港股异动 | 信达生物(01801)再涨超5% 与礼来达成第七次全球战略合作 高盛指其股价被低估

智通财经
Feb 10

智通财经APP获悉,信达生物(01801)再涨超5%,截至发稿,涨5.56%,报90.1港元,成交额6.03亿港元。

消息面上,信达生物日前宣布与礼来制药达成第七次战略合作,双方将携手推进肿瘤及免疫领域创新药物的全球研发。根据协议条款,信达生物将直接获得3.5亿美元首付款。基于研发、监管及商业化等多个节点的达成,信达后续还有资格获得总额最高约85亿美元的里程碑付款,并获得相关产品在大中华区以外市场的梯度销售分成。据悉,在昨日举行的业务进展更新电话会上,信达生物管理层针对此次高额交易的底层逻辑、资金流向以及公司全球化战略进行了详细披露。管理层表示,3.5亿美元的首付款将很快到账,可有效覆盖公司未来的海外临床投入。

海通国际认为,首付款与里程碑款将强化信达的财务安全垫,销售分成使其长期受益于全球市场增长。合作聚焦的肿瘤与免疫领域,可与信达现有核心管线,如IBI363(PD1/IL2)、IBI343(CLDN18.2 ADC)等形成协同,提升整体竞争力。高盛则称,考虑到当前市场隐含的加权平均资本成本(12%)较高,认为其目前股价被低估;予该股“买入”评级;基于风险调整后、现金流量折现法,予目标价102.85港元。

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