【券商聚焦】交银国际维持德琪医药(06996)买入评级看好其差异化管线资产的潜在价值和BD出海机会

金吾财讯

Mar 06

金吾财讯 | 交银国际研报指，德琪医药-B(06996)将授予优时比CD19/CD3双特异性T细胞连接抗体ATG-201的全球独家权益。根据协议条款，德琪医药将获得总计8,000万美元近期付款，包括6,000万美元首付款以及2,000万美元近期里程碑付款，并有望在未来获得最高超过11亿美元的里程碑付款及基于未来净销售额的分级特许权使用费。德琪医药计划于1Q26在中国及澳大利亚提交ATG-201的临床试验申请，并将在上述两地完成首次人体（I期）临床研究后，把ATG-201的后续临床开发工作移交给优时比。ATG-201专为自免疾病设计，在分子设计上融合了双价CD19结合结构、基于空间位阻的遮蔽技术及公司自主开发的CD3序列，能实现高效的B细胞清除，并降低CRS的风险。本次交易是B细胞清除领域临床前资产中规模最大的，也是对公司AnTenGager?平台的有力佐证。除ATG-201外，该平台还有9款已披露产品在临床前研究/发现阶段，未来有机会产生更多重磅交易。该机构看好公司CLDN18.2 ADC、TCE、口服CD73等差异化管线资产的潜在价值和BD出海机会。近期股价回调后，估值有可观的修复空间，维持公司买入评级和8.8港元的目标价。

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