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2026-07-10 10:04:47 BofAS published a research report stating that active licensing transactions in China's pharmaceutical industry, together with companies' continued advancement in R&D innovation, will support a valuation re-rating of the sector. CSPC PHARMA (01093.HK) recently announced a cooperation agreement with AstraZeneca PLC Ordinary Shares (AZN.US) to jointly develop preclinical candidate compounds (PCC) for two kidney disease targets by leveraging its siRNA drug discovery and extrahepatic targeted delivery platform. The company will receive an upfront payment of USD30 million, along with development and sales milestone payments of up to USD540 million and USD1.2 billion respectively, plus potential low single-digit royalties. The broker incorporated the upfront payment into its forecasts, raising its 2027 revenue and net profit forecasts by 0.8% and 2% respectively, while also increasing its long-term sales forecasts. The TP was raised from HKD6.8 to HKD7.6, but the Underperform rating was maintained due to continued sales pressure on its core marketed drugs. The broker said INNOVENT BIO (01801.HK) announced a commercialization agreement with Eli Lilly and Company (LLY.US) for CDK4/6 inhibitor Verzenios in mainland China. Accordingly, revenue forecasts for 2026 to 2028 were raised by 3.3%, 5.3% and 4.7% respectively. The TP was lifted from HKD116.8 to HKD119.2, while the Buy rating was maintained, citing the company's diversified commercial product portfolio and solid in-house R&D capabilities. In addition, GUSHENGTANG (02273.HK) also announced the acquisition of interests in Shahe Hospital and Beijing Hongyang Hospital. BofAS maintained its Buy rating and TP of HKD32.6 unchanged.(gc/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |