治疗的比例仅为4.5%；在13例多线治疗失败的复发性卵巢癌（PROC）患者中，ORR高达54%。该机构认为，在BioNTech全球临床开发能力的加持下，DualityBio的ADC资产全球价值有望全面释放。鉴于公司在ADC及下一代免疫治疗联合疗法领域的独特布局，该机构基于DCF模型将目标价上调至367.06港元，维持买入评级。

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